CFI.co Blog - Page 23 of 47 - Business, Finance, Economics

These days, companies in quite a few industries are talking about digital transformation (DT). DT involves using process improvements and new technologies to transform your operations. You have to embrace change to meet the demands of evolving business models and customer expectations.

Digital Transformation Strategies You Need to Know

The Importance Of Security

Improving security is one of the most important aspects of digital transformation. More than ever, it’s important to protect those assets that are most vital for your organization. You need to protect identities, strategies and trade secrets. Once you’ve established stellar security, you’ll have a solid foundation for achieving comprehensive DT.

What Is Digital Transformation and How Do I Sell It?

Not many people have heard of what is digital transformation since it has become more common last year due to the start of the pandemic. Increasingly, people are recognizing that DT involves telling a compelling story. Just having the right facts and figures won’t prove enough to get buy-in from critical stakeholders. Arguably, storytelling is the most important persuasion tool in your arsenal. According to science, the human brain is programmed to pay attention to stories. After all, storytelling is how traditional cultures pass on knowledge vital for survival. If you tell the right story, you’ll be able to help your co-workers overcome any qualms they have about drastic change. Fear of change is a constant in human psychology. Even forward-thinking people often balk at making major new capital investments. However, investing in digital transformation is one of the best ways to disaster-proof your business.

A story is not a sterile to-do list or a budget. A story is not a PowerPoint presentation, no matter beautifully designed your presentation may be. Instead, a story is a series of events described in a coherent order. These events can be real or hypothetical. For example, you can describe a hypothetical future where your company is outmatched by a competitor. This type of storytelling can inspire noncommittal stakeholders to take action.

Aligning Your Transformation Strategy With Long-Term Goals

DT requires willingness to make significant changes. Nevertheless, you don’t necessarily have to reinvent the wheel. At every stage of your transformation plan, be sure to align your efforts with your long-standing goals and values. Cohesion is the ultimate watchword when planning your digital strategy. Ultimately, you’ll want each one of your digital channels to serve your essential business objectives. Web design, social media marketing, e-commerce, apps; all of these channels should cohesively serve your goals.

Part of DT is making sure your messaging and content reflect your customers’ interests and values. You’ll also want to craft consistent brand messaging. To maintain cross-channel cohesion, be sure to invest in analytics. You can use each channel to gather and analyze data about your customers’ habits. If you aren’t gaining new insights from your digital channels, you’ll need to invest every available penny into DT. When it comes to transformation, it’s never too late to start turning the ship around. Even if your digital channels are producing strong revenues, maintenance isn’t enough. Revenue growth is crucial for commercial sustainability. You needn’t give in to the temptation to adopt every trendy new digital channel that comes online. Instead, focus on developing a few key channels.

Maintaining The Right Skills Mix In Your IT Team

If you want your DT to be maximally effective, you’ll need to assemble the right IT team. That may prove more complicated then ever during this pandemic time. Make sure you are fully taking advantage of teleworking. In addition, make an effort to keep your remote workers feeling heard and appreciated. If you’re not careful, it can be easy to overlook remote team members when it’s time to hand out promotions. This type of oversight can only limit the effectiveness of your IT team.

Properly executed, DT can help you achieve transformative business goals. Do whatever it takes to get your whole organization working together on DT.

Banking

Investing in Stocks vs Bonds: A Comparative Guide

ByCFI.co

Are you interested in investing your money into stocks and bonds? You often hear those two items paired together in a sentence, but what do they actually mean? They are both a form of investment, but the similarities stop there. Both of them have a different level of risks, levels of returns, and daily behaviours that you need to be prepared for. Before you invest, it’s important to know these differences to pick which ones are the best course of action for you. See below for an in-depth guide on stocks vs bonds and how they fit into your investment plans.

What Are Stocks?

Imagine, if you would, that someone brings you a pie they made and sets it down in front of you and 2 of your friends. Let’s say the pie is cut into 8 different slices.

The maker of the pie tells you that each slice is £1 each. So you choose to buy 3 slices, one of your friends buys 3 slices, and the other buys only 2. This is essentially the concept of a stock.

When you buy a stock, you purchase a small piece of ownership in that company. The more shares that you have in the company, the more ownership that you have over it.

The goal is to buy shares, wait for them to rise, then sell your investment to turn a profit.

For example, let’s say you decide to buy £100 worth of shares in Callaway Golf Company (ELY). For the sake of simple math, let’s say that Callaway shares are going for £20, so you end up with 5 shares.

As Callaway grows, so too will the value of your shares. Let’s say that over time, they end up experiencing a 50-per cent. So now, each share is worth £30 apiece. You decide to sell all of your shares for £150.

By buying your stocks low and selling high, you’ve turned a profit of £50. You bought them for £100 and sold them for £150. You can scan the stock market however you so choose, buying any stocks that you envision a legitimate return for!

