CFI.co Blog - Page 16 of 47 - Business, Finance, Economics

The Annual Investment Meeting 2022 has announced prizes for Startups attending the pitching competition.
The Annual Investment Meeting will serve as the premiere platform for Startups planning to scale up & expand to Dubai.

The world’s renowned and leading investment platform, The Annual Investment Meeting, will be providing prizes for startups at the startup pitch competition. The initiative will support and bring numerous opportunities, facilitate growth and future developments among global startups. The next chapter of the Annual Investment Meeting will be held on 29 – 31 March 2022, under the theme “Investments in Sustainable Innovation for a Thriving Future”, and will provide a powerful platform for startups to maximize their potential, expand their network, and grow globally.

The Annual Investment Meeting’s Startup Pillar will host Live Pitching sessions, with the participation of the startups who will be physically exhibiting at the Dubai Exhibitions Centre at EXPO 2020 Dubai, or digitally via state-of-the-art virtual events platform, Events10X.

Startups will get the opportunity of networking with key industry figures, engaging with clients & investors, showcasing their innovations & B2B Matchmaking. The startups pitching competition will be based on the 3 tier Round of Funding format featuring various startups globally in the Pre-Seed, Seed & Series A funding categories. Startups will get the chance to win up to 110k AED in cash prizes and secure funding from global accelerators and Venture Capital firms.

The Annual Investment Meeting 2022 will also provide a virtual access to startups to gain maximum exposure and get connected with local and international investors from more than 170 participating countries, offering them abundant opportunities to find new sources of funding and financing solutions for their business.

The Annual Investment Meeting 2022 strives to support all economic sectors by opening numerous doors of opportunities to the world, as a dynamic roadmap to recovery from COVID-19, as it highlights six multi-faceted pillars including Startups. With AIM’s pillars, AIM 2022 actively supports businesses, multinational organizations, regions, and countries during the rapid shift of the economy by extending its scope and not only by focusing on FDI. AIM 2022 is highly agile, and will serve as a dynamic gateway to jumpstart economies and boost economic productivity.

Across the globe, startups play a crucial role in developing new industries and creating innovative ideas. AIM helps startups by mentoring early-stage venture investment or seed funding. The Annual Investment Meeting 2022 will also provide virtual access to startups, providing them with the opportunity to gain maximum exposure and get connected with local and international investors from more than 170 participating countries, giving them abundant opportunities to find new sources of funding and financing solutions for their business.

Globally, startups contribute significantly to economic development and job creation. By 2030, the number of startups around the world is expected to increase and will create more than 600 million jobs. A wide range of activities await participating Startups at AIM 2022, such as World-Class Conferences and Workshops. Startups can explore innovative strategies and practices led by more than 300 high-level speakers which include, world leaders, ministers and heads of distinguished local and international organizations. The Exhibition will be participated by the best local and international exhibitors with the goal of achieving economic growth for their respective country and region.

According to start-up data platform MAGNiTT, MENA-based start-ups attracted $1.03 billion in investments in 2020, an increase of 13 percent from 2019. The UAE received 56 percent of all investments regionally. The region’s startups typically received funding from friends and family to get off the ground. An increase in the number and awareness of angel investors is making it easier for entrepreneurs to approach them for funding. In August, Mena startups raised over $ 160 million across 44 deals, bringing the year’s total to $1.78 billion. A total of $83.6 million was raised by 14 startups in the UAE, helping the UAE maintain its top ranking in the region.

AIM 2022 will provide businesses, governments and civil society with an independent and future-oriented platform to amplify their efforts influencing and facilitating multistakeholder interaction and impact. The Startup pillar will connect keen investors looking for new avenues and investment projects in a sustainable and innovative environment, as well as governments looking for startup projects to increase their economic growth.

About the Annual Investment Meeting

The Annual Investment Meeting (AIM) is an initiative of the UAE Ministry of Economy, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai. AIM is the world’s leading investment platform with over 16,000 participants, over 400 exhibitors and co-exhibitors, 60+ high-level dignitaries, 150+ investment specialists and experts in 2019.

Finance

How to Save More Money Each Month: 13 Actionable Tips for Building Your Wealth

ByCFI.co

Looking to improve your financial situation? Whether you are struggling to make ends meet, you have a savings goal or you simply want a little extra in your pocket each month, there are a few money-saving tips that can transform your finances and life.

