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How to Make Your Online Business More Profitable

The business world is changing on what feels like a per-second basis. This means there are more ways to make money than ever before, but it also means that growth is harder than ever to achieve.
However, making your business more profitable is about more than just growth.

It’s also about managing expenses so that you can keep margins high and profits expanding.

Fortunately, in the world of online business, there are quite a few ways for you to stay profitable and relevant in an ever-more competitive marketplace.

We’re going to walk you through some of these strategies so that you can apply them to your company and boost profits.
Part 1: Minimize Expenses

Before we look at how to boost profit through growth, let’s take a look at some of the ways you can make your online business more profitable by reducing your expenses.

There are lots of options, and which ones you choose will depend on your business. But here are some of the most effective:

#1: Automate

When trying to reduce expenses to improve profitability, automation is going to be your best friend.

There are solutions for nearly every business function, and they can save you tons of time and money. Here are some of the more common: · Social media automation tools, such as Hootsuite, allow you to schedule posts in advance so that you don’t need to worry about logging in and posting at the right time.

They also provide you with valuable analytics information which you can use to improve the efficacy of your social media efforts over time. · Email automation is a great way to ensure you reach out to people who have purchased from you before or who have left things in your cart. All you need to do is set up the template and choose a few

parameters and the tool will do the rest. Doing something like this on your own would take forever and cost a fortune. · CRM tools, such as Hubspot or Salesforce, among others, that automatically collect information about your customers help you learn more about your audience without having to do much more work.

· Accounting and payroll are important parts of your business, but they can suck up your time and your operating budget. Luckily, there are countless automated tools, such as Quickbooks or Xero, out there which you can use to ensure this part of your business is run as efficiently as possible.

#2: Outsource

Another option besides automation is outsourcing. We live in a digital world, and that means there are countless professionals working in the online marketplace which you can use to reduce the expense of running your business.

Part of the reason this works is because you can take advantage of a global workforce.

The cost of living is less in certain parts of the world, and if you can find some quality people in these areas, you can get great value, reducing the expenses you must incur.

But even if you can’t find people willing to do the same or more for less, outsourcing can still help you save money.

For example, if you have cybersecurity needs, or if you have to run a full-time customer service operation, outsourcing is a great idea because these functions require considerable investments in infrastructure that outside firms are far more capable of absorbing.

#3: Optimize or Delete

Time is money, so examine your business functions one by one to determine if there are automation or outsourcing options, and when there aren’t, the next step is to optimize or delete.

Start by asking yourself if the functions you can’t automate or outsource are really necessary.

It’s quite likely something that made sense a few months or a year ago no longer does.

When you can’t delete, optimize.

There are a number of ways to go about doing this, but it starts by outlining all the steps required to complete each of your business’ primary functions.

Then, engage those on your team to find out if there are any best practices already being used that should be shared, or if there are any things preventing them from being more efficient.

Most people develop their own workarounds to be more efficient, and it’s important everyone in the company have access to this knowledge.

#4: Audit Subscription Services

Recurring costs are a huge drain on your cash flow.
Even if each one is only $10 or $20, this can add up over time, especially if you’re not really using the tool for which you subscribe.

Drop or downgrade services you don’t use.

Many companies offer a free or cheaper version that will save you money, or there may be an alternative that could work just as well without costing you so much money.

#5: Reevaluate Site Infrastructure

Your website is obviously the backbone of your website. As such, it makes sense to pay for good hosting service, especially since we know load speed is a big factor in search engines’ ranking algorithm.
However, just because you need it doesn’t mean you need to spend a fortune.

Check to see if competitors are offering something better, such as a promotional rate for switching, and don’t be afraid to change if you find a better deal.

Another option is to contact your current host to see if you can pay upfront for more service.

Typically, doing this will allow you to take advantage of a significantly discounted monthly rate, so while you’ll pay more upfront, you’ll save quite a bit in the long run.

Part 2: Boost Growth

To grow your business you must invest in it. The saying, “it takes money to make money” exists for a reason.

However, the trick to being profitable is investing in the right things.
This provides you with a better return and it makes the investment more worth while.