What Are Bonds?

Instead of purchasing a piece of the company as you would with a stock, a bond is when you loan out your money to a business. This can help them grow and expand their business, getting their hands on the money they’d need (from you) to do so.

In return, the company you lent the bond to will pay you back the full amount with interest. Unlike stocks, bonds are more of a long-term play. They’ll help you make a bit more money over time. The more bonds you invest in, the more you’ll gain in return.

So let’s say that you buy a bond for £1,000 (just for the sake of simple math). Let’s say it pays you back 1% annual interest over the next 10 years. With that bond, you would make £10 in interest over the next decade.

When the 10 years has concluded on that bond, you will have made £100 in interest payments that you wouldn’t otherwise have made.

There are many variables to bonds. You can purchase ones with a duration of only a few days or ones with a duration of several decades. The interest rate varies as well, so be sure to find a balance that you’re comfortable with.

What Are the Risks Involved?

As you’ve already seen in this article, both stocks and bonds can have tremendous payouts for those that invest in them. However, there’s always a potential that either one does not do well, and you lose money on the whole deal. Here’s a bit more insight on that:

The Risks of Stocks

Earlier, we highlighted a scenario in which you would make money investing in shares from Callaway Golf. However, every stock that you purchase has risk involved, some more so than others.

All it takes is one setback from the company you’ve invested in to incur a loss. Back in April 2010, BP was flying high. They were seemingly doing everything right and their stocks climbed up to $60 in US Dollars (approximately 44 British pounds).

Then, almost out of nowhere, the deepwater horizon spill occurred. Over 3.19 million barrels of oil were spread throughout the Gulf Coast. As a result, their stocks fell 55%, meaning that investors lost over half of what they paid to buy BP stock in April.

Granted, most losses are not that significant. By educating yourself and reading investor books, you can limit your losses when you invest.

The Risk of Bonds

The ideology of bonds is sound. You lend a certain amount of money to a growing company, then they pay you back over time with interest. All is fair in the world.

But what if that company goes under before they’ve paid you back? What if they go bankrupt during the term of your bond? You may never get back your full investment entirely.

As you can see with both stocks and bonds, there are risks. However, you can minimize the risks of both by performing thorough research.

In the case of bonds, do your due diligence on any company you lend money to. If they’re shooting for the stars too quickly, they might overextend themselves and leave you to suffer a loss as a result.

Stocks Vs Bonds: Invest Your Money in Both

Now that you’ve seen a comparison of both stocks vs bonds, as well as the differences between the two, it’s time to use that information effectively.

For more financial advice, make sure to read this article on the 5 things that you need to do with your money once you’ve turned 20.

Be sure to circle back on our blog often to receive more information and guidance on economics, finance, banking, and so much more.

Business

How Long Does It Take to Start a Business?

ByCFI.co

Are you thinking of starting a business?

Every year, many people dream of quitting their full-time jobs and starting their own successful enterprises. Often, these people have big visions for their businesses, and they hope that they’re able to channel their dreams into something profitable and impactful.

But sometimes, these people worry about how long it will take them to get their new company up and running. After all, quitting your full-time job is a risk, and you don’t want to go too long without making a paycheck.

So, how long does it take to start a business?

We love supporting people who are establishing their own businesses, and below, we’ll go into how long it takes to start a company.

Keep reading to learn more!

How to Start a Business

So, have you wanted to begin creating a business?

If you’ve wanted to venture out and build a brand and name of your own, you probably want to know the fundamentals of getting started. Let’s go into the steps of starting a business below.

Define What You Do

Before you set out to create a business, you should know the basics of what you want to do.

Of course, organisations always change and evolve, but successful business owners begin with a vision. They know which central service they wish to provide, the client needs they plan to meet, and who they believe their target audience is.

To get this part of it right, you need to do a lot of research. Make sure you’ve thoroughly ensured there is a demand for your products or services and that you know which demographics are looking for the solutions you provide.

This can take up to a few months, depending on how much research you do.

Get Your Domain

What is your domain?

It is the name by which your company is known on a public level. It will go on all of your official materials, your advertising, and your website, so make sure you choose wisely.

When selecting your domain name, make sure it remains memorable, fits with the tone and personality of your brand, and communicates what you do. Run it by a friend, loved one, or colleague to see if other people think it’s a good name.

How long this takes depends on you and how much time you dedicate to finding a domain that works.

Hosting Foundry can help you with your website’s web hosting and start a business.

Find a Business Location

Where do you plan to work? Every business needs a specific location.

These locations range from an office in a high-rise to a desk in your home. Think about what you can afford and what type of building would best suit your needs.

Make sure you take into account any renovations you would need to make on your potential office and ensure it fits within your budget.

Finding a business location can take anywhere from a few weeks to 2-3 months.

Get the Proper Licenses and Permits

When you start a business, you often need proper licensing and permits.

