5 Personal Finance Apps For Your Smartphone

Remember that foggy zone you used to be in when you wanted to take complete control of your finances? When you wanted to be more responsible in saving and spending to plan the present and future? Those foggy days are over and the days of finance apps on your smartphones that bring more clarity with ease of use are here. We are discussing top 5 finance apps that will prove to be useful to you.

  1. Mint.com Personal Finance

This application is one of the best personal finance apps. It syncs with your bank transactions and categorizes them automatically. It creates customized budget based on your past spending. It keeps track of your spending and keeps reminding you about your budget. You can create separate mini budget for entertainment, gas, eating out- things you want to monitor. The app sends you reminders, alerts and colour codes the categories so that you know when you reach danger zone. It also offers tips on stocks and investment.

Platform: iOS, Android

Price: Free

2. MoneyWise

This app is very easy to use. It is a budgeting and expense tracking app. MoneyWise enables you to set your financial goals. It monitors the cash flow, categorises your expenses and with the help of colourful charts and graphs it lets you know about the status of the expense categories. You can export the data from this app as HTML or CSV files.

Platform: Android

Price: Free

3.Spending Tracker

This app as the name suggests tracks your expenses. It will help you unlock the mystery of where exactly your money goes every month. You will be able to organise your expenses on daily, weekly or monthly basis. It can be customized to suit your needs. The easy to read fonts and charts make it a fun little tracker.

Platform: iOS

Price: Free

4. Expense Manager

This app enables you to track your expenses across categories on weekly, monthly or yearly basis. You can search for individual transactions, set up payments alerts, import and export data from your phone to your desktop and take pictures of receipts while storing. It has currency calculator, tax calculator etc. It is a neat little useful app.

Platform: Android

Price: Free

5. You Need A Budget (YNAB)

This app is one for the whole family. It syncs with YNAB desktop software (required). It can budget across multiple accounts, analyse and can show the transactions of the whole family instantly. A free version is also available.

Platform: iOS, Android

Price: $4.99

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Health and Dental Insurance

Think of the word 'health insurance' and the idea formed in your mind is of covering serious diseases through insurance plans. Yet dental insurance, in many ways, is different from health insurance.

Health insurance plans usually provide coverage for serious diseases that by their very nature can be unpredictable and catastrophic. Medical treatment can be extremely expensive and a purchased individual health insurance plan can help relieve tension to some extent. This is not say that health insurance plans do not cover routine check-ups and common ailments. The point is that even if companies provide group insurance plans, it is better to safeguard yourself for the future. Most plans provide limited coverage and if you decide to opt for the ones with greater benefits, the cost factor might become an issue.

This is a situation that calls for utmost discretion and it is for you to perform the balancing act between cost and coverage-you cannot go beyond the budget, but good health too is of utmost importance.

Dental insurance is different from health insurance in that the dental problems are neither unpredictable nor catastrophic. Most dental treatment is preventive by the nature and good hygiene, to a large extent, can prove to be a panacea for your dental ailments.

That said, dental insurance is cheaper than health insurance. The reason for this again lies in the difference in the seriousness of diseases. Visiting charges to a dentist can prove to be cheaper than the monthly premiums paid for a dental coverage policies. This is why there are fewer companies in the market providing dental insurance as compared to those selling health insurance policies.

Most companies provide group dental insurance coverage to their employees as a major perk to keep their employees happy. Because of the large number of employees, the insurance companies are able to provide greater coverage at reduced rates. People with group dental insurance plans do not require additional individual dental coverage.

This is not so with health insurance. Even if the company provides medical coverage, buying individual health insurance is a safer option that will prove beneficial in the long run.

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Fatal Flaws in Your Business Plan

A business plan is the blueprint that guides aspiring entrepreneurs as they build their new business ventures. From 2008 – 2010, I taught a 20-week business plan writing course at an SBA-affiliated women’s business development organization. We met for three hours each week and students wrote their plans week by week, guided by the lessons.

