Emblix: Blog Emblix: Blog https://www.emblix.org/blog/ Copyright by Emblix en Emblix Fri, 30 Oct 2020 14:47:01 -0400 Can Bankruptcy Help Prevent My Car From Being Repossessed?

According to The Washington Post; "A record 7 million Americans are 3 months behind on their car payments" - February 2019. That title says it all. In other words, if you are filing bankruptcy and have missed your car payments, but you still want to keep your car, you are not alone.

The Credit Union Journal has a recent article in the May 2019 edition titled; "In avoiding subprime auto loans, are Credit Unions shunning their roots?" It turns out that car loan defaults are once again at historic highs. This is a nationwide problem for lenders, and not just locally here in Ventura County or Los Angeles County.

There are legal remedies you can deploy to stop your car from being repossessed. Many consumers do not realize that under both Chapter 7 and Chapter 13 Bankruptcy Law you can temporarily prevent car repossession by your lender. This is because during bankruptcy proceedings the court issues an "Automatic Stay" prohibiting and preventing the lender from repossessing your car. The lender can ask the court remove the 'automatic stay' and if the court agrees, the lender may take possession of the car anyway, but this temporary stay may be all you need to get the lender's attention to work with you and your attorney on a modified repayment plan.

The best way to deal with this situation is to be in contact with your car lender, and it's best to do that through a bankruptcy attorney, it holds more weight. It also stops the lender from trying to bully you. Your attorney can renegotiate the terms and help you set up a new payment structure thus, allowing you to keep your automobile in a bankruptcy.

Consider if you will that lenders don't really want to repossess cars, they are not in the automotive business, they are in the lending business, they just want to be paid, as per the original agreement. If they realize that isn't going to happen, they will weigh their options and consider what's best for them. Perhaps, a reduced interest rate, reduced balance, or renegotiated terms are better for the lender than a repossessed used car with low resell market value due to wear and tear and depreciation. Face it lenders do not want to lose any more money than they absolutely have to.

Another important point you must remember; the 'automatic bankruptcy stay' is only temporary, and if you haven't been making timely payments, once your case is closed you can expect the lender to demand return of the car or they will repossess it. Also keep in mind that the stay is only good during the bankruptcy proceedings which for Chapter 7 lasts about 3 months or so.

What's the Best Way to Prevent Car Repossession During Bankruptcy Court Proceedings?

  • Make the payments
  • Make up missed payment
  • Come up with a repayment plan, ask court to approve it
  • Stay in contact with the lender through your attorney
  • Ask for some help perhaps paying interest only for a couple of payments
  • Renegotiate the Car Loan
  • Ask court if you can buy your car back for its fair market value (Redeeming Your Car under Chapter 7 Bankruptcy Law).
  • Ask your bankruptcy attorney about 'cramdown' strategies in Chapter 13 bankruptcy
What Can You Do If Your Car Is Repossessed Before the Bankruptcy Filing Date?

Ask your bankruptcy attorney to help you come up with a repayment plan so the lender can get the missed payments. If this has happened to you, and if your car has already been repossessed, do not delay. Call your bankruptcy attorney now! That's probably the best advice of all.

Summing it all up!

You need to know your rights and understand the motivations of your lender. You need a good solid bankruptcy lawyer who works for you, one who has dealt with the local lenders here in Ventura and LA County. An attorney who gets it and has decades of experience. With the right strategy, you'll be able to keep your car, prevent humiliation, and prevent loss of your transportation. After all, we live in California and you need a car.

Lance Winslow has launched a new series of eBooks on the Mobile Detailing Business. Lance Winslow is a retired Founder of a The Detail Guys, a Nationwide Franchise Chain, and now runs the Online Think Tank; http://www.worldthinktank.net.

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guide https://www.emblix.org/blog/can-bankruptcy-help-prevent-my-car-from-being-repossessed/ https://www.emblix.org/blog/can-bankruptcy-help-prevent-my-car-from-being-repossessed/ Editor Fri, 16 Oct 2020 04:45:12 -0400
6 Most Common Mistakes That New Bitcoin Traders Make

Are you thinking of getting started in the world of crypto trading? If so, make sure you avoid the most common mistakes. You will be better than most of crypto traders by avoiding these mistakes. The interesting thing is that almost every trader makes these mistakes without even realizing it. Without further ado, let's check out those common mistakes. Read on to find out more.

1. Emotional decision making

Beginners tend to trade emotionally. But the thing is that trading has nothing to do with your emotions. As a matter of fact, if you make decisions based on your emotions, you will be heading on the road failure.

2. Buying high and selling low

Another common mistake that beginners make is buying high and selling low. You don't want to get greedy while doing this business. What you need to do is buy low and sell high. This is the only way to make a profit trading Bitcoin.

3. Selling at once

Due to the two mistakes mentioned above, beginners purchase or sell their Bitcoins at once rather than buy and sell them gradually in small quantities. If you ask an experienced trader, they will ask you to sell 20% of your Bitcoin post 50% profit. But the problem is that new traders are too gready to sell. Therefore, they don't have the money to purchase dips. Some of them sell all of their Bitcoins at once.

4. Buying wrong currencies

New commerce purchase cryptocurrencies that make tons of promises using big words. But they don't know that these currencies don't provide any technical innovations, such as Litecoin, NEO, Tron and EOS, to name a few. The problem is that they are quite centralized blockchains. Therefore you may want to avoid them.

5. Putting your eggs in too many baskets

Because of the previous mistake, beginners tend to invest in a lot of cryptocurrencies. This is not a good idea as it can make it difficult for you to earn profits. Ideally, you may want to invest in 3 to 4 coins. In the world of cryptocurrency, you cannot afford to put all your eggs in tons of baskets.

6. Putting all eggs in one basket

Another common mistake is to put all your eggs in the same basket. Ideally, you must have a well-diversified portfolio. Apart from this, you may not want to deposit all your cryptocurrencies in the same wallet or exchange. What you need to do is make use of a minimum of three wallets. This will help you protect your investment.

Long story short, these are just some of the most common mistakes new cryptocurrency traders make. If you follow these steps, you will be less likely to make these mistakes. As a result, your investment will be safe and you will be more likely to make a profit rather than suffer a loss. Hopefully, these tips will help you get started as a new trader and make a lot of profit.

Do you want to buy or sell Bitcoin? If so, we suggest that you check out Bitcoin Trucker for more information.

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guide https://www.emblix.org/blog/6-most-common-mistakes-that-new-bitcoin-traders-make/ https://www.emblix.org/blog/6-most-common-mistakes-that-new-bitcoin-traders-make/ Editor Fri, 16 Oct 2020 04:41:31 -0400
2020 Study Reveals What Medicare Supplement Insurance Plans Seniors Buy Seniors turning 65 face a rather daunting task, picking a Medicare insurance plan that suits their present needs and budget. What makes the decision harder is the fact that the choice may need to meet their future needs as well. Predicting the future which could easily be 20 years is never easy.

Making the process even harder is that at the end of 2019, Medicare changed the rules. The most popular Medicare Supplement plan choice, Plan F, would no longer be available to future new enrollees.

For years, many insurance agents tried to simplify the decision for consumers by letting them know that Plan F, or the High Deductible Plan F version, were clearly the most popular choice.

That's why the first analysis of Medicare Supplement insurance buying patterns can be helpful. For the sake of clarity, Medicare Supplement is often referred to as Medigap.

One of the key advantages of a Medigap policy is the ability to use any medical professional who accepts Medicare. Medicare Advantage plans offer many attractive benefits - often a low or no-cost option is what stands out on television ads. That said, these plans may have specified providers and other limitations that make comparisons vitally important.

The first analysis of new 2020 Medicare enrollees selecting Medicare Supplement found that Medigap Plan G was the overwhelming choice. Some 66 percent of individuals chose this option. Plan N was the second most-popular plan choice with 18 percent of new applicants.