Check with your local government to see what kinds of additional documentation you need. The requirements vary from location to location. Obtaining these documents often takes you from a few weeks to up to a month.

Your business also needs a seller’s permit if you plan to sell products.

Local Registration

You also need to register your company with the local government.

To do this, you will need to select the type of business you want to have, so make sure that you know which type of company you’d most like to create.

Completing this process takes about a month, including the time you take to decide which kind of company you would like to create.

Determine Your Funding Needs

Now, you need to determine how much funding you need and how you will get the funding.

This often takes a long time; in fact, it can last up to many months. To get started, do your research on what your overhead costs will be, including any shipping charges, product costs, utility and rent bills, and employee salaries.

All of this information should then go into your business plan. Your business plan consists of an overview of your entire company, including a detailed explanation of what you do, your organisational structure, your expenses, and your marketing plan. This usually takes quite a bit of time.

The exact amount of time depends on how much time you can devote to putting the plan together.

Getting Funding

After you’ve created your business plan, you should use it to try to get investors or a bank loan.

This gives you the funds you need to start your company. Often, this also takes a while, as banks and others who invest in your business will want to know how they will make their money back. While many wonderful new businesses launch all the time, newer companies are also unproven, so you will need to convince them you’ll be able to repay them.

How Long Does It Take to Start a Business?

So, how long does it take to start a business?

We recommend giving yourself a large amount of time to start your business. After all, this is the foundation of what you’ll do, so getting it right is important. Starting your company will probably take you at least a year or two.

It often takes even longer for a company to become profitable. After you launch your company, you need to work on raising business awareness and gaining your clientele. It takes 2-3 years for most small businesses to turn a consistent profit.

Ready to Start Your Business?

So, have you asked yourself, “How long does it take to start a business?”

If so, we hope the article above answered your question! It usually takes a while for businesses to get up and running and turn a profit. Still, if you have a dream and believe you can make it, the handful of years of work are worth it!

Have questions? Want more advice? Contact us today!

Lifestyle

5 Ways To Save Money With Your Online Shopping

ByCFI.co Blogger

Online shopping is the one thing in our life that is never going to stop. But, let’s be real, it is not surprising that we often end up spending a lot more than we have and that too in one round. If the same is happening with you, we’d suggest that you find some wholesale online shopping websites like DHGate that host a range of amazing items for half the price but double the quality.

All that aside, here’s a quick list of tips that you can use to save money the next time you think of shopping online.

Make a list

We can’t stress this enough but making a simple list of the items that you want to buy. This might not seem like a lot, but it can help you save a lot of coins. Firstly, you will know what you want and what you don’t. So, the moment you navigate through the website, you won’t get side-tracked by other items that you probably don’t need in your life. Instead of aimlessly scrolling around the website, you can go ahead and buy things.

Compare the prices

Another way to save money while shopping online is by comparing the prices. One of the best ways to do so is by comparing the prices on multiple websites. This can help you solve a lot of hassle and help you get a better idea of what’s right and what’s not. Try and choose the items across the major online portals because that helps you get a better idea of what kind of prices are trending.

Look out for sales

Another factor that you need to look out for is the sales that happen on online shopping websites. There are several platforms that you need to look out for. That said, the sales are often seasonal, so you need to keep an eye out for that too. Make sure that you even set up alerts or notifications for the website to get notifications about the deals that are happening around.

Join online shopping communities

Much like how there are several groups for foodies on this planet, there are also a few online shopping communities that you can join to get an idea of what kind of offers that you can avail and what kind of coupons that you can use. In these communities, you can also get a better perspective of things, which comes in handy as well.

Refrain

Several people have a bad habit of just buying anything even when they don’t need it. If you are one of them, you need to avoid giving in to that habit altogether. Make sure that you keep a check on the items that you need only. Just because there is a sale going on doesn’t mean you need to buy something.

If you are here trying to save some extra coins during your online shopping, you must keep a check on these tips before making the purchase. Remember that you don’t need to buy something if you don’t need it.

Banking

5 Things You NEED To Do With Your Money Once You Turn 20

ByCFI.co

When you’re young and carefree, it’s easy to neglect your finances. A lot of young people don’t know how to manage their money and end up getting into debt.

But as a young adult, you’re actually in a great position to set good financial habits for life. Making savvy decisions from when you turn 20 can build solid foundations for a financially healthy future.

Let’s dig a little deeper. Here’s our list of top money management tips to consider when you’re 20 years old.

1. Get Into Good Habits With Your Money

You’re only going to be able to start saving once you’re spending less than you earn. So the first step towards financial security is setting up a watertight method to track and manage your expenses.

You need to have a clear view of your fixed expenses such as rent and council tax, and also a firm grip on your variable expenses such as fuel, food shopping, and utility bills. Then you can set a budget for discretionary expenses like nights out with friends and clothes purchases.

