Author: Complete Controller

When a spouse or parent passes away, there can be expenses associated with that death that can burden the family left behind. However, there are ways we can protect our loved ones after we are gone with some preparation and the purchase of a good life insurance plan.

There are several ways you can choose the correct life insurance for you. You must be well-informed and understand the different types of insurance before you get with a licensed agent. Most insurance agents who sell life insurance focus on the commissions they will receive. Therefore, you must approach it with an understanding of the types available to you.

Because it is another monthly expense, many people do not carry life insurance. Depending on the type you get, the expense is generally not as much as people might think. However, it is understandable that life insurance may not register as an option when contemplating your monthly budget. Most people don’t want to think about mortality. Here are seven reasons you should carry life insurance.

Security

Life insurance provides protection and support in cases of loss in an unexpected death. It is better to have it and not need it than to need it and not have it. Life insurance offers security and protection when there is a loss of income due to death and takes care of the expenses left behind by the insured.

Reduction of Risks or Losses

In business or on a personal level, having life insurance increases the probability of getting ahead in the face of the business owner’s death or the family’s primary breadwinner. Life and death are unpredictable in most cases, and life insurance lowers the risks of losses to your loved ones after you are gone.

Peace of Mind

Life insurance eliminates or reduces the tension, fear, anxiety, frustration, or mental weakness associated with the uncertainty of the future. It is essential to know that not having financial security for the future causes tension, distraction, and worry, resulting in lower performance in our work and personal lives.

Our health can also be affected if we do not foresee our eventual death and prepare to take care of our family after death.

Savings

Many life insurance options have savings built into them. Most people are unaware of this benefit. Depending on the type of life insurance you get, you can borrow against it after paying into it regularly for a set period.

Life insurance promotes regular and systematic savings, which could be useful and necessary for the insured person after some time, depending on the life policy contracted. It is practically a benefit that you could use in the future.

Loan Collateral

Some banks will allow you a loan offering the policy as a guarantee if you have life insurance. In case of the insured person’s death, the same policy can be used to cancel or settle the loan plus interest. Also, business loans can be received from a bank according to the documents and insurance guarantees. It can be an excellent option to request and expedite a loan.

Employee Welfare

Many companies offer health and life insurance as a benefit of working for the company. Some companies pay the insurance premium for their employees as part of their compensation package and salary. Due to these benefits, the employee will be better positioned to be productive since the work environment provides them with this security.

Financial Future

It can also lead to the financial peace of mind of your family. Life insurance policies can offer a payout that will cover the insured’s expenses and offer some financial compensation to be used for the beneficiary’s financial future. This benefit is another way the insured can take care of their family after they are gone.

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.

Purchasing a house requires a great deal of time and exertion; however, a bit-by-bit cycle can help make the home purchasing measure sensible and help you settle on the ideal choices.

The specialist may lessen the estimation of the portion of the term of the financing credit of the Housing Finance System (SFH). To do such, utilize the Time Guarantee Fund (FGTS) to discount the excellent equalization. The best part is that the entire cycle should be possible by phone.

It is permitted to utilize the FGTS to purchase a subsequent property if the Fund’s assets have been used recently in the purchased property along with someone else. However, is the client no longer co-proprietor? When you use the FGTS to acquire a property, regardless of whether along with someone else, you, the store’s assets, cannot be utilized once more. The estimation of the FGTS must be re-utilized if the proprietor sells the first property.

The limitation to utilize FGTS happens when the purchaser buys a property from a proprietor who has used the FGTS for under three years is to give as information the hour of procurement or to take care of the financing of the property you need to purchase. For instance, they utilized the FGTS to acquire a property and sell it a year later. If B needs to acquire that property, you cannot use your FGTS because A has utilized the store’s assets to buy similar property in a time of under three years.

Many people have a great plan of life, the acquisition of their own house. And no less! In this sense, the retained guarantee fund can be a great help in achieving this dream.  

However hard you work for it, the point is that saving enough money to make that cash purchase can be virtually impossible. Finding a budget bank loan is also not easy, a fact that causes many to remain stuck in rental contracts, disbursing high amounts for something that is not yours.

Fortunately, however, an alternative may be the missing push to make your plans viable: using the FGTS resources to buy a home! Giving up the Time-of-Service Guarantee Fund to help dream of buying your own home is a great option, which you can use to acquire a residence ready to invest in a building under construction, you know?