According to the American Association for Medicare Supplement Insurance, which published the findings, Medigap Plans A & B were selected by two (2) percent of new enrollees. The balance allocated their choices to other available plans. Massachusetts, Minnesota, and Wisconsin, have a different set of standardized plans, through a federal waiver.

Two valuable resources can help seniors find the best Medicare Supplement plan options. The first is a report showing the lowest as well as the highest cost. The Medicare Plan G Price Index lists rates for men and women turning 65 and reports prices for major cities across the country.

Rates can differ significantly. Often virtually identical coverage can cost twice as much. Furthermore, no one insurance company always had the lowest cost and likewise no insurer consistently had the highest cost.

The second resource is an online directory listing local Medicare insurance agents by Zip Code. The directory is free to use and completely private allowing consumers to see agent information without having to enter any personal information. Many of the agents can offer advise on all Medicare options including Medicare Advantage, Medigap as well as Medicare drug plan options.

Established in 2000, the American Association for Medicare Supplement Insurance is an advocacy and informational organization that strives to create heightened awareness for the many Medicare insurance planning options and supports insurance professionals who market Medicare insurance.

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guide https://www.emblix.org/blog/2020-study-reveals-what-medicare-supplement-insurance-plans-seniors-buy/ https://www.emblix.org/blog/2020-study-reveals-what-medicare-supplement-insurance-plans-seniors-buy/ Editor Sun, 04 Oct 2020 04:46:31 -0400
How to Increase Efficiency in an Accountancy Practice Through Technology Efficiency improvement has significant benefits to you and your practice. For example, improving the time it takes to do a job from 25 hours to 15 hours will significantly improve your bottom line. It will also allow you to have a much more manageable and controllable business. A business that works efficiently is less likely to make mistakes and be a lot less stressful for everyone, including the clients. Archimedia Accounts are Accountants In Nottingham who utilise technology to help run their accountancy practice like clockwork.

Yes, that’s right, the group that benefits the most from you having great systems and automation is the clients! Not because you can reduce their fee, don’t do this! But because you are less likely to make mistakes, less likely to waste their time on something that should be systemised, and it means you can spend your extra time serving them on things they really value rather than things that should be automated.

In order to test this theory think about buying a car from a second hand car dealership. If you went to a small family business you would get great customer service from someone who is probably the owner. He/she would make you feel welcome, talk to you about your day, and you would get served very well. Arnold Clark on the other hand will present you with a big bearded man who treats you questionably. Though all this is true, I personally would buy a car from Arnold Clark, simply because the time it takes them to give me 4 cars to test drive and then choose my perfect car is 5 times less than the family business! They have great systems. I recently bough one from Arnold Clark and I asked the sales man how much paper work he would have to do after a gave him my debit card, he said “5 minutes, it was 2 hours at my last job”.

It seems hard to increase efficiency, but there are some tried and tested ways of doing it.

1. Technology

a. Invoice collection software

This is a no-brainer now, you should be using Receipt Bank, Hubdoc, or something similar. You are actually under-serving clients if you aren’t. Have you ever tried to scan invoices to someone, it is annoying! Giving clients the ability to simply take a picture of an invoice or forward it on as they get them is beautiful.

Use the “invoice fetch” feature in Receipt Bank, it saves clients logging in to websites that don’t email them invoices.

b. Xero/Quickbooks

Again it goes without saying that you should have nearly all clients on cloud accounting software. If you don’t then make it a project and simply get it done.

c. Other software

You should have software automation in Proposals, Practice Management Software, and Project Management e.g. Trello.

2. Automation

There are a number of ways of increasing automation in your practice. We recommend using the app called Zapier. It works by connecting all your existing apps so that you can ensure the entire workflow is connected through all the apps. For example, getting a new lead through your website adds this to your CRM (customer relationship management software) automatically, and then this sends an email automatically to the potential client letting them know that you are here, care about them and you could even send a video so there is a face behind the company.

Talk to other firms to find out how they are automating Payroll software, to the Practice Manager, to Expenses (e.g. Expensify and Tripcatcher), to Cash flow forecasting (e.g. fluidity or fathom), to payments (e.g. GoCardless).

An Accountant is quickly becoming the central board of Advise for clients, including technology and automation. Introducing these into your own firm means that you have the authority to do the same in your client’s businesses. Don’t be afraid to make this move, the more you automate the more future-proof your practice will be.

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guide https://www.emblix.org/blog/how-to-increase-efficiency-in-an-accountancy-practice-through-technology/ https://www.emblix.org/blog/how-to-increase-efficiency-in-an-accountancy-practice-through-technology/ Editor Thu, 17 Sep 2020 09:55:53 -0400
Investments That Will Make Your Life 100x Easier When You Are a New Parent

So, you’re pregnant… congratulations!

No doubt the news filled you with immense joy and excitement, which was then followed shortly by an equal dose of fear, uncertainty and terror.

When you’ve asked your friends for advice and tips, chances are that they’ll have told you the same thing: ‘nothing can prepare you’. Wow, helpful!

While it’s certainly true that nothing can prepare you (sorry!), it’s also true that there are lots of handy tips, tools, and products that can make life at least a little bit easier. Okay, a LOT easier.

Here are some investments that every new parent should look into:

Amazon Prime:

Amazon Prime is a life-line for new parents. The main feature of Prime is that it offers next-day delivery along with free delivery. This in turn means that you can have anything you need within 24 hours. And that’s game changing.

Have you run out of nappies? Amazon Prime. Need a bib? Amazon Prime. Bed broken? Amazon Prime!

What you may not realize is that many times you will be too busy to leave the house. At all. For days. As such, you either order-in, or you don’t get the thing you need!

And as a great added bonus, Amazon Prime also gives you access to Amazon Movies, which means you’ll be able to bring up a bunch of great programs to keep your toddler subdued while you do other things.

Hands-Free Kit for your cell phone:

A hands-free kit is another incredibly useful tool for parents. Because not only will you be stuck in the house or your apartment a lot of the time, but you’ll also be unable to use your hands a lot of the time.

That means you won’t be able to speak with friends or with your electrician. Unless you have a hands-free kit that is! In which case, you’ll be able to much more easily stay in touch with others without having to put baby down.

Co-Sleeper:

A co-sleeper is a cot that has one removable or collapsible side. The idea is that this will allow you to push it next to your bed, so that your baby is lying with you and you can put your arm around them should you so wish. However, they also aren’t actually in your bed, meaning you can’t roll on top of them!

This may or may not suit your parenting style as some parents prefer not to sleep with their children. But if you’re happy to sleep in the same room, then a co-sleeper can reduce stress and give you fewer disturbed nights!

Baby Monitor:

Okay, so this isn’t exactly news – you likely know you need a baby monitor! But the question is, “What kind?” If you get a baby monitor with a camera, it can work wonders when it comes to putting your mind at rest.

Some parents feel it is invading the baby’s privacy, but again this comes down to parenting styles. You can even get monitors that log heart-rate, though this can lead to some scary moments if the device ever malfunctions!

Another feature that is very useful is to have soothing sounds and music. Many parents say these can work wonders when it comes to helping their children get to sleep – as can VOIP so that you can speak to your baby and soothe them from afar. Consider your options!

Front Carrier:

A front pouch for your baby makes a lot of sense when they are still very young. A newly-born child should be kept as close to the mother as possible a lot of the time – almost as though they were still in the womb.

A front carrier helps them to feel calmer and happier. It also allows you to free up your hands and actually get things done!

Conclusions:

Some of these items may seem expensive, but they are well worth their cost many times over and are very good investments. Sometimes they may save the day for you, and other times they might just bring peace of mind. How do you put a cost on that?

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guide https://www.emblix.org/blog/investments-that-will-make-your-life-100x-easier-when-you-are-a-new-parent/ https://www.emblix.org/blog/investments-that-will-make-your-life-100x-easier-when-you-are-a-new-parent/ Editor Wed, 29 Jul 2020 05:02:32 -0400
How to Eliminate Money Arguments in Your Marriage

Marital arguments about money have been going on since the invention of money. While all arguments can take their toll, disagreements over finances can be particularly distressing. Studies show that money issues are among the leading causes of divorce! This is a worthwhile subject to get under control. Not only will your finances improve, but your marriage will strengthen, too.