Here are some ways you can invest in your business to make it more profitable:

#1: Focus on Organic Traffic

Organic traffic, i.e. search traffic, is one of the most effective ways of generating quality leads.

As a result, if you are looking to improve profitability through growth, start focusing on how to drive more organic traffic to your site.

To do this, you will need to spend some time getting acquainted with SEO.

However, before you start diving into keyword research and doing an extensive link building campaign, spend some time optimizing your current pages. You’d be surprised at how much of a boost you can get just by doing that.

After you’ve taken the time to improve your onsite content, it’s time to start researching search terms for which you could rank, as well developing an approach to building links.

If you’re just starting out, try to go after some long-tail keywords that are less competitive and build up over time.

If nothing else, you can use this new traffic to try and attract and engage followers, which you can use send targeted marketing material that can be quite effective.

#2: Expand Horizontally

If you’ve already got a decent bit of traffic coming to the site, then a good way to boost profits is to expand horizontally.
Think about additional products those that already bought from you might want, and then work to encourage them to make these purchases.

You could do this during the checkout stage by setting up a “People who bought this also bought…” window on your site, or you could even set it up as an automated email that goes out some time after the purchase has been made.

This works great because you don’t need to spend any extra money finding new customers.

Instead, you are extracting more value from your current ones, which will help boost profits without forcing you to incur an additional expense.

#3: Personalize Promotions

Consumers are constantly bombarded with marketing materials, and this means most of the stuff you send out is at risk of being ignored.

As a result, to make your business more profitable, you need to work to get people’s attention, and it turns out addressing people directly and personalizing promotions is a great way to do this.
Examples of personalized promotions include:

· Offers based on people’s past purchase history (something a CRM platform will help you determine). Use language such as, “We hope you liked Product X, and if you did, know that Product Y is currently on sale for ____. Don’t miss out on this great opportunity!”

· Design promotions around specific dates, such as people’s birthdays

· Send messages from a real person and use the person’s name so that it feels less like you’re promoting something and more relatable.

#4 Targeted Marketing

Along similar lines, to make your business more profitable, you should be using as much targeted marketing as possible.

Since the entire world these days in online, you can access tons of information about your audience, and then you can use this to directly target those most likely to respond to your messages.

A great example of this is Facebook and Instagram. Both sites collect tons of data about users, and you can buy ad space that puts your messages in front of the right eyes.

To learn who you should be targeting, take a look at your website statistics and come up with a profile of your ideal customer. Then buy ads targeting people who match this profile.

This approach helps take some of the guesswork out of your marketing efforts, which means less money wasted, more customers, and, of course, bigger profits.

Love the Process

Making your online business more profitable is of course easier said than done.

The strategies we’ve discussed here will certainly help, but the exact combination that will make up your profit-boosting approach will depend on your business, and this means trial and error is really the best way forward.

Start making some changes here and there and measure the results as you go. Eventually, this process will help you uncover the formula that will lead to better margins and more revenue.

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Introduction to Management Consulting

You know, on a recent weekend, I had nowhere to go, no one to meet. It was beautiful. So I went to the grocery store and bought a pack of sugar cookie dough, a bag of natural Cheetos and a bottle of cheap wine. Date night… with myself.

And I promptly drove home, slipped on sweatpants, plopped on the couch and flipped on Bravo. When I got tired of “The Real Housewives,” I switched to “Broad City.” Then I flipped to Netflix and finally started watching “Queer Eye.” I laughed, and I cried. Somewhere in there, I napped. Maybe more than once.

But, I think I’ll stop there, before I really embarrass myself.
We all have guilty pleasures. But there’s no need to feel guilty — especially when you can turn them into cash.

You know, each year management consultants in the United States receive more than $2 billion for their services.1 Much of this money pays for impractical data and poorly implement recommendations. To reduce this waste, clients need a better understanding of what consulting assignments can accomplish. They need to ask more from such advisers, who in turn must learn to satisfy expanded expectations.