Many people wonder how to save more money and it can certainly be difficult when you have many outgoings. There are both big and small changes that you can make as part of a money-saving strategy that will deliver results. So, if you are looking for ways to save money each month then read on for the best budgeting tips.

1. Track Spending

First, you should track your spending. Keep track of every single expense that your household has for an entire month and list these in a spreadsheet. You should also subtract this from your total household income to see how much money you are saving each month. This will help you to see where your money is going and help you to feel in control of your spending.

2. Scrutinize Every Outgoing

Following on from this, you should then go through each of these expenses to see if they can be eliminated or if there are savings that can be made. Even making a minor adjustment to a small regular expense can make a big difference over the course of the year, such as bringing your own coffee in a flask instead of buying coffee each day.

3. Set Savings Goals

Many people spend frivolously because they see any leftover money as a bonus. Instead of throwing money away at things that you do not need, you should set yourself a savings goal. This will encourage you to tuck away any excess money and reduce your spending. You can keep this money in a high-interest savings account to grow your wealth over time.

4. Buy Cheaper Food

Food is a major – yet essential – cost to cover each month. There are always ways that you can make savings when it comes to food while still enjoying a delicious and healthy diet. A few of the best money-saving tips include:

Shopping at a cheaper supermarket
Buying non-brand products
Avoiding fast food/instant meals
Buying in bulk

5. Use Meal Prep

Following on from this, one of the best ways to save money each month on food is to use meal prep. Preparing dinners and lunches for the week in one cooking session allows you to cook meals from scratch, which makes it easier to maintain a cheap and healthy diet. Additionally, meal prep will save time and prevent you from buying expensive lunches and dinners throughout the week.

6. Buy Second-Hand

Before making a purchase, you should always ask yourself if you can get it second-hand first. These days, it is easy to buy clothes, technology, furniture and entertainment second-hand online. Additionally, consider selling items that you no longer need online for some extra cash in your pocket (and less clutter in the home).

7. Lower Your Energy Bill

Energy is another major cost, especially for family/large households. Fortunately, this is another area where there are lots of ways to save money each month. Additionally, this can also help you to reduce your environmental impact. A few money-saving tips include:

Solar panel installation
Using a smart thermostat
Turn down thermostat
LED lightbulbs
Use energy-efficient equipment
Turn off equipment when not in use
Home insulation

8. Shop Around

One of the best budgeting tips when shopping online is to shop around. Before buying a product, spend some time searching online to see if you could get the same product cheaper somewhere else (factoring in shipping costs). Alternatively, you might be able to find a cheaper alternative that is just as good (if not better).

9. Read Personal Finance Blogs

Part of a money-saving strategy should include reading personal finance blogs. Not only is this a great way to learn about ways to save money each month, grow your wealth and earn more, but it will also make personal finance part of your life. When you are thinking about personal finance, you are much more likely to make smarter spending decisions.

10. Find Cheap/Free Social Entertainment

It is unrealistic to eliminate unnecessary spending, but there are tips for saving more money on entertainment and socializing:

Dinner parties instead of going out to eat
Finding free community events
Spending time in the park/nature
Having drinks at home before going out

11. Try a Spending Freeze

If you find that you are cutting it fine each month and don’t have much cash in an emergency fund, a spending freeze could be smart as a way to relieve pressure. This involves eliminating any unnecessary spending for a period, such as a week, which should free up cash. You don’t want to do these too often as they can infringe on your life, but a few times a year they could make a big difference.

12. Reduce Driving

Instead of grabbing the keys when leaving the house, you should always ask yourself if you could walk or cycle instead. This can reduce your motoring costs and you might even find that you could manage without a car – this would make a huge difference to your finances. Additionally, walking/cycling is a great way to improve your health.

13. Automate Savings

Automating your savings is another smart money-saving strategy. When your income is automatically diverted to where it needs to go each month, it will prevent you from spending money that you should be saving. In addition to this, automating your savings will stop you from missing any payments and could help to improve your credit score.

Saving money in today’s economy is certainly not an easy feat as the inflation rate keeps increasing. It would certainly take a lot of hard work and paychecks until your retirement to build a massive retirement fund. Be sure to store and maintain your pay stubs regularly because you might need them some day as proof of income. If you need to create pay stubs and browse for editable pay stubs templates, try the paystub generator available on this post.

