Lifestyle

The Best Age to Retire: A Detailed Guide

Author ByCFI.co

When do you want to stop working? The average age UK adults hope to stop working is 60. However, is this the best age to retire?

Have you begun planning for retirement? People either cannot wait for retirement, dread it, or do not give it any thought. You want to enjoy your job while in it if possible, but retirement also offers an exciting new chapter in your life.

People often wonder when to retire. The answer to that question comes down to several factors, including your retirement planning strategy. Read on to learn more about when to retire and retirement tips. 

What Is the Best Age to Retire? 

Although there are national averages for retirement in different countries, they are not necessarily the best retirement ages. People actually retire at various ages, from the early thirties or earlier to not retiring at all. 

The best age to retire comes down to your personal needs and circumstances. You will know when to retire based on several factors. 

When to Retire

Retirement can feel like a distant goal you do give much thought about. However, you can determine when to retire with the right retirement planning. There are several factors to consider when deciding when to retire:

  • Your financial circumstances
  • Your retirement plans 
  • Your lifestyle choices
  • Your health

You want to enjoy your retirement years, so if you do notice your health declining, it may be time to consider retirement planning or at least to reduce your workload. This is not always possible for people, but prioritise your mental and physical well-being if you can.

When you can retire will also be determined by your plans for retirement and your finances, such as what pension you have. Some pensions, such as the state pension, are available at specific ages.

How Much Do You Need to Retire? 

How much money you need for retirement depends on several factors, such as your financial commitments and lifestyle choices. 

An excellent place to start working out your financial needs is to consider the minimum income you need to cover your outgoings. Outgoings include everything from your mortgage or rent payments to your transport and utility bills. Then factor in non-essential items you would like, such as eating out, travel, and gym memberships.

You can then look at your current retirement savings, whether you are entitled to the state pension in your country, and any other pensions you have. You can then work out the age you can retire. Working out your finances also helps you plan to save more to meet your retirement goals or realise you can retire earlier. 

It is best to use a spreadsheet format or consult with a financial advisor to model how much you will need for retirement. They will provide investment advice and check any financial plans you have made. 

Tips for Retirement Planning

So, you have an idea of when you want to retire, but how can you make it happen? It is essential to spend time planning retirement, no matter your age. You will thank yourself at a later date. 

Take Financial Action

Once you have worked out your finances, do not just accept the outcome. You can then consider ways to change your current financial circumstances. For example, there might be a few cost-cutting opportunities so you can retire earlier, such as using a more economical vehicle and stopping subscriptions you do not need. 

You can also consider working for a few more years, taking an extra part-time job, making money from a hobby, or considering other ways of saving and investing. 

Think Outside the Box

If you underestimated how much money you need for retirement or want to retire earlier, take the time to think outside the box. Just because you cannot afford to retire early in Europe or the US does mean you cannot relocate elsewhere.

Many retirees opt to move abroad, often to countries with more affordable lifestyles. You can move to a country with affordable property, great weather, things to do, and friendly locals. Your quality of life will likely be better too, which is what you deserve after working hard for many years. 

Read Retirement Planning Books 

For many people, retirement is the first opportunity to stop and relax. While this sounds appealing, it can be disconcerting for some who do not have retirement plans. In fact, retirement can cause depression and anxiety when people do not plan.

To reduce this risk, spend time reading retirement planning books, so you know what to expect. They will also highlight factors you may not have considered, such as changing locations or downsizing once you retire. 

Try New Hobbies

It is beneficial to try new hobbies no matter what our age. Start trying hobbies now, so you already have established a sense of meaning outside of work when you retire. Hobbies can include joining a club, volunteering, gardening, learning a language, or a musical instrument.

Include Loved Ones

When you are retirement planning, be sure to include loved ones. They may also have retirement savings that can alter when you can retire. But they also should be aware that there may be some lifestyle changes, either before or once you have retired. 

Find the Best Age to Retire

There is no one best age to retire. It differs depending on the individual. Everyone has different opinions about the best age to retire too, as some people cannot imagine stopping working, whereas others cannot wait to start the next chapter of their lives. 

One of the most important retirement tips is to start retirement planning; the earlier, the better. Then you can have more control over when to retire and afford the lifestyle you want.

Find more insightful content on finance, economics, and business from the CFI.co blog. Subscribe to the CFI print magazine to receive a yearly subscription of four quarterly issues at your doorstep.

Business

7 Great Reasons to Start a Business Right Now

Author ByCFI.co

They say if you do what you love, you’ll never work a day in your life. But, a recent study shows that small business owners tend to work longer hours than the average employee and take less frequent holidays.

The same study also tells that, even with these factors, people are 80% happier than before they jump-started their own business. The major benefits of being your own boss are having control over your work/life balance, as well as more time for family. These are the factors that contribute to happiness. 

If you’re looking for reasons to start a business, look no further. From personal growth to financial independence, there are many reasons to start a company. 

Keep reading to learn seven key reasons to start your own business and how you can put the gears into motion. 

1. Focus on What Matters to You 

Starting a business means that you get to choose what industry you want to focus on. The best part is, you can focus on what you really care about. 

You might see a gap in the market for a specific product, or you see services that are lacking in a particular industry. The options are endless but what is important is that you choose what matters to you. 

This is where you can brainstorm some of the dreams you’ve been thinking about. Dig deep within yourself to discover your calling. This way, even when your work feels like work, you will maintain your drive and motivation. 