Understand what the Guarantee Fund is

First, it is good to understand what this resource is. The FGTS is of amounts deposited by employers in specific accounts. The piece, which is deposited monthly and corresponds to 8% of the salaries in sheet, is of the worker.

The Guarantee Fund is one of the most critical provisions in our labor legislation. Its function is to protect the professional in case of a resignation made at the company’s initiative. It is why, when a person gets fired from work, they are entitled to withdraw the existing balance from your FGTS account.

Therefore, one of the objectives of this benefit is to act as a reserve for the worker to safeguard him in cases of emergency. While deposited, resources are used by the government to finance initiatives in several areas, such as housing, urban infrastructure, and basic sanitation.

In addition to cases of dismissal, the law provides that the holder may use the amount deposited in an FGTS account in the following situations:

• for the purchase of the house itself.
• to build on own land.
• in situations of calamity in the place where he lives.
• diagnosis of serious diseases.
• After three years without working with a signed license

It is worth remembering that if the worker quits for just cause, he will not be entitled to take out the balance of the FGTS. As each work contract gives rise to a new account, the worker must check the balance and situation to know how much has accumulated in your Guarantee Fund.

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.

Cryptocurrency is a popular type of currency used for online transactions. It is based on blockchain technology or a chain of information controlled by multiple digital transactions not dependent on traditional central banks or financial institutions.

Blockchain technology has many technical details that you don’t need to understand. It provides layers of protection to online transactions done using cryptocurrency. The main advantage of cryptocurrency and blockchain technology is that it allows transactions to be done without a middleman.

This cutting of a third party in the transaction severely lowers or even eliminates fees third parties charge for using their payment platforms for transactions. Cryptocurrency functions within its network and cannot be purchased via banks or other traditional banking institutions.

Cryptocurrency is the credit card of today. Back when credit cards came on the scene, they were not widely accepted by banking and other financial institutions. Now they are more used than cash for purchases, especially in the form of a debit card.

Banks may accept and sell a cryptocurrency at some point, but for now, they don’t. However, these institutions follow its price, especially in the most popular cryptocurrency form, Bitcoin.

Cryptocurrency has a few reasons. It is an attractive choice of currency for online transactions. One of the main reasons people like using it is that you can own and use it anonymously, adding a protection layer. The drawback is that criminals who use it for purchases and transactions on the dark web can render the transactions anonymous using cryptocurrency. This anonymity can make it difficult to catch criminals through their payment.

Another reason people like using it is that it can appear to be an investment while being useful as a payment form. Because cryptocurrency value can increase with price explosions, you can purchase dollars without doing a thing but purchasing it and owning it during a price explosion.

However, you should not dedicate a large part of your portfolio to the purchase of cryptocurrency because it is not an investment with expected returns. It is only an “investment” if there is a price explosion (they don’t happen all the time) while you own it, and you have to spend it during the price explosion to reap the benefits. You can’t cash it out like a stock.  

Choosing Cryptocurrency

Choosing a type of cryptocurrency can be a challenge since there are hundreds of them. Not only that, but it seems more are coming online regularly. Many of these cryptocurrencies go as quickly as they come on the scene, which adds to the confusion when choosing one for yourself.

Bitcoin is currently (and for a long time standing) the number one cryptocurrency. Others come in a distant second and behind Bitcoin. This fact makes Bitcoin the most reliable cryptocurrency. It is so popular that its name has become synonymous with cryptocurrency, much like Kleenex’s name became synonymous with facial tissues. While Bitcoin is a reliable and stable cryptocurrency, some others have performed better, but it is chosen over those due to name recognition.

Where to Buy Cryptocurrency

Cryptocurrencies cannot be purchased through traditional banking and financial institutions. They have to be bought through cryptocurrency exchanges. These exchange platforms charge fees for both buying and selling of cryptocurrencies.

One platform called Robinhood disrupts the cryptocurrency market by charging no fees for the purchase of cryptocurrencies. You can also purchase cryptocurrency from other individuals holding them for a lesser fee.

Storing Cryptocurrency

The storage of cryptocurrency is done through a wallet. A cryptocurrency wallet is software that stores public and private keys that connect you to where the cryptocurrency exists through blockchain technology. Your cryptocurrency does not get stored in the wallet; only the keys give you access to your cryptocurrency. They’re called “keys” because they unlock your cryptocurrency on the blockchain.

