Author: Jennifer Brazer

Entrepreneurs are almost always passionate about what they do, developing products, innovating, making customers happy, marketing, sales, et cetera. They often find finance difficult, and they think they can get little benefit from it. The average entrepreneur has no idea how much valuable information is contained in the figures, Hogema writes. Numbers hold the only truth about their business. And knowing and understanding this truth gives them the tools to earn more, sleep better, and work less complicated. 

Using this information, the profit advisor helps the entrepreneur determine where he stands, where he wants to go, and which buttons he can turn to get there. The profit advisor helps entrepreneurs manage their money, plan profits, and make financially sound choices to build financially healthy and profitable companies.

The transformation from traditional administrator/accountant to profit advisor involves three steps:

Step 1: You help your customer do his bookkeeping 30 minutes a week

Bookkeepers are usually not happy with their bookkeeping. It costs them too much time, money, and energy. As a result, many entrepreneurs bury their heads in the sand for months and ignore accounting as best they can. The solution is as simple as it is complex. The customer needs accounting habits, processes, and systems. If bookkeeping is a daily habit, it requires hardly any time and energy, and then it is always up to date.

Your purpose is to help your client set up the routines and habits that will allow them to complete their accounting in 1 minute per day and 30 minutes per week. Three primary conditions to do this are:

1. You must do the bookkeeping entirely online.
2. Optimal use should be made of technological developments.
3. The processes must be established, set up, and implemented consistently.

When you get this done, the foundation is in place. The bookkeeping is now always in order, without too much time, money, and energy. Now you are going to help the entrepreneur make a profit. Antoine de Saint-Exupéry said it beautifully: ‘A goal without a plan is just a wish. In other words: achieving a good result first requires that there is a solid plan.

Step 2. You guide your customer in making a profit plan

Once the foundation is in place (accounting), the most enjoyable and most valuable work for the customer begins: you will help him make a profit: no taxable profit, but real money, which is leftover. One of the best tools for this is the profit plan: a translation of the company’s goals into turnover, costs, and profit. A kind of budget but profit plan has much greater appeal to entrepreneurs. A profit plan shows whether the entrepreneur is making a profit: whether he is making money from what he does. 

Reserve a part of the day to make the profit plan with your customer. It would be best if you had that time. Also, see if you can make this a memorable moment. Don’t sit in a boring office but invite your customer to a beautiful location in nature, with good coffee and tasty lunch. Give your customer an actual VIP treatment. You take him, yourself, and his plans seriously. There is a good chance that working in an inspiring environment will also positively affect your results. Finally, your customer will see you more as a profit advisor than an accountant.

Step 3. You teach your customer how to manage his finances with the help of Profit First

An essential foundation has been laid with the accounting and the profit plan. However, this is not enough for the entrepreneur to make the right (financial) choices and steer for profit. The solution is not to provide more information in financial reports. Entrepreneurs don’t look at it, and when they do, they don’t base their decisions on it. Although? With Profit First.

Profit First is a super simple and accessible method with which the entrepreneur manages his cash flow based on his bank accounts. The method is based on households’ pot system: each financial target has its pot.

Entrepreneurs who work with Profit First have five business bank accounts: one receipt account where all the money comes in and four accounts for the most critical business goals: costs, profit, tax, and salary. It is a controversial method because it does something that makes no sense from an accounting or tax point of view. It often feels nonsensical to financial experts, but it works exceptionally well.

Step 4. The old formula — revenue – costs = profit — is mathematically correct

But it doesn’t work in practice. You encourage the entrepreneur to sell more, but no matter how much income he generates, he always finds a way to spend that money. In addition, the formula allows the entrepreneur to focus on turnover and costs and not on profit. The Profit First formula is turnover – profit = costs. Mathematically nothing changes, but emotionally it does. You must pay the expenses from what is left at the bottom of the line. If the company cannot live on that, something is wrong in the revenue model, or you must do the strategy and work. Taking the profit first is not just a theoretical reversal of the formula with Profit First: it is now something entrepreneurs do literally. Often, they can’t wait to redistribute the money. It is very motivating to transfer money to the profit account and watch this amount grow!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

What are the 3C’s of credit?