How to Save More Money Made Easy With These Tips

If you want to know how to save more money each month, these are a few of the best budgeting tips to try. Combining these could be transformative for your finances, which could improve your life in many ways in the long term.

Check out our blog today to learn more about personal finance and the steps that you can take to develop a strong money-saving strategy.

Corporate Finance

KPMG Survey: Saudi Arabian CEOs look to prioritize ESG strategy, expect growth through M&A and digital investments

ByCFI.co Blogger

The majority of CEOs in Saudi Arabia are integrating environmental, social and governance (ESG) practices into their business strategies for sustainable growth, as their risk profile shifts towards disruptive technology and environmental concerns, reveals KPMG in their annual CEO Outlook.

The CEU Outlook Saudi Arabia 2021: Purpose-led and prepared for growth is based on a global survey among 1,325 CEOs including 50 in Saudi Arabia, taking additional insight from interviews with business leaders in the Kingdom. All respondents based in the Kingdom represent companies with revenues greater than US$500 million and 60% of the companies have revenues greater than US$1 billion.

Given increasing stakeholder pressure, CEOs are putting people first to drive societal return and 92% of surveyed CEOs in the Kingdom comment their response to the pandemic has caused their focus to shift to the social component of their ESG programs. On the other hand, a mere 30% of CEOs in the Kingdom feel they will struggle to meet diversity and inclusion expectations, compared to 56% globally.

Making progress on climate change will require action from both businesses and government, with KPMG’s report finding 42% of Saudi-based CEOs intending to invest more than 10% of their revenues in becoming more sustainable. Six in ten CEOs in the Kingdom found their ESG programs improve financial performance.

“We notice that CEOs are putting ESG at the center of their organization’s long-term growth strategies. It’s been encouraging to see this trend and to see business leaders successfully tie their organization’s economic success to their ESG agendas. CEOs have proven they can be drivers of positive change,” commented Dr. Abdullah Al Fozan, Chairman of KPMG in Saudi Arabia.

According to the publication, CEOs in Saudi Arabia are optimistic, confident and expect aggressive growth through acquisitions, as well as other inorganic methods. Nearly 86% of CEOs in the Kingdom are looking at mergers and acquisitions (M&A) deals as a means of growth in the next three years. As similar figure of 88% finds they need to be quicker to shift investments to digital opportunities.

In Saudi Arabia, 84% of the CEOs have confidence in the Kingdom’s growth, while 90% expect their company to exceed pre-pandemic levels. “The pandemic is not over, but CEOs are increasingly confident about economic growth in Saudi Arabia and globally,” added Dr. Al Fozan.

“With potential abound, CEOs are hoping to get on the front foot to position their businesses to capture it. Inorganic growth strategies are a popular choice to seize these opportunities. Business leaders are looking to expand organically and continue to assess the future of work to ensure they can attract top talent.”

CEOs emphasize leading with purpose, focusing on digitally transforming their organizations and upskilling an agile workforce.

CEOs in Saudi Arabia are strengthening their organization’s digital advantage by building a more flexible future of work and operating as part of digital ecosystems. Although wholesale changes to the office setup are uncommon, CEOs are more flexible, with 32% expecting most employees to work remotely at least two days a week and 28% considering hiring talent to work remotely.

KPMG advises three action areas that CEOs can focus on as they look to grow beyond the impact of the pandemic: growth and resilience, ESG and financial value and future of work.

Many organizations coped exceptionally well with the pandemic, showing resilience as they dealt with notable change, uncertainty and disruption.

“Resilience will be key to economic recovery. Along with specific interventions — from managing talent risk to building cyber defenses — CEOs will need to surround themselves with resilient people. They will also need to identify the ESG investments that are necessary to drive long-term value.”

“CEOs need to have a people-first mindset — investing in new technologies and human capability. They need to be purpose-led — winning the trust of stakeholders and helping build a more prosperous and sustainable world,” Dr. Al Fozan concluded.

Uncategorised

The Different Types of Credit Cards, Explained

ByCFI.co

Are you thinking of getting a credit card?

From mortgages to car loans to renting a house, you’ll need a good credit score to get the best deals. If you’re looking to improve or build your credit score, then a credit card plays a vital part.

But you shouldn’t pick any old card or the first deal you see. Finding the best credit card starts with knowing your options. You must find a card that works for you.

