Banks Oregon goes a long way back. Some historians believe that the first banking institutions originated in ancient Egypt. Although not that old, the idea of an Oregon Credit union does have some history behind it. Both financial institutions have had their ups and downs over the decades and both have garnished a fair share of fans and naysayers. The real test for both types of institutions is during times like the Coronavirus pandemic when people need financial support and security more than ever. Although both institutions claim to be on the same side and want to help people, the way they handle it will make or break most of them.
Is an Oregon Credit Union Safer Than Any Other Financial Aid Institution?
A credit unions’ primary function is to help those in need of financial aid that prefer not to deal with a bank. These are usually people with bad credit or who have low incomes and can’t really afford the fees and charges a bank asks. Also, credit unions traditionally have been known to be set up in areas with blue-collar population. That means that they are accustomed to dealing with small loans, both for people and for businesses. But that doesn’t mean that a credit union can’t do what a bank does. In fact, credit unions have been known to be able to help people much better than banks could. That’s because they are founded by the people from a specific community and understand their particular needs.
During these troubling times lots of small businesses have been going through some major changes. Some had to shut down permanently, leaving employees without a source of income, while others had to downsize in order to hopefully weather this pandemic. This is where an Oregon credit union usually comes into the picture. But before rushing to the nearest office, many people asked themselves if a credit union is really better than any other financial institution. Well, judging by the number of people going in to take out loans, either personal or for their businesses, the answer is yes. Being smaller than a bank doesn’t necessarily mean that you can’t have as many assets as one. Some credit unions have tens of thousands of members, which adds up to some serious resources. The biggest credit unions in the country have billions worth of assets, and can provide financial support to just as many people as a bank can.
Secondly, credit unions are created and owned by the people themselves. That means that when someone decides to join a credit union they effectively become a shareholder and even get a vote when it comes to choosing important stuff like expansion models or who’s in charge. But that also means that a credit union is more transparent than a bank. Banks tend to keep their private business exactly that way – private. When you deposit your money with a bank, although you can technically go in and take them out any time you like, and even get a letter from time to time telling you how your money is doing, you don’t really know what the bank does with them. Credit unions don’t function like that. Because they are made up of people, usually from a very well defined location, you can always know what the union is doing with your money because they have to ask you if you are ok with it. So that means that they are more transparent than a bank which leads more people to trust credit unions and to want to do business with them.
What Does It Take to Set Up an Oregon Credit Union?
Well, as the name clearly states, you firstly have to be in Oregon to do so. But considering that that is not an issue, setting up a credit union is quite simple. The important thing to do is to find enough people that need financial aid and are also OK with pulling together their resources in order to help others. Credit unions historically started in communities built around factories, parishes and even college campuses. There is no rule that says how many members it should have or how much money should everyone give at first. The important thing is to bring together a group of people that want to help and have the resources to do so.
The second thing you have to think of when building your credit union is expansion. Granted, credit unions don’t have the same reach as a multi-national banking conglomerate, but can reach some serious proportions. Expanding a credit union is usually a slow process, and can take several years. So don’t expect overnight nation-wide reach. Also, because credit unions aren’t created in order to make a profit, like banks are, you won’t have the same money at your disposal in order to buy or rent lavish offices and give out big quarterly bonuses. But expansion is possible. Mainly when other people from other areas want to join your credit union. This is how you grow. When expanding from one area to another you will have to make sure that you have an office so people can reach you and also you can consider signing contracts with various third parties, such as ATM networks and credit card issuers.
What Do Banks Oregon Fail to Understand When It Comes to People Needing Help During the Pandemic?
Banks Oregon have been around for centuries. You’d think that they’ve seen enough in order to understand how people work, especially in critical times such as these. But there are still some things that banks don’t really get about people. Firstly, banks have to understand that, unlike credit unions or even other financial aid institutions, people don’t come to them because they enjoy doing business with them. People usually choose banks because they think that being part of a bigger family or group of companies means that they have a lower chance of failing. Technically this is true, but history taught everyone that this is not necessarily what happens. When banks, especially branch-banks, fall on hard times they usually call in their loans and investments and fold it in. That means that their main objective is to protect their mother-company, not necessarily their clients.
Secondly, people choose banks to do business with because they have no other options. Banks Oregon can be found on all inhabited continents of the world. That means that people have their share of options when it comes to choosing which banks to do business with. But not all banks understand that people need to see more in them than just a faceless, profit-driven, institution. Some are addressing this problem while others aren’t. People need to be understood and empathized with. Although it may not seem so from a banks’ perspective but they each have unique problems and concerns. Granted, banks aren’t psychiatric offices, but in order to make clients trust you, you have to try and put yourself in their shoes and live what and how they are living.
When it comes to keeping tabs on both the raw materials and finished goods that ultimately make up your supply flow, it pays to be scrupulous. At a general level, inventory management is a blanket term for a systematic method of sourcing, storing, and ultimately getting your inventory to market. From a business perspective, effective management of your inventory is about maintaining stock levels at an appropriate amount, while ensuring you make them available at the right time and place for a price that is consistent with your costs and profit margin.
An important concept for any entrepreneur, business founder, or independent brand representative to wrap their head around, keeping an eye on everything from the bill of materials on Xero to the exact location of all current products is necessary to stay competitive in a market heavily dominated by global conglomerates.
