Money makes the world go round, and you couldn’t run a business without it. While you never want to cut corners in business, it is helpful to know where you can safely cut some costs, without sacrificing the good name of your business. Below are 7 simple tips that when used properly will save your business thousands every year.

Outsource as much as possible

Think about it. You’ll save so much money by paying a company a lump sum per month to undertake one of the tasks that aren’t your strength, compared to paying an internal member of staff a salary. Common things that businesses outsource include start up business accounting, marketing and IT services.

Look for sponsorship

If you’re looking to put on an event, to help expand your customer base, look for potential sponsorship. A sponsor is someone who will provide the necessary funding for the event to go ahead, in exchange for an amenity, such as their branding being visible. It is usually a good trade for both of the businesses.

Move away from traditional advertising

The rise of social media means that traditional advertising methods are out, in favour of cheaper options given on social media. All traditional advertising costs can be cut, in favour of an active Facebook, Instagram or LinkedIn page.

Embrace the work from home lifestyle

It’s not ideal for everyone, but working from home and hybrid working has become an integrated part of our society, and it is beneficial for our businesses’ funds. It means you can avoid the expense of office space and operating costs. It doesn’t have to be every member of staff, just some.

Move away from meetings

According to Harvard Business Review, meetings are a productivity and financial-sink for many companies. Reduce the number of people who participate in meetings, to keep things lean and productive. If possible, have the meeting take place over Zoom or Microsoft Teams, to save on travel costs.

Don’t pay for an underperforming employee

If an employee isn’t hitting the mark, it’s time to either cut their contract, or invest more in them to help them improve their performance. The interests of the company have to come before sentimental attachments to members of staff. Eventually, this attitude will take its toll on other employees, who will consequently start to underperform.

Go green

Going green is guaranteed to save your business money. Going paperless for example, will save the cost of buying paper, as well as the stationary that goes with it. With modern software, we can create an infinite amount of digital documents, to compensate for printed files.

Saving money will ultimately help your business to grow quicker. Cutting costs and investing wisely is a crucial part of being a business owner and sets those whose business will thrive apart from the businesses which will fail. If you ignore cost cutting, you are shooting yourself in the foot. Be savvy and apply the tips in this blog today!

 

There’s no denying that Cryptocurrency is the future of finance, which is why so many people are choosing to invest in this lucrative yet risky form of currency. In response to its growing popularity, crypto sites are popping up everywhere, promising to help you invest your hard-earned money and make a profit. Although they make nice promises, most cannot deliver, leaving you at a loss both financially and in your understanding of how the market works.

Earnity isn’t like any other crypto site out there. Founded by Dan Schatt and Domenic Carosa, Earnity is backed by an international team of fintech veterans who are passionate about the future of the crypto market. Their goal is to help you navigate this new world with ease and safety so that you can become truly financially independent. Earnity is highly secure and incredibly easy to use, so even the most technically challenged can navigate the site. It allows you to sell, buy, and hold crypto and DeFi assets all in one place, streamlining your experience.

When you use Earnity, the world of DeFi is at your fingertips, and the brilliant minds behind the site are hard at work ensuring it grows and evolves with the crypto market, so you don’t have to worry about falling behind the curve. When Earnity promises to help you navigate the DeFi world, they stick to it, giving you the insight and knowledge, you need to protect your assets. There is nothing like the freedom decentralized finance and cryptocurrency offer, and having an expert team walking beside you can take the fear out of diving in. So, trust Earnity and see the difference this quality social crypto platform can make in your life!

A CFD is a financial instrument that allows traders to speculate on the price of an asset, like securities or currencies. The instrument works by allowing a trader to enter into a contract with another party, agreeing on a specific “notional” amount of one particular asset. For example, if you had $10 in your trading account and entered into a CFD agreement on Apple Incorporated (AAPL), this would allow you to control 100 shares of AAPL (minus transaction fees).

