Reaching your twenties is an exciting milestone for most as it means you’ve officially entered adulthood. Along with that milestone comes new responsibilities and worries that we didn’t picture when our teenage selves dreamed of turning 21. We imagined our college graduation, moving into our first apartment, and launching our new career. That vision didn’t include dealing with student loan debt, taking on a low paying entry-level job, or having to confront that despite spending 4 years in college, you’re still unsure how the world of personal finance actually works.
It’s easy to dismiss it all because well you’re a 20 something, and you’ll have plenty of time to play catch up. The reality is that each decade plays an important role in our future financial health. Take the time now to learn about your money and follow the money moves outlined below to put yourself on a path of lifelong financial success and eventual freedom.
Money Moves to Make in Your 20’s:
Learn How To Budget
Building a budget doesn’t have to be overly complicated or time-consuming. It’s actually the first step in putting yourself in control of your finances because it means you know where your money goes each month. The good news is that there are lots of apps and online tools that can make the process a breeze. Consider a system like Mint that will connect to your accounts and automatically categorize your spending for you. The right budgeting tool is simply the one you’ll stick with long term.
Pay Off Debt
Debt isn’t all bad. It may be the reason you were able to earn your degree, and a mortgage may help you one day buy a home. It can also quickly overrun your life if you aren’t careful. Now’s the perfect time before life gets more hectic with family commitments to buckle down and tackle any loans or credit card balances so you can be debt-free going into your 30’s.
Build a Cash Cushion
The financial downturn caused by the pandemic has reminded the whole world of the importance of having an emergency fund. We don’t know what life is going to throw at us and having a cushion can help you navigate the uncertain times. Though it’s not all about having a secret stash of cash to deal with the bad news of life (medical bills, car repair, layoff), it can also be about having the cash to seize an exciting opportunity. Having savings gives you the freedom and security to deal with whatever life brings your way – good or bad.
Your credit score can dictate so much of your life. That little number can play a big role in the home you buy, the car you drive, and even the job you hold as some employers (especially in the finance world) will pull your credit. It’s important that you check your credit report and score (also available through Mint), learn how it’s calculated, and work to improve it.
Money Moves to Make in Your 30’s:
Invest For Retirement
Now that you’ve spent your 20’s building the foundation for your financial life, it’s time to make sure you’re also tackling the big picture goals like saving and investing for retirement. I typically recommend that clients save 10% to 15% of their annual income towards retirement. That may seem like an insurmountable goal, but starting small by saving even 1 to 3% of your salary can make a big difference in the future. Also, make sure to take advantage of any matching contributions that your employer may provide in your retirement plan. If, for example, they offer to match contributions up to 6%, I would try hard to work towards contributing at least 6%.
Buying Your First Home
Buying your first home is a top goal for many, but it also seems to be getting increasingly more difficult especially if you live in a major city. The most important steps you can take is to improve your credit score, pay down high-interest debt, and be aggressive about saving for a down payment. Saving 20% down will help you qualify for the best loan terms and interest rate, but there are still home loans available even if you aren’t able to save that much. Just be realistic with your budget and what you can afford. Don’t let a lender or real estate agent determine what payment will fit into your budget.
Be Covered Under These Must-Have Insurances
You’ve spent the last several years building your savings and growing your family. It’s now crucial that you have the proper insurance coverage in place to protect your assets and your loved ones. Life and disability insurance are top of the list. Life insurance doesn’t have to be expensive or complex. Get a quote for term-life that will last a set number of years and protect your partner and children during those crucial years that they depend on you. Disability insurance protects your income if you become sick or injured and are unable to work. Your earning ability is one of your biggest assets during this time, and you should protect it. This coverage may be offered through your employer, or you can request a quote for an individual policy.
Invest in Self-Care and Well Being
Mental health is part of self-care and wealth. Most people don’t talk about how financial stress and worry affect their overall health. When you can take care of yourself on all levels, you will feel healthier and wealthier, and happier. But it is not easy. It takes work, effort, awareness, and consciousness to learn how to detach the value in your bank account or financial account from your self-worth and value as a human being. When you feel emotional about your money, investments, or the stock market, learn ways to process them and take care of yourself by hiring licensed professionals and experts to help you.