Advanced Inventory Management Guide to Growing A Successful Brand
Inventory management helps you organize your business process, it is a systemic way of sourcing, sorting, storing, and the process of pushing product to the end-users.
Basic inventory vis-à-vis advanced
Although it is necessary for any organization to master the basics of inventory management before graduating to anything more complicated, it is important to make the leap quite quickly in order to stay competitive. In general, the important elements for basic inventory include purchase invoicing, sale invoicing, payment collection, and reports. In other words, it pretty much just accounts for the various elements of the transaction.
Topics for advanced inventory
Advanced inventory, on the other hand, begins to unravel the details. Here you will begin focusing on well-organized location names and labels, units of measure, a good starting count, and importantly – software that tracks all inventory activity. This will allow for good policies to remain consistent, for enhanced traceability, and for more complete relationship management.
Why is inventory management software important?
As you can start to see, once you get into a more nuanced approach to tracking your inventory, you’re going to need some help to stay on top of all the moving parts and to provide yourself with a big picture overview. From your role as a vendor to the type of customer service you’re able to offer after a sale has taken place, good inventory management will ensure you don’t overlook anything vital and that you can anticipate issues before they turn into problems.
What will advanced inventory management software allow me to do?
Once you’ve got a handle on your basic finances, advanced inventory management will give you the power to look towards the future with a plan and strategy in place. Of course, your exact needs will depend on the size and structure of your organization, but for many growing businesses, there are a few key features that will help.
The ability to track and report inventory across multiple locations and to have a single data entry point for multiple systems is key. You also want to be able to track parts using serial numbers and/or expiration dates and to have codified pricing rules in place. Depending on your operation, you might also want a product configurator that gives customers the freedom to customize a product, or a multi-currency feature to receive and convert payments internally. Ultimately, it is important to do your research to see what is available and ensure you end up with the features most appropriate for your goals moving forward.
With a plethora of programming language tools out there, the question is, why should you choose python language for your financial and banking application development? Let’s explore!
Inventive and transformed technological development are having a crucial impact on the financial industry. They give superb chances to make monotonous paper-based procedures increasingly productive, increment self-service alternatives for users and offer a one of a kind open door for budgetary associations, for example, banks, financiers, value exchanging, and speculation organizations while improving services for the customers.
Nowadays inventive applications and technologies are reforming the banking and financial industry. Accordingly, organizations are searching for the correct technology to build up their next fintech applications. The FinTech industry makes a significant commitment to the procedure of the correct management of the budgetary streams. Financial innovations make it conceivable to make proper planning to arrange the required funds and enhance financial services. Therefore, if you are working in the financial zone or you are indulged in the development of financial software, it is very essential to realize how to design a perfect FinTech application with the correct heap of technologies.
Python now is one of the most well-known programming languages among all the firms indulged in the financial business. Its straightforwardness and hearty demonstrating abilities make it a fantastic apparatus for specialists, investigators, and merchants.
As per the survey report presented by HackerRank, 20+ US-based organizations associated with the financial industry, you can see on the graph that Python language is ideal for developing mobile applications for the FinTech industry.
eFinancialCareers indicated that from the last two years the quantity of financial occupations referencing Python developers has nearly significantly increased, developing from 270 to more than 800. Companies like Citigroup now offer Python coding sessions to banking professionals as a piece of their proceeding with the instruction program.
Features that make Python the Most Preferable Technology for Designing FinTech and Financial Projects
The most prominent features that make Python language the preferred choice of the developers are:
1. It is easy and malleable
Python language is way simple to scribble and expand, making it an ideal contender for taking care of fintech applications which are more often complicated in nature. Python’s linguistic structure is straightforward and supports the development speed, helping companies to rapidly assemble the product they require or put up new items for sale to the public. Simultaneously, it minimizes the potential errors which are very crucial while designing an item for the finance industry which is vigorously managed.
2. MVP can be designed quickly
The financial industry is now required to be progressively lithe and receptive to client requests, offering customized involvements and additional services that adds extra value. That is the reason now financial companies and fintech need an innovation that is adaptable and versatile and therefore, Python offers it all. Utilizing Python in a blend with systems, for example, Django, engineers can rapidly get a thought off the ground and make a strong MVP to empower finding an item/advertise fit rapidly. In the wake of approving the MVP, organizations can without much of a stretch change portions of the code or add new ones to make a perfect item.
3. It is a medium to connect data science and economics
Programming languages, for example, Matlab or R are less across the board among financial analysts who regularly use Python to make their counts. That is the reason Python controls the financial industry with its straightforwardness and reasonableness in designing breakthroughs and mathematical formulas. It’s simple to incorporate the work of a financial specialist into the platforms that are designed on Python. Apparatuses like scipy, numpy or matplotlib permits one to perform advanced figurines and show the outcomes in an entirely congenial way.
4. Possesses a good bunch of repositories and apparatus
Engineers using Python don’t have to fabricate their instruments without any preparation, sparing companies a lot of time and cash on the project development. Also, fintech items typically require incorporations with various third-party vendors, and Python libraries make that simpler too. The speed of Python development upgraded with its assortment of instruments and libraries manufactures an upper hand for associations that mean to address the changing shopper needs by discharging items rapidly. Coordinating with third-party vendors like Truelayer that offers access for OpenBanking APIs or Stripe is extremely clear.
