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Beginner’s Guide to 50/30/20 Budget Rule

Beginner’s Guide to 50/30/20 Budget Rule
A small intro to personal finance is inevitable before we explain the 50/30/20 budget rule. Why Is Personal Finance Important?  Learning Personal Finance not only helps you to manage your day-to-day financial needs but also aids in planning your financial future. The sooner you get a hold on personal finance, the better your long-term financial prospects will be for things like investing or planning for retirement. What are the 5 main components of personal finance? SavingInvestingFinancial protectionTax SavingRetirement planning The Pathway to Financial Freedom – The 5 Golden Rules of Money Let us understand what the financial experts say about how to handle money when it comes to your pocket. Payday is not only mayday but also hayday. You have to streamline your income in order to lead a hassle free and peaceful life. Rule # 1: Spend Less Than You Earn or Earn More Than You Spend Rule # 2: Create an Emergency Fund Rule #3: Save or Invest the Rest Rule #4: Capitalize on Your Skills & Create a Side Endeavor Rule #5: Own Income Generating Assets That Create Passive Income Streams The ideas listed above are truly practical in nature and works out 100% of the time. Passive income is equally important as this income stream might become your mainstream income during a dire need. We have compiled an amazing Budget Planner for your ready reference. Download and Enjoy. 👇 Tell us if you found it useful. Simple-Monthly-Budget-PlannerDownload What is the 50/30/20 Rule of Budgeting? Given below is the thumb rule for budgeting and this method is good for beginners or those who suck with money. This cheatsheet will teach you how to “Live within your means.” The beauty of 50/30/20 budget is in its simplicity. All the income is broken up into three spending buckets. 50% for the needs, 30% for wants and 20% for savings and debt. The Split 50% Needs Health life, disability and other insuranceCar insurance, maintenance and gasMedical bills and prescriptionsUtilities phone and internetPublic transportationDaycare and tuitionMortgage/rentGroceries 7 Ways to Increase Your Income! #reels 30% Wants GiftsTravelCable TVEating outCharitable donationsMakeup and hair productsHome decor and furnitureClothes, shoes and accessoriesMovie, sports and concert ticketsStreaming services and other subscriptions Signs You’re A Lot Better With Money Than You Think! #reels 20% Savings Retirement savingsPersoanl loan paymentsShort term savings goalsEducation fund What are some practical budgeting guidelines to follow? Read on to find out what budget percentages popular financial guru Dave Ramsey recommends. Here’s a breakdown of each category, based on Dave Ramsey’s advice: Giving — Ramsey recommends giving 10% of your monthly income to worthy causes.Saving — Saving 10% of your income for retirement, which ideally is within a 401(k) or IRA.Food — Includes both grocery shopping and eating out.Utilities — Cell phone, cable, internet, gas, and electricity.Housing costs — Rent or mortgage payment, along with property tax, home or renters insurance, home maintenance, HOA fees, and PMI.Transportation — Any and all transportation costs, including public transportation, car insurance, oil changes, car payment, gas, DMV fees, and parking.Health — Medical and health care bills (not including health insurance premiums) such as co-pays for doctor visits, prescriptions, and dental care.Insurance — Life insurance, health insurance, and disability insurance. Auto insurance and home insurance is placed within transportation and housing categories. Recreation — This is your fun money. Any lifestyle expenses, such as gym memberships or kids’ activities, as well as entertainment expenses like Netflix, Hulu, sporting events, concert tickets, babysitters, and travel.Personal spending — Personal care, haircuts, Amazon purchases, clothes, shoes, home furnishings, home decor, etc.Miscellaneous — The “stuff you forgot to budget for”...
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3 Reasons that More Businesses Are Choosing Cloud Services