After you have a system set up, you can manage your cash flow and track your spending, to ensure you’re staying within your budget. A popular method to manage this is by setting up a zero-based budget, where you allocate every penny of your income to a specific expense or savings goal.

By adopting this method, you should prevent yourself from getting into debt. But if it’s too late for that, you should focus on clearing your debts. Limit your credit card spending; you should only use your credit card enough to establish a decent credit score. Once your short-term debt is clear, you can make a start on clearing your student debt.

A final good habit to set up is to automate all your payments. It’s good to set up your direct debit payments to go out near the beginning of the month, so you have a clear view of what you have leftover for discretionary spending, once all the bills are paid.

2. Start Saving Now!

You’re never too young to start thinking about savings. You should start out by building an emergency fund, then work towards having 3-6 months of expenses set aside. Having a reasonable liquid cash reserve will prevent you from getting into debt in emergency situations.

You might want to set up separate savings goals for big purchases, such as your first car, so you have the money upfront rather than having to take out a loan. Longer-term savings goals are also worth considering, such as a deposit on a house, paying for postgraduate education or saving for your children’s future.

In terms of saving for retirement, the earlier you start, the more benefits you will reap. You should aim to be putting at least 10% of your income into a pension fund.

3. Protect Yourself

You should make sure that you have all the insurance you need to protect yourself from future problems. Car insurance of course is a necessity if you have a car, but you should also consider pet insurance if relevant, as vets’ bills can be very high.

You may want to invest in health insurance and also income protection insurance. If you have children, you’ll also want to look at life insurance. It’s not the most exciting topic to be thinking about, but there are benefits to setting up insurance policies while you’re young and insurers see you as less risky.

4. Invest in Yourself

When you get your first job, it’s easy to just feel grateful to have found employment, especially in today’s challenging economic circumstances. But you should still negotiate your salary to make sure you’re being paid what you’re worth.

You might also want to plan for further education and training. Lifelong learning has many benefits, not just for your career but for your own happiness and sense of fulfilment.

You could also look into setting up a side hustle to earn some extra money to put against those savings targets. Perhaps you have a hobby that you could make some money out of? Maximizing your income is a great way to grow your savings.

5. Think Long-Term

There’s never a better time than what you turn 20, to be thinking long term. Establishing your wealth goals and prioritising them when you’re young is critical to long-term financial security.

Once you’ve paid off your debts and you have enough liquid cash saved up to pay for any emergencies and planned future purchases, now’s the time to think about investing. It’s a good idea to start investing as early as possible, by putting money into something other than your retirement plan.

But perhaps you don’t really know what to do with your money? It might be wise to hire a financial advisor to help you choose the right kind of fund to invest your money in. It’s sensible to get some advice about the best investment bank options before you decide where to put your hard-earned cash.

You need to make sure that your money is working for you, wherever you choose to keep it. You could see which providers have won banking awards, to help you choose the best banking services.

The longer your money is in an investment fund, the higher the returns are likely to be. So choosing the best bank while you’re young is a good long-term strategy to build wealth.

Seize The Moment!

The sooner you take control of your finances, the better. Your 20s are the perfect time to establish good habits and routines around money to set you up for long-term financial security.

Building wealth takes time, so starting young will reap long-term benefits. It’s never too early to educate yourself. Check out our informative articles on wealth management to expand your knowledge and help you to make the best decisions about how to manage your money.

Finance

Top 5 Things You Can Do To Earn Money At Home Right Now

ByCFI.co

Are you suffering from quarantine boredom? Are you wondering if there’s a way to earn money at home?

Since COVID-19 entered the world, remote work has become more important than ever. And it’s a great way to use your time productively when there aren’t many places to go.

Here’s how you can earn extra money without getting out of your pajamas.

1. Sell Your Unwanted Items

You might be surprised at all the ways you can sell old items online, especially if they’re still in good condition. Sites like eBay, Gumtree, and Craigslist are great places to turn trash into treasure.

Laptops and tablets are always a hot commodity if they’re in good working order. CDs and vintage games are also in demand, especially during the holidays.

You may also be able to sell your old clothes this way. If you’ve got a few items that you rarely wear, they could be priceless to someone else. Just make sure they’re washed, ironed, and neatly folded.

Consignment shops are another great way to get a few dollars for gently used clothing and accessories. They might offer you upfront payments or the potential for profit sharing. If your store profit shares, your clothes will be tagged with an account number and you’ll get a portion of the profits after your items get purchased.

Look around for a specialty consignment shop that sells the types of items you tend to purchase. After a while, you’ll get a feel for the types of items that sell and start to make more profitable decisions.

2. Start Your Own Website

These days, you can start your own website with nothing more than a domain name, website hosting service, and website platform such as WordPress.

A good topic for your website could be a subject you have expertise in that you could inform your readers about. You can also provide services such as fashion advice, counseling, or self-help.