5. It is well-known
Python is encompassed by a lively network of enthusiastic engineers who adds value to all the open-source projects, manufacture practical tools, and arranges endless occasions to share information about the prescribed procedures of Python development. There is the Python Weekly bulletin or the PySlackers Slack channel. For legitimate network data, one can visit the Python.org developers community section. Also, locales committed to learning Python and sharing Python information like RealPython or DjangoGirls which additionally have their own networks. If it comes to open-source ventures, pretty much every Python system is kept up by the open-source network – it’s conceivable to help with the improvement of Django, Flask, OpenCV and some more.
Python is advancing as a language and increasing greater prominence consistently. Every one of that makes it simpler to source and contract gifted Python designers who increase the value of fintech or financial projects. Companies that put resources into arrangements made with Python can be certain that their innovation is steady and not going to become outdated at any point in the near future.
6. Python language usage with Financial Algorithms
Python is the best-fit language for designing a financial application, you should give some consideration to such specialized tests like an algorithmic issue and why Python enables our engineers to comprehend it easily. As banking and financial related programming are firmly identified with numerous computations, details, figures, and so forth. The product or application ought to be insightfully intended to work with an enormous number of numerically based undertakings.
That is the reason it is so critical to pick the correct innovation. Python language represents its own advantages since its writing methodologies are like the syntax used in mathematics that is applied in algorithms used in finance. In application development, it might be essential to dole out worth parameters, and the syntax used in Python language permits you to do this fastly.
Also, this is the reason Python gives awe-inspiring chances to the banking and financial industry to change how they are working.
5 Reasons Banking Industry Prefers Python Language Over Others
Why do the banking industry choose Python language as the backbone of its operations Here are key factors that make Python a prominent choice for the banking industry are as follows:
1. Precise coding:
The laconic syntax is used by Python, therefore there is no need to write long lines of code. Hence due to this reason, Python is the most popular language among the developers.
2. Robust framework:
The best framework of Python that can be utilized for banking applications is Django that gives improved-rack usefulness than different structures. Also, this is the reason Python’s Django structure is your best.
3. Utilizing Python for improved Vectorization:
For example, you will likely be accountable for the development of software related to banking and financial services which requires a numerical capacity to enable clients to streamline diverse monetary procedures. To execute it, designers use vectorization capacities which can be acquired with the NumPy. It is a Python open-source library for making mathematical calculations and backing for the higher numerical function.
Therefore it permits banking application engineers to design 50,000 computations inside a solitary line of code and accelerates the development procedure and the nature of the monetary and banking application. This is the reason Python language is an ideal decision for the development of fintech development.
4. Utilizing Python for quick code compilation
The greatest advantage of Python language lies in the fast code compilation of the application being created. Python language libraries like Cython or Numba furnish the banking application engineers with significant capacities that help accumulate Python code into machine code powerfully or statically. This is the reason Python preparing speed turns out to be a lot quicker and the improvement of the banking application moves all the problems easily.
5. Using Python libraries for designing high-end banking software:
It ought to be noticed that Python language accompanies an enormous arrangement of helper libraries which changes the procedure of association with scientific undertakings. The assignment of python programming engineers is to choose the correct Python library which is to be utilized in creating banking and fintech applications to give organizations an elite banking application experience.
3 Different Areas of Banking and Fintech industry where Python language is Utilized
Python language has been used to create a wide range of financial applications and solutions that powers most of the innovative solutions that we rely on today. Now, let’s explore different areas of banking and fintech industry where the language is mostly utilized:
1. Softwares used in Banks
The reason for Python being in the financial and banking industry is that as a whole utilize both applications and banking software. Python language has all abilities for making it very adequate for the finance industry. Also, as a result of the mathematical syntax used by Python language, the interface required for ATMs is written in this fabulous technology. Since it permits banking application developers to coordinate with the PHP language calculations to stimulate up payment handling.
2. Python has been used in the cryptocurrency market
To analyze data and create visualizations of it, various banking application developers design a specific Python script. Hence by utilizing Anaconda which is known as the Python Data Science biological system, you would then be able to recover Bitcoin or Ethereum evaluating information and investigate it. Accordingly, most of the extraordinary banking applications and web applications made for digital currency examination are created utilizing Python language.
3. Interpretation of data
There’s a bundle known as the Pandas bundle. Pandas is an elevated level library that can transform Python language into a useful asset for data interpretation. By utilizing the Pandas bundle, the application developers can design proper financial modeling in the Python language. Presently, it is the most progressive apparatus with better interpretation, information processing and that is the reason Python Pandas is the most favored library among all the designers.
Prominent FinTech applications that are designed using Python Language:
So far, going by what you have read about python programming language versatility in this article, you’ll agree with me that you can create anything with it. Now, let explore some of the prominent fintech applications that are designed using Python Language:
It is the biggest organization that has 75,000+ dynamic speculators who have loaned over £3 billion to borrowers. It gives unimaginably simple to utilize standard and ISA speculation decisions engaging a wide scope of shared moneylenders offers venture items where cash is loaned to UK purchasers searching for personal loans. They are immovably dedicated to Python and are utilized as a key language in their innovation stack and have enormous designs for upcoming future plans.
