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Archives for January 2019

Ali Habib Mayar Shares 6 Tips Every Small Business Owner Should Use To Save Money

By Thomas on January 29, 2019

Owning a small business can be exciting, but tough on the wallet and your bank account at times. Those just starting out are usually more focused than ever on spending as little as possible so everything can be reinvestment back into the business. It’s once you get comfortable with running your business where revenue and profit is predictable is when you often need to put in place a plan to consider the future.

Ali Habib Mayar knows this all too well as a small business owner himself. As the current CEO of Platinum Rapid Funding Group, he is constantly making decisions to put the company in the best position possible.

Platinum Rapid Funding Group not only makes decisions as a growing business, but they help small businesses as well pave the road ahead.

They provide merchant cash advances, which business owners use to support their businesses without having to wait for longer, more drawn out options often through traditional banks.Most small businesses generating revenue or obtaining necessary funds want to make sure they spend their money wisely.

That is why he recently shared a list of 6 tips every small business owner can use. Each tip should help a business owner make the most out of their working capital or a merchant cash advance they’ve recently received.

  • Automate as Much as Possible

There are so many inexpensive and convenient tools available to small businesses. Having things done by a service saves small businesses time, money, and energy. One website we suggest in particular is https://ifttt.com/.

  • Ditch the Brick and Mortar

Growing up, most entrepreneurs probably dreamt of having a beautiful storefront for their small business. Times have changed, especially in certain sectors of the business world. It actually might be beneficial for some to completely ditch the brick and mortar, opting for a virtual storefront instead.

If brick and mortar overhead is holding you down, consider using https://www.shopify.com/ to get your business completely online and less reliant on foot traffic to ensure your success.

  • Evaluate Hours of Operation

Every hour of operation costs money, so it is important for a small business to take a hard look at everything and see what hours work best. From labor hours to electricity, those bills can add up even by being open an hour or two longer than needed.

This is something restaurants in particular really need to take a hard look at. Middle of the day hours can be dead at times, so closing after the lunch rush until dinner could save money. Skipping a day could also be an option (most restaurants who do this prefer being closed on Mondays).

  • Consider Outsourcing

This is another beautiful thing about technology and the world we live in today. Outsourcing is an affordable option for small business owners who need projects finished without having to make full-time or even part-time hires.

Outsourcing tech or writing are some examples of jobs that can be outsourced. If you’re having a hard time finding someone to complete a project see whether or not it can be outsourced.

Consider using websites like https://www.freelancer.com/ or https://www.upwork.com to outsource.

  • Shop Used Equipment, Not New

Whether it be Facebook Marketplace, OfferUp, Craigslist, LetGo or other local selling websites, finding exactly what is needed, used, is actually pretty easy.

A person might need to be a little patient, or get something that isn’t exactly what they wanted, but saving hundreds if not thousands of dollars over time can help the bottom line in the end.

For office equipment, this should be a no brainer. If you’re just starting out there shouldn’t a reason to by new desks, new chairs, and brand new office equipment when you can find incredible deals local on used equipment in great condition.

  • Analyze Advertisement Spending

It can be pretty easy to get caught up into spending a lot of money on advertising. Try to limit spending at first, at least until a proven method works. If something isn’t converting, don’t keep pouring money into it. Local businesses who have relied on print advertising who are no longer seeing the return on investment they did in the past should consider using Facebook, Instagram, Google AdWords, or even do their own email marketing promotions to reach new prospects and existing customers.

For more tips from Ali Habib Mayar, be sure to follow him on his website, www.alihabibmayar.com and check out his company’s website, www.platinumrapidfunding.com.

 

3 Important Things To Look For in a Comprehensive Life Insurance Policy

By Thomas on January 29, 2019

When you are young and fit, thinking about your eventual demise and the financial security of your family may seem unnecessary or even morbid, but this is the best time to start considering comprehensive life insurance policies.

Delving into the world of life insurance can be a confusing and convoluted experience. The language and specifics concerning life insurance can be especially daunting if you’re unfamiliar with health insurance, which is why it’s important to do your research first before deciding on what life insurance plans will work for you and your family.

The reasons you have for deciding to purchase life insurance policies for you and your family may vary, but no matter what life event has triggered your decision to buy life insurance, you will know that you are providing financial assistance for your family in the event that anything happens to you.

When you’re choosing comprehensive life insurance plans, you’ll want to keep in mind the following three things to look for in a comprehensive life insurance policy to make sure your family’s future is secure.

Consider what your premiums give you

If you’re unfamiliar with insurance and are just looking to tick a box, you may be drawn to the cheapest, lowest premium that you can find. However, the lowest premium plan may not work best for your family. While competitive pricing is important, cheapest doesn’t always mean best. Many plans with low premiums may be restrictive in how payments are given after death, and what is actually covered. For example, plans with very cheap premiums often don’t cover you against major illnesses if there’s a family history. They also won’t give you more if the death is accidental, and the amount of payout your family receives might not be enough for them. Ideally, a life insurance plan should payout fifteen to twenty times your annual income (with accidental deaths often paying double that).