In addition to enabling you to access your cryptocurrency, you can send and receive it through your digital wallet. It also provides a record of transactions stored on the blockchain and your current balance.

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.

Many people dream of being an author and having their work published. While there are still traditional ways to get your work published by submitting your manuscript to a publishing house and waiting for rejection or acceptance, the Internet has provided other options to get published.

In the last 20 years, eBooks have become more popular year over year. While many will still opt for curling up with a good book, flipping pages as you march through the story, avid readers love the option of downloading a book immediately and reading it on their various devices.

Therefore, as an aspiring author, creating and selling an eBook can offer you an option to get published quickly and independently. Here are five steps to create and sell your eBook and where to sell them.

1. The first step will be to write about what you know.  Dedicate a couple of hours a day until the project is finished. You will be amazed to know that there will always be people looking to know about it for any subject. 

For example, if you are a yoga teacher, know a lot about diets, are experts in archeology, etc., there will always be people interested in learning from you and listening to your advice.

2. The most important requirement here is to be constant, perseverant, and have the patience to write all your knowledge. Those who know a lot about a specific topic and would love to write a book to sell it on the Internet have trouble writing.

There is the option of looking for someone to do it. Today many people are dedicated to performing this service on the Web and do not charge too much.

3. The next step will be the creation of a Web page in which you can sell your book. Although this, to many people, is read a bit complicated initially, you should know that everything is getting easier with practice. First, you have to acquire a domain and hosting space on a server. 

The cost for this is minimal. Your investment will be around $80, and what you will receive in monthly earnings will be much more than that.

4. Finally, after creating the eBook and the website, the last step is to find people who wish to promote their book to sell it. One of the options is to register with Clickbank. This is an affiliate platform in which online sellers register to search for products and sell them on the Web.

This method does not guarantee that you will sell many books because it will depend on how many affiliates want to promote your book and how effectively they promote it.

5. Do you not want to deal with the creation of a website? Are you looking for a very simplified way to sell eBooks online? Do you not want to create a Web page? Suppose you want to dedicate yourself to writing your eBook and putting it on sale online on a platform where people are already going to buy. In that case, the ideal option for this is to create and publish electronic books on Kindle and sell them through Amazon. Later in the article, I explain how this option works.

Selling on Clickbank

When you put your book on sale through Clickbank, always offer the highest commission to affiliates, 75%. If you offer the highest payment, more books will sell. For example, if the product costs $80, $60 will be paid for the affiliate, and you will earn $20.

Never put filters that can truncate affiliate commissions, for example, other payment options (Western Union). No one wants to work hard to have their commissions removed. That’s something that many Clickbank sellers do, and obviously, they sell the least. So you do not do that. 

Always put yourself in the position of the one who is promoting your book and ask yourself if you would promote e-books or products that have commission filters on their sales pages. Of course, I would not do it.

Experienced marketers will look at these details before starting to promote any product. See which products are the most sold in Clickbank. You will see that they are the ones that do not have filters, the ones that pay the most, and those that do not have those annoying Opt-in and Pop-up in the sales pages. The content of your book has to be interesting too. 

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.

Most people opt for convenience and use electronic transactions for banking. In addition, many opt to avoid brick-and-mortar banks and choose to use their online banking tools even with traditional banks. If you consider online banking, here are seven things to consider before giving up a traditional bank.

Higher Interest Gains

Because online banking institutions have a lower overhead to operate, they can benefit their users. One way they offer this advantage is through interest rates. Not only do they offer interest on balances on both checking and savings accounts, but the interest rates are higher than those carried on traditional bank accounts and only on savings accounts.

Most brick and mortar banks offer rates ranging from 0.10% to 0.50%. However, on average, looking at online checking and savings accounts, they offer higher rates of 0.9% to 1%. Though this difference is slight, it does add up big when you consider it is offered on both checking and savings accounts.

No Fees

For the same reasons, online banks can offer higher interest rates to offer lower to zero fees. Again, online banks are looking to attract your business, so their low overhead helps them use the savings to benefit (and attract) customers.

Online banks will also often cover ATM fees, regardless of where in the world you make withdrawals. However, double-check the coverage of ATM fees as some banks will only offer coverage on a certain amount of transactions per a specific period.