The businesses that are indulged only in online transactions now have an ultimate solution for their needs of accepting and managing payments. It permits easy payments through the website itself. While connected to sites and applications, it associates with a debit/credit card, banking frameworks/platforms continuously, permitting them to get payments. At its center is a vigorous payment system that streamlines the cash stream in the business while interfacing with applications that empower forestall cheats, oversee income, and drive worldwide business development by implying technologies like Python, Ruby, and Scala in the technology stack.
For enabling easy bank transfers, manage customer profiling and verifying banking accounts spontaneously it is designed unequivocally. Clients can send, get, or manage funds transfers between clients with instant verification. This vigorous API lets them find a good pace with at least four endpoints, making incorporation simple to actualize.
It’s crucial conveying progressively responsible and available services to customers. Customers can pay for what they bought over different months with straightforward, decently valued charges incorporated with each payment, and expands change and bin size for e-posteriors at not exactly the expense of Visas. It is an exceptionally secure arrangement with adaptable compensation terms. You can set aside cash and improve credit score by repaying your credit ahead of schedule with no prepayment punishments. For developing such applications engineers utilize Python and Flask.
A stock exchanging application works incredibly for stocks and ETFs include help for Bitcoin virtual money exchange. Its important features are centered around the possessed stocks in the watchlist. By entering trade into the application and possess the stock with no commissions or exchange expenses. It has a superior record that gives access to edge exchanging and stretched out hours exchanging expansion to every other element.
Python appears to be a perfect innovation for designing banking and fintech applications. Python language offers a ton of points of interest like clear programming linguistic structure, more noteworthy improvement methodologies, and is likewise very easy to understand, which is the reason many banking application engineers like it. Therefore, Python can flaunt about the accessibility of bounty structures and libraries that upgrade the improvement procedure of any money related help. Accordingly, you get a great result of your fantasy.
With a load of options of programming languages that are readily available in this age, choosing Python language for your next financial industry and banking application development is a wise choice because of the amazing benefits you stand to enjoy.
Thanks for reading and please share your comment below.
One frustrating aspect of debt is simply the amount of effort it takes to stay on top of payments — especially when you’re juggling multiple accounts spread out across a handful of creditors. Considering the fact the average American family has four credit cards, it’s safe to say many U.S. adults are dealing with the task of managing multiple accounts month after month.
As the name implies, debt consolidation is a strategy that aims to do two things: streamline the actual process of making payments and reduce the number of interest borrowers end up paying. Many consumers have found some form of debt consolidation helpful in simplifying their debts and making them more affordable.
However — like any debt elimination strategy — consolidation is not necessarily the best option for everyone, nor is it a foolproof plan. Before you decide to try debt consolidation for yourself, it’s worth asking these five questions.
What Kind of Debts Do I Have? How Much Do I Owe?
The first step is simply taking stock of your debts to establish their types and amounts. Make sure you include every account from the get-go so you can gain an accurate understanding of your financial situation.
Debt consolidation is a possible tactic for dealing with unsecured debts specifically — those without a physical asset attached, like credit cards, medical bills, utility bills, and payday loans.
Which Form of Consolidation Makes the Most Sense?
There are a few distinct forms to try on for size.
Consolidation loan: Banks, credit unions and debt consolidation companies offer loans, which can be used to cover other high-interest debts. This can lower the amount of interest you’ll pay and leave you with just one monthly payment for however long the loan lasts.
Balance transfer credit card: You may be able to transfer the balance from a high-interest credit card account to an introductory card with zero or low interest. This gives you a window in which to pay down your balance without racking up more interest charges, after which the interest rate generally jumps back up — often quite substantially.
Cash-out refinance: Homeowners may be able to refinance their homes. This increases the amount of their mortgage, but it also frees up the difference in cash for debt consolidation. The major risk here is increasing your mortgage. Also, missing payments could result in a foreclosure on your home.
How Much Money Can Consolidation Potentially Save?
One major factor determining whether debt consolidation is a worthwhile endeavor is the amount of money you could potentially save through this strategy. This means calculating how much you’d pay in interest if you tried to pay off your debts on your own vs. how much you’d pay if you pursued a certain form of consolidation.
Say you’re considering taking out a personal loan to pay off five credit card balances. You’ll need to know the interest rates for both strategies, as well as the loan term and monthly payments. Then you can compare. It may be worth pursuing if your calculations reveal consolidation would save you a chunk of change over do-it-yourself repayment.
Your credit score and payment history will play a pivotal role in determining both your approval status for a consolidation loan and the interest rate, so anything you can do to strengthen your credit will help you in this department.
Can I Avoid Accumulating Additional Unsecured Debt?
Last but not least, it’s smart to determine whether you can avoid accumulating additional unsecured debt while you’re working on what you currently owe. If the answer is no, debt consolidation can dig you into a deeper hole.
Since debt consolidation is a strategy that streamlines the actual process of making payments and reducing the interest lenders end up paying, there is a need for caution, though!
Thinking about trying debt consolidation? Lay the groundwork for your success by asking these five questions.
Lead scoring is an approach to rank their candidates/prospects depending on their relevancy to the company. This eventually helps the sales department know the importance of a particular lead. This can save time as well as efforts. Negligence of such practice may waste too much of your efforts put into marketing and sales.