2. Become Financially Independent 

If you want small business success, there is no doubt that it will take a lot of hard work, perseverance, and setbacks. You might not reap the financial rewards of your work right away, but with time, they will come. 

When you work for someone else, you earn a salary and eventually accumulate a retirement fund. For the most part, you are required to do the work if you want to get paid.

With a business of your own, your wealth can accumulate in a variety of ways, long after you’ve stopped working. You can have a team that ensures that work is done when you’re not there. Or might have property where your business is run that accumulates market value. 

You have a higher chance of becoming financially independent as a business owner than an employee. 

3. Create and Manage Your Own Schedule 

Being your own boss means that you don’t have to sit in rush-hour traffic to get to your office, only to be pestered by someone about your tardiness.

You can schedule your workday to suit your personal needs. You might lack creativity and enjoy working in the evenings. Others thrive in the morning and enjoy an early finish to the day. It will be completely up to you to organize your work. 

That being said, without someone to hold you accountable, you also have to be self-motivated. Create a schedule that works for you and honour it as your own boss. 

4. Build an Office Anywhere 

Working from anywhere is one of the best reasons to start a business. Many businesses are operating with employees working remotely from all over the world. 

When you are running your own business, you can turn any space into an office. This is especially important if you love the freedom of travel. It can also allow you to spend more time with your family. 

All you need is a sturdy laptop and an even sturdier Wi-Fi connection. 

5. Build Your Own Team

Another great reason for starting your own business is having the freedom to create your own team. If you don’t like Bob from the Finance Department, you don’t have to work with him!

You can curate a team of individuals who understand your vision and have the same passion for what you do. They can be old colleagues, previous classmates, or those that you’ve deemed the most qualified. 

If you’re building a team, be sure to get business advice from a financial consultant to help you secure the financial future of your team members.  

6. Take Advantage of Startup Resources 

If you’ve got startup ideas and passion for your work, there are resources that can help you achieve your dream. 

There is a plethora of knowledge available to you to help educate yourself and run a business. Research free courses, webinars, and networking events that pertain to your particular business. 

There are also many funding options to help you get started. Check out how you can apply for a business loan to get you on your entrepreneur’s feet. 

7. Give Back ​​to Your Community

Paying it forward is one of the most rewarding parts of any job. This is especially true if you have your own business and you can support a community or cause that resonates with you.

There are many organizations that lack resources and funding to give back to a specific cause. From education to housing to climate change, there is no shortage of causes that you can put your efforts into. Using the skills that you’ve acquired through building a business, you can organize funding for a special cause. 

This will help you leave your mark on the community and show the values that reflect your personal brand. 

Get Inspired With These Reasons to Start a Business 

Starting a business can seem intimidating. With the right resources and support, you can get your business off the ground and up and running. These seven reasons to start a business can help to inspire and motivate you to do what you have always dreamed of doing. 

Visit our website to open a bank account and start your business off with the right support. 

Business

Smart Strategies to Run a Successful Restaurant Business (Secrets and Examples)

Author ByCFI.co Blogger

In this article, we’ll share some smart ideas for your restaurant you can use to win more clients and separate yourself from the competition.

  1. Integrate online reservation platforms

Online booking platforms are a must-have for restaurant marketing as they help them get discovered by a broader audience and receive more bookings. The most popular platforms to try are:

  • OpenTable
  • Eat App
  • Resy
  • Wisely
  • Table Agent
  • Eveve
  • Tablein
  • Add a reservation link to Google Business

Today, Google dominates online food searches.

When someone looks for a business on Google, they see a profile on the right side of the screen. That is a Google My Business listing. Google created this free tool to help businesses, owners, and visitors.

On top of displaying open hours, location, driving directions, reviews, and photos, restaurants can also add a link and take reservations directly from a GMB page.

Business for Restaurants
Source: https://wpcodeus.com/google-my-business-for-restaurants-guide/

It’s also possible to add your URLs for specific actions such as:

  • Viewing the menu
  • Booking an appointment
  • Searching for items
  • Placing an order.
  1. Implement smart email marketing

Dozens of articles dedicated to restaurant marketing suggest implementing an email newsletter as a great free opportunity to get more clients. But almost all companies, including well-known players, use email marketing. So just sending out a generic email with some news and updates once a month will usually have little to no impact.

However, email still remains an excellent marketing channel if you know how to use it. One of the most crucial things to keep in mind is that you’re competing with other brands for attention in people’s inboxes.

So how do you stand out from the crowd?

  • Send email before b-day to offer to book a table for a celebration

It’s always a smart idea to send personalized emails. By using your customer data, you have a chance to create email marketing that is relevant to clients rather than just acting blindly.

Let’s take birthdays. This is one of the most important days for most people. So it’s very likely they’ll want to have dinner with their friends and family. If you’re smart about your marketing, they’ll choose your place.

So start with recording the birthday dates of your guests along with email addresses when they are making an online booking or receiving a bonus card.

When you have a database of such email addresses, you can send your customers personalized emails two or three weeks out from their birthdays telling them you have an excellent venue for their event.

  • Use a professional email signature with CTA ( book a table or with new dishes)

The email signature is like a digital business card you can include in every email you send. With this signature, you will let recipients know who you are, what you do, and most importantly, what you want them to do (it’s called call to action). Just imagine the number of extra guests you could get to your restaurant if you simply include a link to your menu or the option to book a table in your email signature.