That’s where we come in! Keep reading our guide where we’ll break down the different types of credit cards to choose from.

How to Choose a Credit Card

Different credit card offers cater to different types of users. It focuses on their interests and their financial needs. By doing this, banks hit the sweet spot of profitability and their risk management.

How to choose a credit card starts with knowing what user you are and there are 3 main types. Are you a student, business owner, or ordinary customer?

Business and student credit cards work on different rules. This is because there are different consumer protections. The financial needs of these users are also more unique.

The next considerations are your financial profile. This includes:

Credit history
Credit score
Current debts
Current income

With that features like the fees, rates and rewards will fall into place. You’ll see what credit companies are willing to give you, and on what terms. With how many variables there are to each credit card offer, it’s easy to see why there are so many card types.

The Reward Credit Card

Rewards cards work by giving you something back when you use them, like travel mileage. A cashback credit card gives you cash back when you buy something. Check here for more on travel vs cash back credit card options.

There are also points credit cards that give you points to spend elsewhere. In some cases, the credit company issues its own rewards program. Think of American Express Members Rewards.

Other issuers partner with hotels, airlines, and other retailers. Either way, the more you use the card, the more rewards you build up. In general, though, you’ll want to have a credit score of around 700+ to get the best rates and premium rewards. It’s also best for people who will use it often, and on large purchases.

The Retail Credit Card

Some retailers have their own store credit cards. For example, big names like River Island or New Look. The best cards offer access to promotions, discounts, and rewards for using them.

But, the interest rates on late payments can be high. These late or missed payments get back to the credit bureaus too, affecting your credit score. You want to check the terms and conditions before signing up for any of these.

Cards for Debt Transfer and Large Purchases

In some cases, making savings on interest payments is its own reward. If you often hold a balance on your card or have an existing card debt, you’ll want a low-interest rate. Or, you want to look for a 0% APR introduction offer.

While these cards can save you money, you should make sure you’re not in a debt cycle. Make sure you’re working to pay down your debt and clear off any balances you accrue on your cards.

The Balance Transfer Card

Balance transfer cards let you finance existing card debt for very little or no interest. This is often for a period between 6-18 months. They don’t have any rewards by can be a helping hand for reducing existing credit card debt.

You’ll likely need good credit to qualify though, as issuers still want to make sure of your risk level. If you have a high balance, it should be an early step to take before you get into any trouble.

The 0% Introductory APR Card

The 0% APR card gives you a long period to use your card and avoid interest payments. If you need to make large purchases, these can give more favourable options than taking out a loan. So long as you can pay it off within the interest-free period.

You’ll need a good to excellent credit score to qualify though. And make sure you read the fine print. Know how long you have interest free, and what that interest will be should that period expire.

Credit Cards for Students, Bad Credit or Establishing Credit

For those starting, or having to start over you won’t have a great credit score. You want to find a card designed for new credit users (like students) or those with bad credit looking to improve.

The Student Card

These cards are to help students with limited income and credit histories start out. Benefits and rewards will be modest, but there will be some perks over using cash or debit cards.

They can also help with learning money management skills and help in an emergency. You must learn to manage debt and your money, as well as build up a good score by graduation.

The Secured Credit Card

Secured cards can get people with bad credit or no credit history on track. But you’ll need to pay a security deposit that the issuer keeps if you default.

For example, you could get a card with a limit of £1,000, you might need to put £1,000 upfront in cash. This is to cover the balance if you fail to make your repayments.

You get the deposit back at the close of the account though if it’s in good standing. Or, if you upgrade to an unsecured card as your score improves, you’ll get it back then.

As long as you use them well and keep up with payments, they can be a great way to boost your score. They’ll also build up a credit history for you if yours it’s sparse.

The Business Credit Card

A dedicated business credit card helps keep personal and work finances separate. Most will have tracking and reporting features, as well as rewards for business use. These can include things like advertising and office supplies.

They’re great if you use them to manage large monthly transactions, as you can wrack up the rewards. For many businesses, it also helps make managing cash flow easier.

They work like consumer credit cards and often need personal guarantees. Your credit score and history as a business owner will determine which cards and rates you get. For larger companies and non-profits you could qualify for a corporate card. These don’t need personal guarantees.

Different Types of Credit Cards Explained

So, there you have it! Now you know the different types of credit cards, you’ll be sure to find the right one for you.