When used, this system weighs the three characteristics of a borrower and determines whether the borrower is eligible for a loan or not. The 3 Cs of credit are character, capacity, capital, collateral, and conditions. These components help the lender understand the owner and the business and determine creditworthiness. Knowing each of the 3 Cs of credit will give you a better understanding of what the borrower needs and how to prepare for the loan application process.

The lender can view a borrower’s credit reports, credit scores, income statements, and other documents relevant to the borrower’s financial situation. It allows the lender to make decisions based on the findings. In addition, they also consider information about the loan itself as it also determines the borrower’s creditworthiness. We will study these 3 Cs separately in the next section, including their role in credit analysis.

1. Character

Character is one of the 3 Cs of credit. Lenders need to know that the borrower and guarantors are trustworthy. In addition, the lender must have the assurance that the applicant is capable and has all the required education to run the business successfully. Consequently, credit institutions may require a degree of management experience. Other factors that the lenders consider include the applicant’s credit history and whether the borrower has a criminal record.

The lender is equally interested in the borrower’s record of paying debts. That is why the first C is also called a credit history. They examine the borrower’s credit reports, which contain information about how fast the borrower has been in the past with repaying debt. It helps the lender to evaluate the borrower’s credit risk.

2. Capital

It is another member of the 3 Cs of credit. It is the amount that the loan applicant is willing to invest in his business. Lenders also want to know the applicant’s investment in the proposed company. They will want to know if the applicant is willing to contribute personal assets to grow the business. It indicates the applicant’s willingness to take unique risks to ensure the company’s growth. A significant contribution from the borrower suggests the applicant’s seriousness, increasing his chances of qualifying for a loan. For example, it is relatively more straightforward for an applicant who can make a down payment on a home to obtain a mortgage. He also avoids the obligation to take out an additional private mortgage insurance (PMI).

3. Collateral

Collateral is an asset that the applicant offers to serve as a secondary payment source for a loan. They help the applicants secure loans as it assures the lender to get his loan back if the borrower defaults on his loan. In most cases, the subject of the loan application often determines what the collateral will be. For example, houses are collateral for mortgages, while cars are collateral for car loans.

Loans secured by collateral are often referred to as secured loans or secured debt. Unlike unsecured loans, they are usually issued with lower interest rates and better terms.

Why are the 3 Cs of credit important?

Lenders use 3 Cs analysis to decide whether a loan applicant qualifies for the credit and determine the related interest rates and credit limits. They also help determine a borrower’s risk or likelihood that you will repay the loan’s principal and interest in full and promptly.

Conclusion

Understanding the 3 Cs of credit is critical to your ability to access credit and do it at the lowest cost. We already know what the 3 Cs of credit are. Delinquency in just one area can dramatically affect the praise you get. If you find that your bank is denying you access to credit or only offering it to you at high rates, you can use your knowledge of the Five Cs to do something about it. Work on improving your credit score, save for a more significant down payment, or pay off some of your outstanding debt. Also, make sure you have some valuable assets that can serve as collateral, as this will also increase the chances of them approving your loan.

 We usually refer to the credit report as the 6th C. Note that banks in all parts of the world have different criteria for ranking the 3 Cs. You can find sources for PDF copies showing how foreign banks rank the 3 Cs for credit applications.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

But how do you start with that: making money with social media? Which platforms are the easiest, what is the best strategy, and how many followers do you need? These are the things I will go over in this article.

Social media is one of the best methods to build a passive income, but how do you start? Here are five ways to monetize social media.

Make money with Affiliate marketing

No matter which niche market your social media account is in, you are sure to find a product that you can promote to your followers. You can easily do this through Affiliate marketing.

It is best only to use products or services directly linked to your niche and that you use continuously.