Take a look at the best email signature examples to get a taste of what we’re talking about.

The signature can be easily created with the help of an email signature generator.

  1. Hire a professional food photographer

It’s not enough to write the name of the dishes on the menu or on the restaurant’s website to attract new visitors. You need to take quality, appealing photos so that when people see what you have to offer, they would want to come and try.

Food Photography
Source: https://sallysbakingaddiction.com/food-photography-basics/

Professional food photography is significantly different from what you do yourself: you won’t be able to get high-quality pictures on your phone or camera unless you have a lot of practice styling and photographing. In addition, you need special light, professional equipment, and, of course, artistic taste.

So hiring a pro food photographer is one option that shouldn’t be overlooked, even though it isn’t cheap.

Still not convinced? According to this survey, people specifically look for food photos on restaurant websites and social media. For example, 60% of Generation Z and 55% of Millennials check out food photos on a restaurant’s websites before they decide to order. Furthermore, 50% of Generation Z and 44% of Millennials say they scrapped the idea to visit the restaurant because the food photography wasn’t enticing.

  1. Be in touch with local food bloggers and influencers

Look for influential bloggers that have a large following in your city. The common practice among restaurants is to invite such bloggers to your restaurant and offer them a free dining experience. As a rule, influencers feel their audience very well and can easily find a way to highlight the benefits and advantages of the product or service. According to statistics, 49% of consumers depend on the recommendations of influencers.

Food Blogger
Source: https://www.instagram.com/gemtakesfoodpics/
  1. Best restaurant digital marketing examples

What do Wingstop, Sandwich Hag, and Steak’ n Shake have in common? Hint: it’s not just tasty food on the menu. All have adopted smart digital marketing strategies to grow their businesses. Let’s get inspired.

  • Wingstop

Wingstop, a chicken wing fast-food network, launched a smart campaign where they provide 1,000 branded merchandise items to those who will post on Wingstop’s Instagram. The brand also offered $10 via mobile payment to each user who posts an ad for the restaurant on their public Instagram profiles. The trick might work no worse than inviting bloggers.

On top of that, they announced that twenty-five million consumers are now placing orders digitally. This is 65% of all orders.

  • Sandwich Hag

The restaurant promotes the individuals behind their company to humanize the consumer experience. How can you use it?

The study reveals that 55% of people find stories more persuasive than facts and data. Try posting about what happens behind the scenes in your restaurant, and see how your audience responds to this tactic.

Customer Experience - Food

  • Steak’ n Shake

Everyone knows the importance of email sign-ups. So do Steak’ n Shake. That’s why the company uses its Instagram profile to direct visitors to their email sign-up. On top of that, they add an enticing incentive – a free shake to everyone who signs up.

On their Instagram, you can see many professional food pictures and photos of guests and staff, which also keeps people interested in the restaurant.

Summary

Here’s the restaurant marketing ideas list in full for your reference:

  • Integrate online reservation platforms such as OpenTable, Resy, Eat App, and others
  • Add a reservation link to Google Business
  • Send personalized emails based on customer history with your restaurant and before b-day
  • Use a professional email signature with CTAs (add links to a menu or online booking)
  • Hire a professional food photographer
  • Cooperate with bloggers and influencers
  • Reward your customers for reposts and sign-ups
  • Show what happens behind the scenes to humanize the consumer experience.
Investment Management

A Guide to Investing During High Inflation

Author ByCFI.co Blogger

When you invest, no matter the larger economic conditions, you always want to ensure you’re diversifying your portfolio.

investing

This is a concept that major corporations and wealthy people understand well. For example, corporations like UBS invest in blue-chip art. Many of these banks and global companies have full-time curators for their collections in order to diversify their investments.

While you may not be a multimillionaire or a global bank, the principles of diversification are critical to a good investment strategy. Your approach may also need some tweaking during periods of high inflation, like what we’re in now.

The following are things to know generally about inflation and how it might affect your investment strategy and approach to diversification.

An Overview of Diversification

A diversified portfolio is one with a broad mix of different types of investments. The longstanding wisdom was a 60/40 portfolio where you allocated 60% of your capital to invest in stocks, then 40% of your portfolio went to fixed-income investments, such as bonds.

There are opponents of this approach who feel there should be more stock exposure, particularly for younger people.

Overall, with a diversified portfolio, you might hold a wide variety of healthcare, energy, and tech stocks, as well as some from other industries. You don’t need exposure to every sector, but you should have a pretty varied portfolio made up of a healthy mix of quality companies.

You also want to have a combination of divided, large-cap, small-cap, growth, and value stocks.

Then, in addition to diversification in your stock portfolio, you want investments included in the mix that aren’t correlated. That means these investments don’t go up and down with the stock market.

Crypto, art, gold, bonds, bank CDs, and real estate are all examples of non-correlated investments.

What to Know About Inflation

Inflation is an increase in the overall price of goods and services. Inflation is measured as an annual percentage increase. The annual percentage increase is reported in the Consumer Price Index or CPI, which the U.S. Bureau of Labor Statistics prepares monthly. When inflation goes up, purchasing power goes down.

The rise of inflation affected fixed-asset values, and companies will raise their prices to compensate for their own rising costs.

As a consumer, you’re paying more across the board for goods and services. If you have certain assets, like a house, inflation can be a good thing. Your income may also rise, although maybe not enough to keep up with inflation.

