Author: CFI.co Blogger

Insurance

5 Easy Ways to Save On Your Car Insurance

Author ByCFI.co Blogger

Photo Courtesy of Pixabay.com

If you own a vehicle, paying for car insurance is an unavoidable expense, but that doesn’t mean that you have to spend more money than necessary. If your premiums have gone up or you are looking for insurance for a new car, there are ways to get a lower price and cut back on your budget.

With the proper research and communication with your broker, you can save a bundle on your car insurance. Not all insurance companies are created equally, so if you are tired of overpaying with your current company, it may be time to start shopping around.

Reputable companies like My Choice Financial can help you find the coverage you need for an affordable price. Let’s take a closer look at a few easy ways to save on your auto insurance.

Shop Around

You may have been dealing with the same insurance company for many years but that doesn’t mean that you are getting the best price. If you are unhappy with your current premiums or are shopping for a new policy, it’s best to do your research. Take some time to do an internet search to compare prices and policies. Keep in mind that the lowest price isn’t always the best option; you need to consider what you are getting for the price. Get at least three quotes before you make your choice.

Bundle

One of the easiest ways to reduce your insurance costs is to bundle your policies. If you are dealing with multiple companies for your personal policies, you could be wasting money. Finding one company to which you can entrust your home, life, and auto insurance can save you money.

Discounts

Insurance companies often have multiple discounts that they don’t necessarily advertise. In most cases, if you want to find discounts on your insurance, you will have to ask your broker directly. Most insurance companies have typical discounts, including:

  • Seniors discount
  • Military or veteran discount
  • Safe driving discount
  • Loyalty discount
  • Multiple vehicle discount
  • Annual payment discount
  • Low mileage discount

Increase Your Deductible

When you have to claim your insurance, you will be required to pay a deductible amount. Most people prefer to keep their deductible costs at the lowest rate, which is generally $500. If you want to save money on your premiums, you can bump up your deductible amount. This means that you will need to have money set aside to pay for your claim, but your premiums will be reduced throughout the year.

Pay Annually

Insurance companies reward their clients that choose to pay their premiums all at once on an annual basis. You can save more than 10% on your overall insurance costs if you pay annually on your policy.

Car insurance is an unavoidable expense if you own a car. Every state has made it a law that you must have a minimum policy on your vehicle. If you want to save some money on your insurance costs, try some of these tips to help you save.

Politics

An interview with Ursula von der Leyen, President of the European Commission

Author ByCFI.co Blogger

Sven Lilienström

Founder of the Faces of Democracy initiative | Faces of Peace

“We need to remain vigilant when fundamental rights and the rule of law come under attack”

Ursula von der Leyen, President of the European Commission
Ursula von der Leyen President of the European Commission

Dr. von der Leyen, you have been President of the EU Commission since December 1, 2019. The very first question we would like to ask you is: How significant are democracy and democratic values to you personally?

They are essential part of who I am and what I believe in, not only as a politician but as a human being. I grew up in a divided country: when I was a student in West Germany, East Germany was under authoritarian rule. I knew that people my age, on the other side of the wall, were not free to speak their mind, to demonstrate, to be themselves. And I knew that my parents, too, had lived under a dictatorship during their youth. I have always felt very lucky to be born in a blessed generation when it comes to personal freedoms and true democracy. I have also learnt that democracy can never be taken for granted. It is a seed that every generation must cherish and nourish. It is our responsibility to protect our democracies, and to improve them.

Crises are increasingly becoming a stress test for democracy – in Europe too. What challenges does our continent face in future, and are democracies actually able to manage them effectively?

Our response to the pandemic shows that a Union of democracies can deliver on its citizens’ needs. Look at all that we have achieved together. More than 75 percent of adults in the EU are fully vaccinated. By procuring our vaccines together, we made sure that all European countries had equal access to them. Meanwhile, we have exported as many vaccines as we delivered to Europeans – becoming the pharmacy of the world. No autocracy has achieved the same results. The same goes for our recovery plan, and for the European Green Deal. Democracies can manage any challenge effectively. Because in democracies, citizens contribute to solutions with all their strength and creativity. Because democracy is what we make of it. Every day anew.