Importance of Lead Scoring
This method helps you be more productive and at your sales with minimum efforts. These scores help your team know where they need to be placed in their sales funnel. Whether a prospect needs to be treated as a potential customer, prospect or a guest visitor, lead scoring tells you!
How does it work?
Whenever a visitor visits our website, their actions are measured. In simple terms, the number of actions is directly proportional to the lead score. An action might be anything from clicking on a link on any of our pages, scrolling through pages, watching videos, etc. If a lead scores high, it becomes a hot prospect – which means follow-up is necessary now!
How does CRM help in Lead Scoring?
CRM is capable of storing data like customer interactions and leads. These action potential data or insights are then used to provide scores to the prospects. CRM solutions measure these actions and crawl of visitors and provide accurate lead scores for the sales-end.
This then helps you create a healthy customer database and save your marketing efforts by using those insights. Thus, improving your business’ productivity.
But, how can you leverage Artificial intelligence (AI) for an effective Lead Scoring methodology in CRM?
AI technology had been helping human lives for decades in automating their daily mundane and repetitive tasks. Similarly, industries as well, are getting benefited with the integration. One of the most in-trend integrations of AI at organizations is ‘resume parsing’.
Artificial intelligence along with an HR software helps HR pick out the best CV from 100s. But, today the hot topic is – ‘Integration of AI with CRM for better lead scoring!’
Illustrated below is the way AI can excel your lead scoring:
Prospect prediction with AI
CRM software is capable of storing customer’s actions and interactions with the department. We can, therefore, leverage this data for predicting the prospect’s cycle. But, the traditional ways of prediction made by people seems to be out-dating due to failures, as it is purely based on their intuition. Whereas, AI algorithms can effectively predict the outcome of the prospect by studying their actions since 1st day.
How come the prediction be so promising? Let’s read some more below.
Yes. The sales data makes it possible! Customer insights we receive through our sales team generated from a CRM tool is no less than a magical lamp! Artificial intelligence’s algorithm provides you a predicted result of what the prospect would be in the future based on their interests and clicks. Also, previous predictions/ intuitions of sales’ people are taken into consideration for making an effective algorithm for lead scoring.
And, hence the name Machine-learning!
Isn’t it great?
What are the benefits of AI-driven Lead Scoring?
Improved Marketing Efforts
Automatic lead scoring using the CRM software can save a lot of effort from marketing people as well. Due to the automated and effective ranking of leads, salespeople can, therefore, perform better and faster. This brings less pressure on the marketing department of bringing more leads. In short, AI can bring you the best results in minimum efforts. Now, marketing people can focus on developing other effective activities and making the entire process more fruitful and swift.
Never miss a Lead
This is when you leverage your talent in the most righteous way. After you get the estimated scores of your prospect conversion (or leads), you know which one of them is more important. You can pass on that inquiry or prospect’s information to a more experienced or skilled salesperson. Based on the scores, priority could be set easily and allotted to the team members to ensure you don’t lose a lead.
Focus at Right
Right lead scoring helps you save your efforts in lead building and nurturing. The scores define priority for each lead. Now you know which lead you need to invest time on and which not. AI with CRM ensures you do not waste your resources and focus on the right thing. The final outcome is an improved business and out-performing sales.
Improved Employee Morale
AI-based lead scoring tells your employees which leads to nurture the most. In short, it tells you what actually needs to be done and where the actual business is. So, locating and winding a prospect at the earliest helps them finish their goals on time. This boosts their confidence in attending more leads and improves self-esteem.
It sounds practical enough! Isn’t it? AI-based lead nurturing along with the traditional conversion method is like a cherry on the cake. The traditional method of predicting the right prospect would never end, but AI can further improve it. Hence, the sales department level up!
That’s it for the subject. I hope it makes the mark at your business!
Do you know how to make kids financially intelligent and strong? How do I raise a financially intelligent or self-sufficient kids?
Is it possible to raise a self-sufficient kid that knows everything that’s needed to be known about finance and life in general?
Do you want to raise kids that sponge off of their friends or you in their early twenties? Of course not. But that’s what will happen when they are unable to manage their monthly bills on time, have a poor credit score, unable to live within their means, and trapped in a career that they don’t love.
In raising financially intelligent kids, there are very important guidelines to follow, and this infographic explains how to instill financial intelligence and self-sufficiency mindset in your kids right from a very young age.That being said, there’s so much you can do on your end to try and put them on the right track. From guiding them to picking a career path they would love to charging “rent” and getting inventive with the allowance, there are actions you can take today to make sure you’re doing your part in raising them right.
Do you know how to make kids self-sufficient and financially strong? This infographic below titled “10 Steps to Make Your Kids Self-Sufficient and Financially Intelligent” shows easy to follow steps to raise financially independent kids.
Check out this neat infographic by Peachy which nicely outlines the ten actionable ways you can raise financially self-sufficient kids. If you find it useful, feel free to spread the word with your friends on social media. And if you have any tips for fellow rookie parents who may be in the same boat as you, don’t hesitate to drop a comment below in helping them raise financially sufficient kids who would end up financially independent of nobody.e
Here’s Exactly What You Should Do to Raise Financially Prudent Kids
The long-standing arguments on whether to, or not to, enforce a crypto taxation laws or capital gains tax on cryptocurrency trading and transactions is glaringly coming to an end. It is believed that in order to legalize cryptocurrency as a legal tender, there’d be need for documented cryptocurrency taxation by the government.