Look into the life insurance company’s financial health

When you’re buying a life insurance plan you have to consider not just the cost of the insurance plan payout or the premiums involved, but also the overall financial health of the company providing the policy. There are independent agencies that rate insurance companies based on their financial strength and their ability to meet the demands of their current purchased policies and to fulfill their contractual obligations. Each agency has their own rating system, but it will help give you a better idea of the company’s ability to fulfill their demands.

Conversion options and privileges

Before you buy any life insurance plans, learn as much as you can about the company’s conversion options and privileges. Many young families purchase term policies, which means that the plan is offered at a certain price for a set period of time. This is appealing to young people since the plans are often cheaper, but these are temporary plans. This is when a conversion plan comes into play. Conversion plans allow you to change your term plan into a permanent plan, which will give you the security needed for you and your family as you age.

To read more on topics like this, check out the business category.

Smart Ways to Make Your Home More Secure

By Thomas on January 25, 2019

New technology means that your home can be more secure than ever before, whether you’re away a lot, are worried about your neighbourhood or you would just prefer some extra peace of mind. From high-end security systems to automatic timers, to motion sensors, there has never been a better time to think about how you can make your home a little more secure.

Motion Sensor Lights

One easy and smart way to make your home more secure is to get motion sensor lights, which will fill the area with light when triggered. You can get solar powered ones to cut down on energy costs and they are perfect for scaring off potential intruders. If you have a garage, big garden or side entrances, install motion sensor lights there for extra security.

Install a home security system

Home security systems can range from simple alarms to highly advanced systems, it is up to you to decide how much you want to invest in your homes security. Look at different options available to you online and choose a system that will cover your whole home. Look for connectivity so that you can sync up your devices and create a smart home too. Some security systems also have location sensors that know when you leave the home because of your phone’s GPS system.

Set timers

Another great way to make your home more secure is to use timers to make it look like there is someone in the property. You can get smart plugs, smart lights, and some home security systems have in built timers too. This way if you are on holiday or away on business you can set timers to make it look like you are at home, putting off any potential intruders.

Get security cameras

Security cameras are a great way of both putting burglars off and for catching them. Some security systems already include cameras, but you can buy them on their own too. You can also get smart cameras which you can log into via a mobile app, so you can check in at home when you are away.

Choose a Secure Rental Property

If you live in a rental property, look for buildings which have extra security features like CCTV, a 24-hour concierge and electronic fobs or a camera intercom for access. Property developers like RW Invest know how important security is to modern tenants, so their developments all feature high tech security measures.

Be Smart

Though these are smart ways to make your home more secure, we’re going to briefly look at some not-so-smart mistakes that could potentially put your property at risk. Having a house key under a doormat or plat pot is never a good idea, it is the first place someone would look. If you are worried about always losing your keys, keep a spare in your car or in your handbag or give one to a trusted neighbour or friend nearby. Simple things like always locking your door, having a deadbolt, drawing curtains at night, and locking your windows are still essential.

If you want to learn more about our blog, please click here.

Picking the Strategy That Works for You: What Are the Main Differences Between Roth and Traditional IRAs?

By Thomas on January 22, 2019

Roth and traditional IRAs are both savings accounts that are geared towards a person’s eventual retirement. They are similar to a 401K with which a company would set you up, the difference being that you’re the one who is setting up the account and you’re putting money into it according to a schedule that you set, rather than every week as is traditional with a 401K. You might set up a self directed IRA today if it’s something that interests you, but before you dive in, let’s take a few moments to talk about the difference between the traditional IRA and the Roth version that is also popular.

When and How Your Money is Taxed

The most notable differences between Roth and traditional IRAs have to do with how and when the government taxes you on the money that you are putting in. Uncle Sam is always going to have a handout. That much is unavoidable, but with a traditional IRA, your contributions are tax deductible in the year that they were made. If you get a Roth IRA, then your withdrawals are not taxed when you make it to retirement.

Think About the Tax Rate

In determining which one you should be getting, the most critical question that you should be asking yourself is whether you think that your tax rate is going to be lower or higher in the future when you want to cash out. Few people can answer that question definitively, but for the ones who can, the choice becomes easier. If your tax rate is going to be higher, then you’re going to want to get the Roth IRA because of the deferred tax benefit. If it is going to be lower, then it’s got to be the traditional IRA because with that you get the tax benefit up front.

The problem with this approach, of course, is that most people have no idea what their tax rate is going to be when they retire, as most of them start up an IRA when they are decades away from getting out of the workforce.

Flexibility

Many people decide to go with a Roth, though, and the reason is that there are much more flexible rules that go along with one, especially as it relates to early withdrawals. Ideally, you don’t want to take any money out of your IRA until you hit 59 ½, which is when most people are eligible to dip into that money without penalties. Sometimes the unexpected happens, though, and you need money for things like buying a home. The Roth also has rules in place that make it easier for you to pass money on to your heirs if that’s what you decide that you want to do with some of it.

Which Will You Choose?

Several considerations are going to have to go into your decision, and if you think that now’s the time to start up an IRA, you may wish to consult with a retirement expert at your bank. They should be able to explain any further details about the Roth and traditional IRA versions to you, and together you can pick the one that makes the most sense for your needs.