“Fit for 55”: By 2030 the EU wishes to reduce its CO2 emissions by 55 percent – Europe’s “man-on-the-moon moment” on the way to delivering the Green Deal for a climate-neutral continent by 2050. How green will Europe become?

The Member States of the European Union have decided in a democratic process that Europe will be the first climate-neutral continent. We want to reconcile economic growth with our planet’s health. What is new is that we now have a roadmap to reach this goal, measure by measure, sector by sector, target by target. We have a roadmap towards zero-emissions cars, and to step up our production of clean energy. We have a Social Climate Fund, to cut energy bills for vulnerable households. And with our recovery plan, NextGenerationEU, we have unprecedented investment to help us achieve our climate goals – from home renovations to high-speed trains. Nine out of ten Europeans are asking us to act on climate change – and we are delivering on their expectations.

With the “European Democracy Action Plan,” the EU Commission intends to strengthen media freedom and pluralism and counter disinformation. How dangerous is fake news to democracy in Europe?

The pandemic has shown that disinformation can cost lives – literally. Information is a public good: our health, our economy, and the very functioning of our democracies rely upon it. Online platforms need to do more to fight disinformation – and we want to make sure they do so, with our Digital Services Act and by calling for a strengthened Code of practice on disinformation. Last month, we put forward a recommendation to give journalists better protection and announced a Media Freedom Act. Because democracy can only thrive if freedom of information, freedom of expression and media freedom are upheld.

Keyword “gender diversity”: You are the first female leader of the EU Commission, Kamala Harris the first female US Vice President. Do we need a women’s quota, and would such a quota really deliver greater equality?

We must strive for a system where women can always reach for the top, if this is what they want. The first step for this is to give equal opportunities to women and men. And for this, we are working to ensure quality education for all girls and women, to ensure parental leave for mothers and fathers alike, to guarantee equal pay for women, and to strengthen childcare. We have created, for instance, a Child guarantee, so that children in need have effective and free access to early childhood care and education. All parents, from all social backgrounds, should be able to send their kids to childcare and school. This is women empowerment at its most basic. As President of the European Commission, I have put up a team that is fully gender balanced. Yet today, fewer than 7 percent of top companies’ CEOs are women. So yes, years ago in Germany I have pushed for quotas for women on board. And it worked. Clearly, we need to incentivize companies and organizations to open up and give women their fair chance. We simply cannot exclude half of our talents from leadership positions.

Many young people take a democratic, peaceful and united Europe for granted. How can we enthuse young people about the European idea, or put another way: Why is Europe “nice”?

Europe is simply the best place to live in the world. In no other place in the world young people enjoy the same opportunities to study, to travel, to be entrepreneurs, and the same social protections. And in no other place young people enjoy such a broad set of rights and freedoms. This is what makes us who we are, and why we need to remain vigilant when fundamental rights and the rule of law come under attack. Europe must always remain a place where free speech is sacred, where all are equal before the law, and where everyone is free to love those who they wish. And one of our roles, as European Commission, is precisely to be the guardians of these fundamental values, which are guaranteed by the European Treaties. But we can only be successful if all European citizens – young and old – fight with us every day for these freedoms.

Dr. von der Leyen, our seventh question is always a personal one: Where do you feel at home – in Belgium, Germany or everywhere in Europe?

I was born and grew up in Brussels, I spent my teenage year and most of my political career in Germany. I feel at home in both of these places. Europe is my longing and I am a true citizen of the European Union. But ultimately, home is where my family is. We are a big family – with my husband, seven children, and a granddaughter too! I live in Belgium now, they are in Germany and across Europe. During the lockdowns, we tried to meet virtually every week. But it is not the same as being all together. Our family reunions – that’s when I truly feel at home!

About the Faces of Democracy and Faces of Peace initiatives:

To date over 1 million people in 50 countries have signed the online commitments of the Faces of Democracy and the Faces of Peace. More than 100 prominent figures from the world of politics, science, media, business and society are now committed to our democratic achievements – including numerous heads of state and government, Nobel Peace Prize Laureates, the publishers and chief editors of leading media publications and the CEOs of international companies. The Faces of Democracy initiative is now in its fifth year of existence.