Inflation increases the cost of living, and if it gets too high, it harms the economy.

The effects on the economy largely depend on the type of inflation. Walking inflation ranges from 3-10% a year while creeping inflation isn’t as dramatic. Running inflation indicates very aggressive pricing increases that might be leading to hyperinflation.

Rising prices might indicate the economy is growing very quickly. People then tend to stockpile and overbuy because they want to avoid future higher prices, and suppliers can’t keep up with demand, nor can wages. Everyday goods and services could be out of reach for many people in situations with severe inflation.

Inflation doesn’t always have to affect everything in the same ways. For example, during the financial crisis of 2008, home prices went down almost 20%, but gas prices doubled.

Mild inflation can be good for the economy because consumer spending is propelling economic growth.

The Federal Reserve sets an inflation target, with a healthy core inflation rate considered around 2%, taking out the impact of energy and food prices.

Other specific effects of inflation can include:

  • Inflation can have negative effects on retirement planning. The amount you target to save has to go up in order to pay for the same quality of life. Basically, your savings is going to buy you less over time. You have to start saving as soon as possible for retirement to utilize compounding interest, and you should use other strategies as well to hedge against inflation’s effects.
  • Treasury bonds are fixed-income assets that pay the same every year. If inflation goes up faster than the return on this asset, they’re less valuable. People will then try to sell them in response, bringing down their value further. The U.S. government has to issue higher Treasury yields to sell them, so mortgage interest rates often go up as a result. Higher rates lower the value of your investment, and the interest on national debt rises.
  • If you have a fixed-rate mortgage, inflation can be beneficial. The value of the monthly payments you make on your mortgage goes down over time.
  • If you have debt with a variable interest rate, you’re probably going to see that your minimum payments go up as inflation increases. This is most often the case with high interest credit cards but can apply to mortgages with a variable rate.
  • If you’re trying to buy a house, inflation has negative effects because their prices will typically rise along with inflation.

How Do You Invest to Protect Against Inflation?

When you’re an investor, you have to think about the best ways to hedge against inflation. You can plan for it by investing in asset classes that outperform the market during times of high inflation.

The following are particular investments to consider to protect against inflation:

Art

When you invest in art, it is a good hedge against inflation, and it also diversifies your portfolio and reduces volatility.

Many investors assume they’re not wealthy enough to get involved in the art marketplace. In reality, it can be accessible for anyone.

There are even new platforms that allow investors to own a piece of blue-chip art, much like an ETF.

Art is an asset class not correlated to other major asset classes, so this means if you have traditional assets like stocks or bonds that aren’t doing well, your art investments are more likely to hold their value.

Since art can be a physical asset, it tends to do well in inflationary periods.

Of course, any investment carries risks, but unlike equities which are sensitive to movements in the market, the art market as a whole has been growing steadily.

There are downsides you have to think about, like the lack of liquidity. Selling a piece of art can be time-consuming, which is why options that allow you to buy fractional shares are appealing, in addition to the lower point of entry.

Gold

Gold can serve as a hedge against inflation, and some describe it as an alternative currency, especially in places where the value of the native currency is declining.

Gold is a physical asset that largely tends to hold its value.

If you want to invest in gold to protect against inflation, you have three primary options. You can buy the physical asset, meaning you buy actual gold. You can buy shares of an ETF or mutual fund that follows the price of gold, or you can trade in the commodities market. Trading futures and options in the commodities market is usually left best to highly experienced investors.

While gold is an option, it’s not a perfect inflation hedge. For example, when inflation goes up, central banks will usually raise interest rates. If you have gold, it doesn’t pay a yield, so it’s not going to have as much value as an asset that does, especially when rates are higher.

Commodities

Commodities are a category including things like grain, electricity, oil, beef, orange juice, and natural gas. Commodities also include foreign currencies and financial instruments.

Commodities are an indicator of future inflation, so as their price goes up, so does the price of the products it’s used to produce.

You can invest in commodities through an ETF.

They’re very volatile and highly dependent on supply and demand, so it’s best suited to more sophisticated investors.

Real Estate Investment Trusts (REITs)

A REIT is a company that owns and also operates real estate-producing income. When inflation rises, property prices and rental rates tend to go up. When you invest in a REIT, it’s a pool of real estate. As an investor, you’re paid dividends.

REITs can be good to include in your portfolio, particularly during inflationary periods, but they can come with some downsides. For example, when interest rates go up, Treasury securities become more appealing, taking funds out of REITs. REITs also have to pay property taxes, which can be as much as 25% of operating expenses.

Real Estate

Finally, investing in real estate can, in some cases, be a hedge against inflation. You can earn income by renting out a property because, as we’ve touched on, when inflation goes up, typically so do property values. That means if you’re a landlord, you may be able to charge more for rent.

You can keep up with rising inflation.

Of course, this isn’t a guarantee, and real estate isn’t liquid. Plus, if you buy a property, it’s going to require maintenance, and the costs can add up fast.

The best thing you can do when it comes to investing during inflation is to think about your goals and the direction you’d like to take and make sure you have a good mix making up your portfolio.

Investment Banking

How Much Do You Need To Invest in Real Estate?

Author ByCFI.co

In an overwhelming majority of countries, real estate costs continue to rise due to low-interest rates and supply chain disruptions. 