This article grows out of current research on effective consulting, including interviews with partners and officers of five well-known firms. It also stems from my experience supervising beginning consultants and from the many conversations and associations I’ve had with consultants and clients in the United States and abroad. These experiences lead me to propose a means of clarifying the purposes of management consulting. When clarity about purpose exists, both parties are more likely to handle the engagement process satisfactorily.

If you love watching anything and everything on TV, consider signing up for a service that’ll pay you to watch videos online.
There are a couple options out there, but we suggest starting with a reader favorite, Swagbucks. Run by a company that’s A-rated by the Better Business Bureau, Swagbucks is a rewards site that’ll pay you to watch videos.

Pick your favorite genre: cooking, celebrity gossip, politics or fashion. For each video you watch, you’ll earn SBs, which you’ll exchange for gift cards to big retailers like Amazon, PayPal or Walmart. You could earn up to $90 a month watching Swagbucks videos.

Heck, you can even mute the videos and open Hulu in another tab.
Bonus: You’ll snag $5 when you sign up.

Thousands of professionals have dreamed about starting their own consulting business. It seems like a great career path: Hang a shingle, bring in clients, be your own boss, do awesome stuff and make bank.Yet consulting, as it turns out, isn’t sexy, glamorous or easy. It’s downright hard — harder than you might think. I encourage anyone with the moxie to start a consulting business. But I also offer cautions — a few “yield” signs that could save you a lot of grief and get you closer to achieving your dreams.

If you’re a seasoned entrepreneur, you’re likely expert at something other entrepreneurs need help with — be it complex accounting issues, or how to market an app to customers. So, the odds are high that someone out there will not only value your expertise, but be willing to pay for it.

Consulting.com breaks business down to basic building blocks (like Lego) and tells you how to assemble them for success.. Get proven processes, gain laser-like focus, join a community of entrepreneurs and reprogram your brain for superhuman ability. And they teach how to start a photography business the right way.

You Pass Hours — Sometimes Days — Playing Video Games

You spend hours trying to get to the next level, but guess what? You can play games and take your savings to the next level.
OK, that was a cheesy line from someone who’s obviously not a gamer, but listen: Blast is a savings app for Android made by gamers for gamers. It allows you to save, earn and win cash for playing games.

It works with every game in the Google Play Store, as well as top PC games, including Counter Strike Global Offensive.
The app is free, with no hidden fees.

And after all, how many times have you been stuck on a complex issue you knew could be solved by someone who’s already “been there”? You certainly aren’t the first (and you won’t be the last).
And, let’s face it, there are times in almost every entrepreneur’s business journey, particularly at the start, when some extra cash could come in handy. So, how can you parlay your wisdom, knowledge and experience into a paycheck without sidelining your ambition?

Management theories cannot be tested in laboratories; they must be applied, tested, and extended in real organizations. For this reason the most creative consulting companies balance conflicting demands between short‐term business development and long‐term knowledge creation.

Knowledge management as a conscious practice is so new that there are few successful models for executives to use as guides. In this excerpt from their article in the Harvard Business Review, HBS Professors Morten T. Hansen and Nitin Nohria and colleague Thomas Tierney of Bain & Company reveal two key KM strategies — codification and personalization — and their use among consulting firms.

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How to Find the Best Lender

What type of loans do you offer? What are the qualifying guidelines for each?

Since there are many different types of mortgages, including:

Fixed-Rate

Adjustable Rate

Federal Housing Administration

Veteran’s Association

Things You Need to Know About Home Loans

Everybody’s dream is different and there’s no one-size fits all mortgage solution for everybody. You may prefer a shorter term loan with bigger payments and lower interest rates, or a longer term home loan where you pay more interest over time but the monthly payment is lower. Each mortgage agreement has its own pros and cons, and it’s up to you to weigh it all before you sign on the dotted line and get the keys to your dream house. Buying a house is the biggest purchase most homeowners make, so here are some insights and some peace of mind.

Knowing What to Look for When Choosing a Home Loan

Take a deep breath and kick back for a second. Signing a mortgage, especially if it’s the first time you’re buying a home, is one of the biggest financial decisions you can make in your life and it’s not something you should rush into. You can relax though, knowing that you’ve done your homework.

