How Much Life Insurance Do You Need?

How Much Life Insurance Do You Need?

There are so many financial pressures on people today that thinking about insurance premiums may be the last thing on our mind as it’s just another outgoing. However, it’s those ‘pressures’ and the uncertainty they create, that are the very reason it’s wise to consider life insurance.

Life insurance is a way of helping to provide for those you love in the event that you or your partner pass away. Unlike the economy, life insurance can provide a measure of financial certainty for the future.

The question we will consider in this article is how much life insurance do you need? This is an important question because you’re paying for that insurance now, so you don’t want more than is necessary, while at the same time, you don’t want it to come up short.

Guiding Financial Principle

To accurately assess how much insurance is needed, it’s important to understand more clearly what is the purpose of life insurance. It’s not just a bag of money for your loved ones when you die. A savings account will achieve something similar.

No, a life insurance policy is a financial product designed to cover the financial gap between all of your assets and your long-term financial obligations. Those obligations could include paying for your children’s education etc. It might also include any debt that you have acquired and are steadily paying off.

Ballpark Figure

Without analyzing your existing circumstances and financial situation it is impossible to put an exact figure on your life insurance. However, you can calculate a ballpark figure that’s a minimum of what you should be thinking about. You can do that as follows:

1. Multiply your income by a factor of 10

2. Multiply each child by $100,000 (eduction costs)

3. Add up all of your existing debt (including your mortgage)

These 3 values add together so that you at least know what you should be aiming for. Of course, there are several reasons why this figure may vary. To help be more precise, you can use an online insurance calculator to further approximate your needs.

Don’t Forget Funeral Costs

Funeral costs can be expensive and if they’re not planned for they will present an early financial burden on your family. You’re wise to include those costs into your insurance policy.

To precisely calculate your financial needs while offsetting what you can realistically afford requires professional input. Check out this website as a starting point in getting some professional advice at http://gesselins.com.

Understand How Much Life Insurance You Need

In this article, you have read about the basic financial principles that underlie the calculations of how much life insurance people should plan for. It’s important to remember that insurance is a financial product that someone will want to sell you.

So the better informed you are with the principles discussed in this article, the more likely you’re going to make a good decision. Check out other practical articles on our site that will help you make sound financial decisions.

Business Funding Solutions: What Is a Business Line of Credit?

Business Funding Solutions: What Is a Business Line of Credit?

Obtaining financing for a business is one of the most challenging aspects of starting and running a business. As a result, two of the most common reasons why most businesses fail are cash flow and starting off with too little money. For this reason, 43% of businesses apply for additional funding to continue their business, which begs the question, which business funding solutions should you consider?

Have you thought about a small business line of credit? About 85% of businesses seek loans or lines of credit to fund their business, as opposed to credit cards or factoring. A business line of credit is one of the best business funding solutions, especially for people looking for flexibility and control of their money.

So, what’s a business line of credit, and how does it work? In this post, we’ll guide you through everything you need to understand about this type of business funding and how you can use it to your advantage.

What Is a Business Line of Credit?

A business line of credit loan is a type of business financing that allows you to access funds on an as-needed basis.

Essentially, this means that you will not receive a lump sum of money from the lender, and you can only withdraw a little at a time when you need to, for whatever you need to. Given that a small business line of credit is typically a lower amount compared to a term loan, it is most suitable for immediate short-term expenses and not long-term investments.

Business line of credit comes in two different categories, which are revolving and non-revolving.

Revolving business lines of credit replenish after withdrawals are paid, while non-revolving do not replenish. To get a better understanding of this, for a revolving line of credit, suppose you get a maximum of $50,000.

When you withdraw $10,000 to cater to your needs, the account will be left with $40,000. Once you pay back the $10,000, the amount will replenish back to $50,000. However, when it comes to non-revolving loans, the amount will still remain $40,000 even after you pay back the $10,000.

Secured Business Line of Credit

When you take out a secured business line of credit, the lender puts a lien against a business asset, in which case the asset will be used as collateral when you default. What makes this one of the best business funding solutions is that you typically get a higher credit limit and lower interest rates. Lenders can take equipment, inventory, or property as collateral depending on the amount of credit.

Unsecured Business Line of Credit

An unsecured business line of credit, on the other hand, comes with higher interest rates. Since there is no collateral, they tend to be more risks, and it’s a lot more difficult to qualify for most small businesses. To get this kind of loan, you need to have a positive business track record and a strong credit score.

How a Business Line of Credit Works

Business lines of credit vary from three months to 5 years, and the payback schedules usually vary between lenders. Some could ask for monthly or weekly payments, while others will go as far as to ask for daily payments. Once you open a line of credit, the lender will give you access to a reserve with the amount of money requested.