Asia is a major player in the world of cryptocurrencies. China is responsible for more than half the world’s BTC mining hash. Moreover, Japan’s government has made Bitcoin a legal currency in the country. South Korea is also home to two of each five Ethereum exchanges and has the most dynamic crypto markets.
Despite all that, Asian countries are lagging behind in terms of regulation and taxation. While some investors see that as a good thing as they get to keep all their earnings, having no clear tax provisions is ultimately detrimental to the economy, and will likely incentivize governments to ban crypto activities, hurting the industry, and potentially crypto investments, in the long run.
This article gives an overview on current crypto taxation laws in Asian countries.
How Enforcement of Crypto Taxation Laws in Asia Will Impact The Industry Positively
China has a rather negative stance on cryptocurrencies. They have banned ICOs since 2017 and have cracked down on crypto trading activities in 2018.
With that being said, their central bank has recently announced that it has been working on its own state-backed digital currency that could potentially rival Bitcoin and bring crypto adoption to the masses.
Crypto income does not likely fall strictly under any income category, other than “incidental income,” according to Chinese laws. However, as of now, they have not given any clear regulations on the taxation of cryptocurrencies.
Most cryptocurrency holders in China are likely not inclined to declare their gains on tax returns since crypto trading is viewed as an illegal activity in the country.
Japanese traders have made considerable gains in their crypto activities. But according to tax authorities, a lot of these traders are not declaring their income.
This is largely due to Japan’s extremely high tax rate on cryptocurrencies, a whopping 50 percent, and in some cases, more. Around 50 traders and 30 firms in Japan had not declared their crypto earnings totaling over 10 billion yen ($92.3 million).
Japan categorizes cryptocurrency gains under “miscellaneous income”, which can be taxed up to 55 percent, which is a far cry from taxes imposed on earnings from stocks, at 20 percent.
The Tokyo Regional Taxation Bureau required crypto exchanges to give out their users’ transaction data in 2018, in order to compile a list of accounts that made tremendous earnings.
Japanese tax authorities are very clear about their intentions to pursue tax evaders who hide large incomes, charging them with criminal offenses and penalties. This is not unlike their counterparts in the US who have also been actively pursuing cryptocurrency taxes and tax avoiders.
Singapore is one of the very few crypto tax havens of the world. Individual investors and businesses who hold cryptocurrencies are not taxed as the country itself does not collect capital gains tax.
On top of that, their government’s tax agency is proposing to remove goods and services tax (GST) from cryptocurrency transactions that function as a medium of exchange.
This draft will hopefully pass into legislation, which is scheduled for January 2020.
The Ministry of Finance has strict guidelines on what they consider as “digital payment tokens”. Particularly, it should be fungible, and not pegged to any conventional currency like the dollar.
This means that non-fungible-tokens like Cryptokitties and stablecoins like Tether do not qualify.
In Hong Kong, income generated from capital assets is tax free, including crypto gains. This is another tax haven for crypto hodlers!
With that being said, if you are professional crypto trader, you are required to pay taxes.
As opposed to a hobbyist trader, a professional trader likely:
-lives off their trading profits
-spends a huge amount of time trading
-rents an office or hires staff
-day-trades or holds assets for very short periods of time
Blockchain development in the Philippines is booming, especially in the northern part of the country. Although the government has not drafted any rules on crypto taxation, this does not mean traders are exempted from tax.
The National Internal Revenue Code (NIRC) states that any income generated in the Philippines, is taxable in general. Individuals or corporations may be taxed depending on the type of crypto transaction they obtain earnings on.
This includes income from trading, hodling, mining, buying/selling goods with crypto, etc.
If your particular coin is categorized as a property, you are required to pay capital gains tax. If it is considered as a stock, you will likely incur a fixed percentage tax.
South Korea currently does not have any existing regulatory statute that specifically regulates cryptocurrencies. However, the Ministry of Strategy and Finance expressed their plans to tax cryptocurrencies and initial coin offerings.
As of today, the majority of Asian countries are still examining crypto technology and drafting their regulatory outlines. Better crypto tax regulations should come in the next few months or a year from now. Now, we can settle the argument on crypto taxation laws enforcement. It is very certain that it is just a matter of time for this event to unfold, collecting capital gains tax is just a time bomb waiting to explode in the cryptocurrency space, or else, the government will place outright ban on these commodities.
If you have an idea for a new business hatching in your mind, this is a major opportunity for you. Your small idea can pave the way for big things if you allow it to. Once you’ve formed the concept of your startup, you can begin to build the foundation, which is the first step towards achieving meaningful success. However, this step can be a daunting one. If you feel like you’re searching for a clear sense of direction on your path, this guide can give you the help you need.
Here are some essential tips for successfully building your startup from scratch!
How To Successfully Build Your Startup Business from Scratch
Think of a Catchy Name
The name you attach to your business is the name that will come to define it. When people think of your startup business, the first thing that they will think of is its name. This may cause you to feel pressured to come up with the perfect name, but there are a few simple strategies that you can use to find one that works. Most successful businesses have short names that are easy to say. Your name has to be catchy in some way to capture others’ attention. Whether you’re coming up with shoe store names or salad bar names, remember to put enough time and thought into this crucial step.