Money Moves to Make in Your 40’s:
Revisit Your College Savings Goal
As your kids get older and prepare to enter their own journey into adulthood, paying for college is likely a major goal on your list. Consider opening a 529 plan (if you haven’t already) to save for their education. 529 plans offer tax advantages when it comes to saving for college. There are lots of online resources that can help you understand and pick the right plan for you. Visit https://www.savingforcollege.com. This is also a great time to make sure you’re talking to your kids about money. Give them the benefit of a financial education that you may not have had.
Get Aggressive with Retirement Planning
Your 40’s likely mark peak earning years. You’ll want to take advantage of your higher earnings to maximize your retirement savings especially if you weren’t able to save as much in your 20’s and 30’s. Revisit your retirement plan to crunch the numbers so you’ll be clear on what you need to save to reach your goal.
Build More Wealth
You’ve arrived at mid-life probably feeling younger than you are and wondering how the heck that big 4-0 got on your birthday cake. We typically associate being 20 with being free, but I think we’ve got it wrong. There is something incredibly freeing about the wisdom and self-assurance that comes with getting older. You’ve proved yourself. People see you as an adult. Your kids are getting older and your finances are more settled. Now’s the time to kick it up to the next level. Look for ways to build additional wealth. This may mean tapping into your entrepreneurial side to launch the business you’ve dreamed of or buying real estate to increase passive income. Now’s also a great time to find a trusted financial advisor who can help guide your next steps and help you plan the best ways to build your wealth.
Revisit Your Insurance Coverage
Insurance was crucial before, but it’s time to revisit your coverage and make sure you’re protected especially if you decide to launch a business or buy additional real estate. This is also where a financial advisor can help you analyze your coverage needs and find the policies that will work for you.
Consider Estate Planning
Estate planning (think wills, trusts, power of attorney) isn’t the most fun / exciting topic. It involves imagining your gone and creating a plan for the loved ones you leave behind. It is also often overlooked by adults in their younger years. It’s easy to assume estate planning is something the wealthy need to do. It really comes down to whether you want to decide how your life savings will be managed or if you want a court to decide. It’s also crucial for parents with children who are minors to select a guardian and have those uncomfortable conversations with their family members about who would care for the children if the worst were to happen. It’s also a good time to visit this topic with your own aging parents and make sure they have the proper documents and plans in place.
Whether you’re in your 20’s, 30’s or 40’s, it can be easy to put off planning your finances especially in the middle of a pandemic. Most of us are busy, and it’s easy to tell yourself that you’ll have time to work on a goal in the future. Commit to setting aside one hour each week or even each month to have a money date and review your finances. Don’t let yourself reach a milestone birthday (30, 40) and regret not being farther ahead. Follow these money moves now to seize control of your financial future.
The post Money Moves to Make in Your 20s, 30s, and 40s appeared first on MintLife Blog.
Original Source: blog.mint.com
Whether you want to free yourself from the personal and financial restrictions of employment or you just want to supplement your salary with some extra spending money, working for yourself or starting and growing a business has never been easier — and there’s never been a greater choice of roles to choose from.
Below are several incredible freelance and small business opportunities in a variety of different industries you can start working on today.
Home & Remote Business Opportunities
What’s not to love about working from home? Zero commute, complete kitchen facilities, and maybe even the ability to work in your pajamas.
Here are some great business opportunities that will allow you to work from the comfort of home:
1. Professional Consulting
Those with an enviable track record in setting up or helping to grow businesses have easily-transferable skills they can use to make money from home.
Market yourself as a professional consultant who assists others in launching and building successful businesses through online sites like Clarity. Alternatively, you could also offer (and charge more for) in-person consultations, either going out to visit clients on their turf, or having them come to your home office (although you should probably get changed out of those PJs first).
2. Home-Based Child Care
Childcare is and always will be essential to many families, and daycare centers don’t come cheap. If you’re already spending the day keeping a watchful eye over your own little ones, why not pocket a little extra cash by undercutting the “pros” and providing childcare to friends and neighbors, too?
What in-demand skills do you have that you can teach to others? Business skills like consultancy are generally the most profitable, as you can charge much more for your time — but it’s usually harder to find clients, and many of your bookings will be one-off training sessions.
Other skills, from teaching languages to music to helping with reading or writing, are all easy to turn into businesses — and they can be reasonably lucrative and hugely rewarding, too.