The lender will provide you the monthly invoice that reflects the amount of credit you used, along with all the interest charges. The payments you make will be based on the actual interest you accrue on the funds you use and not the amount in reserve. The interest rates will also vary and will be set by your lender depending on your risk grade, servicing requirements, and whether you put up collateral.

Apart from the interest rates, most lenders also charge an annual fee. It’s imperative that you inquire about all the transaction fees that apply if you’ll be making a significant number of repayments.

When to Get a Business Line of Credit

Navigate no, but a line of credit is one of the best business funding solutions, when is the best time to get one? If you’re currently having cash flow troubles and regularly require money to cover short-term expenses, then it’s a good time to get a business line of credit.

Maybe you’re having trouble with meeting the day-to-day basics of running your business. Maybe you found a great business opportunity that you need to act on immediately. In both cases, getting a line of credit makes sense.

What Does It Take to Qualify?

Just like most other small business loans, qualifying for a business line of credit, it’s not as easy as most people would like it to be. When you have collateral to put up, then it can be a piece of cake. However, it will get harder to qualify the amount you need for your business if you don’t have anything to put up.

When you apply for the loan, you need to have a personal credit score, bank account information, business financial statements, as well as business and personal tax returns. Additionally, the lender may ask you for information that identifies your business, such as the Employer Identification Number.

The Pros of a Line of Credit

All business funding solutions come with pros and cons, and a business line of credit is no exception. One of the most significant benefits of getting this type of business funding is the fact that you only pay interest on the borrowed amount.

The next best thing about it is that you can access the loan even with poor credit. Beyond that, you get fast access to the money you need, and even better, you can use the money for a variety of purposes for your business.

The Cons of a Line of Credit

On the downside, getting this type of business funding is more expensive compared to most other loan options. The interest rates could be extremely high, depending on whether you have collateral or not and how good your credit score is.

Even worse, if you happen to miss a payment, there’s a chance that it will go over your limit, and the lender may impose fines for it. You will also have to deal with numerous fees because it’s not uncommon to come across annual fees, as well as monthly transaction and maintenance fees.

Choosing the Best Business Funding Solutions

If you’re strapped for cash, a business line of credit is one of the best business funding solutions you can go for. This type of business funding will help you maneuver your business without having to worry about cash flow and the day-to-day business operations until you get things back on track.

For more insightful business advice, please check out our blog section. We have authoritative and valuable content on business products and services, personal finance, business finance, and even career and education. Please check us out today!

6 Reasons You Should Consider Outsourcing for Payroll

6 Reasons You Should Consider Outsourcing for Payroll

As a business owner, one of the most important administrative responsibilities you will have is managing payroll. Payroll is essential for scheduling direct deposits, managing employee health insurance, handling taxes, and more.

In other ways, payroll is simply too important to get wrong. That’s why an increasing number of companies in Australia and beyond are looking toward outsourcing for payroll services.

By outsourcing payroll, you are putting this vital task into the hands of professionals, so you don’t have to worry about it. If you are considering outsourcing your payroll, here are six essential reasons to do so.

1. Outsourcing for Payroll Saves Time

One of the most compelling arguments for using different payroll services is that it will save you a lot of time. By doing payroll in-house, you are forcing employees and yourself to spend countless hours on accounting and admin.

This is time that could be better spent growing your business and unlocking the potential of your team. Outsourcing payroll leaves this to the professionals.

2. Outsourcing Avoids Costly Mistakes

When trying to manage payroll in-house, you run the risk of committing the common payroll mistakes that could cost your business dearly. You could miscalculate taxes, or fail to pay an employee the correct amount.

These can lead to serious legal and professional headaches. An outsourced payroll service will give you the peace of mind you deserve.

3. Outsourcing Increases Data Security

In a world where data security compliance is more important than ever, in-house payroll is simply too risky. People in your business could access payroll to tamper with accounts or embezzle money.

In-house payroll software may not be secure, paving the way for identity theft and fraud. An outsourced service will provide all of the airtight security to keep your business safe and compliant by securing business data.

4. Outsourcing Can Save You Money

Outsourcing payroll will not only save you time but also money. The cost of an outsourced payroll service is likely to be significantly less than the costs of paying employees to manage payroll in-house.

The billable hours spend on payroll tasks are likely to dwarf any fees paid to an outsourcing company. If you care about your bottom line, consider outsourcing for payroll.

5. Outsourcing Provides Access to a Range of Services

Payroll is about so much more than simply using direct deposit to pay salaries. When using a professional Australian payroll service, you automatically gain access to a wide range of additional services and resources.

A digital outsourcing service will also manage leave, calculate overtime, generate contracts and invoices, and so much more. Put simply, outsourcing for payroll generally offers excellent value for money.