Affiliate marketing is a popular way to monetize your site. In these cases, you’ll have links to affiliate businesses on your site. And you’ll get a revenue share every time someone clicks on the link to set up an account.

You can also make money by selling a product or service that people want, such as an e-course. Other website entrepreneurs have paid members or sponsors who pay to post ads or product reviews.

Make sure you do your research before launching your site. Make sure that you choose a topic you have expertise and knowledge in. And you’ll want to be certain your ready to keep learning about the topic as your site becomes more popular.

3. Become an Online Tutor

Online tutors can make ten to nineteen pounds per hour. All you need is a working computer with a camera and expertise in a particular area.

Of course, a degree in a field you’ll be tutoring in will be particularly helpful. Yet many of today’s students need extra help with their schoolwork due to less time spent in the classroom.

Offer to tutor the children of some people you know for a low rate if you’re looking for a way to start. As you begin to develop a good reputation, you can start to charge more and organise your schedule to suit your needs and comfort. Social media is also a great way to advertise your services to local neighborhoods.

4. Get Paid to Write Reviews

There are lots of websites out there that will pay you to write reviews of restaurants, movies, or products. You’ll also be earning a little free entertainment.

Make sure that all of the reviews you turn out are of high quality. Check your grammar and spelling so you’ll continue to get work as a paid reviewer.

The best part about reviewing products and services is that there’s some flexibility with your schedule. You can visit local establishments or test various products after work or before your children wake up in the morning.

5. Work As a Customer Service Agent

Believe it or not, there are plenty of companies out there that will pay a decent hourly wage for individuals to work at home in customer service, especially around Christmas.

Unlike other remote options, work-from-home customer service agents earn a steady hourly wage. If you’re a good listener with important interpersonal skills, such as patience and empathy, remote customer service could be a great way to keep your bank account happy.

The Best Way to Earn Money at Home

Quarantining has required many of us to rethink the way we pay the bills. Working remotely is a wonderful way to turn your extra time into a profitable opportunity.

Side hustles are also an excellent opportunity for you to require new skills and experiences that can be valuable in the future. You can also begin developing a new network of contacts that may be important for your future professional development.

During a time when many are suffering from anxiety and depression, a profitable side business can give you a productive escape from negative thoughts and feelings. You’ll develop confidence and peace of mind, as well as the freedom to create a work-life balance that is optimal for your personal well-being.

Get to Work!

When you’re ready to earn money at home, there is a myriad of opportunities you can take advantage of. With a little research and a willingness to keep trying, you’ll discover an enterprise that suits your personality in no time.

Don’t stop getting smart about your financial opportunities now. For more information on personal finance, read our blog today.

Finance

Why 3 Month Payday Loans Are Great for Holiday Sales

ByCFI.co Blogger

There are circumstances when money is needed necessarily. Contacting a bank is another trouble because the terms of the three-month payday loans will be accessible exclusively to the bank. Furthermore, high-interest rates worsen the entire situation.

Nowadays, the vast majority of citizens do not work officially. Thus, each of them can get a rejection from a banking institution to take out three-month payday loans or car repair loans here. The reason is that banks do not accept applications from customers without the presence of an income certificate and employment. Most modern citizens take 3-month payday loans to buy purchases for their loved ones on holidays.

3 Months Payday Loans: Benefits and Tips

Throughout the world, there are so-called microcredit organizations. They provide customers with three-month payday loans on favorable terms. There are more than a million users of such organizations nationwide per month who want to get three-month payday loans. The key customers of the following institutions are customarily young people aged from 25 to 35 years. Considering these statistics, the age of the audience is becoming smaller each year. Now you can even meet those who want to get a loan at 20 or even 18 years old. In this case, the borrower gets a real chance to solve all financial issues thanks to three-month payday loans. At the same time, you can get the maximum benefit from this holiday loan.

Citizens are trying to solve all their financial problems despite the complex bureaucratic system of getting a three-month payday loan in banking institutions. But even microcredit organizations come to the rescue, which provides the client with the convenience and mobility of modern services. Such services will be available anywhere and at any time convenient for the customer. A borrower only needs an Internet connection.

Here are the most popular reasons of taking out three-month payday loans before the holidays:

Delay in salary;
Money for gifts is urgently needed;
Purchase of expensive household appliances;
Organization of celebrations (weddings, anniversaries, and others);
Money for shopping;
An urgent trip.

There can be a lot of reasons. Most importantly, each of them still requires a certain amount of money, which may not be at hand. Three-month payday loans will help you cope with a difficult situation.

Benefits of Three-Month Payday Loans

Here are the main benefits to be noted in payday loans:

You can draw up an application and a contract remotely without leaving your home at any time;
High mobility of consideration of the customer’s received data. The organization issues the final decision on permission for a loan after 15-30 minutes;
Favorable lending conditions and a minimum interest rate of 0.01% per day;
Observance of complete anonymity provided to all clients, as well as the protection of their personal data;
In a very short time (up to 30 minutes), the customer receives the required amount. Regular customers wait until the processing is complete for several minutes.