The Associates Home Loan of Florida is committed to providing their clients with the highest quality services available in Florida. Their outstanding professionals will work with you one on one to ensure that you get the loan solution that is tailored specifically to meet your needs. Whether you are purchasing your dream home, purchasing an investment property, refinancing an outstanding loan, or consolidating debt, and they can get you a loan after bankruptcy. Because they have a highly experienced team of mortgage advisors that can help you no matter what your needs are.

Bigger payments or more interest?

You know, one of the central questions when considering any loan, especially one as big as a mortgage, is length of term versus size of payments. If you put down a bigger down payment and agree to bigger payments over a shorter loan term, you will pay less interest over the lifetime of the loan. That said, you will also have a higher monthly payment, so make sure this is something you can keep up with. The central question in this calculation is whether or not you’d prefer to pay less interest over the loan term, or would rather have somewhat more interest over a longer term, in exchange for a monthly payment that’s easier to make. This is a decision only you can make, and one that’s best done after taking a comprehensive look at your finances, long term plans and the mortgage lenders and rates available.

Fixed vs Adjustable rate home loans

With a fixed rate mortgage, the monthly payments are locked in for the entire loan term, which can help you plan your month-to-month expenses. A variable rate mortgage can adjust in keeping with changes in mortgage rates, potentially saving you money on the interest during the repayment period. Consider which is best for you, and don’t rush it.

Depending on your lender and the type of loan you choose, your required down payment can range from 2.25% to 20% of the purchase price of the home. Establishing a monthly budget will help you put away enough money for your down payment.

Once you’ve assessed what your budget will support, consider having money automatically deposited from your paycheck or bank account to a savings account to make it easier and more convenient to put aside money each month. An account like Discover Bank’s AutoSavers Plan can help you start saving today.

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3 Tips to Maximize Compensation in an Accident Injury Claim

If you’ve been in a road accident that resulted in personal injury, you know the challenges of dealing with such a situation—overwhelming medical bills, immobility, disruption in personal life, loss of employment, loss of personal property, and continued emotional suffering.

While going through the trauma of dealing with severe injuries or losing a loved one to an accident, you should not have to worry about your finances, which is why it’s important to avoid mistakes that could jeopardize your fight for fair compensation.

Ensure that your injuries are well documented

Many times, unless the injuries in a road accident are severe, victims tend to avoid seeking medical treatment. In such cases, it becomes extremely difficult for them to claim compensation should an internal injury or health problem surface later because of the accident.

Don Ernst from ErnstLawGroup.com explains that the best way to receive compensation from an accident is to have your injuries documented by a doctor. Self-documentation does not work, and your medical insurance company will most likely deny your claim in the absence of proper medical records.

To protect your right to receive lawful compensation for your suffering, it’s essential that you visit a qualified doctor immediately after an accident and maintain proper medical records, including bills, prescriptions and test results. In addition, avoid telling the doctor that you feel fine, as this might work against you in case of a claim. Instead, allow the physician to examine you and order any tests they may find necessary.

Hire an experienced road accident lawyer

Having access to sound legal counsel can make a tremendous difference in the way the insurance company handles your claim and the amount of compensation they end up awarding to you. An attorney who specializes in personal injury claims arising from traffic accidents will have the knowledge and expertise to investigate your case and collect evidence, develop a strong case, and do everything to maximize the compensation due to you.
Whether your claim ends up in an out-of-court settlement with the defendant or goes to trial, working with a good personal injury advocate will ensure your rights are protected and the guilty are brought to book.

Don’t accept a settlement that appears generous but really isn’t
Often, accident survivors or victims’ families tend to settle for the first amount offered by an insurance company so that they can move on with their lives. This usually happens because, even if the sum offered may not be fair, it appears generous enough or meets the victim’s immediate medical and other costs.

In the absence of legal advice, personal injury victims fail to take into account future damages such as loss of work due to prolonged recovery period, emotional damages, loss of personal property such as cell phone or laptop damaged in the accident, cost of travel to medical clinic, and many

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Fund Your Dreams: The Best Place to Get a Personal Loan Online

When you need to get a personal loan, it can feel like an isolating and stressful experience. But the truth is that you are not alone, as personal loans in 2018 amounted to over $120 billion dollars in the United States.