6. Outsourcing Ensures Top Quality

Finally, it bears repeating that outsourcing payroll guarantees top quality admin with zero effort on your part. A successful business should be run like a well-oiled machine.

Payroll professionals will ensure that no employee misses and payment and that every single penny is allocated to the right place. For professional payroll quality at low prices, outsource today.

Your Guide to Better Business Management

Outsourcing for payroll will allow you to manage your business better. In fact, doing so is just one of many simple and cost-effective ways to improve how your business operates.

For more guides on better business management, we have got you covered. Make sure to consult our Biz section today to access expert guides on better business management in 2020.

5 Employee Financial Wellness Trends That Will Rule 2021

5 Employee Financial Wellness Trends That Will Rule 2021

Are you running or managing a business? As businesses feel the effects of the pandemic, you must determine the key areas that need utmost focus and attention.

As for the sustainability of any business, employee wellness is paramount. The effects of the pandemic are encompassing. Apart from affecting the mental and physical well-being of employees, the pandemic also hits hard on the financial side of things. 

Thus, you need to look at employee financial wellness. But before you implement anything, you need to learn about the trends that will affect employee financial wellness strategies.

Continue reading below for five important financial wellness trends you need to follow.

1. Employees Will Want “Real” Help

Financial planning is no easy task to implement especially for small businesses. With so many grounds to cover, employers tend to overlook what their employees truly want. Sure, the workers are looking for financial respite.

But the question is how do business owners bring help to their people? Do they use the proper approach and methods that align with the needs of their employees? 

One key trend is that workers will look for real help. Employees will want to see something they will find actionable. Advising on saving money is good. 

But learning about the appropriate actions is another thing.

Thus, avoid using a comprehensive and heavy approach to employee financial wellness. This will tend to overwhelm your employees. Instead, consider integrating your financial wellness approach into mental and physical programs.

Don’t merely zoom in on your workers’ finances. Try touching on their overall well-being. This means going beyond the basics of saving for rainy days. 

Connect in a more personal manner by teaching them how to buy a home. Teach them how they can reduce and eliminate their debts. Guide them on saving for bigger milestones like weddings.

2. Personalization Through Technology 

Another important trend is personalization through technology. Though the two concepts may seem contrasting, they can work hand-in-hand. 

More employees will clamor for tech-driven solutions that offer personalized assistance. Make sure your financial planning solutions feature simple yet modern tools and interface.

With the financial, mental, and emotional stress of the pandemic, employees want to experience the benefits of employee financial wellness without hassle. For starters, workers want to see solutions that outline their current financial standing.

As we discussed earlier, they want the solutions to use a personalized approach. They also want solutions that make them accountable for reaching their goals.

Moreover, they want to see digital solutions. They also want them to come with a high level of functionality. Hence, consider using tools that use account integration. 

Furthermore, your tools should feature personalized budget planners. You also want to invest in programs that come with repayment calculators and finance snapshots, among others.

And to further up the ante, invest in SMS alerts and live webinars. You can use these tools to update your employees concerning their progress.

3. Increase in Financial Wellness Programs

There will also be a trend in different types of financial wellness programs. As we mentioned earlier, you need to offer something that doesn’t use only a financial approach. Thus, more companies will offer programs that also focus on success, productivity, and engagement.

But why is having a diverse approach important? Surveys reveal that financial problems affect the performance of about 83% of workers. This means workers will be looking for financial wellness programs that use a holistic approach.

Personalization will again play a major role in this aspect. Since each person has different needs, they will look for programs that will help them reach their wellness goals depending on their specific requirements.

Furthermore, workers will also look for programs that will help keep them healthy. With the mental and physical toll of the pandemic, employees will want to join a program that will keep them fit both in mind and body.

And of course, they will want to join a program that tackles financial training and literacy. This program should help them deal with financial challenges during the pandemic. It will also help them prepare for life after the pandemic.

Additionally, they will look for solutions that allow them to access their earned pay anytime they want. Check out this service to learn more about Earned Wage Access.

4. Increase in Educational Financing

As some workers are still paying for their student loan debts, there will be a call for more solutions that help workers pay off their existing student loan debts. And if you’re looking to hire new graduates, expect them to pay higher loans; no thanks to the rising cost of education.

Hence, you will see companies offering loan repayment education. This program can help your employees plan and strategize their student loan payments. It will create a more feasible payment structure that will help them put their loans to bed faster.

One key benefit of this program is that you develop loyalty in the company. By providing a solution to pay off your employees’ debts, they will perform better at work. They will develop a deeper appreciation for the company.

5. Data Analytics to Play a Bigger Role

Last but not least, data analytics will have a huge impact on financial wellness. Since personalization is non-negotiable, the need to perform data analysis becomes more important than ever. 

