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Personal loan: How to get one, Advantages and Disadvantages.

personal loan - Title Image

Introduction

A personal loan can provide a convenient solution when you need to consolidate debt, cover your rent, or fund a project, especially if you’re unable to secure a low-interest credit card. Perhaps your credit card’s limit isn’t sufficient for the loan you require, or the bank is requesting collateral that you don’t have. In these situations, a personal loan can offer a straightforward and accessible option.  

Securing a loan was once a more challenging process, with limited options available. However, the rise of fintech companies has significantly increased the accessibility of personal loans. In fact, TransUnion, the company responsible for credit scoring, reported that in 2018, personal loans without collateral or security reached a staggering $138 billion, with Fintech companies accounting for 38% of that. This is a significant shift from just five years ago when fintech only accounted for 5%. 

While the availability of personal loans is a positive development, it also means that making an uninformed decision could lead to regret. However, there’s no need to panic. This blog post is here to help you navigate the personal loan landscape and make the right decision for your financial needs. 

Types of Personal Loan

Secured personal loans and unsecured personal loans are the two varieties of personal loans.  

  • Secured Personal Loans: A lender will only grant a secured personal loan in exchange for some form of collateral.  A Certificate of deposit, A saving, or An asset like a House, car or boat can also be taken as collateral to offset the loan when the borrower defaults. Most financial institutions prefer this because it guarantees they can get their cash. 
  • Unsecured personal loan: An unsecured personal loan is one in which the lender does not request any security to guarantee that the borrower will repay the loan. This often differs from the banks’ preferred option because it places much risk on their path. However, banks, online lenders, and credit unions also offer personal loans to borrowers who meet specific lender requirements. Unlike secured loans, unsecured loans come with a higher percentage of interest. 

Payday Loans: Interest Rates, Quick Access, Repayment Tips

What is a payday loan?

A Payday loan has very high interest rates and short-term repayment demands. One may obtain a loan in order to meet urgent financial obligations until the subsequent payday. A bank does not give a payday loan to invest in your next global idea. Instead, the bank grants it to pay for urgent expenses like rent, groceries, or medical bills. 

Payday loans are usually calculated according to your earnings—given by the lender after much access to the borrower’s account. The lender can deduce that the account holder can repay that loan in their next payment, usually within 30 days. 

How Payday loan works

Do These 10 Top Tips And Increase Sales For Course Creators

Female Course Creator

Did you know that turning your knowledge into consistent income is easier than you think? Most people believe deciding on the type of knowledge is the hardest part, but we often see how course creators who have spent time creating their courses fail at “sales”. But once you start selling, increase sales for course creators keeps getting better.

You need to understand that with the advantage of Social Media, one can sell any course without appearing physically. For instance, Ali Abdaal, a well-known YouTuber for his productivity tips and content, has been able to influence people all over the world, including myself, without ever having to interact in person thanks to his free and paid productivity community, tips and productivity courses. He is also promoting his new book; you can guess who has already ordered one. I, all because he has successfully hacked the selling of knowledge effectively. I’ve taken the stress off of you by providing six tips to help you make more sales and keep your numbers going up. 

Who is a Course Creator?

Course creator typing  to ensure sales are increased

A Course Creator has the versatile skill set to offer course creation services across multiple niches or specialise in developing courses based on their expertise. Whether crafting educational, entertaining, or informative content. This dual role involves creating courses for clients or independently writing and structuring courses to provide individuals with valuable solutions tailored to their audience’s needs.

In this blog post, we’ve gathered the best tips and strategies for course creators to help them increase sales. Whether you’re a seasoned course creator or just starting out, these insights will help guide your business towards success.

The Top 10 Ways to Earn a Living as a Stay-At-Home Mom

Cover imagery on stay at home moms

Being a stay-at-home mom can be rewarding and challenging, but even in those seasons, financial independence is a must have, especially when you want to afford little luxuries for yourself and your baby. Imagine seeing a cute baby outfit online and not having to worry about your bank account balance.  According to a survey by Bankrate, nearly 39% have a side hustle, and 44% believe they’ll always need one to make ends meet. This blog post aims to help you become financially independent with ten practical business ideas you can do from the comfort of your home.