For example, this blog is about e-commerce, social media marketing, and other forms of making money online. For example, when I write an article about setting up a webshop, I immediately add my personalized Shopify link. Shopify is a service that I use every day to set up web shops for myself and my customers. When the reader uses this link, I get a small compensation.

It won’t make me rich right away, but it’s a nice bonus for a service that I write about continuously.

Make money with Social media promotions

Social media influencers with a high number of followers can earn a lot of money from paid promotions when a company comes to you to sponsor one of its products through a paid advertisement. Often a product is sent that you can review, promote, or wear.

This form of earning money with social media is most common on Instagram, but YouTube and TikTok are also well known.

I have worked with micro-influencers with as few as 10,000 followers on Instagram, so you certainly don’t need to have millions of followers to make money with it.

Earn money with your Webshop

Before you think I’m crazy, making money with a webshop can be easier than you might think. There are other options on the market to start a webshop cheaply and many options to find products.

Are there certain products within your niche that solve a problem, and maybe you can start selling? You can quickly get started with drop shipping.

Or maybe you are very creative and make your art? Then you can use print on demand to put your designs on t-shirts, posters, and phone cases and promote them online.

Earn money with Coaching or consulting

Do you have expertise in an area? You can earn money with this through coaching or consulting!

Do you show your singing talents on YouTube? Maybe you have an Instagram feed where you show your cooking skills? Or perhaps you have the capabilities to become a life coach?

Here too you can earn money by offering. It is consulting services on your social media channels.

Earn money with an Online video course or E-book

In addition to money with coaching or consulting, you can also start selling information within your area of expertise in an online e-book or video course.

There are many programs available that can help you:

• Udemy: With Udemy, you can upload and sell your video course
• Gumroad: On Gumroad, you can sell your E-book, music, or course.
• Amazon KDP: Through Amazon KDP, you can publish your eBook and make it available on the kindle bookstore

Conclusion

So, there are many ways to monetize social media, and you don’t need to have hundreds of thousands of followers for each one. With a small community of 10,000 followers, you can earn a lot of money in a micro-niche with paid promotions, opening a webshop, or promoting through affiliate marketing.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

At the beginning of the week, I participated in the Innovation seminar conference 2017. It was crowded, and time passed quickly – because it does it when you have fun. Rarely have I seen such a massive density of information delivered at such a furious pace. Not a minute passed without content. I stumbled out a few hours before closing to gather the thoughts that would become this blog post. But even before lunch, I knew what it was all about – Nathan Furr’s five ingenious ingredients that a leader should focus on to make the innovation machinery squeak. The conference’s ambition is high and goal-oriented – to be part of making the Nordic region the world’s most innovative region. It is essential to get the best there – those who, through research and experience, are at the absolute forefront.

What Will Be of Help?

Taking over from Avalon Innovation’s founder could seem like an impossible task. But my representative made it easy for me. He trusted me to lead the company in my way, with my driving forces and the freedom to do things my way. Then, of course, with a clear focus on generating innovative product and system solutions that make a difference, based on the values and vision deeply embedded in the company’s identity. Close, close together with the whole team. To work with a colleague or an entire team to create a familiar and clear goal picture with a few brilliant figures, a reasonably large stage to work on, an airy framework to write your script freely, and the freedom to choose your actors for the show to succeed to deliver magic. For me, this is precisely the key to strong leadership.

How Exactly Can You Influence the Business?

As a leader, you need to clearly describe why and how you concretely want to influence the business in the future. Then stick to the grounded plan, get things done, and dare to opt-out of the disturbing noise. Then surround yourself with people who give you the right energy, are driven, forward-leaning, relevant, and want to contribute together are essential parameters for success. Winning a hard-to-win paddle match together is more fun than the one everyone has already counted home or, even worse – alone.

