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finance

Business/Investment

3 Ways to Better Your Finances

In taking some time out to assess your financial situation, is it thumbs up or down when you look at things?

If your money management skills need to improve, do you have any thoughts on how to go about doing this?

By being good with money, you can get more out of life. It also means having a little less stress to deal with when money is in play.

So, what needs to happen for you to better your finances?

Do You Oftentimes Find Discounts?

As you look to get a better handle on your finances, here are three ways to go about it:

1. Tracking down discounts – One of the ways to improve your outlook is to track down discounts. As an example, if theme parks are part of your fun, you want to save money when visiting them. So, going online and securing discounts on Disneyland tickets is worth it. You can visit the Disneyland website and also any relevant third-party sites. That would be those offering savings on such tickets. At the end of the day no matter the product or service you want, securing discounts is to your benefit.

2. Avoid running up debt – It is also a good idea to avoid running up notable debt. The debt tends to be credit cards for many consumers. If you are not paying off your balance each month, you run the risk of accruing interest fees as time goes by. When that happens, you are in essence throwing money out the window. Now, who wants to do such a thing? Be smart and spend what you can afford to. If you do have a sizable credit card balance now, look to pay it down sooner than later. You might also consider seeking a balance transfer. That would be with another bank where you will get better rates moving ahead. Finally, do your best to use cash more often when having to buy things. Consumers generally tend to spend less when using cash instead of the plastic. You may feel a little more pain using cash, but know it is the smart thing to do so you can avoid major credit card debt.

3. See if lifestyle changes are needed– Have you taken time to see if what you do is costing you too much money all too often? As an example, paying too much in rent can be setting you back. So, it may mean it is time to look around for a better apartment, condo or house deal where you pay rent. The same is true for what you pay in utilities, groceries and many other things you need to make a go of it. You might also look to put a budget in place if you do not have one now. Keep in mind there is nothing wrong with working off of a budget. Do not look at it as some sort of failure. 

As you try to come up with ways to better finances, the hope is you will keep more of your money moving ahead.

In the event you do not, you could be looking at some tough financial times ahead.

Business/Investment

Why People Love a Credit Card with Rewards

There are many people these days who are heavily reliant on credit cards, and many would struggle if they no longer had access to their cards. When you have a credit card, you can look forward to a host of valuable benefits, and you also have an excellent choice of cards to choose from as well as a variety of providers. From increased financial flexibility to ease, convenience, and better security, a credit card has plenty to offer as long as you choose the right one for your needs and circumstances.

One type of credit card that many people love to use is a credit card with rewards. These cards are ideal for those who want to get something back just for using their card, and people are often amazed at how quickly they can earn rewards with these cards. They are best suited to those who use their cards on a regular basis, as this means they can earn more rewards. In addition, they are suited to those who avoid interest charges by repaying their balance in full each month, as this means that they earn rewards, but this is not counteracted by interest payments.

In this article, we will look at some of the reasons why people love a credit card with rewards:

Some of the Top Reasons

There are lots of reasons why so many people love to use credit cards that offer rewards. Some of these are:

Getting Something Back

One of the reasons why people love these credit cards is that they can get something back simply for using their credit card as they normally would. It is not very often that you get something for nothing in this life, but with the right rewards credit card, you can achieve this goal. As long as you are not spreading your repayments and being charged interest, you can literally get something for nothing with these cards, and you will be rewarded for just going about your business and using your credit card to make purchases.

Chances to Boost Rewards

Another reason why a lot of people love using rewards credit cards is that they offer a range of opportunities to boost rewards and points balances. Some rewards credit cards offer users the chance to boost their points, rewards, and cashback with a range of opportunities. This includes things such as spending a certain amount on the card within a specified period after opening an account, referring friends who sign up for cards, and spending on certain products and services, among other things.

Lots of Rewards Options

One other reason why a lot of people love rewards credit cards is that they provide access to a range of reward options. This means that there are rewards cards available to cater to a variety of needs, preferences, and lifestyles from cashback cards for the thrifty to travel rewards cards for nomads.

These are just some of the reasons why many people love rewards credit cards. 

Business/Investment

Does Selling Your Company Seem Like a Good Call?

If selling your small business makes sense, are you willing to put the time and effort into making a sale go?

Selling a small business does not have to be like pulling teeth. That is if you do all the steps needed to make it a seamless transaction.