Business

5 Skills Needed for Success in International Business

Author ByCFI.co Blogger
5 Skills Needed for Success in International Business
Photo Courtesy of Pixabay.com

International business is so much more involved and politically charged than it was even a decade ago. The need for a unique set of soft skills to help you navigate the international scene has become essential. While you still need to be an efficient negotiator and have analytical skills, the more subtle skill set will make a difference to your success. 

To remain competitive on the international stage, new graduates must have critical soft skills to help them relate to their colleagues and clients. Corporate management is still looking for those that excel at the technical skills but are also interested in candidates that are proficient in networking, adaptive thinking, and collaboration.

With inclusive programs from MBA Discovery, future business associates will learn how to adapt to the changing world of business. Let’s take a look at a few of the crucial soft skills that will help you succeed in international business.

Cross-Cultural Communication

Thanks to the reach of the internet and the convenience of modern travel, companies are doing business across the world. Your role in any industry will include working within a diverse environment. Finding ways to communicate across cultural lines effectively is essential to your success. You will need to keep an open mind, respect differences, and have a high level of appreciation for different cultures, traditions, and religious beliefs. 

Networking Abilities

Developing a collaborative network outside of your home country is essential to success in today’s business world. When you have a strong international network, you are often afforded opportunities you would never have otherwise. Online platforms like Linked In make networking across the globe an easy task. Making lasting connections requires diplomacy, excellent listening skills, and mastering your elevator pitch to be sensitive to all cultures. 

Adaptive Thinking

To be an effective adaptive thinker, you must hone your skills, including tact, impulse control, and humility. Having the ability to think outside of the box can help you to thrive in any international environment. When things change quickly, adaptive thinkers can control their impulses and come forward with a thoughtful solution. 

Resilience

You need to be mentally tough and need to be able to bounce back from the long hours and regular travel that a career in international business demands. Changing time zones, long meetings, and late hours can take a toll. You need to build up your resiliency to be at your best with your international colleagues and clients. 

Emotional Intelligence

Becoming a self-aware and confident business person will help you in your international dealings. Being able to control your emotions in various tense and serious situations will gain you respect from your peers and customers. Strong empathetic skills, a listening ear, and flexibility are all critical aspects of emotional intelligence.

If you are entering the realm of international business, you need to up your game to succeed. Strengthening your soft skills, including your networking abilities, being an adaptive thinker, heightening your emotional intelligence, and increasing your resiliency can assist you in becoming a successful international businessperson. 

Budgeting

A Quick Guide to Bitcoin Kiosks

Author ByCFI.co Blogger

Cryptocurrencies are on the rise. So many people are investing in cryptocurrency, as well as using it for spending regularly.

And of course, the most commonly purchased cryptocurrency is Bitcoin. There are many ways to buy Bitcoin. One of the most underrated, though, is by using Bitcoin kiosks. 

These are essentially ATMs that allow you to deposit cash or use a debit card to purchase Bitcoin, along with other major cryptocurrencies.

They are fast, efficient, and secure. So should you try using that Bitcoin kiosk located outside your favorite restaurant? Probably!

Here’s everything you need to know about buying Bitcoin using a physical kiosk.

Why Buy Bitcoin

Did you know that in 2010, the first purchase using Bitcoin was for two pizzas? Do you know how much that person spent on those pizzas? 10,000 Bitcoin.

Back then, Bitcoin was brand new, and no one knew what it was worth. Over the course of a decade, it started to catch on as a new form of internet currency. 

Demand for Bitcoin grew, and with it, the price per coin. So while you could’ve purchased a Bitcoin for a few cents back in the day, it would cost you around $40,000 as of late September 2021.

That’s a huge gain. Bitcoins’ price has constantly been rising. Especially lately as it’s become a mainstream investment class, people worldwide are investing in and using Bitcoin regularly.

Many experts agree that Bitcoin’s price is likely to move past $100,000 in the near future.

So why should you buy Bitcoin? Most people buy it in hopes of seeing some of these impressive gains. They would love to make a 100% profit. And doing so is likely, as long as you can hold onto your investment long enough and not panic sell when the price dips.

Bitcoin primarily acts as a hedge. It will protect your money from inflation, which is running rampant these days. 

If you’d like to invest in a unique asset that has provided far greater returns than anything else in the last decade, you should buy Bitcoin today.

What Are Bitcoin Kiosks?