No matter what you need your personal loan for, there is a personal loan for everybody, regardless of your credit or your reasoning behind the loan. Dive into this personal guide to find the best place to get a personal loan.

Best Place to Get a Personal Loan

There are a number of personal loans on the market, with enough out there to cover any need or credit rating. You will find that if your credit score needs some work, you can still get a personal loan.

Sometimes even just looking into small personal loans will help improve your credit score. But if you need a little help with your credit score, learn more about understanding your credit score and how to improve credit ratings before you apply.

Personal loans online are divided into a number of categories, and this is usually dependent on your credit score. You will find that personal loans come with lower interest rates when you have good credit, and with poor credit, the lender takes a higher risk and generally offers a higher interest rate.

Some of the most common personal loans online are from Prosper, Wells Fargo, and Lending Club. These lenders are more useful to those with better than average credit scores.

Types of Personal Loans

For excellent credit, places like Freedom Plus and Earnest offer personal loans as well. Peerform and Avant help those with average credit.

And websites such as OneMain and BadCreditLoans.com are there for those that need help with their credit scores.

Discover the best type of loan for those with poor credit.

The most common reason for getting a loan is to consolidate your high-interest debt, but they can be taken out for anything. Adoption fees, medical bills, house repairs, wedding, car issues, or any sudden need for cash can be your reasoning.

A general rule of thumb is that you are likely to get a higher personal loan when you have good credit. But even average or poor credit can get you a personal loan if you shop in the right place.

Best Personal Loans for Good Credit

The best personal loans if you have good credit are from places such as Lending Club and Wells Fargo. Here you will find lower interest rates and a higher potential for the amount of a personal loan.

Interest rates for those with good credit can be as low as 6.95 percent, but even those with good credit might see a high-interest rate at 35.89 percent. Read the fine print on the applications, as you may pay a fee just for applying.

Even so, with good credit, you could get a loan as high as $40,000 and a term as long as five years to pay it back. Wells Fargo may offer even higher personal loans up to $100,000 if your credit is very good.

Best Personal Loans for Average Credit

If your credit isn’t in the best shape, you will find that you don’t have many options when it comes to personal loans. Or at least, your options are slimmer.

You may not have the option of shopping around for interest rates and may get a smaller loan as a result.

Even so, there are many lenders today willing to help out. They will earn your business through a higher interest rate, making it a win-win for everybody.

Personal loans for average credit can still offer interest rates around 5.99 percent but can go as high as 35 percent.

Places such as Peerform and Avant are known to be extremely helpful in offering personal loans. These personal loans can go as high as $35,000 depending on your exact credit situation and need for a loan.

You are likely to find that there is a small processing fee for the application.

Best Personal Loans for Bad Credit

If you have a credit rating under the 600 mark, you may be considered a risk by lenders. But credit scores are evolving, and the more you work to improve your credit score, the faster it will improve.

Don’t sweat it if you need a personal loan and have bad credit. Websites such as BedCreditLoans.com and One Main can help you.

You won’t necessarily be stuck with a high-interest rate either. Some loans offer interest rates as low as 5.99 percent.

You may not get a high personal loan amount, but it could be a start in the right direction if you are rebuilding your credit.

At One Main, higher personal loan amounts are available for those with bad credit. These can go as high as $30,000, but you may be paying interest as high as 35.99 percent as well.

Before you apply for personal loans online, check your credit rating, and see if there are any errors. Clean that up before you apply.

If your credit score is lower than 600, you may be better off applying for a personal loan.

Do Your Research

Personal loans are a significant component of the economy, comprising 1.5 percent of consumer debt. Personal loans can be used for anything from credit card consolidation to home repairs or even a vacation.

It is estimated that 60 percent of personal loan applicants using the funds for credit card debt. Do your research to prepare yourself for approval before you apply.

There are 19.5 million outstanding personal loans in the United States, totaling billions of dollars. When you are looking for the best place to find a personal loan, know that you are not alone.