1. Online Retail Store:

Start up small business, SME female owner checking order online

Do you have a handmade skill?  You could start an e-commerce store selling handmade crafts, clothing, accessories, candles, soaps, jewellery, baked goods, or home décor items. Platforms like Etsy, Shopify, and Amazon Handmade make it easy to sell your products online. According to Statista, the global online market for handmade goods is expected to reach $1 trillion by 2025, and now you see that it’s a profitable skill to venture into. 

More Money or Freedom? Pros and Cons of Salary and Hourly Income. 

Salary or Hourly pay

Introduction

When choosing between a salary-job and an hourly job, people usually base their choice on their personal priorities and lifestyle choices. Both choices have pros and cons that can have a big effect on your financial stability and work-life balance. Knowing the difference between salary and hourly pay can help you make a decision that fits your career goals and personal situation.  (Salary or Hourly Pay Employee).

Who earns a Salary?

An employee earning a salary, such as a marketing manager at a large corporation, enjoys the security of a fixed income, either monthly or, in some cases, yearly. This salary is paid consistently every two weeks and can also be calculated annually for a broader perspective. 

Salaried employees are often referred to as full-time employees and are continually enrolled in the company’s benefit schemes, such as health insurance, leave bonuses, and access to a dedicated working space.  

A salary earner receives the same amount each time the paycheck arrives, except the employer reviews the terms and conditions of employment. This also means that there is no hourly limit to working time. Even though most working hours will usually fall between 8:00 a.m. and 5:00 p.m., an employee is expected to be at work at all times, even if they are done with all the activities for the day or the monthly target.  

Who is an hourly employee?

An hourly employee has the flexibility to earn a wage based on the actual number of hours they spend on their assigned job/role. This freedom allows them to control their earnings, with each hour spent working contributing to their paycheck. 

Practically, if an hourly employee is to be paid 15 dollars per hour- then spending 20 hours at work in one week means that they will be paid 300 dollars at the end of that week for the job that has been done. I.e 

1 hour15 dollars
20 hours(20 hours)(15 dollars) 
Total300 dollars
Breakdown of Hourly Pay

An hourly employee might have varying paychecks depending on the hours committed to the work done. This is because the employer pays for the hours devoted to doing the work. Most employers agree with hourly employees on the maximum amount of hours they are expected to work, and demanding extra work hours will attract an additional amount to the agreed hourly pay. 

This additional amount often refers to ‘overtime pay ‘, and it is usually higher than the regular hourly rate. Most hourly employees will likely get extra dollars per hour for every overtime done and for coming to work during national and public holidays. 

An hourly employee is expected to use a timesheet or other register system to log their total hours spent during the work. This is a crucial part of the job, as it helps the employer keep track of the hours worked and ensures that the employee is paid accurately for their time. (Salary or Hourly Pay Employee).

Pros and Cons of salary and hourly pay 

10 Top Business Ideas of All Time That Move and Make Money Fast

Cover Title: 10 Top Business Ideas of All Time That Move and Make Money Fast

Many entrepreneurs dream of starting a business that can rapidly generate profits. The success of any venture depends on several factors, but there are certain business ideas that have consistently proven to be lucrative and fast-moving. In this post, we will delve into the top 10 timeless business ideas that have the potential to generate quick profits. We’ll provide statistical backing and offer tips to help you succeed in these ventures.

1. E-commerce Store: 

E-commerce Store websites
The potential of e-commerce is truly astounding. With the increasing shift towards online shopping, the e-commerce industry is experiencing tremendous growth. According to Statista, global e-commerce sales are projected to reach an incredible $6.38 trillion by 2024.

An e-commerce store serves as an online platform where businesses can directly sell products to consumers over the Internet. This has to do with several types of products, from clothing, fashion, skincare, and electronics to home goods and groceries.