In 2021, you will see companies using analytics to better understand their employees. This will help them categorize their workers.

Through analytics, companies can differentiate their workers via their demographics. In turn, they can develop more financial wellness programs that are more suitable to their employees.

Go Beyond Employee Financial Wellness

By following the trends in employee financial wellness, you can assist your employees better as they go through the challenges of the pandemic. In the same way, you will also help your business stay afloat in these challenging times. But financial wellness is only one of the many bases you need to cover.

We encourage you to expand your knowledge of business management. Check out our other articles where we discuss important topics that will help your business grow the right way.

How Does a Decentralized Exchange Work?

How Does a Decentralized Exchange Work?

Bitcoin was the first cryptocurrency based on blockchain technology. It was made as a peer-to-peer payment system that allowed people to transfer value without the need for any central authority or third party. The network is maintained by anonymous miners all over the world.

The fact that no one institution has control over the currency or exchange means that Bitcoin and many other cryptocurrencies run on decentralized exchanges.

Also, the people who maintain the Bitcoin ledger and mine more Bitcoins can then earn more Bitcoins. This means that the issuance of money is truly independent.

Private banks lend money to governments at interest and create debt-based economies. This doesn’t take place on a decentralized exchange.

If you’re interested in learning more, then continue reading and we’ll take you through how decentralized exchanges work.

What Is a Decentralized Exchange?

A decentralized exchange (DEX) is an exchange market that doesn’t rely on third-party services to hold a consumer’s money. Instead, trades occur between users directly. This system can be established by making proxy tokens or assets.

All transactions are saved to a public ledger so that no mistakes can be made about how much money each person has.

How Does a Decentralized Exchange Work?

Before Bitcoin was invented, the only way to exchange money digitally was through a private bank or a platform like Paypal. Even then, the money used was still issued and controlled by the government. Bitcoin was able to change all of that by making a decentralized currency.

Now, individuals can trade money directly, without the need for a bank. Each Bitcoin transaction is recorded and confirmed by the Bitcoin community. There’s no single point of failure so it’s practically impossible to shut down or control the system.

How Are Decentralized Exchanges Different from Centralized Exchanges?

In a centralized exchange, users need to be identified and their money has to be kept in accounts that are owned by institutions. The exact opposite takes place on a decentralized exchange.

A centralized exchange is in charge of keeping a person’s accounts safe and secure. They completely control the operation of the platform and make decisions on their own on how to run the service.

A decentralized exchange is managed by the platform participants. The platforms provide the technical capabilities to the users so that they can trade money directly. A distributed ledger is used for storing and processing all of the data.

The goal of a DEX is to allow users to move money between each other. A DEX doesn’t store any money or manipulate the money supply.

There is also the Uniswap Liquidity platform. This is a platform that lets people trade and make transactions without trust or permission. If you’re interested, you should learn more about Uniswap liquidity.

The Importance of Knowing How a Decentralized Exchange Works

If you’re interested in using cryptocurrencies, then you should arm yourself with as much knowledge as possible. And that means knowing how a decentralized exchange works so you can make better financial and technological decisions.

Make sure to check out the rest of our site for more helpful articles!

Pearl M. Kasirye is a writer at Kemistri.co, editor, and researcher who spends most of her time reading. When she isn’t reading or working, she can be found sitting on her balcony writing her own novels or traveling.

Protect Your Home: 5 Easy Ways to Keep Your Home Safe and In Good Shape

Protect Your Home: 5 Easy Ways to Keep Your Home Safe and In Good Shape

Did you know that Americans claimed 7.2 million property crimes in 2018? If you want to learn how to keep your home maintained and protected, we can help.

In this guide, we’ll go over ways to protect your home and keep it in good shape.

Want to learn more? Keep reading.

1. Check Your Alarms

To protect your home, you’ll want to make sure you have working carbon monoxide and fire alarms. Install smoke detectors throughout your home, especially if you have multiple floors.

You should also install a security system. A security system can safeguard your home from burglars or intruders. Check on your alarm systems often to make sure they are all working.

2. Inspect the Outside of Your Home

Homeowners should clean out their drainage systems every year. If the water flow from rain begins to move towards your home, you could have a problem. The water could creep into your home’s foundation.

3. Don’t Forget to Change the HVAC Filters

Your maintenance list should include inspecting and changing your HVAC filters. Aim to change the filters once a month.

Some people might only change their filters every three months. Yet, if you have many pets and a big family, you should change them once a month. Look at the filter and if it’s dirty, replace it right away.

Keeping the air quality in your home will help your health but also protect your furniture and walls.

You can also prevent your home’s cooling system from burning out. If a filter has a lot of gunk, the system will have to work harder.