3 Reasons that More Businesses Are Choosing Cloud Services
Cloud services are booming, and what used to be a simple service offering storage space has now grown into an impressive expanse of packages to help businesses with their needs. Businesses are now more into cloud services than ever, but why is that? This piece is going to take a look at some of the reasons that cloud services are chosen over traditional services and how it could benefit your business too. Read on to find out more!  Cloud Offers Significant Big Data Insights Big data is a collective of all different types of data gathered from a business, and it is more important than it has ever been. Not only do businesses have more means to gather this data now, but it is also crucial in driving decisions both big and small. Collected data can help companies ‘predict’ their future needs and finances, help prevent downfalls, and help them put an informed plan in place.  Cloud Services Are Scalable and Flexible for All Scalability and flexibility are essential in this economy. It is no longer viable to lock in contracts unless businesses absolutely have to due to the slippery nature of the market. It also makes life much easier when you are able to scale up or down when needed and creates a lot less fuss over change.Cloud services offer this seamlessly. Because there is no “physical” aspect to a cloud service, you are able to manage requirements as and when they come in or disappear. This helps you keep hold of your capital and allows you to only spend what you need. Another great reason why businesses are opting for cloud services is that they are not routed in any particular location. If a company needs to move, this will not affect the cloud services they use at all. Realistically, all you need is an internet connection to keep you in touch with any cloud service globally. You might also be surprised to learn the different services available to you, like cloud security services, and that even more traditional-based industries can make the transition. For example, a traditional accounting firm can become a cloud accounting firm. Businesses must see the importance of competing in the digital space, and becoming a cloud-based business is one vital step to achieving that. If you need more advice, seek the advice of experts in your chosen industry. Cloud Services Are Cost-Effective You only have to pay for what you use with cloud services which is one of the main reasons why this option is so attractive to businesses. Not to forget the startup costs of physical equipment and elements of traditional services are completely wiped out, along with any repairs to damage that could happen to these physical features as well. It is also worth pointing out that you will never be stuck with redundant hardware or software, as cloud services update and upgrade as they improve and change. Conclusion Cloud-based services are the future of business due to the many benefits they offer, such as scalability, flexibility, security, and simplicity. Not only can they be more cost-effective than traditional services, but they can also offer real-time data to help businesses make the right decisions for them. Try a cloud solution today, and see how it changes your...
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How To Effectively Manage a Construction Business

How To Effectively Manage a Construction Business
Managing a construction business is no easy task. The sector is capital intensive and demands consistent financing to maintain a steady supply of construction materials and keep operations going. A huge part of becoming a successful construction business owner depends on efficient management. If you’re looking to break into the industry or you’re a current manager after some guidance, these below tips will help you effectively manage a construction business. Use the Right Tools and Products Construction tools and products evolve with the industry. As a construction business owner, you need to be equipped with current tools and resources fueling the industry, leveraging them for effective outputs. Investing in construction tools can be a dicey situation and purchasing isn’t always the best way to invest in tools. You can purchase drills, hammers, trowels, and other essential tools for your site workers. However, heavy-duty equipment like excavators and backhoe loaders can be rented rather than bought. Buying ties you to storage and maintenance costs which might be financially draining. Both options, however, have their pros and cons. Therefore, assessing them before making your investment decision can never go amiss. For construction supplies, it’s important to deal with the right retail partners. They can afford you comfortable payment and usage terms for all materials, including those needed for modular building products. Make Safety a Priority The construction industry is a hotspot for work-related accidents. The U.S. Occupational Safety and Health Administration says that fall hazards are the leading cause of accident injuries on construction sites nationwide. The U.S. Bureau of Labor Statistics also revealed that over 150,000 fall accidents occur yearly. As a business, these accidents can dampen employees’ morale and cost your business a lot of medical, severance, and relief expenses. In critical conditions, an accident on your site can cost you your operating license and affect your operational relationships with partners and financiers. Therefore, it’s crucial to prioritize safety on your construction site. Ensure all workers have their safety apparel on before visiting the worksite. Maintain ladders and operational tools to avoid failure while on the job. Developing a periodic program to sensitize employees on the best safety practices can also help a great deal. Leverage Data and Technology The construction industry is no exception to the continuous transformation of how we work through technology. Modern construction tools have become smarter, demanding site workers to be more tech-savvy. Many construction businesses have also grown more resilient by using data to mitigate risks and manage predictability. They deploy big data systems like Artificial Intelligence (AI) and Machine learning (ML) to harness effective insights even before the project stages. These systems help model structures and determine structural defects at the project blueprinting stage. Tech systems also help contractors reduce uncertainties like the impact of changing weather conditions on construction progress. Avoid Wasteful Preparations Research shows that 98 percent of megaprojects suffer cost overruns, and about 77 percent do not meet their construction deadlines. Wasteful operations are a travesty of efficiency. So, construction managers need strict levels of accountability to manage waste, from materials to financing. Increase Your Cash Flow Construction employees typically receive payments on a bi-weekly basis, so you’ll need more money to manage running costs and fuel the progress of your construction business. Spreading out your costs, early invoice communication, and avoiding underbilling are a few best practices to help you increase your cash flow. All in all, the construction industry is booming and new companies have a significant potential to attain profitability – the industry has a current valuation beyond a trillion dollars. Getting a piece of this cake requires a lot of discipline and consistent efforts, and...
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A Basic Guide to Commodity Trading