What is an Emergency Fund, and why you should consider having one?

As the name implies, an emergency fund is used for unforeseen emergencies that would be costly if not addressed quickly. Therefore, it is critical to have something to fall back on. As a result, emergency funds (savings) may be seen as financial assistance to turn to when there is a primary or unpleasant financial crisis that arises unexpectedly and needs quick attention or management. A form of savings account that you accumulate over time rather than one that you may use at any moment. 

What this blog covers:

  • Importance of Emergency Funds 
  • How much do you need in your emergency fund to start?
  • How to set up your emergency savings 

Emergency savings aim to have a quickly available pool of money to pay unforeseen needs without having to rely on loans, debts, or credit cards. 

8 Things to Avoid Spending Money On When Starting Your Catfish Farming Business: Practical Tips for Beginners

Starting a catfish farming business can be exciting and potentially lucrative, but it requires careful planning and smart financial decisions. When I began my own catfish farm, I made several costly mistakes that could have been avoided. In this post, I’ll share what I’ve learned about unnecessary catfish expenses and offer practical tips to help you succeed from the start.

Six Top Ways Artificial Inteligence Can Grow Your Small Business Enterprise 

Six Top Ways AI Can Grow Your Small Business Enterprise  cover title

Small and medium-sized businesses face many challenges as they strive to grow and stay relevant in today’s ever-changing business world. One key strategy for remaining competitive is adopting advanced technologies, with artificial intelligence (AI) standing out as a particularly important tool.

AI has become a top priority for businesses of all sizes. More than 50% of small and medium-sized businesses have already started using AI, and this number is expected to grow even more in the future. Even major companies like Amazon and Google are using AI to drive innovation and strengthen their positions in the market. We previously wrote a blog post on “Artificial Intelligence: history, impact and future expectations.

In this blog post, we’ll explore why AI has become so important and how it has the potential to completely change the way small and medium-sized businesses operate. We’ll look at real-life examples and the benefits of AI, showing why it’s not just a trendy term but a crucial tool for businesses that want to succeed in today’s digital world. 

The Ultimate Financial Literacy Guide: Six Places to Acquire Knowledge.

Financial Literacy: Key  Image

Do you want to acquire an intricate knowledge of finances and get ahead financially? There is always an opportunity to improve financially, ranging from free courses to programs costing thousands of dollars. 

Financial literacy is essential for managing money well, making wise choices, and becoming financially stable in the long run. Proper financial knowledge has a good impact on individual and corporate saving habits. The Financial Industry Regulatory Authority (FINRA) did a study that showed people who know more about money are more likely to save for emergencies and handle their day-to-day finances better.

In this blog post, we will consider six channels through which anyone can acquire financial knowledge.

1. University degree (Finance-related courses) 

Are you looking to get financial education inside the walls of a school (either in person or online)? So, the word “finance” could be used for any course that teaches how to spend and handle money.

If you get a degree in Finance, you will know a lot about corporate Finance, which is business finance. Accounting, Valuation, Risk Management, International Finance, and Economics are all courses connected to Finance and will help you learn a lot about them.

A bachelor’s programme typically lasts three to four years, with some four-year programmes requiring students to intern at local businesses as a condition of graduation. Finance is often taught as part of a Bachelor of Business Administration or Bachelor of Economics. 

Here are a few prominent institutions that offer finance-related courses: 

Another academic option to consider if you want to spend less is going for a short-term financial course. 

2. Short-term Finance courses

A short-term finance course is ideal for those seeking affordable education without the commitment of a multi-year college degree. It’s also great for workers who want to move up in their jobs by getting a certificate in finance from a well-known school.

The great thing about a short-term course is that any novice or professional can enrol and improve their personal or organisational financial life. While some short-term finance courses require experience, many are open to people without a background in finance.

A short-term finance certificate programme teaches you how to make the most of your chances in the financial markets and make smart choices about money and investments. 

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