Yet, while housing prices are sky-high, investing in real estate has never been easier. You might think buying real estate is only for the wealthy, but you would be wrong. 

The truth is, you can start buying real estate investments for as little as $1,000. Don’t believe me?

Then keep reading as we explore the question, “How much do you need to invest in real estate?” We guarantee it’s feasible for you. Besides, one of the best investing tips is to diversify your portfolio, which real estate will help you do. 

Real Estate Investment Trust (REIT)

The cheapest way to invest in real estate is through a REIT. They allow you to invest in real estate without the actual real estate. 

What does that mean?

REITs are similar to mutual funds as in they are securities. Investors trade REITs on major exchanges like stocks. REITs own commercial real estate like:

  • Apartments
  • Hotels
  • Office buildings
  • Retail spaces
  • Shopping malls

Most REITs specialise in a particular type of real estate or specific region. 

REITs offer a high dividend and a liquid way to invest in real estate. In addition, it’s easy to reinvest dividends to grow your investment further. 

When investing in REITs, experts say to stick with publicly-traded REITs, which you can buy from brokerage firms. 

As mentioned, you can invest in REITs for $1,000! 

Real Estate Investment Group (REIG)

If you’re an investor who wants to own physical real estate rather than shares of a company, then you may want to consider an REIG. 

An REIG allows you to buy one or more units in an apartment or condo building via an operating company. The operating company manages and markets the units. Then, the operating company takes a percentage of the monthly rent. 

REIGS are a cost-effective way to invest in real estate because you don’t have to succumb to the management work. 

Some partnerships accept investments as low as $5,000 or up to $50,000. So while it’s not enough to purchase a property, when several investors come together, they can co-own property and make a profit. 

If you want to invest in an REIG, you want to look for one that pays a monthly cash return on your investment. 

Crowdfunding

Similar to REIGs, crowdfunding is becoming more popular in real estate investing. It allows you to pool your money with other investors to fund commercial real estate investments. 

For example, a developer wants to buy an apartment complex for $3mn, make $1mn worth of renovations, and resell the complex for $6mn. 

The developer can borrow $2mn from the bank and contribute $500,000 of their own money, but they still need $1.5mn for the project. 

They can raise the rest of the capital via crowdfunding. Those who invest will share the profits. You could be one of those investors. Each crowdfunding project has its own minimum contribution. 

A typical contribution amount is $25,000, far less than outright buying a property. 

Buy Property

Of course, you can also buy property as a way to invest in real estate. In general, this will require more money upfront. However, you can buy a property with as little as 3-5% down, depending on the location and lender. 

If you choose to invest in property by buying directly, know that it is time-consuming but can see considerable returns. You can profit from purchasing property in two main ways: becoming a landlord or flipping. 

Rental Properties

Becoming a landlord can offer long-term income and capital growth. But it’s also a lot of work. You need to find and vet tenants, keep up with property maintenance and continue paying the expenses. 

It’s a good investment if you have the time and money to manage the property. It’s even better if you can afford to hire a property management company so you can focus your time on other investing projects.

Fix and Flip

If HGTV is famous for anything, it’s flipping houses. When flipping, you buy a property, revamp it, then resell it. 

The best way to flip properties is to find the unvalued ones. This means looking for foreclosed homes, short sales, and abandoned properties. This is because you want to pay the least amount possible for a property to maximise your return after remodelling.  

When flipping, you go through a different loan process. It’s best to pay cash, but if you need financing, you’ll want to have some wiggle room. Every property has different funding requirements based on its current condition.

If you have enough money to pay cash or put down a large downpayment comfortably, it’s a good investment option.

Fees When Buying

While purchasing a property with 3-5% down is possible, it’s not always the best financial decision. You could be left with a higher interest rate, and your mortgage payments will be bigger. 

If you’re able to put 15-20% down, it’s a better choice to do so. Going into debt to make money requires balance and strategy. Borrow too much money, and you may fail to pay it all back. 

Additionally, when buying a property, you have to remember you’ll be responsible for paying all the fees, not just the mortgage. This includes:

  • Closing costs
  • Property taxes
  • Homeowners insurance
  • HOA fees
  • Maintenance and repairs

If you rent out the property, these fees will remain your responsibility. However, if you sell the property, you won’t have to continue paying them once you sell.

But, you must factor these costs into your budget because you need to pay them as long as you’re the owner. 

How Much Do You Need To Invest in Real Estate, Explained

To invest in real estate, you don’t need a lot of money. A few thousand dollars can help you generate wealth and move on to bigger and better-investing projects.

Rather than pondering the question, “How much do you need to invest in real estate?” take the money you have and find a viable investment. 

If you’re still unsure about getting started, check out our real estate investing for beginners article to help you. 

Conferences

The Annual Investment Meeting Opens Up New Horizons for Global Economic Growth on March 29th, 2022

Author ByCFI.co Blogger

The Annual Investment Meeting will make history once again from 29 to 31 March 2022 at the Dubai Exhibition Center, EXPO 2020, Dubai, in a new edition that aspires to empower the recovery of global economic growth.

Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates, Ruler of Dubai, the global investment event is held under the theme of “Investments in Sustainable Innovation for a Thriving Future”.