The Problems That Accumulate and Twist the Time to Reach the Goals

Leadership is about juggling between goal focus, solving problems, and living with their challenges. I’m frequently asked how a manager can maintain things in order when, despite the goal focus, you are thrown between different problems to solve “all the time.” My recommendation is to pursue your planned goals and unexpected challenges in project form and prioritize those that give the best effect. These you need to get started on and enjoy having around you. And by project form, I mean to see your tasks as just different projects, with goals, schedules, and ambition levels. Thinking forward and upwards, being “finished,” and focusing on not getting stuck in the old or picking the most straightforward tasks makes all the difference.

Career – What Is It Then?

Everyone has their very own career, and it is based on you and where you are, here and now. You have a responsibility to explore your dreams, superpowers, and a little more peculiarity and create an awareness of what motivates you. Close a deal? Figure out a technical invention? Coach colleagues? Then it will be easier to find a role in the profession where you can use your personality, skills, interests, and driving forces.

My Best Tips for Leaders

• Stay close to the people who inspire you the most and grow your network with people
• Motivating your colleagues and giving concrete feedback may sound like a simple thing, but it is crucial
• Be personal in your leadership. Dare to ask honest questions and show how you feel
• See the talents who want to become stars in their niche, develop these, and create positions so that they can flourish and, in the heart, want to be part of the journey
• Change and strong results take time to create. Be patient and involve the whole company
• Feel pretty good with yourself and invest in your coworkers’ well-being. It is probably the most important of all

How To Find Innovative Talent?

Innovation is the invisible hand behind our entire economic system if you are to have a broad picture of it. Most companies have one or a few star employees who stand out differently. When competitors improve their value proposition, you must innovate yourself. Innovation is an evil force – the one who stands still ends up behind. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A person’s minimum social security qualification will seldom gain the maximum social insurance payout. These requirements are that people earn enough money to acquire 40 points, with four points each year. People would have to work at least part-time for ten years at a minimum, but this would not provide them with the maximum amount of social insurance upon retirement. They’d most likely be eligible for a tiny social security payout, but it wouldn’t be enough on its own.

The Majority Adores the Administration

Because the middle class believes in the government, they also think that social security will be there for them when they retire. Otherwise, all hell will break loose, and politicians will lose their ability to win and keep power. People do not believe it is unethical for the government to hold all social security benefits in the event of a single death. We would do something about it if people thought it was wrong. My faith in the people of the United States has been restored. If you can rely on yourself, you can rely on social insurance, which is paid for by both you and your employer, to look after you in retirement.

Recommendation

Freeway to keep track of your net worth: You must first track your finances to maximize your finances. To track your net worth, review your investment portfolios for high fees, run your money through their fantastic retirement planning calculator, and sign up for Personal Capital’s free financial tools. Over time, those who design an investment model gain significantly more money than those who haven’t.

Your Isolation Is Your Only Social Insurance Risk

You are insane if you are unmarried and die before taking out social insurance. But that’s fine since you’re already dead. The government wins while you lose since you put all your money into the system only to see no returns. The social security payments are not passed down to your children until they reach the full retirement age of 67. The government will save your money indefinitely so that it can do anything it wants with it. Consider the social security advantages of marriage if you’ve ever believed there are too many financial penalties for being married, especially if both spouses are good workers. When one family member dies, the other spouse receives social security payments.

When Are Welfare Benefits Obtainable?

Another factor to consider is that early retirement reduces social security benefits. The full retirement age was once 67, but many people are now pushing it to 68. Usually, people cannot begin claiming benefits until they reach the age of 64, and the exact moment you can claim a benefit is determined by the year of birth. If you apply for benefits before this deadline, you may be able to get less than the maximum amount of social insurance benefits.

How Can You Find Welfare Benefits Information?

The US Social Security website is a fantastic location if you have more particular inquiries concerning social security. People need solid advice on how and when to retire because benefit amounts can vary. This site is for everyone in the United States who wants to plan their retirement, not simply retirees. Understanding how maximum social security works can help people figure out what they’ll need to accomplish to retire comfortably.