These steps can keep money arguments to a minimum:

1. Agree on a budget

Many couples don’t have a budget, but a budget is useful for everyone, even billionaires. If you can both agree on a spending plan, many potential arguments can be avoided. After all, if someone is outspending the budget, it’s difficult to argue about fault.

It’s practically impossible to get a budget right on the first attempt. Good budgets evolve over a few months. It will take some tinkering to get it right. Be patient and make the necessary adjustments as you go along.

Use the information you already have. Pull out old bills and use some real numbers. Remember to consider expenses that occur less frequently than once a month. New tires, home repairs, and medical expenses are just a few ideas.

2. Be completely open

Many couples are exactly sure how much money their spouse is making. Many more spouses are in the dark about their partner’s debt and credit history. It’s not always easy, but a full financial disclosure can prevent many disagreements.

Knowing each other’s financial status will make it easier to agree on a financial plan.

This includes being honest about all spending. More than a few women hide clothing and shoe purchases from their spouse in the back of the closet. More than a few men buy tools on a regular basis and sneak them into the garage. Be honest.

3. Set financial goals together

If you’re both working toward the same things, it will bring you closer together. Partnership and marriage go hand in hand. Sharing a vision is an effective way of limiting arguments.

Sit down together and dream big about the future. Then decide how that looks financially. What plans will you have to make? How will you accomplish them? Set a deadline and get busy.

4. Deal with discrepancies in pay

In most cases, one spouse has a greater salary than the other. Splitting the bills 50:50 might be fair in one context, but it can also create resentment. One option is to pay the bills relative to the salaries. So, if one person is making $100k, and the other is making $50k, the bills would be split 2/3 and 1/3.

5. Deal with discrepancies in expenses and debt

If one spouse has child support payments to make or a large amount of student loan debt, the other might want to consider making adjustments for this when dealing with the bills. Partners help each other out. If you want to share in the windfalls, it’s only fair to share with the less agreeable things, too.

6. Handle disagreements in a healthy manner

Disagreements will occur, no matter how good the intentions. It’s important to keep the discussion centered on behaviors and not people. Disagreements can be handled in a healthy manner, which might be a good thing for your health! There’s a difference between, “This purchase wasn’t within our budget” and “You ruined our budget.”

When a disagreement occurs, find a solution that will prevent a reoccurrence.

Conclusion:

Minimizing money-related arguments is a great way to strengthen a marriage. It’s also a great way to get your finances under control. Many of the steps involved will encourage healthy finances. Protect your marriage and do what’s necessary to eliminate money arguments.

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guide https://www.emblix.org/blog/how-to-eliminate-money-arguments-in-your-marriage/ https://www.emblix.org/blog/how-to-eliminate-money-arguments-in-your-marriage/ Editor Tue, 28 Jul 2020 09:12:24 -0400
9 Steps to Removing Credit Report Errors

Checking your credit reports on an annual basis can be a great idea. A study done by the Federal Trade Commission found that 25% of all consumers have an error on their credit report that negatively impacts their credit score. There’s a good chance that your reports have one or more errors.

The study also showed that 80% of those that challenge items on their credit report are able to get at least some of the negative information altered or removed. That’s great news!

Follow this process to get these errors corrected:

1. Get copies of your credit report from the three major bureaus.

You can get a free copy of each report each year from AnnualCreditReport.com. If you’ve recently been rejected for credit, you’re also entitled to a free copy of the report containing the derogatory information.

2. Get your official credit scores.

It would be a shame to do all this work and not know how much of an effect your efforts had on the metric that matters the most.

3. Find and record all the errors that are harming your credit score.

Some people decide to simply challenge all the negative information, whether it’s accurate or not.

4. Write a dispute.

Your dispute can be very simple. Provide enough information that the credit bureau can identify you and the item you’re disputing. In general, it’s most effective to declare that you were never late or that the account isn’t yours.

5. Mail your disputes and request a return receipt.

The credit bureau is on the clock from the time they receive your complaint. If they can’t complete their investigation within 30 days, they basically have to make the changes you requested. Include only one dispute per letter.

The credit bureaus would love for you to file your dispute online. It saves them money and helps to automate the process. Receiving your letter is much more cumbersome for them. So send your complaints via snail-mail.

6. Watch the calendar.

Their response should be postmarked within 30 days of receiving your letters.

7. Evaluate the responses you receive back.

It’s likely that some of your disputes will be found in your favor. It’s also likely that some will not. One credit bureau has been known to simply give you what you want without investigating at all!

8. Continue disputing all the negative items.

At the end of the day, the credit bureaus exist to make money. They make money by selling credit reports, not by dealing with consumers. Your disputes cost them money. With a little diligence, you’re likely to get your way, so be persistent.

Consumers have historically done well when suing the credit bureaus. It’s difficult for them to truly verify the information in your credit reports. If you’re not satisfied with the results, consider filing a claim in small claims court. Credit bureaus get fined $1,000 per infraction. You’ll likely settle out of court and get your credit report cleaned up.

9. Stay organized.

Maintain records of all your correspondence. Make copies and keep those copies filed in an organized manner. Be sure to keep track of dates.

Conclusion:

Fixing the errors on your credit reports is simple, but it does take time. It’s important to check your reports every year. The cost of credit reporting errors can be staggering, as they can dramatically increase your interest rates on any loans you receive.

Request your credit reports today and spend the time to examine them carefully. Consider making it a part of your annual financial housekeeping.

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guide https://www.emblix.org/blog/9-steps-to-removing-credit-report-errors/ https://www.emblix.org/blog/9-steps-to-removing-credit-report-errors/ Editor Wed, 22 Jul 2020 04:45:25 -0400
7 Important Financial Actions for Widows and Widowers

The loss of a spouse is challenging emotionally and financially. Death is an uncomfortable subject and few of us have prepared sufficiently to deal with the aftermath. However, if you find yourself in this situation, there are steps you can take to minimize the negative financial aspects.

When a spouse passes away, women are often in a more challenging situation than men are. On the average, women earn less, save less, and start investing much later in life.

Consider these steps after the loss of a spouse:

1. Acquire multiple copies of the death certificate.

You’ll find that you can’t have too many copies. It’s necessary to send a copy to the Social Security Administration, credit card companies, insurance companies, and many other financial institutions. The death certificate is necessary to verify your spouse’s death.

A death certificate is also necessary to change or remove names from accounts. This can also include changing beneficiaries.

Fifteen copies should be sufficient.

2. Contact the necessary professionals first.

Ideally, you’ll speak with a tax accountant and an estate-planning attorney before taking any significant action. These experts are knowledgeable on the financial ramifications of your situation. Before receiving an insurance payout or taking any other major financial step, speak with an expert.

Avoid taking the advice of well-meaning friends and family. Unless you know someone that works in an applicable field, their advice isn’t likely to be your best course of action.

3. Update your will.

It’s likely that your spouse was the primary beneficiary of your will. Updating your will is necessary for other reasons. In most states, your will becomes invalid when your spouse dies. This means the state will determine how your assets are distributed until a new will is created.

4. Contact the social security administration.

You are probably eligible for a death benefit and a survivor’s benefit. This can be a huge help with funeral expenses.

5. Ensure that you’re paying your bills on time.

It’s common during times of grief and stress to ignore day-to-day activities. Remember to take care of yourself and pay your bills on time. The additional stress of late fees and phone calls from creditors is the last thing you want or need.

6. Collect all insurance policies and contact the companies.

This includes life insurance, automobile insurance, any insurance provided by your spouse’s employer, mortgage insurance, and any other insurance.