One way of buying Bitcoin is by using a Bitcoin kiosk or ATM. These function just like regular ATMs.

But unlike a normal ATM, which puts cash in your bank account, a Bitcoin ATM uses the money you deposit to purchase Bitcoin at the current market rate.

So if you put a $100 bill into a Bitcoin kiosk when the price is $40,000, you would receive 0.0025 Bitcoin. 

You can also use a Bitcoin ATM to sell Bitcoin in exchange for cash. So if you want to sell your 0.0025 Bitcoin one month later, when the price is $45,000, you would receive about $112, minus any transaction fees.

When buying and selling Bitcoin, and any other cryptocurrencies, you’ll pay blockchain transaction fees. These aren’t charged by the ATM but are changed by the blockchain to record the transaction down, which proves ownership over your newly purchased Bitcoin. 

Benefits of a Bitcoin ATM

So why should you use a Bitcoin ATM over an online exchange? Bitcoin ATMs are fast and secure. Plus, they are easy to find these days. You can check out www.bytefederal.com to see where any of their 900 ATMs are located. 

When purchasing via an ATM, you’ll complete your transaction in a matter of moments. And once of the main benefits is that identity verification is instant.

When you sign up for an online exchange, identity verification is an in-depth process. While this is considered a good thing, it’s a sign of solid security; it’s definitely a hassle.

It can take users a few days before they can actually start buying and selling crypto on an online exchange. But with an ATM, the process is instant. 

Plus, your information and your Bitcoin are never exposed on an online exchange. These exchanges are the main targets for hackers since there is so much valuable currency and user data.

Attacks have happened in the past on all major exchanges. But with an ATM, you can bypass all of that. 

How to Buy and Sell Bitcoin Using a Bitcoin Kiosk

So what do you need to do to use a Bitcoin kiosk? First off, you need to have a cryptocurrency wallet. When you buy Bitcoin for the first time, you need a place to store it.

You don’t receive any physical Bitcoin, as cryptocurrencies are virtual currencies that live on the internet. So your wallet is a device that stores transaction files. 

You can either download a software wallet, which is an app on your mobile device or computer. Or, you can purchase a hardware wallet, which is the most secure option since it’s never connected to the internet. These are basically USB drives for storing crypto.

Regardless of what type of wallet you use, you’ll need a QR code, which displays your wallet address. When you visit an ATM, you’ll insert your money or debit card to make a purchase.

You’ll need to show the QR code on your mobile device, or even a printed version, which the ATM scans. Then, it sends your newly purchased Bitcoin to the wallet. 

Keep Your Details Safe

Because your Bitcoin is instantly sent to your private wallet, this type of transaction is considered very safe. The most important thing you can do, however, is keep your wallet details safe.

Each wallet address comes with a private key and a public key. The public key is what you use to receive crypto to your wallet. It’s what you show to your ATM.

If you purchase cryptocurrency online, you would input your public key to transfer it to your wallet. If a friend worldwide wants to send you some crypto for your birthday, you give them your public key.

Displaying your public key is safe, and no one can steal from your wallet using your public key.

Your private key, on the other hand, is what authorizes wallets to send and release funds. Never share this with anyone. Write it down and store it in a safe place because if you lose it, you may lose access to your crypto. 

Make Your First Bitcoin Purchase

Now that you know how to use Bitcoin kiosks to buy and sell this valuable cryptocurrency, it’s time to invest in some for yourself. First, set up your personal wallet, which doesn’t take very long at all.

Then, find your nearest kiosk and make your first purchase today. In a year’s time, you’ll be very glad you did.

Looking for more tips like this? Head over to our blog to keep reading. 

Technology

Agtech Firm ‘Natufia’ wins KPMG’s Inaugural Saudi Tech Innovator Competition

Author ByCFI.co Blogger

Natufia, a Saudi Arabia-based agri-technology provider that enables you to grow fresh plants and herbs all year round, has emerged winner of the KPMG Private Enterprise Tech Innovator in the Kingdom of Saudi Arabia competition for 2021. 

Dr Abdullah Al Fozan, Chairman, KPMG Saudi Arabia

Natufia now joins the winning tech innovators from 20 countries worldwide to qualify for the inaugural KPMG Private Enterprise Tech Innovator competition at Web Summit 2021 in Lisbon, Portugal, in November.