Identify Your Source of Value
You might have an exciting idea for your startup business, but if you want to convince others to choose your business over someone else’s, you need to give them a good reason to do so. The best way to accomplish this is to provide value to your consumers in some way. People will only use your products or services if they decide that they are lacking something that only your business can provide. Once you prove that you offer something that others don’t, you automatically set yourself apart from the crowd.
Surround Yourself With the Right People
Everyone needs help and support along the way, and the future of your startup business depends on the people you work with. To ensure that your business moves in the direction you want it to, it’s vital to surround yourself with people who understand your mission and genuinely want to be a part of it. Not only can like-minded people provide much-needed encouragement, but they also might offer a perspective that changes the way you think about your company. Welcoming the opinions and suggestions of others has the potential to take your business to a whole new level.
Remember Your Vision
When you inevitably encounter an obstacle or two on your path to success, you will naturally feel discouraged. Everyone who pursues a big goal feels this way at some point, but only those who choose not to give up have a chance of becoming successful. The key to pushing through each challenge is to remember the reason why you started your startup business in the first place. There’s nothing wrong with experiencing doubts or failures, but having a clear vision of what you want makes you far less likely to give up. Throughout your journey, keep your vision in mind and don’t let it slip away from you. Constantly being aware of the goals you have for your startup business can help propel you towards success.
Building a startup takes a significant amount of work and determination. If you’ve made the decision to launch your own startup business, you’ve already taken a major step forward. The important thing now is to work on developing your ideas and staying focused. After you’ve put in the necessary time and effort, you can start to observe the results you truly want.
What are the key steps for businesses that grips its foundation and system reliability? The business maintenance processes and security measures vary from business to business based on the services it is providing. Working with a huge network of businesses, vendors, third-party intermediaries, customers, and end-users, it is critically important to screen every group or party that interacts with your system directly or indirectly. For this, there is a primary checklist against which each business should be sifted to ensure the policies and business compliances. Among this checklist, AML compliance is one of the most critical and mattering points for every business.
The baseline of success for every legitimate business is to avoid dirty money inscribing into the system. Dirty money includes all the illegal ways and means through which money is being earned or transferred. This could be the money from political corruption, terrorism, criminals or money-launderers. Such sneaking activities can ultimately decline the value of a business.
For the resilient and reliable systems, money laundering checks should be implemented not only to avoid ill-gotten money to be part of the system but also to comply with the local regulators. The malevolent activities have some hidden incentive at their end which is the reason for such involvements. But, this should be eliminated in order to introduce soundness in the businesses.
Concerns of AML Compliance Laws
1. US’ Bank Secrecy Act (BSA):
The US companies are ought to comply with the AML criminal ordinance. According to 18 US code sections, specifically, section 1956 and section 1957, it is important for the businesses to continuously monitor the transaction flows and discard the bad actors from the system.
Section 1956: This section focuses on the unlawful activities and transactions that take place within the system and the identities that are involved in conducting or even know such activities and hide it. Section 1956 explicitly mentions the penalties which represent criminal activities under the premises of a certain business. The criminal would be subjected to a fine of less than or equal to $50,000 or twice the value involved in the transaction, among them whichever is greater. If not the fine, then the imprisonment of about twenty years will be the cost of such intent.
Section 1957: This section states that any monetary transaction that is conducted and is greater than the amount of $10,000, is considered illegal if it is known to be the property derived from illicit activity. The court can impose an alternate fine of the amount twice than the transaction being performed.
2. EU Fourth and Fifth Anti Money Laundering Directives (AMLD4 & AMLD5)
Al the legal entities that are operating in the European Union are the major focus of money laundering directives. The main purpose of these directives is to secure the EU’s financial system from terrorist and money laundering activities.
AMLD4: It allows companies to introduce high-level secure tools, for example, e-KYC and online identity verification systems. This will be helpful in reducing online fraud and payment scams while providing a benchmark at the national level by authenticating the users remotely.
AMLD5: It is the extension of AML 4 which assures transparency, electronic PEPs record to verify the identities against that database, Customer Due Diligence (CDD), and electronic money laundering records. Not only this but to grow a number of online industries are also on the agenda of AMLD5. AMLD5 will effectively come into practice on the 10th of January 2020.
3. The Financial Action Task Force (FATF)
FATF has set the standards for the global AML compliance laws according to which the countries shape their systems and introduce security tools to monitor terrorist financing and money laundering activities. FATF counsel’s legal entities to Know the Customer ID verification in the onboarding process. According to FATF, the accounts should be continuously monitored to circumvent any unexpected deed to happen in the system. In case of any suspicious activity, FIUs should be reported immediately to prevent serious loss. Entities must go through the sanction lists to avoid the entrance of identities that have already failed to comply with the CTF/AML requirements.
Businesses need to comply strictly with the local regulators to avoid the possibility of such fines and reputational damage. The system should be secure enough to detect the spammings taking place inside the system and monitor the proceedings. The laundering of pecuniary instruments can be reduced with stringent AML checks. This would be helpful in streamlining the system processes providing security to the system side by side. AML checks may include the records of PEP (Politically Exposed Person) or money launderers, or it may involve deceitful transactions, illegal gambling, and their transfer to someplace that are restricted.