Convenience

Unlike brick-and-mortar banks, online banks are open 24/7; however, most traditional banks offer electronic banking options similar to online banking, making some transactions similar other than the possibility of fees.

Your bank is also available anywhere you have the internet or phone service using mobile apps, which means you can do banking transactions from anywhere in the world. The convenience and 24/7 access could be the most significant reason online banking is the way to go for someone on the move or at odd hours to do their banking.

Security

Many believe that banking online is less safe than in-person banking at a brick-and-mortar bank. However, online banks have a high security and site encryption level, ensuring that all online transactions are secure. Though this is the case, you should choose an online bank covered by FDIC like a brick and mortar. This will give the assurance that your money up to $250,000 is protected against any theft or fraud online.

No Cash Deposit

While online banks and even current traditional brick-and-mortar banks offer e-deposits for checks and direct deposits for paychecks, they are different: cash deposits. So if you are given cash that needs to be deposited, you will not be able to do that with an online bank at all.

The only choice you will have is to take the cash and purchase a money card to use it online, which will cost a fee. Or you can use the money to make purchases, which could be inconvenient if you are making online payments or purchases.

No Personalized Service

Some people, especially older bank customers, like the personal touch given when they do their banking in person at a traditional bank. At the same time, this is understandable and could be considered a con by some. But, generally, the convenience and low to no fees make up for this impersonal approach to banking.

Technological Issues

If you are not used to banking in the virtual environment, adjusting can take some time. Online banking website designers try to make navigation as easy as possible for their customers, but some customers may never get used to online banking. This could be compounded if your online banking institution changes the site or upgrades that change the features you are used to using.

Conclusion

There are definite pros and cons to online banking. Once you have considered all the options, you may opt to ditch traditional banking institutions and move to online banking. Use the information you learned here to decide if online banking is right for you.

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.

In financial planning, the main objective is to sustain our basic welfare by covering expenses and avoiding debt. Similarly, the best reference to measure profitability is basic welfare. Without this link to welfare maintenance, consumption, acquisition, or money placement is meaningless.

Therefore, it is necessary to know and isolate the cost of this basic welfare to estimate the projected surplus generated in a period. Of course, this gain will be affected by decisions and contingencies that occur during the period.

This information is relevant when considering an investment since the decision to convert liquidity into risk capital will be conditioned and directed based on the goal to maintain basic welfare. Therefore, this conditioning implies:

1. The coverage of the primary liquidity risk, including the availability of a contingency fund.
2. Attention, with the corresponding liquidity, of annual expenses that are not recurrent monthly – insurance, tuition, seasonal gifts, clothing, equipment, etc.
3. Consider that our active source of income – work, profession, or business – is not threatened immediately.

Only after having reviewed these risks are we ready to invest. If you have doubts about any of these points, it is preferable to postpone the decision to invest until resolving them. For example, suppose you are concerned that an investment may negatively impact a college fund. In that case, it is best to avoid investing until there is enough capital to risk without jeopardizing existing financial commitments.

Once we are confident an investment will not threaten basic welfare, we need to ensure that the investment will benefit our financial goals. This does not occur automatically, as it is easy to lose direction when making decisions about transactions that we make daily. When we see things from this perspective, we understand that a good investment does not necessarily imply maximizing the specific benefits. A good investment directs the effort towards achieving our life goals, whatever they may be.

Some additional questions we can ask ourselves to confirm an investment is suitable and timely for us are the following:

1. Will the investment help me achieve my life goals? Which objective will be met? How will it help me?
2. Does the investment imply costs or risks that will mean a burden for my active income? If that is the case, do I have the financial ability to face these costs without jeopardizing the sustainability of my basic well-being?
3. Does the investment correspond to my current life stage? Is it appropriate to invest at this time, or is it more convenient to do it at a later stage of my life? Does it correspond to a previous stage, and will it not be so easy to take advantage of its benefits?

As we consider these questions, let us review them in the context of a typical investment opportunity.

Suppose you decide to acquire a property because it is a reasonable price but depends on 100% of your active income to supply your basic needs. In that case, it will be the most expensive property you can purchase because it will bring more significant risk to your well-being. That is, the cost of the property is not just the sale price but also the financial toll it may take on your savings, current bills, and increasing debt. 