The point of these contracts is that they allow individuals to make profits from fluctuations in the underlying asset’s market price, which means that instead of owning the physical asset, like an individual share in a company, you control the value of that asset without actually having it. However, if the market moves against your contract in any way, it will affect how much profit or loss you make on the deal.

The CFD instrument is different to an option because with an option, once purchased. There is no set time when you need to sell your asset before the expiry date (you can hold onto an option for as long as you want). An option gives its owner the prerogative to exercise their options contract at any time until its expiry date.

So why would someone buy an option if they didn’t have to be committed to selling their asset? The simple answer is because it could allow them to earn more money. If the market price moved in the right direction, they could exercise their option and immediately sell it for a profit.

As CFDs are available to anyone with a trading account, there is no need for an individual to have an underlying asset to trade them. Meaning CFD traders can make profits from fluctuations in the value of financial investments without actually owning those assets.

What are the benefits of using CFD trading?

You don’t own the asset

CFDs allow traders to sell a financial asset without owning it, known as going short. CFD traders can earn more money if they think the price of an investment will fall.

There’s no need to use stop-losses

Using CFDs means that you don’t have to set stop-losses on your positions because even if the market moves against you, your loss will be limited by how much you initially had invested in the position (minus transaction fees).

There are lower costs involved

Compared to buying and selling securities on an exchange, using a CFD has lower costs because you only need to pay brokerage fees when you enter or exit a trade. Also, since returns are not taxed for Australian investors due to their personal use exemption – it’s important to remember that using CFDs can lead to higher taxes in the future.

You don’t have to make a market order

A market order is used by investors who want to buy or sell a financial asset at whatever price the market currently offers. With CFDs, this service is taken care of for you because your position will be closed as soon as possible once you submit a trade (minus transaction fees).

What are the drawbacks of using CFDs?

The contract can become unprofitable

CFDs are complex instruments that can be difficult to understand. For example, to close your position, a CFD trader has to sell their positions for a lower amount than they bought it despite the market favouring them. It is known as a “negative rebate”. Also, the risk here is that if the market price moves against you and continues in this way when you want to close your position – your loss will not be limited by how much you initially invested (no stop-loss).

You don’t have control over what happens next

In addition, with CFDs, you do not have direct ownership of the underlying asset, so there’s no guarantee that the investment will perform as you expect it to. As the investment doesn’t belong to you, it’s possible that if an investor with actual ownership of the asset wants to buy or sell it, they could do so before you (no stop-loss).

You can use this link to start trading with CFDs.

The world is changing rapidly, and the world of finance is no different. Experts like Scott Tominaga and others have some bold predictions for what the future holds for finance and how we handle our money. Here are some of those predictions:

The Rise of Mobile Wallets

With NFC (Near Field Communications) and other technologies like it, it is becoming easier and more convenient for consumers to pay with their phones. Mobile wallets will be a big hit in Japan; we can see this already with the rise of the Suica system in Japan’s major cities. The NFC mobile phone platform has been used as a transit payment system in Japan since 2004 and is now used for close to half of all transactions.

Mobile wallets are becoming more popular in the US as well. Google Wallet has recently partnered with MasterCard on a new mobile payment program, so it wouldn’t be surprising to see NFC-enabled phones being adopted by major carriers like Verizon, AT&T, T-Mobile, etc. The convenience of mobile payments will drive consumer demand for NFC-equipped devices.

Bringing Money into the Digital Age

Although mobile payment systems are convenient, there are some problems that have not been solved yet. For example, what happens when I lose my phone? Since the phone is tied to your bank account or credit card, you will still need to go through the process of recovering your account. This problem will not be solved unless you move money out of your physical wallet and into the “cloud.”

Cash is one of those products that has stayed almost the same throughout its history, but even cash is starting to change. If you’ve ever used Square, you know how easy it can be for a small business or individual to accept credit cards with an app on their phone. Increased mobile payments should lead to more mobile card readers like this one because they are simple to use and inexpensive.