There is a personal loan out there for everybody, regardless of need or credit score. Don’t let one denial stop you.

As many as 24 percent of American applicants will receive at least one denial on their quest for the best personal loan. Before you search for the best place to get a personal loan, empower yourself with these 4 tips on reaching your financial goals and dreams.

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Top 8 Financial Trends to Watch Out for in 2019

In a last few years, we have seen digital-based services booming in online banking and financial industry. The technology trends in 2018, such as instant payments through mobile wallets, social networking with customers, plastic money, apps for investment tools, have taken a leap to bring many more such innovations for 2019. Below we have listed the latest financial trends that can take the 2019 year by a storm.

1. Micro-Financing and Peer-to-Peer Loans

There are several private finance companies that have opened up unique ways of funding the financial needs of people in 2019. Micro-finance or small amount funding is usually not done by traditional banks. Thus, micro-financing companies are one of the ideal choices for people who need quick money for a short-term.

Also, peer-to-peer loans are becoming easily available. The P2P platforms allow borrowers and fund-providers to communicate amongst each other on their websites to borrow and lend money, removing the strict regulations, process, and eligibility criteria posed by banks and NBFCs.

2. Business Credit Ratio

There is a growing hunger among the mass to become entrepreneurs. The government has also taken proactive steps to fund start-ups to its best with lucrative loan offers. Thus, more banks and NBFCs are leveraging the unsecured business loan product. The interest rates earlier were higher, and now they start at 12% only. Government and private funding to existing and new businesses are also encouraging young entrepreneurs to try their hand at self-business, more confidently in 2019.

3. Rise of Fintech Firms

Customers are not only preferring mobile banking, but finding new ways to access financial products under a single platform. FinTech firms are the ones that offer people such freedom. They give customers opportunity to refinance loans, borrow money from banks for the first-time, and access top NBFCs and banks for funds, crowdsource, and a lot more.

4. Increase in Investments in Fixed Assets

With global market volatility, young and amateur investors are looking towards investments in fixed assets such as insurance policies, real estate properties, gold, fixed deposits, PPFs, and similar products. However, this has also given rise to need of wealth managers and investment advisors who can help people select the right investment tool and grow their investment portfolio. As the global and national economy stabilizes, people shall take on to risk-taking investment options as well.

5. Growth of Blockchain Technology

Blockchain is the technology leading to digital currencies such as Bitcoin. It is an open distributed ledger and efficiently keeps a record of transactions between two parties, which can be verified. The tech community is now finding ways to optimize blockchain technology, as it is one of the most secure and safe for trading anything from ideas, royalty fees, money, and a lot more. It does away with middlemen, who were earlier required to ease these transactions, which can now be completed virtually.

6. Hiring of Financial Experts

While customer support team in financial companies earlier were crowded with professionals with educational background in non-finance field, things have become stricter today. Now, only those with relevant experience in company-focussed financial product/service are selected for the job. They go through intensive training and are expected to make as minimum errors as possible, as customers demand for a more accountable customer service, making financial firms to tighten the shoelaces.

7. Travel Finance

Group-travel to destinations is not a thing of the present, but an activity which people engage in from years together. However, travel finance has never been as accessible as today. In 2019, we can expect airlines, banks, credit companies, and private sponsors to fund trips of diplomats, and people who wish to travel the world for educational purposes. There has been an increase in research-purpose travels and banks easily fund travellers for a trip, if they have sufficient repayment capacities.

8. Chatbots and Digital Assistants

Chatbots can reply and engage in conversations with people in natural language, which combines the understanding of a company’s service/product, and input of data set. These can aggregate requests that are location-specific, synchronize phone conversations, improvise on customer support experiences, take specific requests, spot repetitive problems, and a lot more.

These are the future of technology in 2019 and have already replaced customer support processes. Now, one can type to and talk with chatbox to resolve basic issues, access a service, etc. These are also used to create personalized content, which required human interference earlier.

The above-given financial trends are the latest for 2019. As we step into the year month-by-month, more such trends will lay foundation to what we can expect in the finance industry a year thereafter.