4. Don’t Forget About Your Roof

On a seasonal basis, you should check your downspouts and gutters. Make sure these roofing mechanisms aren’t full of debris. You’ll also want to look for any damage.

Your roof can get damaged over time and cause a leak in your home. Make sure you prevent any major problems by completing frequent check-ups. This way, you can protect your roof’s structure.

5. Get Homeowners Insurance

Homeowners insurance will protect you if something happens to your home. The insurance policy will cover the hotel stay, repairs, personal belongings, and more.

Homeowners insurance isn’t a requirement, like auto insurance. Yet, most mortgage lenders want you to have insurance. Have peace of mind with an insurance policy for your home.

If damage occurs to your house and you don’t have insurance, you’d have to pay out of pocket for the repairs. In a terrible situation, some people lose their entire home from a fire.

Keep your homeowner’s insurance in good standing. This way, you can cover repair costs.

Search for a reputable insurance group. Learn more about the Hertvik Insurance Group.

Now You Know How to Protect Your Home

We hope this guide on protecting your home was helpful. Make sure you complete frequent maintenance tasks. Protect your home by inspecting your security and safety alarms throughout your house.

Keep browsing our other helpful resources on finance, education, and more.

How to Reduce Credit Card Processing Fees: 7 Simple Steps

How to Reduce Credit Card Processing Fees: 7 Simple Steps

Did you know that the inventor of the first bank-issued credit card is John Briggs? He’s a former banker from New York State.

Are you a business, and are tired of wracking up credit card processing fees? Those fees cut into your profit, and cause you to earn less than compared to those who pay with cash.

Is there a way to lower those fees you might wonder? In this article, explore all about those pesky credit card processing fees, and if there’s a way around them. Read on to discover these tips and tricks you won’t want to miss out on to save more of your hard-earned cash.

What Are Merchant Credit Card Processing Fees?

If your business accepts credit cards for purchases, there will be what’s known as a processing fee. Since it can add up quickly, some companies will reward those paying with cash by offering a slightly lower rate.

The added fee for credit card users is known as credit card surcharging. Processing fees include payment processor’s markups, interchange fees, and service fees.

What Are Assessment and Interchange Fees?

Your interchange rate is what tends to make your credit card processing fee as high as it is. This is the fee that the acquiring bank pays to the issuing bank when someone makes a purchase. They’re normally a portion of the sale amount, or a percentage plus a fixed rate.

Some factors can make them vary such as how you process your payments, the card’s brand, the merchant, and type of card. Each purchase will also have an assessment fee. The assessment fee is how the card’s networks make money. In addition to these, there’s an additional fee that you’ll need to pay to your payment processor for services.

Repeated Costs

You’ll have rental fees or terminal leases on a recurring basis depending on the processor. Certain processors will have you sign a long-term lease or rent for a period of time.

You might have an annual or monthly fee. There might be a minimum processor fee every month as well.

1. Payment Terms and Processes

First, it’s a good idea to look around for a payment provider, and don’t just go with the first option. Do a comparison, and take a look at the different phrases and words you’ll see for each option.

2. Shop Lowest Markups

Next, take a look at different markups. Since there are many factors that’ll go into the different rates, it’s a good idea to take a look at what’s negotiable, and what’s not. For example, assessment and interchange fees are non-negotiable elements.

Markups can be controlled. This is the amount you pay in addition to fees that go to card networks and banks. It’s a good rule of thumb to not go by rates, but instead, by markups.

Processors should be able to tell you the markup rate, and if they can’t, that’s not a good sign. You’ll want to identify those who have a smaller markup since rates don’t give you a full understanding of the cost.

3. Lower Fraud Risks

In order to lower your rate, you’ll want to reduce your risk of fraud. When you have a higher fraud risk, you’ll receive higher processing fees.

Never key in the card information since that increases your risk of fraud. Instead, swipe credit cards. Swiping the credit card has a lower risk of fraud.

4. Address Verification

When you can, it’s a good idea to enter the security code and billing zip code. Address verification will verify the address of the cardholder which will reduce your risk of fraud.

You can set up an address verification service in order to check the cardholder’s address. This is great in reducing chargebacks as well.

The way an address verification service works is, your potential customer will enter their address. The service will do a comparison of that address, to the address on file with the bank.

You as the merchant will then receive a code to either reject or authorize the transaction. Certain companies will provide lower interchange rates when you have this service.

5. Speak With an Expert

If you’re looking for a credit card processing fee calculator, it’s a good idea to speak to an expert. Speak with a credit card processing expert to have a better understanding of the process and different fees.

Many processors will buy their rates straight from a credit card company and have the potential to resell these rates to other companies. This means that you don’t have to always switch vendors to receive a lower fee. An expert can look into a lower fee for your current service.