“AIM’s forthcoming edition, AIM 2022, will focus mainly on endorsing and boosting investments towards sustainability and innovation through the conference’s 6 pillars: FOREIGN DIRECT INVESTMENT FDI, SMALL AND MEDIUM ENTERPRISES SMEs, FOREIGN PORTFOLIO INVESTMENT FPI, STARTUPS, FUTURE CITIES, and the 50 PROJECTS INITIATIVE, said Mr. Dawood Al Shezawi, President of the Annual Investment Meeting.

  • The FDI Pillar will enable participants to discover new investment opportunities in the global market, thereby, increasing FDI, while promoting economic growth.
  • The SMEs Pillar will recognize enterprises’ contributions to the global economy and empower them – emphasizing the need to create conducive environments that empower UAE’s entrepreneurs, allowing them to possess the necessary competency to achieve growth and progress.
  • The Foreign Portfolio Investors FPI Pillar will enable investors to diversify their portfolios, establish contacts with local organizations, and gain access to investment flows.
  • The Startups Pillar will help investors find new investment opportunities while helping entrepreneurs acquire venture capital and seed funding for their startups.
  • The Future Cities Pillar will rally up the governments and investors’ support to maximize the potential of innovation, technologies, and smart city solutions, while also recognizing smart city solutions providers from across the globe for their outstanding projects that are aligned to achieve increased operational efficiency & productivity, sustainability, and economic growth.
  • The 50 Projects Initiatives Pillar focuses on supporting the UAE’s ‘Projects of the 50’ initiative that covers numerous key sectors including Economy, Entrepreneurship, Advanced Skills, Digital Economy, Space, and Advanced Technologies. The 50 projects represent a series of long-term development and economic initiatives designed to accelerate the UAE’s development and establish the nation as a hub for talent and investment.

The AIM 2022 comprises a broad array of features and activities that give real value to all participants and stakeholders of the conference, including AIM Pre-conference Workshop & Seminar, AIM 2022 Conference, AIM 2022 Exhibition, AIM 2022 Innovation Showcase, Startup Hackathon,  Startup Live Pitching Sessions, Site Visits, B2B, G2B, & G2G Meetings, Exclusive Breakfast, High-level Networking Lunch, Gala Dinner, AIM Global 2022 Investment Awards, AIM 2022 Startup Pitch Competition, and AIM 2022 Future City Awards, among other features.

With the Annual Investment Meeting’s 6 Pillars providing value to all the event’s participants, therefore, attending AIM is imperative for all stakeholders of the global investment landscape.

Business

The Best Careers in Today’s Economy

Author ByCFI.co Blogger

The careers that were high-paying and stable in years past are not always the ones that are stable and high-paying now. Then, in 2022, if you are finding it difficult to differentiate between the best and worst career options to withstand the fluctuations of today’s economy, here is a list of some of the best careers that you should pursue if you want to make a choice about your career that keeps the economy in mind.

Careers

1.   Teachers

Until the invention of robots that can impart knowledge to others, teachers will always be needed worldwide, whether you decide to train within your country or opt to teach a foreign language abroad. Teachers do not always get a high salary. However, there is a clear career progression that they can follow to become top of their faculty and even to become the leader of the school that they teach in. Then, if you want to help the next generation to learn and to be inspired, you should consider investing in an MA Education from an online university or college. This Master’s degree can help you to improve your teaching skills and to prepare you for leadership positions, opening up roles to you that can offer you a competitive salary and the ability to change the academic lives of the children in your care. One great factor of an online degree, too, is that you can study for this at home at the same time as getting the experience that you need in teaching.

2.   Healthcare Professionals

As well as teachers, other roles that are always required and that are hardy against economic change are those in healthcare. However, people will usually pay more for their healthcare than they would for their education. There are many options that you can choose from in terms of a healthcare career, from becoming a family nurse to becoming a surgeon or anesthetist. These professions can allow you to help those in need and to find meaning in your job while being able to receive some of the highest salaries in the country, especially if you take on a specialist role that requires years of training, such as that of a pediatrician. Those in healthcare are also paid a lot because there is a shortage of healthcare professionals in the USA and across the world. This means that your skills will be in demand and that there will be a wealth of different opportunities open to you in the field.

3.   Tech Jobs

With the advent of technology, along came a host of new jobs to help develop and manage this tech, and these jobs look as if they are here to stay, with new technologies being created all the time. It can be difficult to find and get these jobs, though. Not only this, but it often takes a lot of training and skill to excel at these tech jobs, many of which people have not had time to learn yet. This means that if you do have the right skills, you can scoop up a giant paycheck. However, it is important to realize that by the time you have learned the right skills or gone to college or university, tech might have moved on, and the skills that you have only just got qualified in might be old news and unnecessary now. Then, it is important that, if you want a tech job, you can predict the future of tech and the direction that it is heading in, and continue to learn constantly even if you believe that you have all of the skills that you need to progress.

4.   Financial Worker

One sector that is always high paid and can bring you a great assortment of job prospects is the finance. The finance sector is filled with excellent career choices, such as that of a financial analyst or an accountant, and it is often in demand as many business people, and other individuals struggle to manage the financial side of their businesses and lives. Not only this, but if you excel in the finance sector, you might even consider opening up your own business or becoming self-employed. For instance, you could become a financial advisor or an accountant, working completely for yourself and taking on the clients that you want to. However, if you do this, you must take into consideration that you will have a lot of business expenses, and you may get a smaller salary at first as you have to build up your reputation, client base, and marketing schemes from scratch.