Social Security’s Capacity

The government defines the middle class as persons earning less than $130,000 per year and determines whether politicians have a future. Politicians cannot get elected and abuse their power in the ways they know-how without the support of the middle class. As a result, no politician will try to raise taxes on people earning less than $130,000. President Obama established a maximum of $350,000. The amount is determined by the administration’s methodology, which takes the average of the most significant three decades of earnings (together with the years they generated those earnings) and then calculates a total sum for social insurance payments. People would have to work and earn considerable money for most of their adult lives to receive the most significant amount of social security.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

But what category does your business fall into? Should you outsource digital marketing? Or keep things at home? This question can be challenging to answer.

Usually, we like to sit down with potential clients and discuss their business ins and outs to answer this question. If outsourcing digital marketing makes sense, we’ll let them know. If not, we will explain why and try to point them in a more efficient direction.

After all, no one needs to hire an agency if it’s not right for your business.

That kind of assessment is a little tricky to do on a blog, so we’ve put together the next best thing: a quick quiz you can use to determine if you should outsource your digital marketing. This test isn’t a perfect predictor, but it’s a good and simple place to get a feel for what your business needs.

Quick self-assessment

If you’re reading this article, you’re outsourcing your digital marketing and unhappy with your results, or you’re in-house wondering if outsourcing might be the best solution.

1. How much do you want to improve your online marketing?

Whether you outsource digital marketing or manage it yourself, marketing is an investment, and not just in terms of advertising costs.

If you don’t want to find the best ways to market your business, your marketing will never reach its full potential. You can do it yourself or by hiring an agency, but it’s an investment you must make if you want to succeed.

If you can afford to spend only a few hundred dollars a month testing and refining your marketing, outsourcing probably won’t be the right move. At this price point, any agency you hire will either not put much effort into your account or will not have much experience to use.

2. What is your average gross margin per new customer?

Even if you are willing to spend heavily on improving your online marketing, you may not have the wiggle room you think. That’s why it’s essential to look at your average gross profit per new customer.

Whether it’s a direct investment in testing new campaigns or paying third-party professionals, improving your marketing takes money. This money is often not immediately translated into sales. Hiring an agency may not be the right decision if you’re not generating enough revenue to handle the extra cost of outsourcing your marketing.

Low profit per client

Let’s say you sell cell phone accessories to show you how this works. The average cost of your order is $28, and it costs $10 to complete the order, giving you about $18 in net profit per sale. Considering your current sell price is $12, you get $8 per trade.

If you are willing to invest, a good agency can do a lot for you, but it will take time to see results. You only get $6,000 a month, so outsourcing your marketing will eat up 40% of your current profits.

High profit per client

On the contrary, let’s say your business is a commercial HVAC installation instead. You charge an average of $2,700 per job and your gross margin is $1,250. The selling price is about $750, which gives you a $600 net profit per install.

These are highly simplified scenarios, but they highlight how profit per customer can affect your decision to outsource or manage business internally. Total sales and net monthly income were identical for both companies, but since gross profit per customer was much higher for the HVAC business, hiring an agency was a much more affordable option.

3. How much of your business is related to new customers versus existing ones?

The higher your turnover, the better your marketing should be.

For example, suppose you produce industrial-grade diamonds. In that case, only a few companies are willing to buy what you sell (and you probably already have established relationships with all of them). Additional marketing won’t do good at this stage, so you might not benefit much from hiring an agency.

4. How well do you know the nuances of online advertising platforms?

I mentioned that if marketing is essential to your business, then agency experience can be helpful. That is if you don’t already have that experience.

If you’re not proficient or knowledgeable about a particular platform, a good agency can make a huge difference. To make things better, outsourcing your digital marketing can be a great way to learn more about different platforms.

5. How many online advertising experts do you have?

A part of developing expertise is assembling a team of experts. Internet marketing is such a large field that it is complicated for one person to master all aspects of digital advertising.

You will likely need a team of internet marketers to succeed in today’s competitive internet marketing environment.

The presence of own specialists provides clear advantages. An agency will do its best to get to know your industry, vision, and priorities, but it can be hard to beat the knowledge that comes from within.