Think about your credit and financial needs. Are you looking to build up your score or start it off? Are you a small business looking to manage monthly expenses? Or are you a consumer, looking for the best rewards? This is what determines the type of card you look for.

If you’re looking for more banking and finance tips, check out our blog today. We’ve got tips and tricks from industry experts to help with all your finance needs.

Uncategorised

8 Things You Need to Consider When Switching Banks

ByCFI.co

If you’re tired of your current bank’s level of service, you might be considering switching banks. It’s a big step, and according to statistics, one that many British people have never taken. In fact, about 39% of British consumers have never changed banks in their life.

Clearly, there’s a lot involved in switching banks and it’s a decision that no one takes lightly. Taking a balanced look at what you need to consider before switching banks can help you decide whether it’s time to take the leap.

Read on for 8 things you need to consider when switching banks.

1. Check the Minimum Income Requirements

Most, but not all, UK banks set a minimum amount that must be paid into the account each month. If you’re switching current accounts, for most people this will not be a problem. They often set a minimum monthly income of £500 or £1000, which most people’s salaries will cover.

Be aware that the bank will expect you to continue to pay in this amount in the years to come. Can you anticipate a change in circumstances soon that could affect that? If so, consider choosing a bank with no monthly income requirement.

2. Compare Joining Bonuses and Offers

There are more retail banks eager for your business than ever before.

In the past, the high street was dominated by a few big-name retail banks, and most people stayed with them for life. Now lots of banks offer incentives such as free cash for opening accounts and even cashback on certain bills.

However, it’s also more common now than in the past for banks to charge a monthly fee. This doesn’t just apply to premium accounts that offer additional insurances or services. Even ordinary current accounts may charge a small monthly fee for banking with them.

A joining bonus may be very tempting. But it’s should be just one consideration. Calculate how the cashback, fees, and special offers would work for you before making your choice.

3. Understand Banking Charges and Interest

As well as monthly fees, banks also charge fees such as overdraft interest and usage charges and foreign transactions.

Look honestly at the way that you use your current account. If you move:

Are you likely to face higher overdraft fees and interest payments?
Do you regularly make foreign transactions?
How much would they cost with the new account?

Take a close look at the small print before switching banks. This can help you to avoid any unpleasant surprises down the line.

4. Current Account Switch Service (CASS)

Many banks in the UK have signed up to the Current Account Switch Service (CASS). This free service makes switching current accounts much easier and even allows you to switch if you are using your overdraft.

This means that all your regular payments, such as direct debits and standing orders, will be switched over without a hitch. Your old bank will then take care of closing your old account.

Moving to a bank that has signed up for this service should make your move a lot easier. It should also eliminate the possibility of missed payments. This allows you to take advantage of better deals as they become available.

Moving to a new bank only takes 7 days using the CASS.

5. Check Out Their App

Nowadays, we all expect easy access to our bank account on the go. If you’re less than satisfied with your current bank’s app, this may be a reason you’re considering making the switch.

Just make sure that you don’t go from the frying pan into the fire. Not all online banking apps are very user friendly. Read online reviews to see what customers have to say about the app’s ease of use.

6. Consider Their Customer Service

Excellent customer service leads to happy customers that don’t even think about switching banks.

Recent surveys have shown high levels of customer satisfaction with three banks that have no brick and mortar branches at all. These are First Direct, which is a phone and online-only division of HSBC.

The other two rated highly by customers are Starling Bank and Monzo, both of which are online only. The survey was based on how happy they keep the customers – a key point to consider when making a switch!

7. Consider High Street Presence

Many retail banks have closed branches and reduced their high street presence in recent years. If you’re opening a new bank account and need to pay in cash regularly, this could be a challenge.

Investigate the options open to you for paying in cash and cheques. You may be able to pay in cheques using the bank’s app, but there may be a relatively low threshold for this.

Other banks allow you to pay in using the Post Office, but again the amount you can deposit may be limited.

8. Focus on Overdraft Charges

Many of us need to dip into our overdraft now and then. If that describes you, then it makes sense to choose a bank that allows you to do this as cheaply as possible.

Some provide an interest-free overdraft for a fixed period, which is ideal if you have a plan to pay it off before it ends. Others allow you an interest-free amount that stays in place as long as you have the account.