Therefore, users should not have any doubts that the best choice would be to apply for three-month payday loans in a microcredit organization.

What Should You Pay Attention to When Applying for a Three-Month Payday Loan?

Many online lending services offer their customers to take out three-month payday loans at 0%, and regular users can also experience all the benefits of loyalty programs (for example, discounts on loans without certificates and guarantors, as well as arrange a loan in a few minutes).

In order to choose the most suitable credit organization, the customer, first of all, needs to pay attention to the characteristics of the declared services, profitable offers, periods, and how much the service can give. And, of course, find out all the conditions to make complete repayment of the three-month payday loans.

It is also very important to choose a service with an understanding and competent staff who will be able to suggest and advise exactly what the customer needs.

Making Three-Month Payday Loans Algorithm

When making an application for three-month payday loans, the service interface will be very useful. This feature will facilitate the operation. On the sites, you can fully consider all the rules and conditions to get three-month payday loans. Moreover, similar services have a section with an online calculator that can calculate the amount and period. The calculator provides the customer with the full figure along with the calculation of interest.

Loan registration in microcredit organizations will go through the following steps:

The customer needs to register on the website of the organization (fill out the form indicating passport data, TIN code, e-mail number, and mobile phone number);
Further, service employees process information about the customer;
Then you receive a notification about the result of the check using a phone call, SMS, or email.

If the application is accepted successfully, the service sends the required amount to the borrower’s card. If the customer was refused, then the amount does not come to the card. Then you can contact the service personnel and find out the reason. Employees will tell the reason and will recommend the amount which the customer will be able to claim with great chances.

Customers of such online services are provided with more loyal conditions than in banks. Services are also focused on debt repayment in a single pay-off payment. Furthermore, MFIs do not harass customers and do not threaten them. Everything is absolutely loyal as it is possible to extend the loan for the required period.

Certainly, minor underpayments can lead to the refusal on the next loan, therefore, it is better to pay off the loan on time without delays.

Finance

What Is Day Trading and How You Can Become an Expert?

ByCFI.co

Day trading is often billed as a lucrative way to make fast and easy money from the comfort of your home. The average day trader makes about $80,000 a year. The best part about day trading is that you don’t necessarily have to be a financial wizard to be successful. Becoming a day trader is easy. Becoming a successful day trader is a much harder process.

But what is day trading and how can you stand to benefit from it? This useful guide has all the information you need to decide if day trading is right for you and your lifestyle.

Day Trading

Day trading is a type of investment strategy. It can be used when trading stocks, cryptocurrency, securities, bonds, and commodities. It can also be applied to any other form of speculative marketplace.

Day trading involves purchasing an asset and selling the asset on the same day before the markets close. Day trading is a short term investment strategy. It also limits the amount of risk an investor has in the long term.

It does this by preventing discrepancies that can occur between an asset’s closing price at the end of a trading day, and its opening price at the start of the next day. There are many different strategies and styles of day trading.

What Makes a Successful Day Trader?

Many potential investors are lured into the day trading world with the promise of easy money. These investors find out the hard way that day trading is no cakewalk. As a result, they sometimes lose everything.

To be a successful day trader you need to be willing to invest enormous amounts of time and capital. You also need to be able to read the marketplace and have some background financial knowledge.

If you start your journey as a day trader you can expect long hours, little leave time from work, and a gruelling self-learning process that many can’t stomach. You need to have good risk management strategies and marketplace awareness as well.

While day trading, your success or failure rides solely on you and your trading strategies. If you fail, there is no one else to blame. If you are successful, however, you alone get all the glory.

Cash Is King

Having sufficient investment capital is one of the most important things for day trading. When you first start you can expect to sustain heavy losses as you figure out the nuances of navigating the marketplace.

The old saying “it takes money to make money” applies here. To be successful, it is crucial that you have a buffer of cash to withstand any initial losses. Many veteran traders will tell you that the day trading world is extremely volatile.

Sometimes you can expect to lose money on multiple trades in a row before turning a profit on a big one and recovering all of your losses. If you don’t have sufficient capital to act as a cushion, you could lose everything.

Heading into the world of day trading without a sufficient bankroll is like heading into a marathon with no shoes. You might somehow pull it off and win against all odds, but chances are you will end up bloodied and broken on the side of the road.

Knowledge Is Power

A successful day trader needs to be familiar with all of the aspects of how the marketplace functions. This includes understanding all the mundane basics such as trading hours and holidays.

It also includes being able to grasp the bigger picture such as how massive geopolitical events can influence market behaviour and how small innovations or new technologies can send ripples throughout the financial world.