A Basic Guide to Commodity Trading
Commodity trading is a term used frequently in the investment world. Aside from equities, markets also trade a variety of commodities, which can help you diversify your portfolio and increase profits. Commodities, due to their fluctuating prices over time, can produce good long-term returns if invested wisely. What are Commodities? Commodities are the primary raw materials used to make everyday goods. Commodities, which include products like oil, sugar, metals, and so on, are the foundation of a global economy. There are four basic categories of commodities traded in India (see table below). Commodity Category Energy – Oil and Natural GasBase Metals – Copper Aluminium, Zinc, LeadBullion – Gold and SilverAgriculture – Cotton, Black Pepper, Rubber, Cardamom and Oil. Gold, corn, crude oil, coffee, wheat, and other commodities are among the most widely traded worldwide. The change of one commodity’s price has an impact all across the world. When crude oil prices rise, for example, the effect is felt all around the world. How To Start Trading in Commodities? To begin with commodity trading, the first step is to know about the types of commodities that exist (mentioned above). Then you need to: Open a Demat Account with a Reputed Stockbroker You’ll need a demat account to trade commodities, just like you’ll need one to trade stocks. While there are numerous brokerage houses where you may register an account, it is critical to choose a reputable organisation that can provide you with important trade suggestions. To navigate the commodity market maze, you’ll need the right information and advice. It’s also critical to choose a brokerage with competitive prices. Selecting a broker with a high brokerage fee can reduce your profits. Examine the services provided by the broker through its platform. A full-service broker is best for you because they have a team of professionals who provide in-depth research and recommendations on a regular basis. Deposit an Initial Amount You must make an initial deposit after you have opened an account. The deposit amount varies depending on the commodity you are trading and ranges from 5% to 10% of the contract value. This information can be found on the brokerage firm’s official website. You must keep a sufficient cushion to cover any potential losses. Commodity trading plans that help you better understand markets and your risk appetite are also vital. In terms of risk preferences and cash flow, each trader is unique. You make a decision based on your financial situation. Different Ways to Trade in Commodities Direct Investment It is the most prevalent method of commodity investment. You can, for example, acquire gold and silver coins and jewellery immediately. Direct investing in these things, on the other hand, has a significant transaction cost. There are also concerns about storage and purity. Purchase Stocks This is another method of commodity trading. You can acquire stocks in an energy company, for example, if you want to trade energy. The price of energy will be clearly indicated by the stock price. If you invest in commodities through direct stocks, you can make money even if the commodity isn’t performing well. For example, if you buy shares in a well-established energy company, even if energy prices fall, you can still profit due to the company’s strong fundamentals. Loading… Commodity ETFs and Mutual Funds Commodity-based ETFs and mutual funds are many. If you wish to invest in gold or silver, for example, you can buy gold or silver ETFs. Because ETFs are maintained electronically in your demat account, there are no purity or storage difficulties. Bottom Line Commodity trading can be profitable provided you understand the fundamentals and appropriately determine your risk tolerance. To get...
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What Do You Need to Start a Craft Business?

What Do You Need to Start a Craft Business?
These days, handmade items and personalized crafts are one of the most-bought categories online. Sites like Etsy have made it easier than ever for people who make crafts to sell the items that they make and connect them to people who are looking to buy. There’s a huge market for hand crafted items as people like the idea of owning something unique or getting a unique gift for somebody that feels much more special compared to buying something off the shelf. If you want to start your own craft business, here are some of the things you’ll need to consider. Equipment First of all, think about the equipment you are going to need to get started. You can usually get started with the basics and add more equipment to your inventory as your craft business grows and makes more sales. The equipment that you need will depend on the type of items you make, too. For example, you will definitely need a sewing machine if you are making handmade clothing. Or if you are making personalized gifts, consider getting a Cricut. Laptop or Computer At the very least, you are going to need a PC or laptop to help you run your business, advertise your products, and in some cases, make your crafts. You’ll use your laptop for all kinds of things including creating designs to use with your Cricut if you use one, marketing your products on social media, and building your website or Etsy shop. Consider these Lenovo Cricut laptops to get a computer that is designed for the kind of work that you will be using it for. Website Although you can use platforms like Etsy exclusively to sell your crafted items, many craft business owners like the idea of having their own website where they can usually sell their products at a cheaper rate by avoiding Etsy fees and build their own brand. You can pay a professional web designer to build your website for you or build one yourself using easy-to-use eCommerce platforms like Shopify. Before building your website, it’s a good idea to have a strong visual brand including your logo, brand colors, fonts, and anything else that will help your customers recognize your business. Storage You may also want to consider storage space for both your equipment and the items that you are going to sell. How much storage space you will need will vary depending on different factors such as the size of the items you make to sell and whether or not they are made to order. If you plan to make items in advance to sell then it might be worth considering renting a storage unit if you do not have a lot of room in your home to store your inventory. Ensure that you have insurance on your inventory and your equipment wherever it is stored to cover you financially should anything go wrong. With handmade crafts getting more and more popular, this is a great business idea for anybody who loves making...
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