Author Bio: Satchit Hasabnis is a Chartered Financial Analyst who has more than 10 years of experience in the finance industry. He co-founded, Loanbaba.com, which provides quick and easy loans like Personal loans, Education Loan, Business Loans, and Gold Loans etc to people of different economic backgrounds.

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Best savings Options to Choose from Between ELSS and PPF

A suitable savings strategy will guide you to a stable future from all aspects. One of the principles to follow for such outcomes is to save first, from your salary or any other income, before making an expenditure. Every 3 out of 5 Indians, do not maintain a savings account balance or emergency fund beyond Rs 5,000. You need to select the best savings options from a variety of choices to ensure a strong conclusion.

According to a recent study, literate females in India constitute a total of 64.6%, while the male literacy rate stood at a staggering 80.9%. The gender literacy disparity has had a massive impact on household planning and population stabilisation endeavours in India. Savings schemes such as PPF and ELSS has been effective in bridging this gap and other socio-economic inequalities.

Understanding Public Provident Fund and Equity Linked Saving Scheme

1. PPF – Like the Employee Provident Fund, Public Provident Fund helps an individual to save tax and eventually lead to a lump sum of funds post-retirement. The minimum amount for investment is Rs 500 per month. The maximum admissible investment is Rs 1,50,000 over one year.

PPF is popular as one of the best savings options, especially for low-salaried employees.

The minimum lock-in period stands at 15 years. The account holder receives the investment amount constituting of interest. The current PPF interest rate is at 8%. You cannot withdraw from the fund until 15 years. However, you can avail loans or partial withdrawal after the completion of 7 years.

The significant benefits of PPF can be summed up as follows –

a) Risk-free interest rate – As the government plays a major role in the public provident scheme, there is no risk of loss in this investment.

b) Tax exemption – Investors in PPF entail tax deductions under Section 80C of the Income Tax Act up to Rs 1.5 Lakh per annum.

c) Maturity extension – Account holders can extend their maturity period by one block consisting of 5 years. To save more, you can prolong your investment period.

2. ELSS – It stands for Equity Linked Savings Scheme, which is directly related to the performance of the equity market. It is a type of mutual fund which is elgibile for tax exemptions under Section 80C of the Income Tax Act of up to Rs 1.5 Lakh for one finanical year. Equity Linked Savings Scheme comes with a lock-in period of 3 years. Due to the presence of the risk-return tradeoff, an individual can consider this as one of the best savings options.

The advantages of investing in an ELSS are as follows –

a) Higher returns – ELSS provide higher returns than PPF or a Fixed Deposit, as it has a direct relationship with the stock market. If the stocks do well, the ELSS taken is bound to do well.

b) Shorter lock-in period – As compared to a PPF, the equity linked scheme has a shorter lock-in period of 3 years.

c) Tax deductions – Similar to PPF, the ELSS scheme has tax benefits under the Income Tax Act, 1961. The returns from this medium are tax exempt till Rs 1.5 Lakh per annum.

PPF and ELSS are good investment options to secure your future. However, you may require an immediate lump sum of funds to meet unforeseen difficulties. Access to quick and pre-approved credit financial institutions can help in such situations.

You need to look out for the best savings options, which not only meets your retirement objective but also plays a vital role during your employment. If you wish to live stress-free in the future, you need to save beforehand today. Be aware of your liquidity requirements and the lock-in period of the scheme to be availed.

An employee should be aware of best monthly income scheme available in India to invest in and choose the most suitable one as per their financial portfolio. Remember not to put all your investable corpus in one fund, and instead diversify among various schemes for better returns.

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What is the Best Type of Loan for Someone with a Poor Credit History?

It doesn’t take much to get into financial difficulties; an unexpected family crisis or losing one’s job could easily put a person into a position where they are unable to meet their multiple loan repayments. Of course, making late payments or missing them altogether can have a negative impact on your credit score, and while there are many finance companies that would reject any loan applications, there are some that specialize in helping those with a less than perfect credit history to obtain a loan.