6. Negotiations

You can negotiate credit card processing fees by showing your transaction volume to the experts. The more items you sell, the more a credit card processor will make. Due to this, they’re more likely to reduce the cost of your fees based on the current volume of your sales.

7. Don’t Wait

Don’t delay on lowering your credit card fees today. When you wait to obtain a lower rate, that means higher fees you’ll be paying overtime, and less of a profit for you.

Understand how the industry works, and know your payment metrics before proceeding. Determine the pricing model you like best, and then speak with the different vendors.

Exploring How To Lower Credit Card Processing Fees

Now that you’ve explored how to lower credit card processing fees, you should be ready to obtain lower rates than you currently have. Would you like to read more business content? For everything from business to money, check out our other articles today.

7 Impressive Advantages of Structured Settlements

7 Impressive Advantages of Structured Settlements

Structured settlements were originally adopted as a way to protect settlement recipients. Yet today, nearly 40 years after they became common, structured settlement annuities remain poorly understood.

If you’ve been awarded a settlement or are considering one, here are the key benefits you need to know about.

What Are Structured Settlements?

Structured settlements happen when you sue someone and either win the case in court or agree to settle out of court. The defendant agrees to pay you a total amount of money, say $400,000. Instead of paying it to you all at once, they pay a qualified third-party company.

The third-party intermediary then pays that money out to you over time. For example, they might contract to pay you $10,000 a month for the life of the debt. This arrangement is a structured settlement.

What Are the Benefits of Structured Settlements?

Courts first adopted structured settlements to help recipients handle large settlement awards. Recipients often experience less stress and make better financial choices when they receive smaller, more regular payments than when they get large sums all at once.

That isn’t the only advantage of structured settlements, however. Here are the top seven most impressive structured settlement benefits.

Tax and Asset Protection

Tax law gives special treatment to structured settlements. They are often tax-free. They are also protected in other ways.

For example, in many cases, creditors and family members can claim rights to portions of an individual’s income in the event of debt or divorce. Structured settlements cannot be claimed the same way.

Consistency

Structured settlements make it easy for recipients to plan and organize their finances. They can keep recipients in their homes, prevent them from losing vehicles, and provide stability during times of stress and upheaval.

Cost of Living Adjustments

Many structured settlements contain cost of living clauses. When this happens, recipients receive more money over time as their award increases to balance out inflation.

Security

These payments are exceptionally secure. Direct deposit and other optional features can make them even more so.

No Market Fluctuations

One of the biggest benefits of structured settlements is that they are not affected by fluctuations in the stock market. Recipients’ awards are consistent and secure and do not lose value in any circumstances.

No Fees

Recipients pay no fees associated with their settlement awards. The company handling the settlement pays for everything.

No Interruption of Other Benefits

Receiving an annuity does not affect beneficiaries’ eligibility for Social Security, Medicaid or Medicare, public assistance programs, or other income-based supports. In that respect, it is “free money.”

The Other Benefit

Structured settlements also offer a hidden benefit. They can be turned into lump-sum payments at any time. Recipients can sell their rights to some or all of their settlement and receive a lump-sum right away from a financial services company.

Check out Rightway Funding yelp reviews to learn more about how that option works and why people choose it.

Smart Money Moves

Structured settlements can help you make good money choices. So can learning more about how the financial world works. Check out our Money Section for more tips, tricks, and information on how to handle your money well today.

11 Ways to Streamline Your Business and Make Things More Efficient

11 Ways to Streamline Your Business and Make Things More Efficient

Ever fear running a business? It’s a daunting task, after all.

It involves the right marketing strategy, a business plan, and a good team, among others. Studies show that only 80% of new small businesses survive in their first year.

Being an entrepreneur with a running business can take up hundreds of hours in your week. Keeping a company running involves a lot of moving parts and heavy decisions. Thanks to streamlining, you can make your job easier.

Do you want to know how to streamline business endeavors? In this article, we show you eleven tips on how to streamline your business. Read on to discover how to make your work more efficient.

What is a Streamline Business

With a streamlined business, you can make your company more efficient. Without a proper system, your business can become cluttered and spiral out of control. Streamlining allows you to simplify your business by getting rid of unnecessary processes.

This can involve approaches like removing unnecessary steps or upgrading current technology. Aside from cleaning clutter, this can help you improve productivity. You can improve your services without spending your resources.

This can help you, and your employees avoid mistakes that can cost you. You can ensure that your workers will comply with company rules and regulations. Want to know how to streamline your business? Read on to find out more!

1. Outsource Tasks

Outsourcing is a great solution if your team struggles with the workload. Many businesses, whether small or big, can benefit from this. In can help you increase the maximum amount of workload your team can handle.

To start outsourcing tasks, identify the scope of your project. Give a clear description of your project goals and schedule. Some schedules can influence the final cost.