What you can charge will depend upon your experience, location, and vocation you’re teaching; just don’t expect to make your millions this way. That said, most of your customers will visit on a recurring basis, so tutoring should at least provide you with a regular, reliable income.
4. Elder Care
Like childcare, care for the elderly is an essential service that will always be in demand. What’s more, those that need it often do better when able to remain in their own homes instead of moving into assisted living.
While certain elements of care require medical qualifications, helping clients with day-to-day tasks like shopping, cleaning, and cooking do not.
5. Private Chef
If you’re skilled in the kitchen but don’t fancy the long hours and stressful environment that’s synonymous with full-time restaurant work, you might want to consider working as a private chef instead.
Exactly what this entails will vary from job to job, but expect to mainly be dishing up quality cuisine to groups of friends and family at dinner parties. Just bear in mind that you might need to employ waitstaff to serve food and drinks and look after guests.
The gig economy isn’t for everyone, but for the right person, driving for Uber or Lyft are great ways to make a little cash. You can choose the hours you drive, and the app will automatically connect you to clients who need a ride.
Have you ever seen a piece of furniture on Craigslist that has potential if someone would just give it a little TLC? If you are particularly handy, you could go to thrift shops and garage sales, pick up items at low prices, refurbish them, and turn them around for a higher price.
This concept doesn’t just apply to furniture, either. If you have a good eye, you could scout for collectibles, oddities, and more. Auction sites like eBay can connect you with a wide audience looking for your items.
8. Makeup & Hair Styling
Proms, weddings, and other special occasions compel people to look their best. You can become an independent stylist and have people come to your home studio, or you can make house calls or work on-location. Eventually, you might consider opening up a salon or spa, but many independent artists love the flexibility of working from home and/or being mobile.
9. Pet Sitting
Just like in-home child care, pet sitting is an industry that you can tap into to make extra money. Many folks want the peace of mind knowing that someone is there for their fur baby, ensuring they’re comfortable and safe while they’re gone. Sites such as care.com help put potential clients in front of pet sitters in their local area.
If you have an extra room, casita, or property, you can use it to earn money when you sign up as an Airbnb host. You can list your space for free, and Airbnb does all the heavy lifting for you, making it easy to attract and host travelers. You can charge what you want, and Airbnb even protects you with property damage and accident insurance.
Online Business Opportunities
Online business opportunities also afford you all the benefits of working from home, but even better, many of them allow you to work from absolutely anywhere (which has never been easier or more fun, thanks to the ever-growing coworking industry).
Tommy Landry of Return on Now, explains this transformation. “One of the major changes to ‘how we work’ over the past decade is the massive shift toward free agency, i.e. freelancing, consulting, or running solopreneur-types of businesses,” he says. “While many older workers were taught to pursue security in the form of a full-time job, that is no longer the only way to make a living. In fact, it has become super easy to make the leap out to independence heading into 2019. You could consult or freelance in a number of areas from copywriting to marketing strategy, or run your own ecommerce business from your home.”
He also advises that no matter which path you choose, the smart way to “escape” your full-time job is to start making this transition while you’re still working. “I started my own business as a side gig back in 2009, while running marketing teams for local high tech companies,” he explains. “It took 2.5 years to build up the business enough to sustain a living income, and I went full-time in 2012. I’m living proof … if you want to run solo, you can do it with the right business model, a sound exit strategy, and a lot of hard work.”
11. Gig Work
Want a way to start making money in minutes? Sites like Upwork, Freelancer, and People Per Hour allow you to do just that.
Another valuable (but often overlooked) resource for finding freelance work is Craigslist. “Craigslist has a whole section devoted to Gigs you can join to make additional money,” says Carl Sednaoui, Director of Marketing at MailCharts.
Just bear in mind that these jobs aren’t scalable. What they are, however, is a great way to make a little extra pocket money by outsourcing your skills on your own terms.
Some sites are better than others — in terms of both opportunities and pay — so you should do your research to find the best match for your skills, abilities, and expectations.
It’s also well worth considering some sound advice from Foundr‘s Jeremy Noronha. “Go where your customers are, not where your competition is,” he advises. “Many freelancers who get started tend to hang out in the online communities with their peers and not their potential clients. The best way to develop and build the right relationships is to provide value in all the places your ideal clients spend their time.”
Some skills are more in demand than others. The rarer the skill (and the better you are at it), the more you can expect to earn.