First, most SMBs don’t need an in-house designer, in-house paid search expert, dedicated social media manager, paid social media marketer, web developer, copywriter, email automation, or specialist. They need it all, but they can’t afford to hire someone for every one of those roles.

6. What is the conversion rate on your site?

What percentage of people visiting your site “convert” in one way or another (purchase, call, open a chat, provide contact information, fill out a form, etc.)? About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Of course, with an 8-year-old, you cannot get by with price/earnings ratios or cash flow analysis. Teaching kids may be very hard, but remember that they are children, and you must make investments interesting for them; or otherwise, they will soon lose motivation.

It would help if you taught your child about investing in an age-appropriate way. Make it a game for them or a responsibility like house jobs, give them little responsibilities for buying things from the market and teach them to find the cheapest and perfect quality items. This way, they will understand the difference in how the market has a similar product at many prices. At the same time, most of us don’t know of it.

Depositing some money into a brokerage account to teach your child how to invest is not such a good idea. When the child loses money, he may develop an aversion to the stock market. That might be even worse. When the child wins money, they may already think that they are a genius, and the child will start taking more risks.

4 to 9 years

Children at a young age should not yet learn about the stock market. But you can learn the principle of the stock market. Investing is investing for the long term. So, you can teach your child lessons that when you spend time and energy on something, it can yield a valuable result in the long run.

For example, your child can garden. Planting and caring for seeds will eventually produce a beautiful plant or flower. A giant puzzle or craft project can be encouraged and rewarded with a compliment that hard work can bring great results.

10 to 14 years

Kids heading into puberty are generally more interested in finances than you think. They must also be able to understand simple investment principles. You can teach them about well-known brand companies. Say, for example, that you can take some ownership of Disney when you watch a new Disney movie. Or Coca-Cola, McDonald’s, refueling at Shell.

You can also teach them about spreading. Teach your children not to put all the money in one company that anything can happen to any company. Multiple companies mean less risk. Also, teach them that “get rich quick” is an illusion. Let them enter the lotto with their own money. In this way, they will learn that the chance of winning is minimal to non-existent.

14 to 18 years

After some math knowledge, you can teach the kids about the power of compound interest. Teach them that money can make money. Teach them that the power of compound interest works faster and faster as more money makes more money.

With the rule of 72, you can learn how to double their money. Divide 72 by the return per year, and you know how many years it will take you to double your money. For example, a return of 7% per year doubles your money after ten years (72: 7 = 10).

Also, teach them that inflation works the same but makes your money worth less instead of more. This way, you can teach them that they lose purchasing power when their money yields less than inflation.

You can let them gain experience with the stock market through a virtual portfolio. It is best to start with well-known stocks from everyday life. Create one or more portfolios per theme. This way, you can show them which system works and which method works less or not.

+ 18 years

Here you can put real money to work. Start investing some of your kids’ money during the holidays or weekends. Advise in good times but especially in bad times. Explain why stocks fall or rise. Teach them that investing is more rewarding than investing a total amount at once. Make sure they don’t make the mistakes that you undoubtedly did.

Conclusion

The most important thing is to teach children about the investment from the start and know what to teach as children grow because you should change the teaching according to a child’s age.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

As silly as it may sound, saving is essential. You want to travel or need a new sofa in the short term. Or just for a long time. Maybe you want to buy a house, pay for your children’s future studies, or save for your retirement. But how do you choose a good savings account? We are happy to give you some tips.

Choosing the correct savings account

A savings account is a savings account, you would say. How much difference can there be between the different banks? Well, quite a lot. And whatever your savings goal, you naturally want the highest possible return on your savings. In addition, the costs differ per account, and you sometimes get handy extras that can help you save even faster. Therefore, pay attention to the following:

High savings rate

The interest rates on savings are currently meager, so it will not help you much. But that does not cover a higher savings interest rate yields more than a low one. If you opt for an account with an interest rate of 0.05%, you will pay less than an account that yields you 0.35%. If you have a lot of savings, that can make a big difference.