In some cases, you’ll receive a benefit. In others, you may receive a refund when you cancel a policy that has become unnecessary. There are instances where you may keep a policy, but wish to change the beneficiaries.

7. Contact the Department of Veteran’s Affairs if your spouse was in the military.

There are funds available for funeral expenses. It’s also possible to receive monthly payments if your spouse was receiving disability benefits.

Conclusion:

These are just a few of the necessary steps to secure your finances if your spouse passes away. It’s very important to work with the appropriate financial experts.

Most importantly, speak with your spouse before this circumstance occurs. Discuss how these financial issues will be handled and get your papers in order. Take the initiative to get organized beforehand.

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guide https://www.emblix.org/blog/7-important-financial-actions-for-widows-and-widowers/ https://www.emblix.org/blog/7-important-financial-actions-for-widows-and-widowers/ Editor Mon, 29 Jun 2020 04:53:52 -0400
COVID-19 Personal Finances Effects in Canada Could Be Harsh Despite Government Help

Effects of COVID-19 on Canadians' personal finances could be severe. But now might be opportune to make tough decisions to reset crucial lifestyle choices that led to massive debt build-up since the Great Recession.

The federal government stepped up and is providing relief to workers and businesses to cushion the impact of job and income losses. Banks are deferring loans and mortgage payments. And some landlords deferred rent. These positive moves will help many people and businesses, but Canadians' starting financial situation is fragile.

COVID-19 Could Push Folks to Bankruptcy

In January 2019, almost half of Canadians surveyed said they were $200 away from bankruptcy. Besides, 45 per cent of those surveyed said they would need to go deeper into debt to pay their living and family expenses. And in a recent survey, more than one million Canadians said they were on the verge of bankruptcy.

Canadians are among the most indebted people in the developed world. The compound annual growth rate (CAGR) of household debt to disposable income (after tax income) ratio prior to the Great Recession (2007) to quarter three 2019 was 2% - rising from $1.45 to $1.77 debt to $1.00 income. For every one dollar of after tax income, the average household owed $1.45 and $1.77. Meanwhile, Americans reduced average household debt over the same period, from $1.38 to $1.02 debt to $1.00 income.

The CAGR of average Canadian household spending between 2009 and 2017, the latest figures available from Statistics Canada, was 2.1%. Housing and transportation's CAGR was 3% each during that time. In both periods, housing, taxes, transportation, and food accounted for 64% of total spending. Heath care expenses remained at 3% going from $2,000 to $2,500 over the same period.

Per capita household income rose by a CAGR of 2.5% between 2007 and 2016, about the same as inflation.

The debt service ratio, debt as a percentage of disposable income, is more realistic to assess the probability of debt repayment. American's ratio fell from 13% in 2007 to 10% at the end of 2019. Canadians' ratio in 2019 remained at 2007 record high level of 14.9%.

Conclusion

I pray you find these guides helpful to navigate today's unprecedented situation:

  1. Prepare a budget for the next three to six months. Understand that a budget is not a constraining tool, but a freeing device. It's your best estimate of likely expenses in a future period to meet particular goals. You control it. It must never control you. If you are married, you and your spouse need to be on the same page to benefit.
  2. Remember, deferred loan repayments will be due in a few months, so include repayments in your budget and try to set aside those funds.
  3. If workable, pay down your high cost consumer debts.
  4. If you have an emergency or capital fund, do not use it unless you apply the affordability index.
  5. Don't be afraid to seek help from your church or trusted advisers.
Listen to genuine experts, stay home if viable and practice physical distancing. Jesus' blood covers His followers, but He gave us common sense to make wise choices. Meanwhile, let us continue to follow the golden rule and do to others what we would like them do to us.

I am grateful to those on the front lines keeping us safe. Now that we know who are essential in our society, I pray we will respect and compensate them well, now and when we get past this stage.

Stay safe!

Michel A. Bell is author of six books including Business Simplified, speaker, adjunct professor of business administration at Briercrest College and seminary, and founder and president of Managing God's Money, a mission devoted to providing free Christian financial and biblical stewardship advice. For information, visit https://managinggodsmoney.com.

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guide https://www.emblix.org/blog/covid-19-personal-finances-effects-in-canada-could-be-harsh-despite-government-help/ https://www.emblix.org/blog/covid-19-personal-finances-effects-in-canada-could-be-harsh-despite-government-help/ Editor Mon, 29 Jun 2020 04:42:06 -0400
6 Tips For Success As A Trader

If you are new to options trading, you are on the right page. In this article, we are going to share with you 6 tips that will help you be successful as a trader. With these tips on your mind, you can avoid common mistakes and follow the right strategies in order to get closer to your success. Without further ado, let's check out those simple tips.

1. Don't invest too much

If you want to be successful as a trader, you don't want to put all your money at risk. One day you will retire and you will need plenty of money to lead a good life. Therefore, you may want to invest your money conservatively.

Although you can use the money you have saved for a day trade from time to time, always try to be on the safe side. In other words, you should not spend the money that you cannot afford to lose.

2. Be patient

Another sign of a successful trader is that they don't trade on a daily basis. So, what you need to do is grab the opportunities that can meet your criteria. it is not a good idea to grab every opportunity that you can find. You don't want to go against your own judgment just because there is an opportunity available. You must have a solid plan in place and always be patient.

3. Be disciplined

You must have a solid trading plan in place, and you should do nothing against it. If you are trading yourself, you don't want to adopt impulsive behavior. You don't want to be greedy as it can cost you a lot of money. If you think you can get rich in a single day, you are making a grave mistake. You must always be disciplined.

4. Don't be afraid to grab an opportunity

Often, new traders tend to be overwhelmed in the beginning. They are too afraid to grab the opportunities that show up in their way. But you don't need to worry as long as you are disciplined and have a solid plan to follow. So, you don't need to be afraid of pushing the button. If you are patient and disciplined, you will surely achieve the success you desire.

5. Don't take a lot of risk

As I said earlier, it's not a good idea to invest too much capital in a single trade. This will not only put you at greater risk, but it will also cause you to miss out on a lot of opportunities down the road. Therefore, you should only spend 10% of the amount of money you have set aside for trading. This will help you be on the safe side.

6. Learn from Experience

Traders suffer from losses on a daily basis due to their grave mistakes. So, what you need to do is learn from others, and follow a rule-based strategy. Apart from this, you should always try to be yourself and never try to cross the line.

Long story short, if you want to be successful as an options trader, we suggest that you follow these steps. This will help you be on the safe side and avoid the common mistakes that can make you suffer a loss during this journey.

If you are looking for the best options trading system, we suggest that give a go to OptionsGeek today. They offer great services.

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guide https://www.emblix.org/blog/6-tips-for-success-as-a-trader/ https://www.emblix.org/blog/6-tips-for-success-as-a-trader/ Editor Tue, 16 Jun 2020 04:38:53 -0400
What Are Bounce Trader and Intraday Traders And Their Strategies

Among the substantial reasons that Forex currency trading has such a broad appeal is that the existence of various trading styles and approaches which may be implemented. Those traders searching for quick moves can accommodate scalping strategies. Most Forex traders put trades that have moderate-size intraday durations that permit the currency pair to undergo an assortment. Currency trading may also contain the objective of trading for earnings. This objective is featured in taking trades and can be a dominant approach of vital hedge funds and associations. But make trades will also be feasible for the ordinary retail trader.

The start trader must research a number of these strategies and styles by making trading setups that use a blend of technical indicators and chart patterns to pinpoint requirements for trade.

As we could see, there's no single style of gambling, nor anybody specialized index or methodology, that'll be adequate. Successful trading of currency is a combo of essential expertise, technological strategies, and expertise in pattern recognition. When there are many avenues to success as soon as you opt for a specific style, you will find setups that have proven effective for every procedure. Let us discuss each individual with a few examples of the application. The purchase price of those styles doesn't reflect any defect. Each of the features is valid to be used in currency trading.