Natufia, which goes beyond farm-to-fork to provide herbs and plants from kitchen-to-table since its founding in 2014, was up against four other tech startups in a closely contested competition from BRAQ Aerospace, Juleb, Digital Pharma Company, Mawidy and Tarjama who are shortlisted from 22 applicants in this inaugural edition.

The Natufia Smart Kitchen Garden is an innovative automated garden for every home, offering 100% nutritious herbs and vegetables without GMO or pesticides.  

A panel of four KPMG judges – Dr. Samer Abdallah, Head of ICT Sector, Fuad Chapra, Head of Private Enterprise & Family Business, Mazhar Hussain, Digital Lighthouse Leader, and Buthainah Albaity, Associate Director Private Enterprise and Family Business – chose the final winner after intense deliberations based on six equally weighted categories, including innovation and disruption, market potential, customer adoption, marketing traction, long-term potential, and quality of their pitch.

Dr. Samer Abdallah commented: “The response to the KPMG Private Enterprise Tech Innovator competition was astounding. The competition was pretty intense and demonstrated the thriving and flourishing technology community in Saudi Arabia. Amid innovative ideas and strong pitches from all contestants, Natufia was chosen the winner.”

 “We are excited to be named KPMG Private Enterprise Tech Innovator in Saudi Arabia. We thank KPMG for the opportunity and support received throughout the process. We are all set to head to the Web Summit to share our concept with a global audience,” stated Duaa Albalawi, Chief Botanical Officer at Natufia. 

The award was presented by KPMG in Saudi Arabia Chairman, Dr Abdullah Al Fozan.

About the competition

The KPMG Global Tech Innovator competition is hosted in more than 20 countries around the world. The Tech Innovator finalist in each country will represent their country on the world stage at Web Summit 2021, where they will be given the opportunity to get recognised as the global winner.

Banking

KPMG Report: NBFIs Lending in Saudi Arabia Sustained Growth in 2021

Author ByCFI.co Blogger
Khalil Ibrahim Al Sedais, Office Managing Partner – Riyadh at KPMG in Saudi Arabia
Khalil Ibrahim Al Sedais, Office Managing Partner – Riyadh at KPMG in Saudi Arabia

Highlights

  1. Report provides a directional view on the $14.5 billion NBFI industry.
  2. It is covering the real estate, automotive, commercial equipment and other consumer financing.
  3. NBFI sector is expected to grow further backed by the measures taking inspiration from the AML compliance, fintech advancement, cybersecurity, business continuity planning and digitalization.
  4. Currently, more than 35 NBFIs are operating in Saudi Arabia.
  5. SAMA has further applied a new framework for the supervision of finance companies.

(RIYADH, DUBAI) – September 27, 2021:  The first edition of KPMG’s Future of Non-Bank Financial Institutions (NBFIs) Financing looks into the performance of these institutions in the Kingdom. The publication provides a directional view on the $14.5 billion (SAR 54 billion) NBFI industry covering the real estate, automotive, commercial equipment and other consumer financing. This sector is already playing a pivotal role in lending to specific segments of borrowers in Saudi Arabia.

“Despite market turbulence, we have observed growth momentum during the first half of 2021 that started during the second half of 2020 after consumer confidence was regained. It is especially noticeable in the mortgage industry, where volumes were all time high due to domestic demand of housing, low interest rate environment and government guarantee for the first house of citizens. The NBFI sector is expected to grow further backed by the measures taking inspiration from the AML compliance, fintech advancement, cybersecurity, business continuity planning and digitalization in Saudi financial services sector,” said Khalil Ibrahim Al Sedais, Office Managing Partner – Riyadh at KPMG in Saudi Arabia.

Currently, more than 35 NBFIs are operating in Saudi Arabia. As at the end of FY 2020, the total paid up capital of these entities was SAR 14.2 billion ($3.8 billion) where real estate companies stand at SAR 3.9 billion ($1 billion), non-real estate companies SAR 8.8 billion ($2.3 billion) and Saudi Real Estate Refinance Company (SRC), as the refinancing entity of the industry, SAR 1.5 billion ($403 million).