When evaluating a business concept, unrealistic expectations or flawed thinking could creep in and undermine the planning. Excitement about the idea might distort one’s ability to see potential obstacles. What follows are scenarios that entrepreneurs-in-the-making should beware.

Unrealistic expectations

While it is sometimes true that using yourself as the ideal customer is a smart idea, since you understand the value and availability of that product or service, you might misinterpret the size of the market and the traction that can be achieved beyond a select group of true believers.

Insufficient information

Confirm the need for your products or services when you research and verify the number of potential customers who have the money and motive to buy from you.

Furthermore, make sure that you understand the buying process. Who green-lights the sale? What is the sweet spot price range? Lastly, where do potential customers obtain these products or services now?

Access to customers

Access to customers is everything and some industries or target customers seem impenetrable. You may identify the right customers, understand how your products or services fit their needs and know how to price and deliver. But if potential customers do not have the confidence to work with you because you lack an endorsement from a trusted source, you’ll starve.

Overestimating cash-flow

Usually, businesses won’t achieve desirable gross sales and or show a net profit in the first year of operations. Businesses that require high start-up costs especially will require long ramping-up periods. The business plan must acknowledge the potential for negative cash-flow and demonstrate how fixed and variable expenses will be met during that time. One must know how inventory will be financed, payroll will be met and office rent will be paid.

When writing your business plan, conservative financial projections are strongly advised. Customer acquisition may take longer than expected and the size of their purchases may initially be small. Moreover, it’s possible for a venture to be profitable on paper and still suffer from cash-flow problems, if customers do not pay on time.

Underestimating start-up costs

Developing a reasonable estimate of how much it will cost to get the venture up and running is essential. You must be prepared to meet the cost of all permits, equipment, inventory and staffing necessary to conduct business. If you plan to hire employees, it’s important to have a good idea of your minimum staffing needs up front (you can hire more as revenues increase).

“Magical thinking” business model

The business model illustrates how your venture will become profitable. Well thought-out interactions between marketing, financial and operations processes will promote and sustain profitability and you must map out how these will occur. The business model describes the core functions of the venture.

Likewise, the value proposition of your products or services must be articulated. The overall marketing strategy and selected tactics and resources that will promote the value proposition—intellectual property, patent rights, key relationships, or capital—will be accounted for. Sales distribution channels will be detailed.

Getting to Plan B (2009), by Randy Komisar and John Mullins, details the key business model components and advises business plan writers to segment their models into sub-headings:

  • The Revenue Model, to describe what you’ll sell, your marketing plans and how you expect to generate revenue
  • The Operating Model, to detail where you’ll do business and how day-to-day operations will function
  • The Working Capital model, meaning the business cash-flow requirements. Understanding cash-flow helps you know when money will be available to meet expenses like rent and payroll (it is distinct from revenue). A business can generate adequate revenue (sales) and still suffer from cash-flow problems.

Your business model will keep you organized and your priorities realistic. Matters such as quality control, collecting accounts receivable, inventory management and identifying strategic partners will mean much more than your number of Facebook followers, for example. Best of luck to you and your new business!

Thanks for reading,

Kim

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Basketball Standards, Hoops and Goals – What’s the Difference?

I work for an online sports paraphernalia company that offers a wide variety of basketball apparel and equipment. So much so that potential customers are often confused about what to buy and what will ultimately fit their needs. The majority of the confusion pertains to basketball standards, hoops and goals and what each entails. Well, here’s the skinny on each.

Basketball Standard: Basketball standards are the most expensive of the bunch. They can be either portable or stationary. When you think basketball standard you should think of the type of basketball system that is used in the NBA or out on the playground. Simply put, a basketball standard is the entire package – rim, backboard, net and pole.

Basketball Hoop: When little Johnny writes to Santa Claus telling him he wants a basketball hoop for Christmas, he means that he wants the entire package. However, a basketball hoop is not quite the entire package. A basketball hoop is the combination of a rim, net and backboard, but no pole. Think of your high school gym. Yes, you probably had a basketball standard in there somewhere which the basketball team most likely used for real games. But you also had basketball hoops on the surrounding walls. That is what a basketball hoop is – a rim, net and backboard that can be fastened to an already existing structure.