Bounce Trader

The rebound trader waits for costs to input into ranges. The price may be coming with an uptrend or a downtrend. However, there are very likely to be emptied along the road. The bounce trader will Pick a way to trade and wait for the collapse of this cost to penetrate support or resistance. The price may close above resistance or support but then move to drop back again.

A trader is on the lookout for a 15+ pip transfer variant. These indexes are lined up and offer high assurance that the installation for your trade is fair. The setup aligned itself to many bounces from the top and underside deals. Significant to notice in the structure is that the convergence of the top channel line using the large Bollinger ring. The scope is roughly 40 pips. This usually means the trade must save slippage and trade-off at the bottom or top.

Intraday Trader

Even the intraday trader has much more patience and wishes to go to get a more substantial movement compared to the frequent aim of 15 pips. It requires investing off more extended periods like the 30-minute along with 4-hour graphs. Even the intraday trader is searching for a broader range of 60 pips or longer to find a trade, somewhat close to resistance or support. This trade demands a"sniper" mind-set to await the right design.

Click Here to learn how to make money online trading foreign currencies.

By the way, do you want to learn more about Trading Styles and Strategies? If so, go to my website and obtain my FREE guide: https://www.makemoneyonlinehappy.com

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guide https://www.emblix.org/blog/what-are-bounce-trader-and-intraday-traders-and-their-strategies/ https://www.emblix.org/blog/what-are-bounce-trader-and-intraday-traders-and-their-strategies/ Editor Thu, 11 Jun 2020 04:43:12 -0400
The Ugly Truth About Investment Loyalty I've been a Manchester City fan since 1970. I chose to support them as all my friends were either Leeds United or Manchester United fans, and Manchester City were an attractive footballing alternative who were having a bit of success at the time, winning the league and the FA Cup in consecutive years. However, just as I formed my allegiance to them their success dried up and apart from a couple of cup runs they remained relatively unsuccessful until 2011. You know what it's like though - once you've made your choice of team it's incumbent upon you to stick with them through thick and thin. After all that's what supporting a football team is all about; you make your choice, and for better or worse you remain loyal to them whatever happens.

Just imagine though if I'd been prepared to switch my support between different teams over the years based on their performance, rather than simply sticking with Manchester City? Had I for example, switched to a blend of Liverpool and Leeds Utd in the 70's, Liverpool and Everton or Arsenal in the 80's and Manchester Utd and Arsenal in the 90's and noughties before reverting to Manchester City, I would have enjoyed way more success as a result. Between them they were either first or second in the league every year throughout that period, winning numerous cups long the way too.

And it would have been quite possible to chose those clubs based on their results, coupled with a bit of football nouse. Indeed, the pundits have only failed to predict all the top teams in a couple of the last 40 plus years, most recently when Leicester surprised everyone by winning the league in 2016. In virtually all other seasons the top three or four teams have been easily identifiable by those with the experience and expertise to pick them out.

Now, being a football supporter is an entirely emotive decision, which is why we tend to stay loyal to one particular club. So why do many of us behave like football fans when it comes to choosing Fund Managers to look after our investments? That shouldn't be an emotive decision at all, yet far too often we hold off moving our money when results are not going the way they should and there are better alternatives available.

Now, I do understand that everyone can go through a bit of a lean period, and sometimes it is better to give your incumbent the benefit of the doubt for a time. Clearly that is not always the case, as the recent fall from grace of the one time darling of the investment world, Neil Woodford, is a timely reminder.

So when it comes to your money surely the key is to make evidence backed, emotion free informed decisions about switching, and on a regular basis? Of course, not all of us have the time or the expertise to do this which is why many of us chose an adviser to do it for us.

Choosing an adviser wisely is clearly important, as they will of course charge for this service, but it is not all about the cost; it's about value for money. Look for an adviser with a dedicated investment department, with full time, daily focus on the investment performance of their panel funds. Get them to give you testimonials from satisfied customers along with the number and scoring of verified reviews they've had from clients, and ask them about their recent investment performance. They should also be prepared to back up their claims about investment success with hard facts which clearly demonstrate they are indeed followers of the latest winners and not blindly loyal, or just plain lazy.

And choosing winners works whether you're a fan of active or passive funds, so this sort of support can work whatever your investment philosophy. Check out the following link for more information https://www.ellisbates.com/individuals/investments/

Of course, being a Manchester City fan is now much more enjoyable than it was 30 years ago, but one thing I have learnt in the past 50 years is that I can't and won't take their recent success for granted and I know it won't last for ever. I am enjoying it whilst it does though!

Ellis Bates Financial Advisers are independent financial advisers with offices across the United Kingdom. They specialise in active investment management of over £1 billion of assets on behalf of clients, who have given them a 4.9/5.00 score with Trustist.

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guide https://www.emblix.org/blog/the-ugly-truth-about-investment-loyalty/ https://www.emblix.org/blog/the-ugly-truth-about-investment-loyalty/ Editor Sun, 17 May 2020 04:39:37 -0400
5 Steps To Improve Your Credit

Whether, you are focused on, becoming, as prepared as possible, to purchase a home, of your own, or, you are concerned about any aspect, of maximizing your personal credit, in a personally, beneficial way, it's important and essential, as well as wise, to pay keen attention, to credit - related issues, and to take, every possible step, to maximize your comfort zone, and proceed throughout life, in a far less stressful way! Having been involved in finance, and financial planning for decades, as well as a Real Estate Licensed Salesperson, in the State of New York, for approximately 15 years, I believe, most people, might benefit from, knowing, understanding, using, and taking advantage of these 5 steps, to improve your credit - worthiness. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, why this is an important consideration, for each of us.

1. Obtain a copy of your Credit Report: You are entitled to, once - per - year, receive a copy of your Credit Report, from one of the 3 major bureaus. Look at more, than merely, the rating number, but, also examine and consider, the factors and considerations, involved! Review this document, carefully, and inspect for any errors, etc.

2. Correct errors: Proactively, proceed, and correct all errors! You can do so, by yourself, or use, one of the major companies, which specialize in addressing and correcting these!

3. Pay down your debts: Begin, paying - down, your debts and obligations. Prioritizing, paying off, those with the highest interest rates, first, and, you will reduce your monthly obligations, easing your financial life, while enhancing your personal credit! Lending institutions, etc, weigh your existing debt, when making decisions, about granting future loans, including mortgages, etc.

4. Avoid new debts: When paying off your existing bills, avoid making the mistake of acquiring any new debt! Avoid taking out new credit cards, because of any considerations. Many make the mistake of acquiring new ones, because a special rate, etc, is offered. Remember, the goal, must be, proceeding with a better, financial plan!

5. Check again, after about 6 months: Fixing this, takes time, effort, commitment, and personal discipline! It should be a step - by - step, process, and, if done properly, effectively, and thoroughly, you should begin to see improvements. After about 6 months, check again!

Make your life, easier, and more comfortable, by paying keen attention, to the best way, to improve your personal finances, etc! Will you commit to this process, and action plan?

Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development, and financial planning seminars, for 4 decades, and a RE Licensed Salesperson, for a decade+. Rich has written three books and thousands of articles. Website: http://PortWashingtonLongIslandHouses.com and LIKE the Facebook page for real estate: http://facebook.com/PortWashRE

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guide https://www.emblix.org/blog/5-steps-to-improve-your-credit/ https://www.emblix.org/blog/5-steps-to-improve-your-credit/ Editor Sat, 16 May 2020 04:40:14 -0400
Budgeting In Your 20s: How To Get Started?

If you're in your 20s, this is the right time when you can set an ideal stage for your life. To set yourself up for a bright future, you need to make the right financial decision and enjoy your life in a hassle-free manner. For securing a stress-free retirement, you should start building the solid financial habits which include budgeting in your 20s.