AML Compliance: Steps Businesses Can Take
1. Identity Verification
Identify the beneficial owners who are part of your system. This can be done through paperwork and online identity verification. It is important to verify that trusted and actual people are the component of your business. A large number of financial institutions are adopting innovative ways and replacing it with traditional identity verification ways. These seem to be more efficient in terms of performance and remote verification.
2. Perform CDD
Scan identities through the watchlist which covers the questions related to the honesty of a particular person. Customer Due Diligence (CDD) ensures the complete information of a person and his funds. The source of funds, identity screening against electronic records, business nature, etc. are the requirements of CDD.
3. AML Screening
The ownership of the identity can change with time, therefore it is not enough to check the customer once he enters into the system. There should be a constant screening of customers against sanctions lists, electronic databases, and records to ensure scrutiny. Also, background AML checks should be implemented at the backend of the system that verifies each onboarding customer against those security parameters.
4. AML Monitoring
The continual ongoing activities need to be monitored on a regular basis. This analysis would be great with respect to the check of exceeding transaction threshold, the number of transactions taking place in a certain time span, suspicious activities, employee surveillance, communication records, transfer details, etc. Any discrepancy in such activities can result in harsh fines for the business.
Over time, the landscape of the legal industry has been continuously changing. Technology advancements played a significant role in the transformation of outdated legal paradigms. Gone are those days, when legal research and writing was one of the toughest jobs of all.
With the help of the Internet, research for any fact or case has become simpler. Lawyers and attorneys are undoubtedly showing more interest in this facet and adopting digital technologies to simplify their work processes.
However, relying entirely on tools is not enough as you have to revise some strategies as well. When it comes to revenue growth, you will encounter many challenges like economic pressure, changing customer expectations, lack of resources, and a lot more.
That’s the reason, looking back at your previous strategies and making necessary amendments are crucial to staying ahead of your competitors. Today, we’ll be discussing the top three challenges that law firms face for boosting revenue growth and ways to avoid them:
3 Major Challenges Facing Law Firms And How To Overcome Them
Blowing Off Existing Clients
Do you know the Partio Principle rule, known as 80-20? It describes how lawyers can earn 80% of revenues from 20% of clients. More so, according to the research by Harvard Business Review, it is five to 25 times costly in acquiring new clients. After being mindful about so many studies and facts, still, many law firms forget their existing clients in the sprint for acquiring new ones.
Enhancing your revenues from the existing client base requires little efforts that include being in touch consistently with the clients by sending wishes on special occasions, charging them less through discounts, organizing a referral program, etc.
But when it comes to acquiring new customers, you’ll have to invest in marketing campaigns, lower the prices to attract more customers, and do a lot more. Being an attorney, you love to focus on one client case at a time, then why not apply the same methodology for client retention?
Countless options are available in the market that may put you in turmoil. So, we suggest that you focus on a strategy that will enable you to enhance your client base efficiently.
Expelling Outdated Routines
It doesn’t matter how big or small your legal organization is, there’s a limit to the number of hours individuals can bill. However, with legal technology, firms can eradicate these restrictions and become more proficient in their work. Technologies like AI help law firms to forget about their repetitive tasks of billing, document management, etc., by simplifying the process.
AI has the ability to work and think like a human, which is why legal research has become quite easier compared to other technologies like Blockchain; it has a streamlined contract management process which introduces smart contracts. It also decentralizes all the data from contracts and stores it securely, which eliminates the insecurity for a data breach.
More so, there are many automated tools available in the market that help law firms to simplify administrative and billing tasks. Some of which are mentioned below:
Build a Futuristic Milieu
Developing a better work culture in your law firm can help you enhance growth opportunities. You should focus and motivate your business development team so that they can bring more leads and boost the overall revenue.
With the adoption of new technology, lawyers can build a healthy environment for employees by enabling them to work on managerial tasks rather than wasting hours on the repetitive task.
Besides the use of technology, the trend of availing legal support for law firms is also becoming popular that allows attorneys to work proficiently by outsourcing their non-core activities. You could find plenty of LPO companies that offer a wide range of legal services worldwide.
It quickly helps you cut down on the operational expenses by eliminating the need for hiring additional resources or investing in technology. Outsourcing firms are already equipped with the required infrastructure and tools. Their internal teams are always updated with the changing trends in the market.
Working in the right environment boosts employees’ morale that eventually enhances overall business revenue. Allowing them to work on what they are best at will help provide you with better results.
Not Providing Personalized Services
As every business is shifting towards technological trends, clients’ expectations are also changing. Modern customers are expecting services that are easy to access and convenient such as e-commerce shopping, obtaining required information at just one click, and a lot more.
Attorneys should embrace such tools and methodologies to stay connected with their clients. Video conferencing, billing online, receiving online payments, offering personalized services, etc., are some of the ways to keep your clients contented.
Law firms should look back and reconsider their every strategy to enhance their revenues as it is the best option. It not only helps lawyers to identify their mistakes but also helps to overcome the upcoming challenges that one may encounter in their business lifecycle. That’s the reason in order to identify better opportunities, legal firms should revisit their strategies and implement changes accordingly. The days of legal research and writing has gone, we are now in the digital age where law firms can take advantage of emerging technologies.