12. Web Design
It can be tough to find great web designers and developers, and that’s why freelance web designers are highly sought after. As Ashley Faulkes, founder of Mad Lemmings explains, one of the biggest reasons behind this is the fact that the industry is overrun with cheap-yet-underskilled designers and developers.
“Web design and development has gotten a bad rap lately with so many cheap options available, but I still find clients who want a personal and professional touch,” she says. “You can start with the basics, and produce top-notch sites using online tools, or start with WordPress and good themes and page builders. Focus on quality and great communication and you will soon make a name for yourself.”
13. App Development
More than half of all web traffic is mobile. It may be competitive, but if you’ve got the skills, there’s big money to be made either in developing and distributing your own app or developing apps for others.
14. Amazon Selling
While the working conditions of Amazon’s own employees regularly come under fire, there are plenty of ways to make money through Amazon without being on its payroll.
Thanks to services like Amazon Fulfillment, it’s easier than you might think to sell products from home, since Amazon will pick, pack, and deliver your orders for you. The service can even enable you to import and export outside your home country.
Other opportunities include self-publishing ebooks (you can learn more about writing books that sell here) and affiliate marketing, which involves linking to Amazon products from your website, and earning a commission if a link is clicked and a purchase made.
15. Etsy Selling
Etsy is the platform for selling goods such as arts, crafts, jewelry, and much more. Basically, if it’s handmade, vintage, or just a little bit different, Etsy’s the place to find it (and sell it).
16. Course Creation
Sites like Udemy and Coursera allow you to market, sell, and profit from courses you’ve created yourself. Few of the courses are accredited, but that’s reflected in the price students pay.
They’re also far more popular than you might think. “Online courses are huge right now,” says David Hoos, Head of Marketing at The Good marketing agency. “They can be incredibly helpful to develop niche skills and businesses will often use them for professional development purposes. If you have a unique skill that you can organize and share, a course is a great way to do it!”
17. Virtual Assisting
Working as a virtual personal assistant takes minimal skill and is easy to get into, since there are always businesses looking for people to take on day-to-day grunt work without the cost of hiring an assistant in-house.
18. Influencer Marketing on Social Media
This one might sound like wishful thinking, but countless people are making substantial amounts of money simply by having a large and engaged social following.
Sure, it’s not for everyone, and even if it is for you, it takes time to become successful. That said, if you’ve got the right personality and patience, making money using your influence online is a very real possibility.
19. Freelance Writing
With the demand for digital content, you can position yourself in front of clients who need text produced for their websites or other collateral. The most popular freelance opportunities are in:
Content writing – Writing article content to drive traffic.
Copy writing – Writing sales copy to drive conversions and revenue.
In addition, you can even be more specialized within those functions. For example, you could focus on case studies or whitepapers.
Federal Business Opportunities
This might sound surprising in the age of corporate giants, but where possible, the U.S. government supports small businesses by contracting work out to local independents. This means there are always opportunities for the “little guy” to get their foot in the door with the federal government. You can view a forecast of contracting opportunities here.
Meanwhile, common federal business opportunities include:
This could entail constructing new government buildings or updating or maintaining existing buildings. Even simple janitorial work is understandably always in demand.
Opportunities are typically listed on job sites like Indeed and Simply Hired.
Security is, understandably, of extreme importance in government buildings. While this will include security measures like cameras and alarms, security personnel are often employed in order to screen visitors and patrol the interior and exterior of buildings at off-hours.
While you can provide security services as a sole contractor, the business is easily scalable by employing and finding work for others.
Consultants are experts in a specialist field who are employed to advise those with less knowledge and experience than themselves. Government consultants are no different.
Don’t expect finding work in this area to be easy, however. You’ll need solid proof of your ability to do the job, and you may well be required to have a degree — in some cases, even a master’s or Ph.D.
Other Business Opportunities
If none of the opportunities above sound like something you could leverage, here are a few other lucrative business opportunities that could be the right fit for your skills:
23. Personal Training
Health, fitness, and general wellbeing are big business. That means those with the skills to help others be their best are in high demand. That includes personal trainers, for one.
So how do you get started as a personal trainer?
Personal training is an unregulated industry, but that doesn’t mean your 3-year gym membership qualifies you to help others improve their strength and fitness. If you don’t know what you’re doing, you could cause somebody serious injury.