As a day trader, you need to be at the forefront of the economic knowledge-base. This means keeping up with any emerging trends or cutting edge technology before everyone else is aware of them.

Staying ahead of the curve is not easy, but it is well rewarded. You also need to have a broad understanding of multiple different types of marketplaces. Understanding investment banking, securities, conventional stocks, bonds, and mutual funds are all examples of things a day trader should be well versed in.

Develop and Implement a Strategy

Without a plan, you are simply flying by the seat of your pants. At this point, you might as well just take your money down to the closest casino, spin the wheel, and see what happens.

You need to develop a successful entry and exit strategy. This includes setting indicators and benchmarks for success or failure. You also need to be able to assess how well your plan is working and recalibrate it if necessary.

A successful investment strategy is what separates the wealthy from the penniless in the world of day trading. Many traders spend decades developing a good strategy. Some never get it right and end up washing-out as a result.

Warren Buffet is often credited with being one of the top financial investors in history. His strategy was simple and centred around investing in index funds. While this strategy is not applicable to day-trading, his thought process is.

The simplest solution is usually the best. The more complicated your strategy, the more can go wrong.

Start Small

Just because you have access to a large pool of capital, or have sufficient background knowledge of investment and the marketplace doesn’t mean you should be reckless. When implementing a new strategy, tread lightly.

If it works, you can always repeat it with a bigger chunk of change on the line after you have already secured some returns as a buffer. By not going “all in” you save yourself the financial ruin that comes with making too aggressive of an initial investment.

Attain Your Financial Destiny

Day trading is not for everyone, but those that are successful will tell you that there are few better ways to earn a living. Being your own boss and taking your financial destiny into your own hands is an empowering experience!

Just make sure to have adequate capital and financial knowledge before trying your hand at day trading to avoid crashing and burning as a total failure.

If you want to become a day trader you first need a wide financial knowledge base. Start informing yourself today with the host of financial information available on our blog to better prepare yourself for the long economic road ahead!

Banking

Why You Should Join A Private Bank

ByCFI.co

The number of mobile wealth management accounts rose from 22% in 2018 to 40% in 2019. They allow users to manage their wealth remotely and effectively. A private bank helps with wealth management but provides a range of other services and benefits as well. They offer personalized service at all hours and let you enjoy exclusive perks.

There are several private bank options, and choosing one can be difficult. There are certain factors to look for before putting your money in their hands. It can also be difficult to begin a career in this field, but the more knowledge you have, the easier it will be.

Read our private banking guide to learn the benefits it provides and how to enter it as a client or account manager.

Private Bank Benefits

A private bank’s primary purpose is wealth management. It helps keep money in the right place and makes investment easier.

These are not the only benefits that private banking provides or the only reason you may choose to join one. There is a range of other benefits offered as well.

When you join a private bank, you’ll get connected to a skilled account manager. They can handle all your financial assets while providing personalized service.

The account manager can also easily connect with other professionals such as wealth management specialists, investment analysts, and tax attorneys.

A private bank also allows you to diversify your investments. Your account manager can put your wealth into ESG or Environmental, Social, and Governance investments. They can also manage your non-financial assets like real estate and natural resources, negotiate leases and contracts, facilitate inspections, and communicate with tax, accounting, and/or legal professionals.

A private bank gives you access to your banker at any time and place using apps and chat services. They also keep your assets private.

A private bank may also include concierge and premier travel services. They can educate you and your heirs and make business travel less of a hassle.

Private banks offer price reductions that can save you a great deal of money. These discounts include free checks and savings of up to $300 per year on a safe-deposit box.

Most private banks offer a range of other perks such as:

Loans with low annual percentage rates
Savings accounts with higher annual percentage yields
More commercial financing options
Senior underwriting support
Priority loan processing

These benefits and more explain the rise in private banking.

Starting a Career in Private Banking

Working at a private bank offers several benefits over other financial careers such as stockbrokers and investment bankers. These include high income potential, shorter hours, reduced stress, and stronger professional relationships.

Remember that most clients who join a private bank have a great deal of wealth. They are typically classified as either high net worth or ultra-high-net-worth.

You’ll also have to have a range of skills to begin a career in private banking. You should be familiar with wealth management, estate planning, taxes, portfolio management, and any other tasks your client requests.

There are also several steps you must complete to begin your career. They include education, experience, networking, certifications and licenses, and getting a job.

Education

The first thing you’ll need is an undergraduate degree, preferably with a focus on finance. Options include business administration, economics, and other related degrees.

Experience

Follow up your education with experience. Look for internships in a private bank and get all the experience you can in banking, investments, and related fields.

Networking

Networking is another important task. Meet up with potential clients, bankers, professors, and anyone else who can help you advance your career.

Certifications and Licenses

Certifications will make you a more attractive candidate, and there are several options to choose from. T

The Wealth Management Institute or WMI offers a 10-week Wealth Management Private Banking Programme and an associated certificate. The Globecom Institute offers a 9-month course and certificate in Private Banking and Wealth Management and a 3-4 month certification in Operations Investment Banking and Securities Markets.