So, is selling in your near future?

Be Smart and Do Your Homework

When deciding now is the time to in fact sell your small business, here are a few pointers to help you out along the way:

  1. Be prepared for what is to come – It goes without saying that selling will involve paperwork and more. That said be sure you have all your ducks in a row. Missed or incorrect paperwork can slow down a sale. In some instances, it could thwart the sale altogether. By taking the time to do due diligence, there is less of a chance you will find yourself in a bad position. There are people out there who can help you get all the paperwork in order. There are those who’ve got the experience to direct you towards potential buyers too. Be prepared and work with the appropriate pros to make selling as easy and quick as possible.
  2. Have a plan for what is next – You also will want to be ready for what comes after the company is no longer in yours. So, any thoughts to what you may want to do next? You may end up trading out companies. You sell the one you have and end up buying another one be it established or a brand new venture. There may also be the possibility of you going to work for someone else. Would you be comfortable no longer calling the shots? That is being under the guidance of another person or persons? Depending on your age and finances, might you consider retiring? By having thought things through, there is less of a chance you will end up in a bad situation financially. 
  3. Learn from this – Unless you plan on hanging things up, learn from this experience of selling. You can get some good tidbits to come out of it should you go and sell again down the road. See what works and also what may not have worked. This can make the next time you go to sell a little less challenging. Also, make it a point to understand the financial implications. That is of selling and even buying another company should you choose to do the latter. The goal with any sale along with having it go smoothly is to come out ahead financially. So, when you decide to put your company on the market is a big factor in how things can turn out. Be cognizant of what is going on in the particular industry you are in. This would be when it comes to companies selling, consumer buying trends and more. Knowing the trends can tell you when the best time to sell may in fact be.

As you go about deciding if selling is right for you, are you confident it will all work out in the end?

Written by Ester K. is a content writer at Deepak Shukla and a sales and Public Relations (PR nerd), obsessed with research, sleeping in as much as possible, and listening to podcasts. When I am not at home with my fam I enjoy long walks through the beautiful city of Jerusalem.

Business/Investment

Saving options for retirement-living the American dream in your silver age

When you are in your twenties or even early thirties, retirement seems a world away. You sometimes have a difficult time planning your next holiday, not what you will do 30-40 years from now. Without proper preparation, your bohemian dreams of sipping cocktails on a tropical beach or seeing the world with your partner could quickly turn into spending time around your back-yard.

The options for retirement plans consist of four choices, which you can sometimes combine to get more consistent savings. The first option is a 401(k) plan which is offered by the employer. This can be supplemented with a Roth 401(k). For additional savings or if you are self-employed, you could opt-in for a traditional IRA, to which you can add a Roth IRA.

Understanding the Roth advantages

This name comes from Senator William Roth Jr. who supported the Taxpayer Relief Act in 1997. By this bill, people can choose to supplement their pension savings with a certain amount, currently up to $5500/ (or $6500 for those over 50 years old) from money that has already been taxed once. This means that once you hit the retirement age, you can get money from your Roth account without paying additional taxes on them in the future.

Roth savings are an excellent option for young people since they have no control over the tax levels in the next decades. The upper cap on the income of $118,000 for singles and $184,000 for married couples also suggests that this option is for those with average earnings, but who can plan. Deductibility of the contributions also depends on the marital status and the filing status of the applicant. AAA Credit Guide offers a detailed description of the Roth IRA including tips and tricks.

401(k) or IRA?

The first myth that needs to be debunked is that this is not a choice, you can have both. The 401(k) plan is offered by your employer and comes with the promise that they will match your contribution to the pension fund up to a certain percentage of your salary, no mere than $17,000/year. Not choosing such a plan is like leaving free money on the table.  These funds are deposited into the retirement account before taxes; you will pay those when you use them.

The IRA (Individual Retirement Agreement) is a plan that you can sign up at any broker and contributions are deductible to lower your taxable income. People who are not in a traditional employment situation can only contribute to this kind of plan.

Putting it all together

If this all seems complicated, you could check out this flowchart to help you make a better decision. The key takeaways are: if your employer offers a traditional 401(k) (pre-tax) be sure to contribute to it and eventually ask about the option to get also a Roth 401(k) (after-tax). In the case of self-employed or those who still want more security, there is always the option of an IRA, either traditional (pre-tax) or Roth, depending on the income levels.