Here are the reasons why you should start budgeting in your 20s

  1. Reduce Your Financial Burdens for Future: If you've started saving money early, you'll face less burden financially to fulfill your responsibilities in the future. However, it is also very important to know how to stick on a reasonable budget so that you are prepared for any urgent financial situations.
  2. Afford the Lifestyle You Desire: Preparing a spending plan early in your 20s will help you make the most of your earned money. You can control spending on unneeded things by tracking your expenses so that it will help you find ways for improvement. In addition to that, it will also help you save money on the things that you really want like a vacation abroad or buy your dream car.
  3. Makes You Become Free from Debt Faster: Budgeting makes the things quite easier to get rid of your debt much faster without even putting pressure on the paycheck. By sticking to a routine money-saving plan, you can easily tackle your debts earlier. As a result, you can save a little amount of money each and every month.
  4. Be Prepare for Unexpected Expenses: A leaking of roof, car problems or any type of urgent medical appoints can come up suddenly that requires immediate attention. In such circumstances, having a budget will completely help you save extra money for these unplanned expenses.
What are the ways to start budgeting in your 20s?

Budgeting is very important, but it does not need to be complicated. Just be realistic with yourself and then start planning for your budget with these six simple steps:

• Set your short-term, small or medium goals

• Categorize your complete spending

• Work out on your monthly income

• Always track your monthly spending

• Adjust your monthly budget in order to make it sustainable

• Start setting ideal goals for your budget for each category

Nowadays, there are a lot of resources available to help you budget; whether you want to manage by yourself, or taking help from professionals. Consider all the options and select the one looks best for you. The earlier you prepare your budget, the quicker you will start saving money, and the faster you will be independent financially. So, start saving today!

If you need extra cash to fix a financial emergency, opt for payday loans online from CashOne to help you with your needs.

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guide https://www.emblix.org/blog/budgeting-in-your-20s-how-to-get-started/ https://www.emblix.org/blog/budgeting-in-your-20s-how-to-get-started/ Editor Wed, 29 Apr 2020 04:38:15 -0400
The Bottom Line: Why Shrewd Customers Use An Adviser Let's face it - Financial Advisers have a bit of an image problem. In the public's mind they probably rank alongside bankers, second-hand car dealers and estate agents in the trustworthiness stakes, and every investment fraud and mis-selling scandal that's gleefully reported by the press does nothing to improve this. Then there's the thorny issue of fees, and the anecdotal view that Adviser fees are unjustifiably high, and that they're all simply out to line their own pockets at the customer's expense.

So, is this image and reputation deserved? Should Financial Advisers be viewed with suspicion or is this all a myth? Let's take a look at a few facts.

In 2017 the ILC-UK published its report The Value of Financial Advice, which quantified, for the first time, the real value of taking financial advice. The results strongly demonstrate the positive value of financial advice for consumers - both amongst those who are wealthy and those less well-off too.

The report concluded that those who were wealthy and took financial advice accumulated 17% more in liquid financial assets and 16% more in pension wealth than those who hadn't consulted an Adviser. For those 'just getting by' the figures were even more dramatic - 39% more liquid assets and 21% more pension wealth for those who took advice; all more than enough to justify the fees charged by the Adviser.

Alongside demonstrating real value for their customers, evidence from this report also reveals that the experience of taking advice is highly satisfactory - 9 in 10 people were satisfied with the advice received with the vast majority deciding to go with their Adviser's recommendation.

In December last year ILC-UK issued an updated analysis which not only reinforced their 2017 findings but in addition demonstrated that fostering an ongoing relationship with a Financial Adviser leads to even better financial outcomes. For example, those who reported receiving advice at both time points in ILC's analysis had nearly 50% higher average pension wealth than those only advised at the start.

So, given this independent assessment, it begs the question why Advisers have such a poor image, and since advice has clear benefits for customers, why more people don't seek it? The ILC-UK report sheds some light on this too.

The two most powerful driving forces of whether people sought advice were whether the individual trusts the Adviser providing the advice and that individual's level of financial capability. Clearly therefore the more Advisers can demonstrate trustworthiness, the more likely they are to attract customers.

There are a number of ways you can assess an Adviser's credentials - checking they are actually on the FCA register and how long they have been in business is a good starting point. The most effective check however is to ask their customers. Get the prospective Adviser to give you testimonials from satisfied customers along with the number and scoring of verified reviews they've had from clients. At Ellis Bates Financial Advisers we encourage all our customers to leave a review of the service they have received with an independent review company.

The International Longevity Centre UK (ILC) is the UK's specialist think tank on the impact of longevity on society. The ILC was established in 1997, as one of the founder members of the International Longevity Centre Global Alliance, an international network on longevity.

Ellis Bates Financial Advisers are independent financial advisers with offices across the United Kingdom. They specialise in active investment management of over £1 billion of assets on behalf of clients, who have given them a 4.9/5.00 score with Trustist.

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guide https://www.emblix.org/blog/the-bottom-line-why-shrewd-customers-use-an-adviser/ https://www.emblix.org/blog/the-bottom-line-why-shrewd-customers-use-an-adviser/ Editor Thu, 16 Apr 2020 04:47:50 -0400
How Much Are You Paying For Free Stuff?

There is no such thing as free stuff in reality - someone has to create the product and pay the cost of producing it. The trick is that sometimes the cost of the stuff is transferred to another person or paid for using some alternate method that is not obvious. How can you pay for free stuff? With time, stress and restrictions as opposed to what you would normally do.

Wasting Time

Are you wasting time jumping through hoops to collect the free stuff? The saying "time is money" applies to anyone, not just business people because time is something you cannot have back once it has been lost or "used up". The way to know how much your time costs is by comparing it to money. If I spend an hour a month working to obtain "free stuff" and I could be doing something that pays me $20 per hour, then I am paying $20 per month. There are instances where you may save time, but are not necessarily getting paid for it. What else would you rather be doing instead of chasing free stuff? Maybe you are learning something new, researching a deal that could save you money somewhere else, you can do tasks that you may be paying someone else to do, or change a habit that may save you money. This concept is very individual, and you would have to see where your time goes to understand where the trade-offs are. I often ask people: "Where Does Your Money Go?" There is a corresponding question which in many ways is more important: Where Does Your Time Go?" Given all of the complaining about not having enough time, this question should be examined more closely.

Personal Information

Many sources of free stuff will present themselves only if you provide personal information. What is wrong with this? You could argue that it does not matter to you since all of my information is out there anyway and I have nothing to hide. Whether this is true or not still leaves you vulnerable to the filling out of endless forms or sifting through telephone calls and emails which you are likely not interested in engaging in. Your information may be "shared" or sold to other vendors whom you did not deal with directly and which will add to the annoyance and time wasting. In the age of computer hacks and identity theft, the more places personal information is available, the more likely this will happen to you. Aside from the stress and time spent in cancelling credit cards, updating anti-virus software and chasing down money taken from your accounts, there is also a greater chance of fraud and theft which is a great disturbance to your life. The effects of that may linger on for years after the occurrence. The best security measure you can take is not to put information into a technology platform in the first place.

Restrictions on Shopping

The old adage of saving money on buying products is to "shop around" for the best offer. If you have ever done this, you will know there are sometimes wide divergences in the prices of goods either from different locations or different times of the year. One of my most valuable ways of saving money is to shop when / where other people do not. If you are collecting points, are you still going to do the comparison to get the best deal in spite of the points not being collected? From the people I have seen, I think the answer is no. It is not likely that one store or web site will always have the best deals. Even the known cheaper stores may have expensive products.

Being Organized

Is being organized and doing administrative tasks natural for you? If it is, tracking points and optimizing their use would be second nature to you. I find many people are the opposite - filling out forms, doing paperwork, calculating discounts or accounting for taxes on purchases is not their strong suit. If you want proof, go to dinner with a bunch of people and see how the tip is calculated. If people bother with it at all, the will use the computer or an app to do it for them. An app or computer cannot make decisions for you when it comes to buying products with intangible elements like time, aggravation and stress built into the equation.