However, if you have met your financial obligations and decide to purchase the property, the purchase price is not as costly. Of course, it is always preferable to buy at a lower price, but it is much more important not to compromise or risk your future well-being to take advantage of an opportunity. The key to investing is the price and profitability comprised of decisions aimed at supporting well-being.

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.

Many people are hesitant to invest in the stock market because they find it intimidating. They don’t understand how it works, or they fear losing money because it is complicated. However, the stock market is not as difficult to understand as most people think.

Publicly traded companies offer options for people to buy into the company and be part owners. According to how the company performs, the stock goes up or down. Most people will own the stocks without selling for many years, while others will often buy and sell stocks in a company.

The stock market is intimidating to the average investor because it can be challenging to determine when to buy or sell your stocks to make the most return on your investment or minimize losses if something goes wrong with a company.

The stock market was born in the 1100s in France, where exchange intermediaries managed debts due to low productivity in the agricultural communities on behalf of the banks. Later, in Antwerp, Belgium, the first stock market system was developed and implemented. The market began allowing investors to buy into companies to help them financially, and in turn, the investors would receive part of the profits.

In the middle of the 13th century, the bankers of Venice began trading government securities. In 1351 the Venetian government endorsed the law that prohibited the spread of rumors intended to reduce the price of government funds. Bankers in Pisa, Verona, Genoa, and Florence also began negotiating government securities during the 14th century.

This was only possible because they were cities and independent states governed by a council of citizens. The Dutch later created stock companies, which allowed shareholders to invest in companies as a business and obtain a share of their profits or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue shares and bonds.

In the 19^th and 20th-century significant cities in the world developed stock markets and spread globally to Europe and Asia. The most notable developments were in New York, London, Tokyo, and Zurich. While these cities remain the global market hubs, today, technology has driven every city in the world to have its own stock market. 

As the stock market continues to develop worldwide, another factor that has supported the development and consistency of the securities markets is the creation of stock indicators responsible for objectively measuring the performance in operations and thus letting the world know the value and performance of the stock actions of it. 

The indexes such as Dow Jones, Standard and Poor, and NASDAQ are the primary and most followed worldwide sources that report the performance of the operations of the most important companies in the United States and the world.

Difference Between the Stock Market and the Stock Exchange

Usually, these two terms cause confusion among new investors because they are deeply intertwined. Knowing the difference between the stock market and the stock exchange is fundamental for new investors.

A stock market is the accumulation of buyers and sellers of stocks, representing ownership claims on businesses. It could include securities listed on a public stock exchange and stock only traded privately, such as shares of private companies sold to investors through equity crowdfunding platforms.

A stock exchange is where stockbrokers and traders can buy and sell securities, such as stock, bonds, and other financial instruments. Stock exchanges may also provide facilities for the issue of and redemption of such securities and instruments and capital events, including income and dividends.

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.

Unfortunately, many cases of abuse in the restaurant industry and violations of labor rights are committed. Because many workers in the restaurant business primarily work for tips, restaurant owners will take advantage of this to skirt labor laws that should apply to every industry, including the restaurant industry.

Some employers also take advantage of the unresolved immigration status of many workers and their constant fear of deportation for not fulfilling their obligations, acting as if undocumented workers did not have labor rights. However, the labor laws of the United States apply to everyone, and knowing your rights if you work in the restaurant industry is crucial to protect yourself.

Law of Fair Labor Standards

The Fair Labor Standards Act, commonly called the FLSA (Fair Labor Standards Act), contains a series of federal regulations that establish issues such as minimum wage, overtime pay, file maintenance, and employment of children under age both in the private sector (companies, businesses) and in public sector jobs (federal, state, or local government institutions).

The minimum wage is the lowest amount allowed by law that an employer can pay hourly. The federal minimum wage is set at $ 7.25 an hour, and that figure is compelling as of July 24, 2009. Most states also have minimum state salaries greater than the federal minimum. There are restaurants that, taking advantage of the guests’ custom to give tips for the service, offer the waiters salaries below the minimum, which, according to the FLSA, is an illegal practice.

The payment of overtime is another employee’s right established by the FLSA. Every employee who works more than 40 hours a week is entitled to 1.5 times for each additional hour. Restaurant employees often spend 12 hours a day more than five times a week but do not receive overtime payments, which violates federal labor laws. The employer must also keep a record of the hours worked and paid to each employee.