Basketball Goal: The name of this particular piece of equipment get its name from its intended purpose. The word goal is something you strive towards. In sports, the goal is usually the place where you score points. Well, the same is true in basketball. The goal is just another name for the rim.

When purchasing sporting equipment, it is good to know the difference between the various technical terms associated with each individual sport. If you don’t, you may unintentionally buy something which you did not want.

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Why You Need Mandatory Signs for Feeding Animals

In order to ensure that you take great care of animals caution is required. This is more so when it comes to feeding the animals. This is done to ensure that the animals are not fed on harmful products and as well ensure the safety of the visitors in the regard that the animals do not injure them. It is for this reasons that it is important to ensure there are adequate mandatory signs for feeding animals made available in the areas where the animals are locked up.

Reasons why the signs need to be installed

There are many visitors who are bound to visit the areas where the animals have been locked up. These include visitors to the facility as well as new workers who may not have prior experience in handling and feeding the animals. Animals whether wild or domestic have different ways to respond to various instances and that includes the feeding programs. It is for this reason that if the animal requires to be fed, there should be a clear outline of how the procedure should be undertaken. The most common sign in this regard is “no feeding animals” which is commonly used to warn visitors to desist from giving any type of food to the animals.

The main reason why the signs are important to ensure that the animals are not fed on dangerous products that might affect its health. The other major reason is to ensure that the animal is able to stick to its feeding program. More to this, the visitors need protection and the use of feeding signs ensures that the visitor is no exposed to instances of attack by the animal.

Common signs used in animal feeding

Among the common signs are the mandatory signs for feeding animals. These include among others ones warning visitors not to feed animals. Others may include warnings that visitors desist from visiting or paying around areas of feeding as this may arouse the animal to make an attack in a bid to protect its feed. Signs to warn the foods on the animals feeding places are also essential. This is for the reason that there are instances that the feeds given to the animals may contain content that is harmful to human persons and in such way pose a health risk.

Conclusion

While animals are entitled to be fed accordingly, it remains the responsibility of qualified and competent personnel to do this. The person requires to have adequate knowledge of the animal feeding habits as well the safety precautions that are required during the process. It is for this reason that there is need to ensure there is adequate information regarding this to visitors on the areas where the animals are held. This can only be done effectively through ensuring that mandatory signs for feeding animals are clearly and visibly posted within the areas and at the entrance to ensure that the visitors are adequately informed. Where possible, guides or wardens should offer guidance to visitors in regard to understanding various feeding signs accordingly.

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Vastu – Sacred Architecture Comes West

If you think establishing a relationship between body and physical space is strange, if not unusual, think again! There have been quite a few precedents in the West as well, bringing a harmony to a space and its design through an understanding and relationship with the body that inhabits it. Just ask Leonardo da Vinci who gave us the Vitruvian Man in 1490 A.D., or Le Corbusier who gave us the Modular Man in the early 20th century. Introducing the Vastu Man (or Vastu Purush) – harmoniser of body and environment since the 6th century BCE!

Vastu Shastra is the ancient Indian science of place making, that viewing building and architecture as a direct expression of the energy, forces and influence a land or space presents. With particular attention to orientation and the elements that populate it, Vastu Shastra works to blend and balance the natural elements and potential of a place with the aspirations, activities and temperaments of its inhabitants.

Like its oriental counterpart Feng Shui, Vastu Shastra too is set out as a series of principles, rules and recommendations to help bring your house or building into perfect working order- functionally and cosmically. In the ancient Vedic system, every manifestation- whether being, object or place- is seen as a direct expression of the Universe and the cosmic forces within it. Whether viewing a bird, rock, airplane or palace, the Vedic mind saw anything and everything as existing in a direct relationship with the entire cosmos. This perspective, understanding and principle applied to the human body as well as architecture. And since one inhabited the other, the relationship between the two was crucial to their relationship with the Universe at large.