It is also essential to check how often the interest rate is adjusted and the bank’s interest rate trend. Suppose the interest rates go up again. Does the interest rate then follow, or do they remain at the bottom of the market? And when you receive the interest. That is quickly earned! You can choose to have the interest paid out daily at some banks, so you get interested in interest.

Cost of your savings account

A savings account is often free, but most banks require that you also open a checking account with them. You can already feel it coming; it is not free. Therefore, be aware of the costs. In our bank comparator, you can easily see which bank is the most advantageous for you based on your income.

In addition to the checking or savings account costs, it is also essential to check whether you can always withdraw and deposit money unlimited and free of charge. This way, you will not be faced with unexpected costs.

Extra options

Now you know what you’re paying for that savings account. But – not unimportant – what exactly do you get for that price? For example, it may be that one bank is a lot more expensive but offers you a complete payment package with a high-interest rate, while with the cheapest variant, you get a low-interest rate and miss all kinds of other options.

Then we are talking, for example, about the option to open different savings accounts for your other savings goals – which is handy for the overview – or to opt for different types of savings on one account. And maybe you can open joint savings account for free with one of the banks you have in mind. So handy.

Arrange online or to the office

A final point that is useful to consider is how you want to arrange your money affairs. Do you prefer to do this online, or do you like to visit a nearby office? It is handy because you can quickly arrange your banking affairs at any time.

You often do not receive paper statements at an online bank, but you can view and download your statements online. On the other hand, there is no office where you can pop in. If you have a high preference for one or the other, check carefully about your bank in mind.

Saving with the help of intelligent technology

Do you want to make the most of your savings? Then saving is a good option for you. With the help of smart technology, banks can give you handy alerts when it is better to transfer the balance on your checking account to your savings account, for example. 

Do you receive interest on your checking and savings account?

You can open many accounts free of charge.

You can arrange everything quickly and easily online. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

There are two ways to do this. The first is to find all the contracts and write out information for each loan. The second is to use one of the applications that accumulate payment data. In your account in the application, you can see when the last payment was made for the loans and make the next one. In addition, in this kind of service, payment reminders are configured. It is convenient, especially if a person has more than two loans.

Restructure Debt

Often, debtors have lost their jobs, their health has deteriorated, and people are experiencing financial difficulties. When a borrower is drafted into the army or goes on maternity leave or maternity leave, in this case, you need to go to the bank and try to explain the situation. It is possible to agree on different options for solving the problem. The first is debt restructuring, that is, changes in terms of the loan. For example, a borrower can agree with a bank and pay only interest on a loan for several months. Another option is to increase the loan term, thereby reducing the monthly payments.

Terms

Each bank offers its terms of restructuring. For example, in some banks, you can defer repayment, extend the period, or change the currency of the loan. At the same time, another offers to reduce the monthly payment amount and increase the loan term – no more than three years. Or another scenario from the same bank is to provide a deferment of principal repayment for three months, during which the client pays only interest on the loan. If the bank refuses to restructure your loan, you can go to court. The court determines whether a person can pay off the debt while continuing to exist, eat, and satisfy basic needs. If not, then you cannot order debt restructuring. In addition, this method has pitfalls. For example, sometimes banks noticeably stretch the loan term while simultaneously increasing the amount of debt. Today, a bank can refuse a client this service without explanation. However, according to the statistics of the World Bank, banks still approve most applications.

How to Get Out of Debt

It is straightforward to get a loan: banks are ready to issue them even without certificates and guarantors. Attracts more and more customers who are prepared to take a cash loan. Unfortunately, soon the moment of retribution for their rash actions comes, and citizens begin to look for all possible options to repay loans. However, it is not necessary to go to the bank. The passion for borrowing money from friends and acquaintances also affects the family budget. How to get out of debt will be discussed in this article.