5.   Law

When you are thinking about the best career choice to opt for in today’s economy, you might also consider whether a career in law is the right option for you. Lawyers are in great demand and often open up their own practices, which can help them to make a large salary. However, it takes many years to become a lawyer, and you must be incredibly dedicated to your field to excel in this sector. Being a lawyer comes with a certain level of prestige, though, and you are likely to be able to find endless work through networking events, social media, and advertising your services on your own website. You will often have to choose an area to specialize in, though, and this can be anything from criminal law to corporate or family law, depending on your interests and the option that you think that you would find success in.

Deciding which career to opt for in today’s economy can be difficult. This is especially difficult as it is ever-changing, which can make it even harder to find a career option that can give you the salary and the stability that you need to be content with your decision both now and in the future. However, from jobs in tech to healthcare professionals, there are always careers in which you can excel in and find progression in once you have gained the right skills and qualifications for them.

Business

Recovering Malaysian Business

Author ByCFI.co Blogger

Having reached almost every country across the globe, the social and economic side-effects of the COVID-19 pandemic took root in national economies and businesses of all sizes, as seismic change, tumbling stock markets and rising unemployment necessitated a greater need for rapid response solutions across the globe.

Source: https://www.pexels.com/photo/crop-person-showing-signboard-on-window-5410138/

Data from the period between October 2020 and January 2021 (against pre-pandemic levels) showed that a quarter of companies saw sales drop by 50%, although despite the initial impact, many firms managed to retain workers (around 65%) through reducing wages, hours or by granting leave, resulting in only 11% of companies laying off workers (Worldbank).

Opening Up

Partway through 2020, the Asia Foundation asked owners of MSMEs as to how they were able to navigate the pandemic while staying afloat. At the time, over half of all MSMEs in Thailand, Lao

PDR, Malaysia, and Timor-Leste had either shut down completely or were closed to customers, with Malaysian MSMEs being hit hardest (with just 5% of businesses running as “normal”).

With Malaysian COVID-19 cases still fluctuating, the country is now open for business, albeit tentatively. With disruption to travel still prevalent across the globe and a notable absence of overseas guests, Malaysia’s normally-flourishing hospitality industry has slowed considerably.

Staying Afloat

Other business types have fared better: at  the outset of the pandemic, micro, small and medium-sized enterprises (MSMEs) across South East Asia were relatively quick to respond. Representing between 97% and 99% of all firms and between 60% and 80% of total employment, smaller businesses were able to demonstrate a greater degree of resilience, flexibility and responsiveness, due in part to their size.

However, despite relative success in reducing public health risk throughout 2020, lockdowns had a major impact on households and small businesses alike. Many MSMES reported revenue losses of over 50% by comparison to levels prior to Covid. As with other brick and mortar outlets, low customer traffic led to closures (some permanently). Those which remained open received significantly reduced footfall, with additional limitations due to reduced pay and changes in working conditions.

Moving Forward

In response to the economic crisis, Southeast Asian governments responded by producing a series of programmes to support those most affected by the widespread disruption, including schemes offering financial support (primarily to small businesses). However, as the Asia Foundation reports, in hindsight these could have been optimized to be more effective.

KPMG outlines four stages on the path to recovery for businesses worldwide: the ability to react quickly, resilience, recovery plans and the capacity to adapt to a changing “new reality.” In addition to government support offering  tax-relief holidays and subsidies, lessons learned during previous waves can potentially be used to develop more effective future programmes.

Steps Towards Recovery

From a business perspective, there are three key ways to approach the current crisis. Firstly, a collaborative approach offers benefits to both parties,helping to increase both the reach and impact of two businesses working alongside each other.

Secondly, organizational agility is now viewed as essential to all businesses. Through formulating contingency plans and by preparing to deal with unknowns, businesses are better equipped to steel themselves against further closures. Finally, digitalization can be an effective way to create additional flexibility, though it is not by any means  a complete solution in and of itself.

If you are considering a career shift towards a role in the business sector, studying an MBA Online in your chosen business specialty field can help guide you towards the job you want.

Banking

Opening a Savings Account: A Guide for Young Adults

Author ByCFI.co

Did you want to start planning for your financial future? One of the best ways to ensure you’ll stay financially stable is to open a savings account. Savings accounts give you the flexibility to undergo unexpected financial hardships. They also help you plan for major life events, such as buying a house or car. It’s best to start saving as young as possible. As such, young adults should open a savings account as soon as they can.

Below, we’ll get into the basics of opening a savings account. Keep reading to start planning for your financial future today!

Compare Financial Institutions

Before you open your first savings account, you need to compare financial institutions. Many different banks offer savings accounts, but they’re not all created equal. Some savings accounts put you in a much better financial position than others. 

Young adults often get trapped in these poor financial situations because they don’t know which things to look for when they open a savings account. You should compare a few different aspects before you decide on a financial institution.

Interest Rates

First, compare interest rates. When you place your money in a savings account, it will accrue more money over time. As such, you can actually gain more money by leaving your cash in a savings account. 

Yet, not all interest rates are the same. In fact, banks often offer low interest rates. Sometimes, they’re even as low as 0.01%! So, you should look at the interest rate before you decide to open a savings account with a certain bank.

If you want to grow your wealth faster, you should invest and save at the same time. Buying reliable will help your wealth bloom. Still, you need to make sure your stocks don’t have a high level of risk. Investing in the wrong stocks can cause you to lose money as the market fluctuates.