This ancient science is preserved through texts and seminal works from across time in the Indian tradition. These not only bring an ancient understanding of the principles and benefits of Vastu Shastra as used by ancient Indians, but as can be applied in modern day designs and lifestyle.

Whether designing a home, office or a sacred space, Vastu Shastra helps achieve that perfect balance and harmony that keeps all aspects of our life and experience primed and productive. Whether you are looking to improve the state of your financial affairs or sort out your love life, looking to gain a spiritual epiphany or two, or trying to change the face of your life- Vastu Shastra is for you. Vastu Shastra even has spatial remedies for disease, depression, addiction and impotence, and whether you follow or trust the ancient Vedic way of life, these certainly deserve a try!

Like Feng Shui, Vastu Shastra too is gaining momentum across the globe, emerging from the shadows of amnesia and ignorance to inform and enlighten modern space design with Vedic insight. In the West, Vastu Shastra is a new buzzword with few really knowing much about it. But given how straightforward it is to learn and apply its principles, it won’t be long before it is as popular here as anywhere else in space and time.

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Movies About the Working World

The working world can be a funny place, at least when it is depicted in a movie. There are tons of movies about work and the working world, but in my opinion, just a few of these are funny enough to recommend to people asking about movies related to the business world. This is by no means a complete list, but they are hilarious and sometimes even heartwarming.

The first movie on the list falls into the category of both funny and heartwarming. “13 Going on 30” is a movie about a 13 year old girl who wakes up the very next day and finds she is now 30 years old, thanks to some wishing dust. Jenna (played by Jennifer Garner) is ecstatic about her amazing dream job at Poise Magazine, her awesome friends and knockout body at first. She then realizes she misses her childhood friend, Matty, since by building her life in the way she has, they grow apart. The work-related part of this movie is Jenna’s job at Poise Magazine. She is responsible for coming up with ideas for photo shoots, and her office seems glamorous. Whether it actually is or not is something you should find out by watching the movie.

The movie “Waiting” is hilarious and absolutely disgusting, so if you have a weak stomach, go ahead and skip this one. It is about several people who work as wait staff at a restaurant called Shenaniganz and all the, for lack of a better word, shenanigans they get into while working. This is a very offensive movie, but if you can handle it, also very funny and worth watching. The wait staff gossips and seeks revenge on especially rude customers by messing with their food in disgusting ways.

“Empire Records” is not nearly as bad as “Waiting,” but those easily offended should still take caution in deciding whether to see it. Several teens who work at a record store try to help one of their coworkers because he somehow manages to lose the previous night’s money while trying to double his winnings in Atlantic City. The focus of the movie is the interactions between the teens and their manager, Joe, who takes on a semi-paternal role at times, but mostly keeps reminding them: “WORK.” Joe is concerned about the missing money and the fact that their record store is about to be turned into a branch of Music Town, making them completely generic.

Last, but certainly not least, you can never have a list of movies about work without including “Office Space.” The ultimate in showing the way the working world functions, this movie will make you laugh out loud with its ridiculousness. The main character, Peter Gibbons (played by Ron Livingston), is absolutely unhappy with his job at Initech as a programmer, and finds a way to stick it to the man in his own way. With his coworkers and friends, Samir Nagheenanajar and Michael Bolton (not the singer, who he despises), they come up with a plan to embezzle from their company.

With all the shenanigans that go on in these movies, you may feel an overwhelming need to look into insuring your business. Or you might be asking yourself, “What is business insurance?” Be sure to read up on business insurance facts.

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Change of Command Speech

Speeches are designed to have an impact on the listener. As I listened to the speeches at the recent U.S. conventions, I marveled at the different personal styles of delivery when speaking of change. I can’t help but think in terms of the four traditional elements or temperament characteristics of delivery styles. When you think of the element of Air, it is invisible, abstract, everywhere, yet not visible. The element of Fire is designed to heat things up, kick us into action, and trigger reactions. Water is flowing, shapes itself and adapts itself to the environment and Earth is grounded, solid, and dense.