You’ll need to get licensed before you can begin a career in private banking. You can obtain a Series 6, Series 7, Series 63, or Series 65 license by passing an exam. They differ in the services they allow you to perform and how much you can charge for them.

Finding a Job

Find a job by sending out as many resumes as possible and networking with professionals in the field. You can also start your own firm if you already have a large client base.

These steps are the basics of beginning your career, but you may be able to break tradition. Try moving from another financial field into the private banking industry.

Finding The Best Banking Services

There is a range of private bank options to choose from. They differ in the services they offer and the fees they charge, which can make choosing the best bank difficult.

When deciding where to invest your money, you should look at a variety of different factors. Look for proof of quality, past experiences, and the services offered.

The experiences of past clients can help you choose the best private bank. Look for testimonials that suggest clients have had positive experiences with qualified account managers in the past.

There are also ways to find proof of whether or not you’ve found a high-quality option. Look for things like bank awards and stay away from banks with blemishes like lawsuits.

The best investment bank offers the full range of services you require at the best possible price. Compare all the options and see where you can get everything you need at the most affordable price.

How Can I Join a Private Bank?

Everyone wants to keep their money safe, especially those with plenty of wealth and investments. This is where a private bank comes in.

Joining a private bank gives you access to a qualified account manager at any time of day. They’ll manage your assets, keep them secure and private, and offer several other perks.

If you’re a high-income earner with a large portfolio of investments, a private bank can provide an account manager to look after them for you. If you’re a qualified financial expert, you can begin a career in private banking to help others manage their money.

The more you know about the private banking industry, the better you’ll be able to enter it or use it to manage your wealth. Contact us for more information today.

Lifestyle

South Africa as a HNWI Aestination

ByCFI.co Blogger

New World Wealth in collaboration with Steyn City recently reviewed the top factors that attract HNWIs to South Africa.

Notably, South Africa is home to over twice as many millionaires (HNWIs) as any other African country. The country ranks 30th in the world by this measure, ahead of major economies such as Greece, Portugal and Turkey. Currently, there are just over 35,000 HNWIs living in SA (as at Sept 2020).

Things that attract HNWIs to SA include:

Lifestyle aspects: weather, beaches and scenery.
A large free media which helps disseminate reliable information to investors. This sets South Africa apart from most other emerging markets worldwide.
One of the 20 biggest stock exchanges in the world (by market cap).
A well-developed banking system and large fund management sector.
Hub for doing business in the rest of Africa.
Luxury food stores such as Woolworths, which appeal to wealthy consumers.
Exclusive areas such as Umhlanga Rocks and the Atlantic Seaboard in Cape Town.
Top-end estates and apartments. SA is a global pioneer in estate living and is home to many of the world’s best lifestyle estates. New World Wealth estimates that over 45% of SA HNWIs either live or have homes on estates. An additional 30% have homes in luxury apartment blocks (which have been the fastest growing residential segment in SA over the past 20 years in terms of price growth).
Good transport infrastructure.
World-class shopping centres such as: Gateway, Sandton City and the V&A Waterfront.

SA wealth stats (for Sept 2020)

There are approximately 680,000 mass affluent individuals living in SA, each with net assets of US$100,000 or more.
There are approximately 35,000 millionaires (HNWIs) living in SA, each with net assets of US$1 million or more. Most of these HNWIs are based in Johannesburg (Sandton especially), Cape Town, Umhlanga and Pretoria.
There are approximately 1,800 multi-millionaires living in SA, each with net assets of US$10 million or more.
There are 86 centi-millionaires living in SA, each with net assets of US$100 million or more.
There are 5 billionaires living in SA, each with net assets of US$1 billion or more.

Note: “Wealth” refers to the net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities.

About Steyn City

Steyn City is a luxury residential parkland residence situated north of Fourways in Johannesburg. The lifestyle resort features over 2,000 acres of indigenous parkland, ensuring that every resident has a sprawling back garden to explore.

Steyn City residents have access to a wide array of amenities and world-class facilities, which include kilometers of running and cycling track, outdoor yoga centres, a fully equipped gym, resort pools, aquatic centre, several restaurants, a world class equestrian centre and Jack Nicklaus championship golf course with award-winning clubhouse. Added to this, the development offers a forward-thinking educational campus and outstanding office premises.

All of this makes Steyn City an obvious choice for people relocating to South Africa. The development offers all that a family or even executive could possibly need, from excellent infrastructure to a highly esteemed school – all within a safe and secure setting.

At a time when many people are reconsidering their location, now that remote working means they are no longer bound to an address close to their workplace, Steyn City stands out as a destination that makes it possible for residents to enjoy vacation-style tranquility, just minutes from the city.