Make Switching Banks a Rewarding Experience

Opening a new bank account and closing a bank account may be things we don’t do very often. But follow these tips and a bit of homework, and switching banks will be easier than you think. Make a canny choice, and you should find that you’re better of by switching!

At Capital Finance International, we provide you with the latest information on banking worldwide. Our expert journalists analyse markets and interview key figures from the world of finance. Our news coverage alerts you to innovations affecting banking internationally.

Gain a deeper insight into the world of Finance by exploring our blogs and news articles today!

Wealth Management

8 Sure-Fire Stock Investment Strategies

ByCFI.co

The lure of investing in the stock market is interesting and even a little glamorous for most people. The idea that you can put your money someplace and have it grow is intriguing. So, you might be surprised to learn that only 12% of the UK population has invested in the stock market. Are you interested in joining others in investing in stocks? Does the idea of growing your money through the stock market sound alluring to you? While for many people, it sounds like a good idea, most don’t have any idea how to get started. If you’re looking for investment strategies to buy into stock and shares, read on for more information.

1. Informed Decision Making

If you want to make money in the stock market, you need to have some knowledge. Then you need to use the knowledge to make informed decisions.

Many people approach investing using simple name recognition. Oh, I recognize the name of that company, it might be a good idea to buy their stock. Yet, they don’t really know anything about the business model of the company or their track record of making money.

Before investing in the stock of a company, you need detailed information about the history of the company and its projections for making money.

2. Following the Herd

Don’t make stock investment decisions just because someone you know did. Don’t follow the pack when it comes to making stock investments.

If everyone chose to make stock investments based on what others were doing, they all should hope the first person who led the pack knew what they were doing.

It might be easy to make stock purchases because your family member or neighbour made the same purchase. But the truth is, you need your investment choices to be more informed. Refer back to number one on this list and do your homework.

3. Avoid the ‘Time the Market’ Approach

You, nor any other expert, can predict the ebb and flow of the market. Some who try to make a quick stock market buck will want to time the market and get in during a tight window.

This approach over the long term just doesn’t work. You want to be in the market for the long term, it’s ultimately how you’ll make money. You can’t really guess the highs or the lows.

Instead, invest in and be prepared to invest in a way that’s for the long term. Ultimately, most experts agree it’s how you really make money in the market.

4. Understand the Business

Most people will say they are investing in the stock market. This may be true but ultimately as an investor, you want to invest in a business versus a stock.

You should understand the business you invest in. Don’t invest because you know the name, know the business they are in instead.

When you understand the business, you’re likely to understand the factors that might impact the success, or lack of it, of a business. A business’ success can impact its stock prices, after all.

5. Invest With Discipline

The simple fact is that the stock market can be more volatile than other types of investments. What makes it volatile can also be unexpected making it hard to plan for.

If you invest in the stock market, you should approach your investment with great discipline. This means you make fact-based, educated investments and you don’t get skittish during the inevitable highs and lows of the market.

You should invest and be patient for your money to grow over the long term.

6. Avoid Emotional Investing

Most people would agree it can be challenging to not get emotional about their money, good or bad. You should not make emotional investment decisions.

You don’t want to make a decision to buy or sell based on an emotional decision. It’s a quick way to lose money.

Many people have fallen into the panic trap while investing and made bad decisions that have cost them money.

Go back to the idea that your investments should be based on informed and knowledgeable decisions, not emotional ones. Keep your expectations realistic and understand the market can be volatile and you need to be careful to avoid emotional decision making.

7. Think Diversification

While it is important to be knowledgeable and informed in your decision making and you want to invest in companies you know. Another key to successful investing is diversification.

Diversification means you create an investment portfolio that is varied enough to reduce your risk in the market. If one area of stocks struggles, you have enough diversity in your investments to handle the ups and downs that naturally occur with stock investing.

One important consideration when investing is your personal threshold for risk. All investing involves risk. Often the greater the risk, the greater the opportunity for making money, or losing it. You shouldn’t invest with a level of risk that will make an emotional investor.

8. A Financial House In Order

Investing for the future through the stock market, or other means is a great idea. Yet, it doesn’t make sense to begin investing money if you don’t have your own financial house in order.

Let’s say you have significant debt from credit cards. It doesn’t make sense to use your assets to invest only to make a smaller percentage than you are paying in interest. Instead, before you start investing, pay down debt and make sure you have the assets in place to make the investments, especially over the long term.