We can use these elements to represent some basic needs. For example, AIR provides us with the need for a vision, an overview, and an all-seeing purpose. FIRE is about expressing ourselves. WATER is about being accepted and EARTH is about feeling safe. We strive to satisfy these needs and when not satisfied, we feel tension. With tension, we are stimulated to do something. We can link these needs to the elements in order to have a simple method of understanding change makers and how they speak to us. Let’s take a look at each type of speech – which one is the most appealing to you?

CHANGMAKER AIR SPEECH

AIR speeches can be characterized as abstract, future tense and visionary. AIR speaks to possibilities, overviews, and a system that can potentially uplift us if we believe in it. President Obama so eloquently expressed the motivational impulse for all of us to grow together, to learn together, and to fix the system together. After listening to Mr. Obama, I was inspired and uplifted which, in my mind, was the motivational purpose of his change maker speech – to create a new possibility which inspires us to envision a possible, positive future.

CHANGEMAKER FIRE SPEECH

Moving from the abstract to the action-driven motivational energy of a FIRE change maker, we look to Donald Trump for a descriptive call to action style. The FIRE element speaker can be bombastic, bullet-pointed, ego oriented and as Trump stated ‘I’ alone can fix everything. Wanting to ensure that we recognize his uniqueness he says, ‘I’ am your voice. For frustrated listeners who are tired of the old way of doing things in Washington and Wall Street, this voice can touch chords of hope that there is a possibility of creating new pathways for change. FIRE, unlike AIR, is present-tense focused, cuts new pathways, taking a rogue approach by throwing out the past, historical system that is in the way of creating a new way of doing things.

CHANGERMAKER WATER SPEECH

Everyone is included and connected in the WATER-element speech so beautifully delivered by Bill Clinton. Disarming, resourceful, likeable, affiliating everyone to everyone and everything, the WATER element change maker speech pulls us in and keeps us engaged with personal messages of change that includes all of us. Relating organically to time, WATER recalls the past, looks to the future, and deals with the present and flows nicely along timelines with ease. Mr. Clinton made a very personal speech about his wife and related how she, as a change maker, relentlessly fights for social justice. Bringing in the example of Hillary and looking for one more drawer in Chelsea’s dorm room dresser to line with paper, Bill painted a caring mother and a consistent fighter for the underdog. Striving to help us see Hillary as a very caring and empathic person, he related her to the public in ways that she appeared to be incapable of speaking herself. Through Mr. Clinton we can relate to Hillary’s expression for change in terms of personal caretaking.

CHANGEMAKER EARTH SPEECH

Then there is Hillary Clinton – tied to the past, detailed-oriented, driven to support causes with a systematic plan, her change making speech got tiring to listen to – lacking the inspiration of the AIR, the energy of the FIRE, the relational aspects of the WATER, Hillary as an EARTH change maker speaker got lost in her too focused effort to relate to the status quo, to conserving energy, and to her past efforts. EARTH is past tense driven and can benefit from drawing on basic motivational suggestions such as using more personal examples of who she is. She did say that she was taught to serve through her Methodist upbringing and that she should strive to make life better for others. It is something she has done repeatedly over her many years on the political stage. But if she wants to be the next President of the United States, she has to bring a broader range of skills to the change maker speakers’ table.

Commentators hoped that she would be more personable and show more weaknesses in order for people to respond and connect with her. Many said that she failed to do this and if change is what is wanted, she is the past and her speech didn’t manage to hit the high notes for inspiring people to elect her.

CHANGE and CONTEXT

Change leadership is really more about cognitive processes and less about the physical details. Change speech makers need to inspire us to want to change. We need a reason why we should change and why this particular leader should be the one to lead us somewhere towards more safety, more opportunity, more challenges, more security and wealth. Leaders can minimize the stress of change by speaking of the change in positive terms and presenting the benefits of the change. Leaders and change making speeches should engage the audience with personal stories, with good examples, and inform us of how the change can unfold in order to reduce the anxiety inherent in any change process.