In the case of underage employees, the FLSA requires that the minor have a work permit from their state, that they do not work more than 3 hours on school days or 8 hours on “free” days, with a maximum of 18 hours a week. In the case of work in restaurants, there are also restrictions on the type of activities allowed to a minor worker. The complex tasks of cooking or handling ovens and pressure fryers and machines with blades (blenders, cutters, etc.) are prohibited. It is also not allowed to drive cars for work reasons (delivery, etc.) or to serve alcoholic beverages.

If the job requires employees to wear a uniform, that uniform’s cost must be considered an operating expense of the employer. If the employer requires the employee to assume the cost, it must not reduce the employee’s salary below the minimum wage or reduce overtime payments.

The employer must have the official FLSA poster or poster placed in a visible restaurant for employee reference. This poster contains the most important information about rights established by the FLSA and comes in six languages.

The Occupational Health and Safety Law

There is another group of federal norms that seek to guarantee the welfare of every worker. These standards are part of the Occupational Safety and Health Act, or OSHA (Occupational Safety and Health Act).

OSHA exists to prevent injuries, illnesses, and deaths occurring in the workplace. In the case of work in restaurants, it establishes several requirements, such as mandatory rest periods, the details established by each state. For example, in a state, rest periods of ten minutes are required for every four hours worked. OSHA also establishes periods to eat in longer days, half an hour for every five hours worked.

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.

Obtaining loans help people achieve their life goals, such as completing a degree from a dream college, buying that perfect home, driving a luxury car, or setting up a business. At first, with this assistance, people feel like they are fulfilling their dreams, but as time passes, stress builds up, causing problems for everyone.

It is wise to plan and strategize how one is going to repay the loan before taking it. Also, it provides peace of mind and helps in managing debts without hassle. Disorganization adds difficulty to a situation, and when it comes to repaying Debt, it creates mental pressure for a person.

When it comes to Debt, the more organized the approach is, the stronger a plan is, the higher are the chances of getting out of debt well before the estimated time. Here are six apps that will help you get out of Debt.

Unbury.me

One of the best tools aiding the debt repayment process for people is Unbury.me. It is specifically designed for debtors who have no idea where and how to start repaying their Debt. It is free to use an app that requires users to log in and enter all their debts. Based on the data entered, the app will develop different plans, from both the snowball approach and avalanche approach.

The user can then choose the plan that best suits their situation by comparing all the plans proposed by the app. Each of these plans outlines the interest that an individual will be paying, the balance left, along with an expected date of debt freedom.  

Debt Eliminator

Debt Eliminator is a free app, and the most highlighted feature of this app is that it does not store the data entered by a user. This app draws up a debt repayment plan based on the debt snowball technique. A user is expected to list down all the debts that have to be paid and any extra amount that a user can add into debt repayment.

In addition to these details, a user must also add the minimum payment. This app draws up an intelligent plan for the users based on all this entered data.

Qoins

Qoins is a tool for debt repayment that helps an individual subconsciously attack the debt. Qoins was launched in 2017 and since then has helped many people save the spare change. The concept on which the app works is rounding off all the purchases to the nearest dollar.

And it was then making use of it in the repayment of the Debt. It is not a free app; it costs $1.99 monthly, which is not expensive. The app cuts the monthly payments from the savings pool and does not charge the card. With this app, people can save daily.

Digit

Nothing can be better than paying off the debt without stressing over it. Digit is an app that does exactly that. By analyzing a user’s spending behavior, the app decides to auto-safe to help the users save for their goals. The amount transferred to the in-app savings account is such that it is not very noticeable by the users.

When a goal is reached, the amount set for a specific debt, the app notifies the user, and then they can take that amount out to pay it off. Using the app costs $2.99 per month, and it can help users save up to $110. Also, this app offers a no-overdraft guarantee.

Pay Off Debt

Helping its users set financial goals and then achieve them, the Pay Off Debt app was launched in 2009. With this app, users can achieve goals such as a debt-free vacation. Pay Off Debt also features the facility of tracking even personal loans. Using this app allows people to draw up priority-based repayment plans.

This app costs $2.99 monthly. Using this app helps people stay updated about their payments and helps them in avoiding a late fee. Not only does it help in getting out of debt, but it also helps in the development of long-term financial habits.