You can read up on reputable personal training courses and what to do once you’re qualified, here.
24. Real Estate
In many states, you can complete the required training, become a licensed agent, and start a new career in just a few weeks or months. While it does require an investment of time, money, and effort, it can be well worth it. You can be your own boss, work a flexible schedule, and have the potential to make a lot of money. While there is no shortage of real estate agents in the industry, there’s still plenty of space for agents who genuinely want to do the best they can for their clients. Learn how to get a real estate license here.
25. Turnkey Businesses
Turnkey businesses offer an ideal startup model for those with limited time or budget, largely because the time investment is minimal.
Examples of turnkey businesses include storage units, laundromats, and automated car washes — basically, turnkey businesses are those that are largely self-sufficient and can almost manage themselves.
26. Trade Work
If you’re skilled in DIY and happy to compete on price while making a name for yourself, you can start leveraging your skills for cash right away.
Don’t know a hammer from a hacksaw? Then enroll in a course and learn. Skilled trades are one of the few industries in which demand outstrips talent. Whether you want to start out on your own, or begin by working for someone else, the pay is good, the work is rewarding, and job security is pretty much guaranteed.
A few trades you might want to consider include:
27. Lead Generation
Almost all B2B companies have a need for leads. What they don’t all have is the time to acquire them.
While there are numerous services offering up automated lead data, the quality of those leads is questionable at best. That means there’s good money to be made sourcing qualified leads for time-strapped, growth-focused companies.
AeroLeads‘ Pushkar Gaikwad has some good advice on how to do this. “Partner with local marketing agencies and provide them with B2B data, prospects and leads, based on their requirements,” he says. “You can gather such data using various free and paid online tools. Later you can start your own lead generation agency, too.”
28. Food or Coffee Truck
Running a restaurant or coffee shop is risky business, primarily because overhead is so high. Traditional brick-and-mortars are not your only option when it comes to managing a food or drink business, however. You can be super-successful for a fraction of the cost with a food or coffee truck.
Izaak Crook of AppInstitute agrees. “Food trucks are a fantastic way to showcase your culinary expertise without the overhead of opening a static restaurant — and what’s more, you can take your food on the road to different events and festivals to raise awareness of your brand,” he explains. “Create your own mobile app for your truck and help to build a loyal customer base through offering a loyalty scheme — and even offer pre-ordering so that punters don’t have to wait out in the cold whilst you prepare their meals!”
The key to any successful small business is knowing exactly who your audience is, how you plan to attract and serve them, and why they should buy from you. Start planning for your business today.
Editor’s note: This post was originally published in December 2018 and has been updated for comprehensiveness.
Original Source: blog.hubspot.com
One of the most exciting parts of becoming an adult is moving out of your old place and starting your own life. However, as is the case with most major life events, moving out comes with a lot of added responsibility. Part of this duty is knowing and understanding your budget when shopping for the perfect apartment, condo, duplex, or rental house. So how much should you really spend on rent?
The 30 Percent Threshold
The first step in deciding how much you should spend on rent is calculating how much rent you can afford. This is done by finding your fixed income-to-rent ratio. Simply put, this is the percentage of your income that is budgeted towards rent.
As a general rule of thumb, allocating 30 percent of your net income towards rent is a good place to start. Government studies consider people who spend more than 30 percent on living expenses to be “cost-burdened,” and those who spend 50 percent or more to be “severely cost-burdened.”
When calculating your income-to-rent ratio, keep in mind that you should be using your total household income. If you live with a roommate or partner, be sure to factor in their income as well to ensure you’re finding a rent range that’s appropriate for your income level.
If you’re still unsure as to how much rent you can afford, consider an affordability calculator. Remember to consult a financial advisor before entering into a lease if you’re unsure if you’ll be able to make rent.
Consider the 50/30/20 Rule
After you’ve set a fixed income-to-rent ratio, consider the 50/20/30 rule to round out your budget. This rule suggests that 50 percent of your income goes to essentials, 20 percent goes to savings, and the remaining 30 percent goes to non-essential, personal expenses. In this case, rent falls under “essentials.” Also included in this category are any expenses that are absolutely necessary, such as utilities, food, and transportation.