Select a vendor with the right experience and avoid choosing based on price. Check for portfolios and review a potential vendor’s expertise. Hiring freelancers to outsource tasks can help you focus on other elements of your work.

2. Reduce Paper Usage

Almost 3% of a company’s revenue goes to paper, filing, and printing. Consider going paperless and moving information to digital platforms. Thanks to modern technology, it can even help you improve the flow of information.

Most, if not all, Americans, carry a mobile phone with them at all times. Find digital alternatives to your usual paper products. If you have an iPad, you can use apps like Good Notes and Notability in place of paper pads.

Ditch your paper planner and replace it with your mobile device’s built-in calendar. Cloud storage is an excellent asset for businesses. A trustworthy provider allows you to store and access crucial information.

3. Automate Tasks

Automation is a valuable and innovative way to streamline a business. Many repetitive tasks can consume time and lessen productivity. With automation, you can save time and energy and ensure the proper delivery of these tasks.

You can automate tasks like scheduled posts and sending out client invoices. With social media, you can write posts in advance then schedule them throughout the week. Using digital tools can help you lessen your workload.

Automated emails allow you to send quick responses with your contact form. You may opt to send follow-up emails. Identify common tasks and find the right program to automate them for you.

4. Upgrade Your Technology

There are other ways to use technology to your advantage. If you want to streamline business, upgrade your devices and programs. The productivity of a business may also rely on its equipment.

If your company has outdated equipment, consider replacing these as soon as possible. Upgrading your technology can help you adapt to the modern age. As we continue to face new developments, adapting is essential to a business’s growth.

Online collaborative tools allow you to work with employees amidst the pandemic. Some apps like Basecamp, Slack, and Asana gives you and your team a shared platform. With these, you can deliver instant messages and share important files.

5. Be Strategic When Hiring Employees

A good work team is essential to keep a business running. As you build and grow your company, you may feel the need to hire more employees. You can benefit your finances by being more selective about who you work with.

Your business may already have a sufficient amount of workers. Learning how to assign roles to current employees can be simpler than hiring more people. Avoid giving your current workers too much workload and consider offering promotions.

Only hire more workers if you think your employees now cannot handle the workload. When hiring, create an online application form. You can eliminate candidates with different criteria to fit your need.

6. Limit Travel and Meetings

Traveling is not always essential for your business. You can always replace staff meetings with a detailed email. Traveling and having regular meetings can take up valuable time.

If you want to save time-end get more action, have fewer staff meetings. The pandemic gave the business a great opportunity to try out digital platforms. Some apps like Zoom and Google Hangouts are excellent platforms for online meetings.

Even then, a simple email can replace a meeting that could take hours. Only have face-to-face meetings for crucial updates or reports. Otherwise, you can stick to email, voice mail, and instant messaging.

7. Focus on Relationships With Suppliers

Partnerships can help you build and grow your business. If you have a supplier, learn how to put them first. Forgetting to approve invoices and deliver checks can hurt your relationships.

If you want to nurture your business partnerships, use apps. Some apps can help you track invoices and provide secure payments. These apps can also give you a portal with remittance and payment history.

This can make cash applications easier and improve your partnerships. Better payment can result in better suppliers. This is essential for people who are trying to grow small businesses.

8. Focus on Security

Migrating your business to digital means can help improve and build it. But if most of your data is online, ensure to secure it. You may put yourself at risk for fraud or other issues.

First, find a payment network that can provide secure transactions. This can help you avoid human error and sabotaging bank account details. Digital payments can also help you avoid traditional frauds like check payments.

Are you looking for a secure digital payment system? You can check out this outsourced accounting platform as a start.

If you store your data and resources on a cloud server, take extra security measures. You can secure digital data and accounts by using multi-factor authentication. Keeping your data secure can help you reduce stress and wasted time on potential risks.

9. Upgrade Accounting Systems

Using digital payment systems and invoices is only one part of an accounting system. Other software can help you automate simple tasks. These may include scanning receipts and managing expenses.

Many apps allow you to connect your CRM software. You may also integrate a point of sale system. If your accounting system is open source or crashes, consider getting an upgrade. Outdated software is prone to crashing and data breaches.

You may also lose customer data and risk data breaches. Upgrading your system protects you from digital problems. New features can help you make the workload easier and faster to accomplish.

10. Analyze Outcomes and Get Feedback

When you make adjustments to streamline business matters, study the outcomes. Track results that come from new processes and workflows. This can help you identify tedious issues and other problems that cost you money.

Try using a flowchart to track progress. Investigate which areas cause problems and why. Identify when expenses go up or when quality drops.

Consider getting feedback from your workers. Get an opinion on how well the new processes improve workflow. Some may give you ideas on how to further improve productivity.