The Pretzel

Are you forced to buy things or utilize services that you really don't want or at times that are not convenient for you? Do these choices cost you in many other ways? A classic example is flying somewhere on points. Yes, the flight is free, but it is at 3 am on Monday morning. You may have been able to take transit to the airport, but at such an odd time, you will need a limo or a taxi cab. The flight could have been direct, but the free flight may have 1 or 2 layovers where you are wasting hours at the airport(s). Since time is being wasted at the airport, you will buy more expensive meals and utilize more roaming charges unless you plan ahead. If you have to stay overnight for a layover, there is an additional transportation and accommodation fee that is part of your trip expense, but not necessarily part of your vacation. You may need additional vacation days due to this free flight which will cost you for other vacations that you may want to take. If you are starting to feel like a pretzel, this is the point. Are you going to do a comparison to see if the pretzel flight is worth it compared to paying for a direct flight at the time you want and for the destination that you want? If you forgo the pretzel flight, maybe you will not be able to redeem these points in the future. Maybe then you will have to buy something to "use up the points". Once you commit to these programs, you are under the rules of the issuer, and they will change to any time to accommodate the issuer and make profits. If someone is making profits, the customer is paying for those profits. The trick for you is to figure if it is worth it in spite of what can transpire.

When Is the Free Stuff Worth it?

The free stuff can be a good offer if it is treated like a discount that you were not expecting. If you take the opposite view of all of the points stated in this article, the free stuff will be a good deal. If you would have bought the product anyway on its own merit and the points are a bonus, you are not subject to additional hassles or organizational hoops, you have options to utilize the loyalty program and still get the best deal without the pretzel effect, then the free stuff is likely a good idea. The key to this concept is to observe your habits and your spending style and find a program that fits well with you instead of having to contort into whatever the program demands. You may sometimes have to abandon the programs if they are just not worth it. If you find this impossible due to the idea that "I have to use my points" at all costs, this may resemble an addiction and decisions will likely be distorted rather be a bonus

Do you want to: Learn how the world of money really works without the need of a time consuming or expensive course of study? Discuss what you want to achieve according to your horizon? Restructure your finances to achieve your goals? Advice that is not affiliated with any institution or any product - an independent opinion?

If you answered yes to any of these questions, contact me at: Contact me, Joe Barbieri by email at joetheinvestor.today@gmail.com, my web site at http://www.joetheinvestor.ca or by telephone at 647-286-8020 for an independent consultation on what your options are. Note: This article is intended for people who want to learn about the world of finance and how to research for themselves. If you would like to buy or sell investment products, or specific advice on investment products, tax or legal issues, please consult your investment advisor, accountant or legal counsel.

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guide https://www.emblix.org/blog/how-much-are-you-paying-for-free-stuff/ https://www.emblix.org/blog/how-much-are-you-paying-for-free-stuff/ Editor Fri, 20 Mar 2020 04:36:38 -0400
Will FinTech Bring Revolution in the Financial Services Industry? When it comes to customers, experience is everything. Customers don't differentiate between small organizations or larger ones, nor differentiate between channels, once they enjoy the best level of satisfaction and best quality service then, they expect same kind of experience from a small firm as they do a larger one. While larger organizations with deep pockets can afford digital transformation initiatives but not all businesses enjoy such luxury.

For such organizations that are constantly looking for ways to turn business dream into a reality, FinTech is a beacon of hope that opens the door to new business possibilities and elevates customer experience with high end solutions that they could only dream of before.

They say technology is a great leveler and there can't be a better example than FinTech because banking services what was once a domain of banking and financial institutions has seen much start-up players in this space competing with the large and established banking corporations. But this isn't to say the traditional banking institutions are falling behind in the digital race, because they certainly in the race. But banks because of their legacy systems and regulatory frameworks are slow to change and can't leverage emerging technologies as quickly as FinTech companies. Here are some of the ways technology brings revolution in the financial services industry:

Go where your customers are:

No one took this more seriously than FinTech companies because they knew the present day generation is online all the time, thanks to smartphones that have completely changed their expectations. Online, social and mobile technologies have created new opportunities for FinTech companies to engage with their audience and digitally handle interactions more effectively, with personalized services and relevant information delivered directly to devices. Traditional banks should pick up fast, when it comes to attracting customers because consumers are expecting a lot, and they want the same kind of experience they are getting from Amazon, Facebook etc.

Digital Wallets: Money exchange never got this easier

What is common among PayPal, Paytm, GooglePay and ApplePay allow you to send any amount to anyone with the click of a button without visiting bank, something not possible few years ago. Mobile payments or peer-to-peer apps have completely changed the way users handle money today. No wonder most smartphone users regularly use mobile payments apps because they are simple to use, offer convenience, flexibility and much needed security. What more, these P2P apps have brought anytime, anywhere banking services to its consumers and in a cost effective way.

Reaching unbanked and under banked

Don't have time to go to the bank or tired of standing in long queues outside ATMs, then you have a good reason to use mobile money apps. But there are many people, especially those in rural areas; access to banks and ATMs is a remote possibility. For such mobile money apps offers tremendous opportunities to make cashless transactions and enjoy banking services from the comfort of mobile. FinTech is bridging the gap by helping unbanked and under-banked gain access to banking services.

Disrupting traditional lending

For several decades the traditional lending process was characterized by filling up loan applications forms, submitting a variety of documents, and there's little chance of a swift response, and even after all this time there's no likelihood that you will get a positive response. And even if everything goes right, you're unlikely to receive the funds anytime sooner.

But all this is a thing of past, thanks to FinTech solutions borrowing money got easier and quicker. No more do you have to visit the bank, do a lot of paper, and wait for days to listen the good news. Borrow money in hours what used to take weeks or even months without all that stress and tension, all from the comfort of home. The digital technology is at the heart of peer-to-peer lending success and that has enabled FinTech players to keep costs to a minimum and offer products and services tailored to meet the needs of specific target groups. P2P lending is one such solution that promises to provide a lot of benefits for both for both borrowers and lenders.

Financial technology is a new kid in the financial industry block but it has already become changing face of the financial industry. But as with any technology FinTech is far from perfect and there are several factors like security that will determine its growth trajectory.

Prime Technology Group offers secure, compliant, and scalable frameworks that cover end-to-end processes and reduce costs while meeting deadlines. With our top-notch information security, cloud computing for financial services, mobile application enterprises, payment processing, risk management, and IT growth, Prime's quick-to-launch solutions are specifically designed to help you meet these opportunities. Prime's goal is to accelerate the next generation of solutions. For more information visit us: http://www.primetgi.com/finance-banking-technology/

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guide https://www.emblix.org/blog/will-fintech-bring-revolution-in-the-financial-services-industry/ https://www.emblix.org/blog/will-fintech-bring-revolution-in-the-financial-services-industry/ Editor Tue, 04 Feb 2020 04:35:39 -0500
Should Bitcoin Replace Currency of Central Banks?

These days we all hear a lot about Bitocin and the news about Bitcoin and other cryptocurrencies is everywhere. More and more people are interested in the blockchain technology. But should Bitcoin replace currencies of central banks? Let's take a look.

Distinction between Bitcoin and Currency of Central Banks

What is the difference between central bank authorized currency and Bitcoin? The bearer of central bank authorized currency can merely tender it for exchange of goods and services. The holder of Bitcoins cannot tender it because it's a virtual currency not authorized by a central bank. However, Bitcoin holders may be able to transfer Bitcoins to another account of a Bitcoin member in exchange of goods and services and even central bank authorized currencies.

Inflation will bring down the real value of bank currency. Short term fluctuation in demand and supply of bank currency in money markets effects change in borrowing cost. However, the face value remains the same. In case of Bitcoin, its face value and real value both changes. We have recently witnessed the split of Bitcoin. This is something like split of share in the stock market. Companies sometimes split a stock into two or five or ten depending upon the market value. This will increase the volume of transactions. Therefore, while the intrinsic value of a currency decreases over a period of time, the intrinsic value of Bitcoin increases as demand for the coins increases. Consequently, hoarding of Bitcoins automatically enables a person to make a profit. Besides, the initial holders of Bitcoins will have a huge advantage over other Bitcoin holders who entered the market later. In that sense, Bitcoin behaves like an asset whose value increases and decreases as is evidenced by its price volatility.