Industry-wide total assets as at the end of FY 2020 were SAR 53 billion ($14.2 billion) which included real estate companies’ assets amounting to SAR 14 billion ($3.7 billion), non-real estate companies’ assets amounting to SAR 31.5 billion ($8.4 billion) and SRC assets amounting to SAR 7.5 billion ($2 billion). Moreover, there was an outstanding loan book, on and off-balance sheet, of approximately SAR 54 billion ($14.5 billion) which included real estate companies’ loan book of SAR 23.5 billion and non-real estate companies’ loan book of SAR 30.6 billion.

Despite SAMA’s new regulations allowing deposit-taking by finance companies, currently, NBFIs are highly dependent on borrowing and securitization as the main source for financing their lending activities. At the end of 2020, equity and liabilities totaled SAR 53 billion of which, liabilities accounted for 63%, while capital and reserves represented 27% and 10%, respectively.

Ovais Shahab, Head of Financial Services at KPMG in Saudi Arabia
Ovais Shahab, Head of Financial Services at KPMG in Saudi Arabia

Ovais Shahab, Head of Financial Services at KPMG in Saudi Arabia, said: “Over the past two years, major developments took place in the sector, including enhanced governance through issuance of new regulations mainly to govern deposit-taking, debt-based crowdfunding, provisions for the expected credit losses etc. Moreover, we have seen competition in the market and some players have gained market share on the basis of their customer reach and efficient onboarding process. SAMA has further applied a new framework for the supervision of finance companies, a risk-based supervision approach to oversee the sector and increase the maturity level of NBFI, a framework that is similar to those implemented to oversee the banking and insurance sectors and similar to what is used by other international regulatory bodies.”

Finance

Different Types of Stocks: A Guide for Beginner Investors

Author ByCFI.co Blogger

If you are considering investing in stocks, the first thing you need to do is understand the different types of stocks and how they work. You can then make a more informed decision as to what the best investment option is for you. Start by checking out the following guide for beginner investors.

Image source: https://pixabay.com/photos/stock-trading-investing-stock-market-6525084/

Common Stock

You can buy stocks in companies from a wide variety of sectors, from technology firms to casinos. You may like to invest in the latter if you enjoy playing games like roulette and blackjack at online sites like Kazoom Casino or in the former if you have a penchant for things like computers and machinery. But your investment choice needs to be based on the best financial option first and foremost. Before you begin looking at different sectors to invest in, you need to understand the different types of stocks that are available. The commonest form of stock that people invest in is aptly called common stock. It represents partial ownership in a company. As a shareholder, you can potentially have unlimited upside potential. However, there is a risk. If the company should fail without having any assets left over, you would lose everything. But if assets are left over, you would receive a proportional share of the remaining assets.

Preferred Stock

Investing in preferred stock works much like investing in common stock. The main difference is if the company should dissolve, as a preferred shareholder you have the right to receive dividend payments before common shareholders do.

Cap Stocks

Market capitalization involves stocks being categorized by the total worth of the shares. The companies that have the largest market capitalizations are called large-cap stocks. As companies get successively smaller, they are called mid-cap and small-cap stocks. Large-cap stocks are generally considered to be the safest investment. On the other hand, mid-cap and small-cap stocks are riskier but they have a greater capacity for future growth.

IPO Stock

IPO stocks are available in companies that have recently gone public via an initial public offering. IPOs always generate a lot of interest when the companies are creating a buzz and using a promising business model. But IPO stocks can also be volatile, especially if the investors disagree about the prospects for growth and profit. The very nature of IPOs means investors have to act early. A stock typically retains its IPO status for between one and two years, but it can be an IPO stock for as long as four years after it first goes public.

Growth Stock

Although growth stocks carry a higher risk level than many other stocks, their potential returns can be very attractive. Successful growth stocks have businesses that are on top of the rising demand among customers to identify long-term trends. There can be a lot of competition for growth stocks, though, and there is always the risk of a growth slowdown, which would make stock prices quickly fall.

Value Stock

Value stocks carry less risk than growth stocks, so they are seen as a more conservative investment option. You will typically find value stocks for experienced and well-known big companies that have little room for expansion because they are already market leaders and their business models have stood the test of time. If you are looking for more price stability, value stocks can be a good option.