Debt Consolidation Loans

If a person has 3 or 4 loan repayments to make every month, they typically fall on different dates, which can be a real challenge to juggle, and one way to resolve the situation is to take out what is known as a debt consolidation loan. This works by borrowing an amount that would pay off all outstanding loans, leaving you with a single, affordable monthly repayment. Of course, this only works if the borrower can afford to make the single monthly repayment, and with online brokers who can arrange unsecured personal loans with bad credit, the outstanding debts can be cleared.

Fast Approval

If you approach the right online loan provider, things can be settled within a few days, and without the need for a personal meeting, many clients receive the funds on the same day they apply. Traditional banks and finance companies are very reluctant to lend to someone with a poor credit history, and it might take weeks to find out the application was rejected, yet there are thousands of Australians who are now debt free, thanks to a debt consolidation loan.

Online Solutions

The solution to the problem could literally be a few mouse clicks away, and with 24/7 live chat, you can discuss your circumstances with a professional, who can advise you accordingly, and with no fix – no pay, you will not be saddled with a bill for an unsuccessful loan application. Rather than having to visit the finance company’s offices, everything can be handled online, and provisional approval usually takes but a few minutes. The provider would make sure that the repayments are affordable, and when the consolidation loan is paid off, you can begin to look at investment opportunities.

Nothing to Lose

You have nothing to lose and everything to gain by approaching an experienced online loan provider, preferably one that specialises in helping those with a bad credit history, and while every person’s circumstances are different, the financial expert would make you aware of the various options and help you to make an informed decision. Many people have approached such a company, thinking it is a waste of time, yet were accepted for an unsecured personal loan, even with a bad credit rating.

Some loan providers understand how easy it is to get behind with payments and they don’t see why the past should be taken into account when trying to arrange debt consolidation. Everyone deserves a second chance, and statistically, most of us experience financial difficulties at some time in our lives, yet with professional help, a seemingly hopeless situation can be cleared within a year or two, and with no black mark against their name, they can forge ahead with their goals and objectives.

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Outsourcing Can Save You Money – We Show You How

Outsourcing – the practice of hiring third parties outside of your business to do some of the tasks that are required for you – is expensive. It’s a waste of time. You can do it all, and if you can’t, you can learn. Or you can delegate to staff members who can also learn what to do. Isn’t that the case? Won’t you be saving money by doing this?

The answer is not necessarily. If you outsource the right tasks to the right people, you can actually save your business money. Read on to find out how this seemingly impossible statement could be true for you.

Hiring People Costs Money

When you first start your business, you might assume that, at some point further down the line, you will need to hire people. It seems like a natural progression from being a sole trader to running a company that has a variety of staff members. Hiring people, however, can be an extremely expensive thing to do. You need to pay for:

  • Advertising the position
  • The time it takes to read resumes and interview people
  • Fees to recruitment agencies
  • And eventually salaries and the tax implications that go with this

You are also responsible for other people’s financial well-being because you need to make sure they are paid each month without fail. If the business has a difficult patch or is seasonal, this can be difficult.

When you outsource, you only need to pay for the time you use, which means that you can put the work on hold, or even do it yourself (assuming you have the skills) if money is tight. You can’t do that with someone’s salary.

Training Takes Time (And Money)

Training up your staff so that you can delegate tasks to them might sound like a good idea, and in some cases, it will be if that member of staff can then use those skills to improve the business. If the task they are being asked to do is a one-off or rare thing, the time taken to train them up will far outweigh the value of the task itself – it will be less expensive to outsource these specialist tasks, which could include PCB making using CircuitStudio, gathering market information, creating a logo, or even adding signage to your storefront.

You Won’t Lose Focus

When you have a thousand different tasks to do, you can easily become overwhelmed and lose focus. This, sadly, costs your business money because you end up getting nothing done at all, or you start to cut corners in order to complete jobs and move onto the next. This can easily ruin your company’s reputation and have a major negative impact on sales.

Although delegation is hard, as businesswomen Jessica Jackley says, “Deciding what not to do is as important as deciding what to do.” That is, knowing what you should be outsourcing so that you can focus more on the tasks you are able to do well is crucial – do this, and you will grow your business, even if you are paying an outside company for their particular skills.

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