The Minimum Requirement

Some savings accounts require you to have a minimum amount in them. If you don’t keep the minimum amount in the account, you may incur fees and penalties. 

Some savings accounts don’t have a minimum amount. This is ideal since you’ll have the ability to take out as much money as you need.

Don’t worry if your best savings account option will have a minimum amount. But you should make sure it isn’t high.

No Monthly Fee

Even though banks have low interest rates, they might also have monthly fees. 

These might be as low as $5, but they can pile up over time. Usually, you get charged this amount when you don’t have a certain balance in your savings account. 

So, if there is a monthly fee, you should figure out how easy it will be for you to avoid.

The Opening Deposit

When you open a savings account, you might have to pay an opening deposit. 

Sometimes, this is as little as $25. Yet, some people want their first deposit to be smaller. You’ll need to make sure you can afford to put the minimum savings amount in your account. So, take stock of your financial situation first. Then, decide which account allows you to make the first deposit that best meets your needs.

Look for Automated Transfers

Saving money is easy to talk about and much harder to do. If you have to manually put money in your account, you might forget to do it. You might also struggle to want to put your money in a savings account on a regular basis. 

To get around this, many banks offer automated transfers. You’ll get to pick a date and a certain amount of money. Then, the bank will draw money out of your account every month on the specified day. 

When you choose your date, you should think about when you need to pay your monthly expenses. Many people choose a date after their payday. Others pick a day after they pay for other necessities, like rent. 

Once you know how much will go into savings, work it into your monthly budget. Consider it a necessary expense so you ensure you make enough money to keep it up. 

Get Your Required Documents Together

Banks often require people to present a few documents in order to open a bank account. This is to prevent identity theft and fraud.

You’ll need your social security number, your address, and a valid ID. Your ID should be a government-issued one, such as a passport or driver’s license. You may also need a document that proves your address. You will also need to provide your date of birth and contact information.

Make sure you contact the bank before you open the account. Ask them what you will need to give them so you can prepare the documents in advance.

Fill Out the Application

Next, fill out your bank’s application. Make sure you know how to contact your financial institution if you have questions.

At this point, the bank will require you to know whether you want an individual or joint account. An individual account is best for unmarried people or those who don’t want to merge their finances. A joint account allows two people to easily access your finances.

This makes it best for married people or those who want to share the account with another person.

Ready to Open a Savings Account with Young Adults?

Now that you’ve read this guide, you’re ready to open a savings account for young adults. 

To make the most out of your savings, you should talk to a financial adviser. This person will help you plan for your life goals and big expenses. That way, you’ll be able to meet your objectives quicker.

Want more great advice? Check out more of our articles today!

Technology

How Managers Can Use Data Science to Make Informed Decisions

Author ByCFI.co Blogger

Businesses deal with huge volumes of data daily, and maintaining the quality of this data is critical for making the best business decisions and propelling the company forward. 

Quality data must be translated into a digital medium with the help of a data entry system to manage and preserve it effectively. It aids in the reshaping and refinement of datasets that can be utilized for analytics to extract useful information. Data science applications and delivering value to clients both benefit from accurate data.

What Is Data-Science Decision Making?

How Managers Can Use Data Science to Make Informed Decisions
Image via Flickr by Zaid Alasad

Data-science-driven decision-making (DDDM) is a method of gathering information based on quantifiable objectives, analyzing patterns and facts from these findings, and implementing methods and approaches that benefit the company in various ways.

Primarily, data-driven decision-making (DDDM) includes achieving key business goals depending on verified, analyzed facts rather than your intuition. Having said that, the data must be accurate and relevant to your objectives to derive true value. Collecting, retrieving, structuring, and evaluating insights for improved data-driven decision-making in business used to be a massive task prior to the advent of DDDM. Though now, because of the advancement of business intelligence tools, users without significant technical skills may be able to analyze and extract insights from their data that aid in data decision-making.

How Data Science Can Help Leaders and Managers 

Confident Decisions

Once you start gathering and evaluating data, you discover that it is easier to make confident decisions about practically any business situation, whether you are planning to launch or discontinue a product, modify your marketing strategy, or expand into a new market.

Become Proactive

It is natural for a data-driven decision-making process to be reflexive when first implemented. The data offers a narrative to which you and your company must respond. It is possible to exploit data more proactively with enough practice and the correct types and volumes of data.

Cost-cutting

There are various reasons why a company can decide to invest in a significant data effort and make its processes more data-driven. It is already being utilized to decrease expenses and boost productivity in the workplace.

Thankfully, leaders and managers can learn through various short courses online that teach data science essentials to better understand its overall impact on the business.

How Can Managers Become More Data-Driven?

There are several measures managers may take to be more data-driven in their approach to business. 

Identify Patterns

In the most fundamental sense, data analysis is an attempt to find a structure throughout or a connection between numerous data pieces. These patterns and correlations can provide observations and conclusions.

Every Decision Should Be Data Based

When faced with any decision, whether commercial or personal, try to avoid depending on gut feeling or previous experience. Make an effort to adopt an analytical attitude instead.

Visualize Data Significance

Data visualization is an integral part of the data analysis methodology. A table of numbers is meaningless. However, you will be able to easily read trends and come out with conclusions about the data if you create compelling visualizations through graphs.

Therefore, it is clear that you can drive your company to new and thrilling heights by adequately utilizing data and measuring your progress to make informed decisions.