DebtTracker Pro

The app features a simple user interface and allows users to stay on top of their financials. The whole financial picture can be analyzed using this app, helping people pay off their debts. The default planning technique used in this app is the snowball method.

After a user enters the required information, the app calculates the payment for each Debt. Also, with payment reminders, a user can make sure that the debt payments do not get delayed. Using this app costs $1.99 per month.

Conclusion

Successfully repaying the debt in the estimated time or before it is one of the most significant milestones that a person can achieve in their lifetimes. The only thing that can help people do so is carefully planning and strategizing the debt repayment.

Planning gives an upper hand to the debtor as they also get a chance to work towards their other financial goals. The bottom line is that managing the debts efficiently using these debt assistance tools can help people achieve a stable financial situation at the time estimated and, in exceptional cases, sooner than the time calculated.

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.

When beginning a start-up, it is essential to create a financing concept at an early stage. Depending on the type of company, the self-employed entrepreneur must consider some key factors, including: Is purchasing new equipment necessary? Which is the better option for company vehicles, leased or financed? How much money should be invested in marketing strategies? When is the first revenue expected? Below are aspects that an entrepreneur should consider to help their start-up prosper.

How much capital is needed?

Before starting a company, it is critical to understand the financing amount needed to undertake the venture. In many cases, founders underestimate their needs and set the fundraising goal too low. This mistake can destroy a start-up and negatively affect the entrepreneur’s livelihood. Few small business founders can generate enough income in the first few months to sustain their operations and earn a profit. It often takes at least six months or longer before the company makes a profit. Without reason, then, it is not that most start-ups fail within the first three years of their inception. Below are a few ways a person can finance their start-up:

Bank Loans

Your home bank is often the option to consider when financing a start-up. The on-site advisor can provide information about the maximum loan amount available, the interest rate, and what repayment is expected to be incurred. Often, self-employed people, who cannot record regular income, cannot avoid depositing collateral since they pose a higher risk of defaulting to banks.

Start-up Grants

Start-up funding is the basis of income for many self-employed entrepreneurs. A start-up grant is designed to end unemployment and enable people to start a new business. The application must be submitted to the Employment Agency before taking up self-employment to receive the start-up grant. The person reviewing the loan will need a business plan and proof of the applicant’s qualifications. In principle, the grant reviewer must be persuaded of the start-up idea to grant a license. Because the start-up grant will not be awarded to all applicants, the reviewers decide on approvals on a case-by-case basis. Even if a person meets all the criteria, there is no guarantee that government support will be paid. Although the start-up grant is a financing option, it is not guaranteed.  

Crowd Finance

Crowdfunding/lending occurs when many investors, also known as “the crowd,” contribute funds, not just a single investor who takes on the risk involved in a Start-up venture. In crowdfunding, the risk is distributed across each investor. This funding principle is as simple as it is ingenious: if everyone contributes a small part, a whole emerges. These projects are usually presented via the internet, where the founder presents their start-up idea, the required amount of funding, and the period until when they need the money. If an investor is impressed by the idea, they can contribute financially to the project, but the financier is not actively integrated into the start-up through his share.

Crowdfunding is divided into four different models:

• In classical crowdfunding, the investor receives consideration in the form of a present. In most cases, this is the product that needs to be financed.
• The lender acts as a micro-investor in crowd investing and is financially involved in the project.
• Non-profit organizations frequently use crowdfunding by donation. The lender receives no consideration for his financial commitment, but some companies create a thank you certificate or send a small thank-you gift.
• Crowdlending is an alternative to a traditional bank loan. The founder receives a loan from the crowd with a fixed term and an agreed interest.

Start-up Angels and Venture Capitalists

In this form of funding, the founder looks explicitly for one or more investors for his start-up idea. A typical example for start-ups is the organization “Start-up Angels.” Private persons with capital and start-up knowledge give the founder money and support them with their skills. Being self-employed is beneficial from a financial standpoint and from the experience and start-up relations they have with their investor. In Start-up Angels, the donors usually participate with sums of $50,000 and can extend into millions.

Conclusion

It is not possible to finance self-employment through a start-up only with subsidies. Grants and profile-raising loans are usually a fraction of the overall funding. One reason is that many grant programs fix the amount of the grant. If someone wants to begin a start-up, they need to prepare the project and aspire to take risks on their own. If a start-up concept does not convince an investor, it will be almost impossible to persuade a government agency to finance it.

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.