Small details can help you identify problem areas easier. You can give your employees a survey. Consider keeping it anonymous to avoid bias.

11. Change and Improve

After identifying problems, focus on changing and improving. Prioritizing the issues can help you find the right solutions faster. Be careful when planning and managing changes.

Building your business involves upgrading systems and processes. Sometimes, you may need to buy new software or hire a new member. When you start implementing changes, be sure to communicate with your team.

Some changes may require training for colleagues. After making changes, monitor the results. Decide if the changes made improvements to the workflow.

If it meets your expectations, you may continue with normal business. Otherwise, you may keep working to fix problems. Stay in touch with your workers to get direct feedback.

Streamline Business Ventures Efficiently With These Tips!

Streamlining your business can help you save time, money, stress, and effort. If you want to make your business more efficient, try these eleven tips. These methods can help you streamline business matters and make work easier.

But why stop here? If you want to keep building and growing your business, check out our other posts! We offer more great business strategies and tips.

The Memphis Adventures Guide You Need to Read

The Memphis Adventures Guide You Need to Read

Memphis is a versatile place, from scrumptious local meals to a rich history; it offers the tourists a delightful experience. Instead of jamming to rock ‘n’ roll or blues on a lazy weekend, why not visit the city where the music originated from? After all, a trip to Elvis Presley’s Graceland estate is something exciting and memorable. 

Traveling in the U.S. has a very streamlined procedure. However, before you begin to pack the essentials, make sure you have applied for us visa esta. The esta is crucial for tourists, and your plans might go for a toss if you neglect this aspect!

The Top Motels in Memphis TN

After a long day of exploration, we all would love to come home to some luxury and pampering. The following motels in Memphis will give you an experience like no other.

  1. Super 8 by Wyndham Lakeland: The outdoor pool at Super 8 seems to be very inviting after a tiring day to decompress and rejuvenate. It is also located in one of the city’s prime areas and is close to multiple places of tourist attraction. Not to forget, the lovely continental breakfast to impress your taste buds.
  2. Motel 6 – Downtown: The lush green surroundings will immediately draw your attention, and they also have round the clock service to cater to your needs. If you want to take a stroll to the iconic Beale Street, this motel will be the best fit because it is just about 2.3 km away.

The best area to stay in Memphis

The preeminent area to stay in the city is, by no doubt, Downtown Memphis. It has an excellent cultural blend with the chimes of lovely blue music and houses the Beale Street. From Muddy Water to B.B. Kings, Beale Street has harnessed the legendary music scene here and created an atmosphere so chill and lovely. 

All the critical places in Memphis, such as the Mud Island Riverwalk and the National Civil Rights Museum, are easily accessible from this location. It is close to Mulberry Street as well. The street houses the hotel where the assassination of the revolutionary Martin Luther King Jr. took place. 

Things to do in midtown Memphis

Set aside a day in your trip to unwind from the drama and relax in midtown at Memphis!

  • Brooks Museum of Art: Art is a form of therapy for many, and you can learn more about it by attending a couple of sessions hosted by the museum. Just sink in admiration of the resplendent sculptors, painting, and photographs, and you will seek inner bliss.
  • The Levitt Shell: You would not want to miss the spot where Elvis Presley once played, would you? This place hosts about fifty concerts every year, and you can discover a lot of young and raw talent. 
  • 17 Berkshire: Pamper your taste buds with some cakes, assorted pastries, and delicious macaroons. 
  • Café Eclectic: If caffeine gives you the daily energy boost, you must visit this café. To enhance the beverage experience, you might want to try the world’s best omelet. 

The Best Historical sites in Memphis TN

Memphis has an exciting history; it has seen both triumph and pain. Uprising from the war and slavery and becoming home to the best musicians in history, the city has many places that can give you a little glimpse of the past.

  • Cotton Museum: Memphis dominates the cotton market in the world today, and you can learn all about the process of how cotton is obtained and graded. The place will also give you an insight into how the cotton trade took place ages ago and the reformations to present times.
  • Stax Museum of American Soul Music: This place is not very well known, but it has given some world blockbuster music. Notably, Sam and Dave, Aretha Franklin, and Al Green have recorded their masterpieces here. 
  • Mud Island River Park: It houses the to-scale model of the Mississippi River, and you can take a walk along the river’s course. It is an intriguing experience to understand the changing course of the river. Make sure you also visit the Mississippi River Museum because it will tell you a tale dated 10,000 years ago.

Conclusion

Memphis is a great place to explore, and if you are a music lover, you would not feel like returning from here. To make this nostalgic trip come to life, you have to be extremely careful with your documents, especially us esta visa. Once you have administered, you need to regularly check esta application to ensure that it is processed correctly. Memphis will be expecting you soon!