Assessing the Situation

First, when the question of debt arises, it is necessary to assess the current situation correctly. Depending on who you borrowed from – from a bank or relatives- further actions will depend. For example, in the case of debts to relatives or acquaintances, the problem is much easier to solve. By applying for deferred payment, you can find a part-time job and pay it off soon.

Where Can You Expect Help?

Having asked the question “how to get out of debts and loans,” the debtor should know that they can always help him. For example, in the case of debts to friends or relatives, you can always turn to someone else for help, borrow money and repay the debt. If the lender is a bank, then guarantors can come to the rescue. Financial institutions often ensure they issue loans and issue loans only if the borrower has a guarantor. In this case, the guarantor now acts as the main solvent person and repays the debt for the primary borrower. Of course, it applies to considerable amounts, not small consumer loans.

Action Plan

So, having decided to pay off all the loans, it is essential to think over every step of your actions. After all, you can avoid mistakes that lead to a debt hole by knowing how to get out of debt. First, you need to get rid of small loans. So, having paid off small debts, it will be easier to focus on larger ones. To make it easier to make decisions, you should put things in order in financial affairs. It is precise because complete chaos reigns in-home accounting, and credit debts appear. Thus, having taken control of all your income and expenses, it will be possible to navigate further in which direction to move.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The creation and sale of online courses is a thriving business all around the globe. People of all ages are more interested in education and lifelong learning than ever. Online courses offer a convenient and cost-effective option to broaden your knowledge without even leaving your house! If you’re not already selling an online course, you’re missing out on a fantastic opportunity to produce a passive income stream, improve your brand’s reputation, and increase lead generation.

Make money with online courses

Various factors influence your online course sales, and your income can fluctuate significantly.

As an internet expert, you can earn tens of thousands to millions of rubles every year.

Creating a course is merely one component of a more significant “mechanism,” but it can help you earn up to a million rubles on its own. Working on marketing and sales, as well as establishing a personal brand, will increase your earnings.

How much revenue can I expect from selling an online course?

The expert himself largely determines it. Numerous factors influence your earning potential.

Course price

Do you charge $300 or 30,000 $ for the course? It can help you figure out how many people you’ll need to sell to meet your investment objectives.

Your audience

Do you have a database of email addresses for potential customers? Do you have a lot of social media following, or do you have a lot of YouTube subscribers? Do you collaborate on relevant themes with partners and have access to their subscriber base? The larger and more engaged this base becomes, the more clients you will be able to attract.

Building a mailing list is the first step toward your new education business if you’re just getting started.

Experience in marketing and sales

Have you ever sold online courses before? If you already have an online business and have sold things, this will work in your favor, and you may expect a greater conversion rate from your audience.

Current customer loyalty

Do you have an exciting clientele? How devoted are your customers to you? Do they return for your new offerings, or do they vanish?

All the above can be learned and mastered by a beginner, but you can expect a slower start than an experienced entrepreneur.

How to add worth to your online course

You must ensure that an online course provides substantial value to users to get the most out of it. It involves thoroughly looking into your competitors’ online courses to discover how they work so you can beat them at their own game.

Offer resources before the course

Students will arrive with a variety of backgrounds and experiences in your class. Consider the obstacles students must face before enrolling in your online course. Are there any resources you can recommend before the course starts to help them overcome their objections or alleviate their anxieties about enrolling?

Host live events

Pre-recorded content for your online classes will, without question, provide you the most bang for your cash. However, this does not mention that you should never live with your students. When you hold online seminars or Q&A sessions, you demonstrate to your students that they are valuable to you and interested in personally answering any of their questions. It can go a long method toward encouraging course participation.

Copy Hackers is an excellent example of this. Every week, they offer free “Study Tuesdays” with content that freelance copywriters would find valuable. You will get access to special live events if you join up for their copy school.

You can make money by selling online courses

If you take the effort to design a high-quality course and promote it appropriately, creating and selling online courses can be a lucrative source of passive income. Although creating all elements of an online course takes time, it can provide income for many years once completed.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.