Investment Strategies for the Stock Market

Use smart and calculated investment strategies to grow your money in the stock market. Don’t make emotional decisions and be prepared to invest over the long term.

For more financial information and help with your wealth management, we can help. Visit our blog for more opportunities to learn and plan your financial future.

Insurance

5 Easy Ways to Save On Your Car Insurance

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.

Banking

7 Essential Steps to Take If You’re a Victim of Banking Fraud

ByCFI.co

The FTC, also known as the Federal Trade Commission, had more than 2.1 million reports of fraud from consumers in 2020. Banking fraud is one of the most common types of fraud and results in millions of dollars lost each year.

If you are a victim of banking fraud, there are steps that you can take to regain your safety and to prevent future fraud from happening.

Do you want to learn more about what you should do if you are a victim of fraud? Keep reading these 7 steps to take after banking fraud to learn more.

1. Immediately Contact Your Bank

When you have identified fraudulent activity on your bank statements or credit reports, it is vital that you immediately contact your bank. While fraud cases and cybercrime continually increase, only 15% of these crimes are reported.

Reporting fraud to your bank will allow them to take immediate action to protect your account from future transactions. This means that you can be sure that you will not lose any more money.

They can help you cancel your credit cards and give you replacement cards to protect your finances. Your bank will also be able to refund the money that was stolen out of your account.

However, if you wait too long to contact your banking institution, you may not be able to refund the money that was stolen.

2. File Reports & Complaints

Next, it is important that you file reports and complaints.

First, you should report this crime to your local police department. Even if they are not able to help you identify the source of fraud, filing a report is often a necessary step to take if you want to get your money back.

Next, you need to file a report with the Federal Trade Commission. They will get more details about your specific case which may be able to prevent other people from being victims of the same scam.

3. Collect Important Information

If you are the victim of bank fraud, you may need to open a case or file a claim with your insurance agency if you want to get your money back. To make sure you are protected, it is important to collect important information about your case as soon as it happens.

This includes your account number, when you noticed the fraudulent activity on your account, when you reported this activity, and if you filed a report with the FTC or police.

Having this information will make other organizations take your case seriously and may help you get a favourable result.

4. Place a Fraud Alert

Something else that can give you peace of mind after you have been the victim of banking fraud is to place a fraud alert on your accounts. This will not have any impact on your credit score, but it can prevent people from getting credit under your name.

It essentially acts as a red flag for lenders and other creditors and will require extra verification to be sure that it is you that is applying for new credit.

5. Change Your Banking Passwords

Next, you need to change all of your banking passwords. If you have been the victim of a financial scam, you will not know how the criminal got access to your banking information.

For example, they may have stolen the numbers off of your card. Or maybe they hacked into your bank account after you used a public computer to log onto your account.

By getting a new credit card and by changing your passwords for things like your bank account, you can keep people from accessing your account in the future. It is also important to never share your passwords with anyone who should not have permanent access to your bank account.

6. Request a Credit Freeze

Anyone can place a credit freeze on their account, which acts as an extra layer of security. It will prevent people from opening any new credit accounts in your name without authorization.

If you place this alert and someone tries to use your information to open a new account, you will be notified and you may have a better chance of stopping the criminal who has your information.

7. Take Steps to Prevent Future Fraud

Finally, it is vital that you take steps now to prevent credit card fraud from happening in the future. People who are victims of fraud are often targeted more than once, so it is important that you take steps to protect yourself from this.

First, it is important to learn how to practice online banking safety. This includes regularly scanning your bank statements for fraud, avoiding public wifi or computers when using private information, and more.

You also need to understand common types of scams. Recognizing scam techniques can prevent you from being a victim of a banking scam in the future.

Finally, you can use things like anti-virus protection to stay safe from viruses or malware and to keep your private data safe. These types of fraud awareness will keep you safe in the future!

Learn More About Banking Fraud & Protecting Your Finance Today

Banking fraud is a common tactic that results in millions of dollars lost each year.

However, many instances of banking fraud go unreported. If you have been a victim of fraud or identity theft, it is vital that you take these steps to take control of your banking and to prevent fraud from happening again.

By staying up to date on trends in finance and banking, you can be prepared for these situations and can even prevent them from happening.

Do you want to learn more about banking and finance? CFI.co can help! Check out our website for more tips about banking and how you can protect yourself from fraud.

Politics

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

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

ByCFI.co Blogger

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.