Dividend Stock

You could choose a dividend stock, which means dividend payments are paid to shareholders on a regular basis. Choose the right stock, and your dividends could provide you with a valuable income. But due to that reason, they are highly sought-after. Furthermore, stocks are not required to pay dividends and non-dividend stocks can still be an excellent investment option.

Lifestyle

3 Questions You Need to Ask Yourself When Buying Your First Car

Author ByCFI.co Blogger
3 Questions You Need to Ask Yourself When Buying Your First Car

Buying your first car is an exciting milestone that promises a great deal of added freedom, but before you can enjoy yourself, you need to know how to handle the car-buying process as a first timer. Below are three of the most important questions you must ask yourself to ease your first car purchase.

1. What’s My Budget?

When it comes to buying your first car, budgeting is one of the most important factors. In all likelihood, this is one of your first major purchases, so you need to be smart and strategic about it.

Be realistic when setting your budget for the car itself. Think about your income as well as your current expenses (e.g. rent, phone bill, tuition costs). Then, consider how much money you’ll have left over each month and how soon you need a car. Figure out how much you can save up within that designated period of time and go from there.

When crafting your budget, you’ll also need to consider other expenses on top of the vehicle itself. For instance, think about car insurance and how much it will cost you on a monthly basis. To get a better idea of these expenses, try to get some online car insurance quotes from a few different providers. With this knowledge, you’ll be better able to take control of your money and make it work for you.

2. Is There a Brand or Make That Suits My Lifestyle the Best?

Consider what purpose you want this vehicle to serve in your life. Do you want something that is compact and easy to drive, especially around the city, or do you want a car that’s more spacious for long-distance road trips?

Based on the answers to these questions, you should be able to find the right car for your lifestyle. If you prefer a smaller car that’s easier to handle, you might like a Nissan Versa, a Toyota Yaris, or a similar model of car. On the other hand, if you want something roomier with lots of room for your friends, an SUV such as a Ford Explorer or a Hyundai Santa Fe might align with your needs a little better.

3. Will I Drive Manual or Automatic?

This is another important consideration you need to keep in mind when buying your first car: manual vs. automatic. If you only know how to drive automatic, then the answer to this question will likely be a bit easier for you. However, if you drive manual, you have more choices.

Many people find manual cars trickier to drive in stop-and-go traffic. If you plan to do a lot of city driving, you may be better off with an automatic. However, some drivers prefer the amount of control you have when driving a manual. If this sounds like you, a manual car could be a great fit.

If you’re in the process of buying your first car, self-reflection is an important ingredient in making the right selection. By asking yourself these questions, you’ll ensure that you pick the best car for you.

Finance

Money in the USA

Author ByCFI.co Blogger
Money in the USA

Taxes

Nearly all working U.S. citizens are required to file their income tax returns with the Internal Revenue Service (IRS) each year. Everyone in the U.S. has a Social Security card, which helps record wages and income for tax purposes.

The main types of taxes are FICA and income tax (not to be confused with Payroll Tax). If you are in business, you need to be well versed in this, information to learn about the types of taxes available on this blog post.

FICA includes a Social Security tax and a Medicare tax on the health insurance program for the elderly and disabled. The Social Security tax is 6.2% and is paid only on income up to $132,900 a year; Medicare is 1.45% and is charged on all annual income.

As for the income tax, the tax rate rises with income and ranges from 10 to 37%. The federal income tax system in the states is progressive. The amount of tax differs depending on whether you are single, married, or head of household.

Medicine

There are both public and private medical clinics. The public clinic will ask about your income level when you fill out the form. If your income is less than $1,000 per month, each visit to the doctor will cost $35, to be paid immediately at the time of the visit. Tests can be paid in installments.

At a private clinic, the standard cost of a doctor’s visit in the absence of health insurance is $150. Things are more complicated with dentistry: it is much more expensive. It costs $200 to $500 to $500 to $500 to $1,000 to fix a tooth and $500 to $1,000 to put a crown on.

Loans

In our country it is very important to have a good credit history, otherwise, they will not rent a house and may not even be hired for a prestigious job.

It is interesting that most average American families live “in debt” and take out loans even for small purchases.

Credit histories are being scrutinized now, especially after the 2008 crisis, but if there are no problems with that, getting long-term loans with minimal interest and a fixed rate is relatively easy.