COGNITIVE DIVERSITY

Given the complexity of our world problems, change makers must find better solutions by drawing on many and different perspectives. Cognitive diversity can be defined as an understanding of the different perspectives, techniques and methods individuals use to categorize, predict and find solutions to problems. Tapping into the diverse cognitive processes of others can bring increased creativity to change processes. Mrs. Obama discussed children and who, as a President, would be a good example for our children. She drew on the image of her children playing on the White House lawn in a house that was built by slaves. She talked about Hillary as a never-ending fighter for the rights of others, especially women and children. She made us think about who would be a better fit for this position.

DRAWING ON ALL 4 CHANGE MAKER STYLES

Change maker speeches should provide a vision for the future and draw from the element of AIR by showing us possibilities. Change maker speeches need to mobilize us into action by emphasizing present-tense realities and motivating us forward by drawing on the energy of the FIRE element to heat us up and kick us into action. Change maker speeches need to make us feel that we are included in the change process and that the change is not just for the benefit of the few but for the many. Drawing on the element of WATER, change maker speeches should emphasize the importance of diversity and togetherness and not separation and division. And change maker speeches need to show us how the vision of the future will be actualized with a solid detailed plan by drawing on the EARTH element which strives to conserve resources, prepares us for change, draws on the wisdom of the past and creates a detailed plan for getting from the present to the future by inspiring us with creative solutions and possibilities.

WHO IS THE BEST CHANGE MAKER

Speeches are designed to impact us. Out of the 4 personal styles witnessed in the past week, which one impacted you the most and did it sway you into making a decision? If we look at Trump’s change maker speech using the element framework, it is easier to see how he has managed to draw in the numbers: Vision: Make America Great; Power: I am the only one who knows how to fix it. Connecting: we’re rebuilding other economies while weakening our own; and Security: A Trump administration will lead a country that is properly armed and funded beautifully. How? We don’t know but that is what he says. Should we believe Bloomberg who, as a multi-billionaire, stated at the Democratic convention – Trump is a con man and I know a con when I see one.

Who is the best choice for change in the U.S.? What is it that must be done? What is the main problem? Be careful not to let the personal style of the change maker who speaks in such a way that sways us into believing their strategies and purposed outcomes are what we may get. Look beyond the words and the methods of delivery to the importance of change and the impact of methods on self and others.

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What Are Your Financial Resolutions For The New Year?

As 2017 comes to a close, it’s a great time to overhaul your life by making solid financial resolutions that can propel you closer to your financial goals for 2018. 2018 is imminent, and if you’re looking for resolutions to get you started, here are a few you might want to consider.

Resolution #1: Create a Budget

Budgeting is the foundation for financial success. Developing a budget is an effective way to get your finances in order quickly so you’re not overspending. Once you have a clear picture of where your money is going every month, you will be able to make informed decisions about your money allocations. Here are some tips to get you started on your budget development:

  • Track your spending through apps like BillGuard, Dollarbird, Fudget or Goodbudget.
  • Always plan next month’s expenses.
  • Set short-term goals that are easy to achieve
  • Have tangible, long-term goals.

Resolution #2: Decrease Debt

Don’t let debt weigh you down in 2018! Paying down your debts will free up your ability to spend. Prioritizing and paying down your liabilities will hopefully lead you to financial freedom.

Here’s some great ways to start paying down your debt:

  • Pay down debt with the highest interest rate first.
  • If you can, pay more than your minimum payment.
  • Check your credit card balances each month.
  • If you are expecting a tax refund or anticipate a salary increase plan to increase your savings or pay off debt.

Resolution #3: Spend Less

This may sound extremely simple but the easiest way to get your finances in order is to spend less. Make a point to pay attention to what you are spending and what you are spending it on. The better you understand your spending habits, the more money you will save next year.