Let’s consider a hypothetical situation in which you make $4,000 per month. Under the 50/20/30 rule with a fixed income-to-rent ratio of 30 percent, you have $2,000 (50 percent) per month to spend on essential living expenses. $1,200 (30 percent) goes to rent, leaving you with $800 per month for other necessary expenses such as utilities and food.
Remember to Budget for Additional Expenses
Now that you’ve budgeted for rent and essential utilities, it’s time to make a plan for how you’re going to furnish your apartment. One of the biggest shocks of moving out on your own is how expensive filling a home can be. From kitchen utensils to lightbulbs and everything in between, it can be pricey to make your space perfect.
For the most part, furniture falls under the 30 percent of personal, non-essential expenses. Consider planning ahead before a move and saving for home goods so that you don’t go into major debt when it comes time to move out.
Be on the Lookout for Savings
If your budget is slightly out of reach for your dream apartment, try to nix unnecessary costs to see if you can make it work. Look for ways to cut down on utilities, insurance, groceries, and rent.
Utilities: Water, heat, and electricity are all necessities, but your TV service isn’t. Cut the cord on TV and mobile services that may not serve you and your budget anymore. Consider swapping out your light bulbs for eco-friendly and energy-efficient light bulbs to cut down your electric bill.
Insurance: Instead of paying monthly renters insurance rates, save a fraction of the cost by paying your yearly cost in full. If you have a roommate, ask to share a policy together at a premium rate.
Groceries: Swap your nights out for a homemade meal. You can save up to $832 a year with this simple habit change. When grocery shopping, add up costs as you shop to ensure your budget stays on track.
Rent: One of the best ways to save on rent is to split the bill. Consider getting roommates to save 50 percent or more on your monthly rent.
A lease is not something to be entered into lightly. Biting off more rent than you can chew can lead to unpaid rent, which can damage your credit score and make it harder to find an apartment or buy a home in the future. By implementing these best practices, you’ll hopefully find a balance between finding a place you love and still having room in your budget for a little bit of fun.
Sources: US Census Bureau
The post How Much Should You Spend on Rent? appeared first on MintLife Blog.
Original Source: blog.mint.com
There were lots of fantastic questions on the last post so it made the most sense to lay it all out in the same place especially since there may be lots of folks who are considering long term trips right now.
Q – Have you considered renting out your home while you are gone?
A – Yes. There are some big problems with this idea though. First, there are 6 of us in 1,200 sq. ft. and we homeschool. The prospective money we could make off AirBnBing our home didn’t offset the cost/burden of moving out the school room set-up and our personal belongings. That, and in the time of COVID, the liability/risk factor is high. If someone got COVID, could they say it was because we didn’t adequately clean the home between renters? Lots of hassle. Very little reward.
Q – Does your health insurance cover you out of state? Will you get stuck with a huge hospital bill?
A – We have the worst, best insurance out there. We have an HSA which means we pay 100% of all medical expenses out of pocket until we hit our deductible (that’s the bad part). Once we hit our out-of-pocket maximum, our insurance pays 100% of medical and prescription drug costs for the rest of the year (that’s the good part). The out-of-pocket maximum is less than our emergency fund. This would be the same whether we were in-state or out of state but it’s something everyone should look into when traveling, particularly during a pandemic.
Q – Should you use the trip money to pay down your mortgage instead?
A – This is a hard call. We saved up money for a fall trip and my husband got some unexpected side jobs so we aren’t going into our emergency fund or stealing from another budget bucket BUT, I recognize this experience won’t be what it would have been had we not been knee deep in a pandemic. There will be no stops at amusement parks or zoos. There won’t be family dinners at fun restaurants. That makes me sad. But at the same time, I also recognize that I’m in a situation that is unlikely to happen again (please Lord, I HOPE IT WON’T!). I have a huge chunk of time to watch my kids fish in lakes and rivers and explore backcountry. I’ll pay my mortgage for two months longer to take advantage of this opportunity.
Q – Would you like to get into a debate about traveling during a pandemic?
A – As fun as that sounds… No. ; ) I understand that we all have strong opinions and I respect them but I’m not open for a debate. I’ll explain the finances related to traveling during a pandemic but not about the pandemic itself.
A couple more things I think are important when trip planning…
Double Check Your Insurance Coverage
Yes, look at your healthcare but also look at your home insurance and your car insurance. Are the limits right? Do you feel comfortable with your deductibles? Do you have enough insurance? Do you have roadside assistance?