For more business advice from the Be a money blogger blog, click here.

Tips on Investing in The Right Insurance For Your Business

By Thomas on January 15, 2019

There are ingredients that make up a successful business–determination, hard work and skill– but there is also uncertainty. Business helps to limit the uncertainty of running a business.

The following tips will show you how to invest in the right insurance to safeguard your business:

Understand what you need

There are many options for business insurance and knowing the right one to go for is the first step in safeguarding your business. For example, the insurance coverage needed to run a one-man business may be different if you have employees. Know the risks and damages you can incur in the day-to-day running of your business. Ask yourself: Is there a possibility that a member of the public can be injured by my products or in my premises? This way, you can protect your company against unforeseen occurrences.

Talk to a professional

After your research, speak to an insurance professional before getting started. An expert in your field can help choose the right insurance cover for you. The business you run will largely dictate your choice of insurance cover and the volume of your risk will be accounted for in your coverage plan. The specifics of insurance can be confusing to the average person, so having someone on hand that can explain terminology and other nuances of the industry can be worthwhile, especially when you are choosing a new form of insurance for the first time.

Keep home and business separate

Many small businesses operate from home and in most cases; resources are shared between the business and the home. It is never a good idea to merge your home with your office insurance. For instance, if your employee is involved in an accident while doing a delivery using your private car, is your car insurance going to pay for the medical bills? Can your home insurance cover for theft to your home office equipment? What happens if your small business is sued for giving advice that leads to a financial loss? This is where professional indemnity comes in and underscores the importance of keeping your business insurance separate from your home insurance.

Consider business interruption insurance

Business interruption insurance is often overlooked by business owners. In the event that something happens and you cannot run your business for some time, how do you manage the loss of income during that period? It is your responsibility to consider this scenario especially if you deal in goods and items that can perish after a period. While business interruption insurance is not a compulsory part of your business insurance, it is something you should consider.

When setting up your insurance, consider not just what you need at the moment, but what you will also need as your business grows. If you are not sure about the evolving needs of your business, you can always add more cover at a later date. No matter how you decide to go, having insurance is infinitely better than not having insurance, as you can be assured of some form of financial protection should something unexpected come along.

Emotional Has No Place in The Investment Industry

By Thomas on January 14, 2019

It is true the traders will have to use their targets to define the position sizes. Then the position sizes will have to be ensured with proper market analysis. So, the traders will have to work with their own targets for proper performance in the trading marketplace like Forex. From the beginning of your career, there will have to be properly setup from your side to the trading business. Without proper and efficient plants, the trading performance will not be good for the traders. That is why we are here with this article to teach you about the proper perspective to the trading business. It will make you a decent trader to work with and against the markets for good returns. We will be trying our best to give you the right idea about trading. Hope it will help the performance to grow in the business process.

The markets will not work with yourself

You will be surprised to know about the uncertainty of the trading marketplace. Most of the cases of trading, the new Aussie traders find their position sizes getting ruined. That happens because of the sudden change of the trends in the trading markets. Thus, you will end up losing a good amount of money from your own trading business. But with some simple trick, the traders can manage their own trading performance to the most efficient level. We are talking about making plans for a decent profit target. It will help you to make the trades properly without experiencing any kind of unfortunate spikes or change in the trends. And try to work with higher timeframes in the markets for profound key swings.

Dealing with your emotions

Dealing with human emotions is a very complex process. Even after knowing all the details of the market you might not be able to make money in the Forex market. Trading CFD requires stable mindset and complete control over your emotions. You might be relatively new to the trading profession, but this doesn’t mean you will have to lose real money. Start to trade the market in the demo accounts and develop your skills. Work hard to develop a strong basic so that you find great trades in favor of the market trend.

Risks are going to have proper protection

Risking too much in the trades is a mistake made by the traders from their own plans. Most of us know about a legit fact about normal business which tells you to invest more for earning more, right? But the trading profession is completely different than you think in this region. Most of the traders will end up losing a lot from the trades with high risks. They think about getting more profits with a little change in pips. But the actual result comes in a negative form for the traders. Because a small change of the pips in the opposite direction of your trade can cost you a lot of money from the account. For that, you will have to work with very less investment into the trades and try to maintain good income with the proper timeframe of trading.

You may not expect a certain result from a trade

There will be a lot of problems in the process of trading for most of the traders. If you are failing a lot of times, hear that the pro traders also fail once in a while. But they stick with their own trading edge all the time and do not look to the losses. Even winning trades do not ruin their performance with an overflow of dopamine inside of their head. To be a proper trader in the Forex marketplace, you will also have to be like that for a good performance. When it will be possible, the position sizing will be fixed for your trades and the returns will also be pleasing for your ego.

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I’m Thomas Stevens, a financial advisor who has a love for SEO. Anything numbers related excited me, so I started blogging about finances and budgeting. I also help others blog about finance – it’s always good to have a niche! Read More…

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I’m Thomas Stevens, a financial advisor who has a love for SEO.

Anything numbers related excited me, so I started blogging about finances and budgeting. I also help others blog about finance – it’s always good to have a niche!

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