Review these tips to help you spend less:

  • Put 50% of your income towards essential expenses like mortgage, utilities and food, 15% towards retirement, and 5% towards savings.
  • Track your spending with a budgeting app discussed in Resolution #1.
  • If possible, only pay with cash.
  • Be flexible with the brands you buy.

Resolution #4: Save, Save, Save

Once you have reviewed your spending habits, you can change your emphasis on how to increase your savings. Staying committed to saving will help you stay on track. As time goes on, you will see your account balances start to grow, which will allow you to pay down your bills, and begin to purchase more meaningful items, as opposed to resorting to impulse buying.

Some great ways to start saving:

  • Reduce excessive spending
  • Enroll in an Automatic Savings plan
  • Keep more funds in your savings account, and less in your checking if possible

Resolution #5: Close Unnecessary Accounts

Is it necessary to have several credit or checking accounts? Even though there could be some exceptions, the answer is definitely no!

Resolution #6: Learn More About Finances

A great resolution for 2018 would be to learn more about your finances so you can make educated decisions and get a head start on your financial freedom.

Here are some ways to learn more about the financial world:

  • Attend a home-buying seminar
  • Research and meet with a qualified financial planner
  • Find and become a member of a local credit union
  • Talk to your employer about retirement investment options

Resolution #7: Make Money by Doing What You Love

Do you have a passion? Find a way to turn your passions into profit. The world is full of amazing jobs that will help you enjoy your work and make money at the same time.

Resolution #8: Collect All Your Change

Any time you pay with cash only spend whole dollar amounts and pocket the change. Throw all the extra coin into a large container and call it an adult piggy bank. If you stick to this habit throughout the year you could save several thousand dollars. This extra money can be used to pay down debt, start an IRA or even go on a vacation.

We all know it can be difficult to devote time to your finances. Setting your goal now by making financial freedom your New Year’s Resolution, will guarantee that you are on the right path for financial success in 2018.

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What Is E and O Insurance?

Errors and omissions coverage (also referred to merely as E&O insurance) is a kind of professional liability insurance protection for firms that offer advice or even services. The plan covers the insured against any claims that a client suffered monetary loss or the policy holder didn’t perform due to negligence. It’s not at all rare for general insurance companies to omit this particular coverage from their standard plans, thus it must usually be quoted separately.

Exactly Who Must Have E&O Insurance?

The fields which can be usually linked to professional liability include the medical, legal along with financial industries, but the name “errors and omissions insurance” isn’t really applied for healthcare plans (swapped out with “malpractice insurance coverage”). The common E&O insurance coverage is also required for many construction and maintenance contractors as well as professionals within the transportation industry. This is often because of the elevated exposure to failure to perform lawsuits.

Why Isn’t It a Part of General Liability?

In light of the great deal of companies that need errors and omissions protection, it’s only natural to ask “why wouldn’t errors and omissions coverage be included in general liability?” The reason is because, by definition, commercial general liability insurance protection only insures claims concerning personal, physical, and advertising injury, or property damage. Claims arising from faulty financial or legal counselling, or some failure to perform in accordance with a contract, don’t fall into any of these classifications – therefore the need for a separate insurance plan.

Are There Any Gaps in Errors and Omissions Policies?

Regrettably, gaps in coverage in E&O insurance plans are common as a result of very specific, distinctive varieties of tasks that many businesses participate in. Because all errors and omissions insurance policies operate on a claims-made framework (i.e. coverage is against claims made in a set time frame), it is also feasible for there to exist gaps in coverage when plans get changed, renewed, etc.

Is E&O Insurance Expensive?

The expense of carrying errors and omissions insurance coverage depends on the sort of organization getting insured, as well as the amount of coverage concerned. Having said that, typical rates start around $80 to $250 each month.

As is true with almost any form of insurance, obtaining a reasonable rate on a plan that supplies your company with sufficient coverage will call for a little searching. Doing so on the internet is a fantastic option, since it’ll enable you to acquire quotations from a range of insurers compare them at your leisure. The key part of this process is going to be making certain the E&O insurance policies you are quoted handle the exposures linked to your specific business.

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