Make Sure Your Affairs Are in Order
Yup. I’m getting morbid on you. Chris and I have very detailed wills. They outline what to do in lots of situations. What happens if we both die? Who gets the kids? Who is the executor? What are our health directives? It’s all there. Before we leave on big trips, we double check to make sure everything is still the way we want it and we call my mom to remind her where the information is. We don’t do it because we are morbid, we do it because the last thing I want my loved ones worrying about when dealing with loss is trying to figure out what to do with my kids or my house or my car. You should have this in place NOW but you should regularly revisit to make sure it’s accurate. Travel is a good reminder to double check.
The post Long Distance/Long Term Travel and Finances appeared first on Blogging Away Debt.
Original Source: bloggingawaydebt.com
Facebook-owned global messaging platform WhatsApp will be the newest entrant to India’s payments market now that it is in compliance with the country’s data-localisation norms. Entering the country with a beta launch in 2018, the payment feature will now be rolled out to its 400 million-strong user base once the Reserve Bank of India (RBI) gives the go-ahead.
Also ReadWhatsApp to work with partners in India to enhance access to financial products
This comes on the heels of the National Payment Corporation of India (NPCI) certifying to the Supreme Court that WhatsApp had now “localised five data elements” that were identified by the banking regulator and mandated them to store in India.
WhatsApp has said that it has spent “significant engineering time and effort” over the last seven months to comply with the guidelines laid down by the country’s banking regulator.
According to an official statement from parent company Facebook, “An independent third-party auditor, certified by CERT-in (the government agency under the IT ministry), has confirmed that WhatsApp’s payments feature satisfies the data localisation requirements under the RBI circular and frequently asked questions (FAQs).”
According to an affidavit filed by RBI in the Supreme Court, the central bank said it was satisfied with WhatsApp’s compliance with the regulator’s data storage rules and was good to go live on the Unified Payments Interface (UPI) platform. WhatsApp Pay is already running a beta rollout with some users in India.
“More than four years ago, Prime Minister Modi launched this (UPI) ground-breaking initiative to provide Indian citizens with the ability to make digital payments to one another and to the more than 60 million Indian small businesses that serve local communities and the world,” said Will Cathcart, Head of WhatsApp, in an opinion piece in The Financial Express.
Cathcart added that UPI is a world-class payments system, that can also anchor a broader suite of fintech applications like micro-pensions, digital insurance products, and flexible loans which WhatsApp can facilitate. “These powerful tools can build on the extraordinary success India has made in lifting millions of people out of poverty and build resilience to future economic shocks,” he said.
Also ReadHow a WhatsApp group metamorphosed into a telemedicine collective to combat COVID-19
Partnering for progress
As part of its efforts to further integrate with the Indian fintech space, WhatsApp has also become the platform of choice for both SMBs and large businesses to talk to their customers and grow through the pandemic. Payments is that last step in that journey.
“The launch of payments can truly accelerate financial inclusion by giving access to the users that need it the most. For your average rural women entrepreneur, the internet is synonymous with WhatsApp, making it seamless to use digital payments once made available on this simple platform,” said Abhijit Bose, WhatsApp’s India Head at the virtual Global Fintech Fest on July 22.
He added that WhatsApp would also work with partners such as banks and other financial institutions to give people, especially those in rural areas and from low-income groups, easier access to financial instruments like insurance, microcredit and pension. This will also accelerate the use of digitised payments by small and medium businesses.
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“We will take risks, but we’ll do it with controlled pilots. And, based on user acceptance, we will invest and scale the solutions that deliver results," he said.
Bose also said that WhatsApp had been working closely with banks — including ICICI, Kotak Mahindra and HDFC — over the past year to explore ways to increase financial access to these individuals who were yet to enter the mainstream banking market.
In his opinion piece, Cathcart had stated that rapidly scaling UPI is the need of the hour and one of the best ways to strengthen India’s digital economy. “Today people can send money to their ageing parents isolated during this time of physical distancing. Migrant workers can support their families. Farmers can make sales outside of the market.”
He said that WhatsApp shares PM Modi's belief that “there has never been a better time to invest in India. With courage, ambition, and boundless potential, India can emerge from this pandemic stronger than ever before—a leading democratic digital powerhouse that will lead the world through the 21st century.”
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Original Source: yourstory.com