Counterfeiting Currency

Another issue that arises from cash becoming digitalized is counterfeiting. Countries where counterfeiting occurs, would benefit greatly by transitioning towards a digital medium for currency transactions. Countries like Japan and the US have advanced significantly in this area. In fact, the US has recently upgraded its currency to prevent counterfeiting, but there is always more that can be done.

Widespread Job Losses

Many jobs will be lost as technology continues to advance across all industries. This trend may not happen right away, but advancements in robotics are leading to decreased demand for certain skill sets that were previously necessary for these jobs. For example, taxi drivers may not need to know how to drive manually because self-driving cars are much safer. Taxi companies could also benefit from mobile payment systems like Square if they want customers who prefer paying digitally. It’s unlikely that many taxi drivers would use a mobile wallet because it takes too long to load, but the demand for those willing to accept payment by credit card should increase as self-driving taxis hit the road.

Final Thoughts on the Future of Finance

Looking at all these changes, it’s hard to predict what finance will look like in a few years. We may still be paying with cash and cards, or maybe we’ll have a digital wallet on our phones that is used for 90% of all transactions. In any case, cash will most likely be a lot less popular as more and more people adopt the new technology.

 

Planning for retirement is crucial to the security of your future. Savings and investment strategies can make a big difference in how easy it is to maintain a comfortable lifestyle during this phase of your life. While there are many available options, each with its own advantages and disadvantages, this article will take an objective look at seven common methods used by savvy planners like Robert Nico Martinelli.

1) Maximizing contributions to your IRA

Contributing the maximum amount to your individual IRA every year is an excellent way to accumulate funds for retirement. The maximum contribution may not seem like much in today’s dollars, but it can make a real difference over time.

2) Contributing to your 401(k)

Contributing to your 401(k) plan at work is another great way to accumulate funds for retirement. Most employers will match some of the money you contribute, essentially providing free money toward your future. But there are drawbacks to consider before contributing too much. For one thing, any funds invested in a 401(k) will be pre-tax, which means they are not available for other purposes during the year. Also, if you can’t make it through your working years without tapping these funds early, penalties may apply when you try to access them later on. Contributing too much here could also hinder your ability to rebuild after taking a job that pays less or requires fewer hours.

3) Participating in a 403(b)

If you work for a non-profit organization, a 403(b) might be available as an investment vehicle. The tax benefits are much the same as those for a 401(k). But here again, unless your employer provides matching funds, there is no free money involved. So if you contribute too much to this account, or if you fail to make it through your working years without drawing down these funds, penalties may apply.

4) Investing in real estate

Buying income property can be profitable and provide a place to live simultaneously. Using borrowed funds from a bank is usually necessary to make such deals happen. Leverage can magnify profits but also increases risk. And remember that even though you may own several rental properties, it’s important not to invest more than you can safely afford to lose.

5) Investing in stocks and bonds

Investing in publicly traded securities is another popular option for people saving money for retirement. While investments like this offer the potential for great returns, they also carry a significant risk of loss. Unless you have a high tolerance for risk or are comfortable employing strategies that limit your downside exposure, investing too much here could be dangerous to your long-term plans of retiring comfortably.

6) Saving toward a down payment on a home

Purchasing a home usually means taking out a mortgage loan from a bank or other lending institution. In addition to paying an ongoing monthly expense, homeowners generally must pay interest only on the amount borrowed to purchase their home. As a result, you can expect your total monthly expenditures to increase when you own rather than rent your home.

7) Using an annuity

An annuity is an arrangement where a company pays you a guaranteed income for life in exchange for a lump-sum payment upfront. Annuities have been criticized by many financial experts, including Robert Nico Martinelli, for carrying high fees and potentially exposing consumers to market volatility after surrender charges no longer apply or if long term care becomes necessary. Yet there are circumstances where using an annuity may be appropriate for retirement planning purposes. If you need to create an income stream from your savings but don’t want to take the risk of losing your income, an annuity may be worth considering.