Housing

Approximately one-third of one’s income is spent on rent or mortgages, utilities, and home improvements.

The approximate cost of renting a 2-bedroom apartment in Florida is $1,200 to $3,000 a month, depending on the city and the area. Lodging most often rents without furniture.

The cost of buying a property is from 200,000 and up, depending on location and size.

Nutrition

Food is the third most expensive item in most Americans’ budgets. This spending varies by social and marital status and state of residence. For example, in California, Florida, and New York State, people spend about the same on meals “outside the home” and “at home,” while people in the central states prefer to eat at home.

Transportation

A bus ride costs $1.30 to $2.25 depending on the route; a subway ride costs $2.25. There are special prices for low-income people. It is also possible to save a little money and buy a bus pass.

Florida, like most states, has an underdeveloped public transportation system, so the main way to get around is by car.

Conclusion

·         Being law-abiding is very important. Paying taxes on time is sacred.

·         Every second invests in the U.S., preferring safer and more traditional investment instruments.

·         Medicine is expensive here, but you can always buy insurance or pay for medical services in installments.

·         Housing and transportation costs consume a large part of the budget.

·         Many Americans traditionally take out loans for housing, cars, starting businesses, and other needs.

Business

Is Credit Repair Good or Bad?

Author ByCFI.co Blogger

You’re ready to make some major moves in life that require the best credit report you can muster. Well, you now have decisions to make. To wit, you can try to shine up your credit yourself or you can hire a credit repair agency. But is credit repair good or bad? Let’s take a gander.

Is Credit Repair Good or Bad?

The Issue

It’s difficult to move forward with too many negative marks on your credit reports, so it’s understandable that you’d want them removed. However, what you need to know is that, if you have the time, patience, and persistence, there’s nothing a credit repair agency can do that you can’t. 

However, if the unfavorable items on your reports are accurate, they technically cannot be removed, and if you wait, they’ll fall off naturally in due time. Now, some companies can sometimes gum up the works to such an extent that the negative entry is extracted. However, this is a poor strategy and hardly ever works.

Let’s take a holistic look at credit repair.

Just What is Credit Repair?

At its essence, it’s hiring a credit repair organization to get info expunged from your credit reports. Most such firms tout themselves as being able to help you make unverifiable or incorrect info on your credit reports disappear. 

The real deal, though, is that most companies try to also get negative, albeit correct, data off your reports before they, at length, drop off by themselves. Check out lexington law reviews to see what’s said about that leading credit repair company.

How Do I Know I’m Getting a Legit Company?

That’s a good and proper question, since scams abound in this industry. There are bad actors out there who seek to take advantage of existing financial and emotional vulnerabilities of people like you. The good news is that you’re protected by the federal Credit Repair Organizations Act, which sets forth what credit repair agencies can and cannot do.

For example, such companies may not:

  • Counsel you to make erroneous statements to the top credit reporting agencies: Experian, Equifax, and TransUnion.
  • Suggest that you alter your identity to block the credit reporting agencies from linking you with what’s on your credit reports.
  • Charge you up front, before they’ve performed services on your behalf.
  • Guarantee that it can get info from your reports removed.

Likewise, credit repair outfits are required to disclose to you the following:

  • You do have the right to, for free, dispute information in your credit report.
  • You can file a lawsuit against it if it breaches the Credit Repair Organizations Act.
  • While it will do its best to act reasonably to make sure the info on your reports is correct, mistakes are sometimes made.

How Much Does Credit Repair Cost?

It depends on the company, but credit repair companies generally either bill you at month’s end for services rendered during the past month or charge you per delete.

With the former, a kind of subscription service, you can expect to pay $50 or $100 monthly. Here, such companies are incentivized to keep you around for as long as possible. With the latter, “pay for delete,” the company doesn’t bill you until it gets an item removed.

So, is credit repair good or bad? The answer mostly depends on what you truly want. If you’re looking to have inaccurate or unverifiable information removed from your credit reports, but aren’t inclined to tackle the task yourself, then, sure, hire a firm. However, paying a company in hopes that, somehow, it can get adverse but accurate info removed is frankly a fool’s errand. If you can’t wait for the item to drop off by itself, perhaps you need a different financial strategy.