When the original producers including the miners sell Bitcoin to the public, money supply is reduced in the market. However, this money is not going to the central banks. Instead, it goes to a few individuals who can act like a central bank. In fact, companies are allowed to raise capital from the market. However, they are regulated transactions. This means as the total value of Bitcoins increases, the Bitcoin system will have the strength to interfere with central banks' monetary policy.

Bitcoin is highly speculative

How do you buy a Bitcoin? Naturally, somebody has to sell it, sell it for a value, a value decided by Bitcoin market and probably by the sellers themselves. If there are more buyers than sellers, then the price goes up. It means Bitcoin acts like a virtual commodity. You can hoard and sell them later for a profit. What if the price of Bitcoin comes down? Of course, you will lose your money just like the way you lose money in stock market. There is also another way of acquiring Bitcoin through mining. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the black chain, and also the means through which new Bitcoins are released.

How liquid is the Bitcoin? It depends upon the volume of transactions. In stock market, the liquidity of a stock depends upon factors such as value of the company, free float, demand and supply, etc. In case of Bitcoin, it seems free float and demand are the factors that determine its price. The high volatility of Bitcoin price is due to less free float and more demand. The value of the virtual company depends upon their members' experiences with Bitcoin transactions. We might get some useful feedback from its members.

What could be one big problem with this system of transaction? No members can sell Bitcoin if they don't have one. It means you have to first acquire it by tendering something valuable you possess or through Bitcoin mining. A large chunk of these valuable things ultimately goes to a person who is the original seller of Bitcoin. Of course, some amount as profit will certainly go to other members who are not the original producer of Bitcoins. Some members will also lose their valuables. As demand for Bitcoin increases, the original seller can produce more Bitcoins as is being done by central banks. As the price of Bitcoin increases in their market, the original producers can slowly release their bitcoins into the system and make a huge profit.

Bitcoin is a private virtual financial instrument that is not regulated

Bitcoin is a virtual financial instrument, though it does not qualify to be a full-fledged currency, nor does it have legal sanctity. If Bitcoin holders set up private tribunal to settle their issues arising out of Bitcoin transactions then they might not worry about legal sanctity. Thus, it is a private virtual financial instrument for an exclusive set of people. People who have Bitcoins will be able to buy huge quantities of goods and services in the public domain, which can destabilize the normal market. This will be a challenge to the regulators. The inaction of regulators can create another financial crisis as it had happened during the financial crisis of 2007-08. As usual, we cannot judge the tip of the iceberg. We will not be able to predict the damage it can produce. It's only at the last stage that we see the whole thing, when we are incapable of doing anything except an emergency exit to survive the crisis. This, we have been experiencing since we started experimenting on things which we wanted to have control over. We succeeded in some and failed in many though not without sacrifice and loss. Should we wait till we see the whole thing?

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guide https://www.emblix.org/blog/should-bitcoin-replace-currency-of-central-banks/ https://www.emblix.org/blog/should-bitcoin-replace-currency-of-central-banks/ Editor Wed, 29 Jan 2020 04:33:36 -0500
Best Reasons to Choose Online Rent Collection

Landlords who have not realized the benefits of online rent collection are missing a lot and the following will help them understand the perks they can get.

Lets them save time

Usually, they go all the way to the post office to see if the payment is already in their P.O. box. Once it is, they will think of when and where they will deposit it. When collecting payments online, the rent is deposited straight to their bank account, which is convenient and stress-free. Online rent collection is crucial to the success of a property management business.

Keeps confidential information safe

Important information of tenants is written on a check such as their bank account and routing numbers plus their personal details, which sometimes include their phone number. Pieces of paper with this kind of info are prone to risk and they can be held liable whenever they are in possession of their tenant's check.

Reduces stress

They do not need to personally collect rent. They do not even have to call their tenants, knock on their doors or send them a monthly invoice. The rent payment will be deposited to their bank account every month. Online rent collection is critical but most especially for landlords who have more than $1million worth of rent to be collect each year.

Helps them maintain a steady cash flow

They are notified whenever their tenant's payment is being processed. Therefore, they know the date when the rent will be deposited to their account.

Lets them know about the tenants who pay the rent

Landlords in most parts of the country have to know those who paid their rent since payments determine who is a tenant by law. They will know the name of the tenant who paid and the amount.

Makes tenants happy

By this time, many tenants are already paying their bills online. They will be grateful to them for not using a check. They will think of it as one benefit of being their tenant.

Lets them be organized

When collecting rent online, they can easily transfer their income information to a spread sheet, making tax prep easier.

Makes it easy to collect other payments

When they are already set up, it is easy to collect other payments like one-time utility fees, late charges, pet and security deposits, among others.

Allows them to easily resolve payment issues

They will know immediately when tenants fail to pay because of insufficient funds. There are other online apps that let tenants make another payments using another bank account or card in order for them to get paid at once.

Lets them be flexible with their finances

Some apps let them arrange for payments to be deposited to different bank accounts so business can run smoothly

To accept rent online is an advantage not only for you, but for your tenants as well. Online rent payment is something that helps them save time and energy - so why not take this step? Come and visit our website to learn more!

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guide https://www.emblix.org/blog/best-reasons-to-choose-online-rent-collection/ https://www.emblix.org/blog/best-reasons-to-choose-online-rent-collection/ Editor Fri, 20 Dec 2019 04:32:17 -0500
No Fee Savings Account and Other Important Factors to Consider With Online Banks

You should never have to pay any fees for keeping a savings account. It should the bank that pays you interest for keeping your money in their institution loan term. Whether you simply want to create an emergency fund or are interested in certificates of deposit, you should look specifically for a no fee savings account.

It's always a good idea to go with an online bank, as they tend to higher far higher rates than traditional brick-and-mortar banks. If they don't have branches to maintain all around the country, then they have more money to operate, which they are able to pass on to their customers.

Obviously, you'll want to check terms and conditions, as boring as they can be to read. A particular bank might promise "NO FEES!" in big letters, but if you look a bit closer, you might find that there are actually some fees that you might be charged larger on, or some sort of limitations on what you can do with your money or the number of transactions you'll be allowed to make.

Avoid any bank that actually tries to charge you just to open an account. While there are usually minimum deposit requirements to create an account, and maybe requirements for putting a certain amount in each month in order to maintain a high APY.

Signing Up for a No Fee Savings Account

The process of signing up for a no fee savings account should be fairly simple, with the option of funding your account via electronic transfer, wire, or mail in check. There might be different interest rate tiers, and the tier you fall into will depend on the minimum amount you are able to put into the account.

You'll definitely want to ensure that any bank you are interested in creating a savings account with is FDIC-insured. Your deposit accounts MUST be insured with the Federal Deposit Insurance Corporation so that you can have a peace of mind that the bank is trustworthy and that your money is going to a safe place.

When comparing rates, think about how "hands on" you are likely to be with your savings. While you should try and keep as much money as possible in your account for as long as possible, you never know when an emergency situation might pop up. Don't tie all of your spare money up in a single account. You should be able to access your funds if you need them without being charged any fee(s).

By far, the best place to look online for a no fee savings account is with CIT Bank. Get a high-APY and enjoy daily compounding interest. The process of starting an account is fast and easy, and you'll want to look into the "Savings Builder" Service.

To get closer to financial freedom, visit George's website: https://www.financiallygenius.com/cit-bank/

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guide https://www.emblix.org/blog/no-fee-savings-account-and-other-important-factors-to-consider-with-online-banks/ https://www.emblix.org/blog/no-fee-savings-account-and-other-important-factors-to-consider-with-online-banks/ Editor Fri, 29 Nov 2019 04:31:15 -0500