Reginald Chan

Category: Business

  • Savvy Ways to Manage Your Side Hustle Money

    Savvy Ways to Manage Your Side Hustle Money

    Learning how to diversify your income and ways to earn extra cash outside of your main hustle can really give you a strong edge towards reaching your financial goals, enter the side hustle. Now a days it seems like everyone has found a way to earn a little extra side money. The great news about finding ways to generate income that is not your main source of funding is that is can be completely customizable. You can control the time you dedicate to it, how you earn it, and what you do with those earnings.

    Debt Management

    There may be times in your life where your side hustle might not be on the side of another paying gig, rather another large life event that requires your full-time attention, such as attending college. As a student, your main job is earning your degree, but since that is not going to pay your bills, or help you save for future ones, you might consider opportunities that are flexible and part time to generate some cash flow. If you are thinking about going to college and need help with financing, you can use a student loan repayment calculator to estimate what your monthly payments may be taking out a student loan with a private lender, so you know what to expect.

    Repayment on student loans will not begin until after you graduate, however once they start, they only stop when your debt balance equals zero. Thinking about those payments ahead of their due date is a smart way to prepare your current finances for future responsibilities. You can estimate your monthly payments easily with a student loan repayment calculator to give you a loose guideline for your post-graduation budget. Once you have a handle on that, you can decide how much of your current side hustle money is sensible to stash away for this significant looming bill.

    Track and Prep

    The very first time you collect money from this stream of income, it is time to start tracking it. Not only is this a good practice for financial health in general, but it will help you to allocate your side money in a smart and efficient way. It is exciting to watch your money grow and being casual about your side hustle since it is not your main income is a mistake. Although this is not your full-time dedication, you are still giving your time, energy, and resources to it, it is still work. You would not let your salary land in your bank account haphazardly, so why create that habit with your bonus cash?

    Brace yourself for Uncle Sam. Another huge reason that it is essential to track your earnings is because you will have to pay taxes on this money, and if you are not used to this style of tax payment plus you have not saved for it, the totals can really shock you. Same are there are tools available to estimate your monthly payments regarding student debt, tools exist to estimate your quarterly taxes as well.

    Save and Spend in Tandem

    After you have a handle on your stream of income and have allocated appropriate percentages towards future tax payments you need to figure out how to handle the balance of your money. Assumably the point of seeking out a side hustle in the first place is to grow your net worth, either on the precipice of a major life event like buying a home or planning a wedding, or to set yourself up for retirement and future financial freedom.

    You can spread this money across various savings goals, but also allow yourself to live a little. It is possible to save and spend in tandem and to be responsible about both simultaneously. If you are someone who has taken on a side hustle on top of a full-time job, then you do not need to be told about the merits of hard work so give yourself permission to enjoy the fruits of your labor. Even simple spends like buying lunch on a day you normally would not feel like a treat without taking away from your ultimate goal.

  • Want to Level Up Your Career? Here’s What to Do

    Want to Level Up Your Career? Here’s What to Do

    Being a good employee isn’t enough to get noticed and put your career on a higher level. If you have been doing all the right things like working hard, introducing new ideas, and helping colleagues who’ve asked for your advice, that only means you are an excellent employee. However, it doesn’t mean you are getting anywhere further than that. There are loads of simple tips and everyday habits you will need to adapt to successfully take your career to the next level. Here are a few recommendations on what to change and what to focus on to easily level up your career.

    Get up early

    Other than multiple health benefits, getting up early can help you achieve a feeling of confidence and accomplishment. Early birds have more time to do things which offer a sense of control that you might not enjoy if you wake up later. This way you are automatically more determined and prepared for the day and preparation is the key to improvement.  This tip is probably the least fun, but it will inevitably change your mindset, and improve overall productivity, so If you seriously want to level your career up, do yourself a favor and get up early to accomplish everything you have set for a day. 

    Have a role model

    If you want to kick your professional growth up it is a good idea to follow people who do the same thing you do but on a grander scale. Make sure to identify what they are doing that you are still not, and what it is that works best for them. Regardless if you are an employee, or you are running your own business, having a good example of what you are trying to achieve is very important. It reminds you that what you are going for is possible and helps you understand how. Also, remember that it is more than ok to use someone else’s experience and knowledge to improve your career. 

    Related: Innovative Ways You Can Assist New Hires Adjust To Their Work As Soon As Possible

    Invest in your core competence

    Your core competence is the area where you provide the best results. It is a point where you have the highest potential and the greatest creativity which is also a place where you may be easily deceived. The key is to look for ways to invest in them and highlight them in any way possible to elevate yourself higher. They include any exceptional skills, and individual competitive advantages that separate a leader from an average player in the industry. These are your best assets and your employers must understand that well. Regardless if you are looking for a promotion in your current company or changing your job altogether it is very important to point out your best qualities upfront. 

    Go to workshops and conferences

    Everybody knows that beginning a new job can feel overwhelming as there’s so much to learn and take in at once. As you get more comfortable and confident at your job, you will find room for improvement. One of the best ways to get more knowledge and upgrade your professional skill set is to visit conferences and workshops that you have never taken part in before. There are various high-quality boot camps around the world depending on the job skills you want to improve.  And if you want to go big, the advice is to go solo. It can promote the ultimate productivity, helping you to focus on the learning.

    Improve communication

    Want to be noticed and respected at work you have to be a good conservationist. Even if your job isn’t customer-oriented or doesn’t require you to provide presentations to clients, it is still important to communicate effectively with your boss and colleagues. That means being constantly present and diligent about checking emails and calls and staying in touch with your co-workers and their tasks. Besides, regardless of the position you are looking for, employers are always looking for people that express themselves well. So work on upgrading your communication skills, and don’t forget to watch out for your body language as another type of communication that may reveal much more than you are aware of.

    Change industries

    In some cases, you might find you’ve reached the ceiling in your current career, and changing the industry field or a company might be the right choice. Some industries offer very few opportunities to improve your career, or it just may be much harder than in others. As much as changing careers is a tough choice, in some situations, it might be the right one. Before you make this decision take a long hard look at your career and put all pros and cons on the paper, so you get a better insight if it’s better to switch to another job or stick at the current one.

    Do more by doing less

    Sure everybody has heard the saying “the less is more”, but how can it help you achieve your career goal? It is quite simple. Instead of setting hundreds of goals in front of you, and not finishing half of it at the end of the day, set smaller and more attainable goals each day. This way you will make sure you’ll have enough energy to get a few important things done. When it comes to long-term planning it is essential to create time-frame goals and adjust your daily task accordingly because, without the daily goals, nothing else gets done. 

    Be clear and focused

    Before you start with any of this, you should make sure you are clear with what you are looking for, and why you want it. These questions are critical and demand precise and deep self-exploration, and that might not be as easy as it seems. You will need to be willing to work on your goal every day, so you must be sure enough that it’s the right thing for you. There are a million things you could do instead of following your goal plan, so it is important to have that as a priority. Another crucial thing is to find a way to stay laser-focused to help you get you to your chosen destination. 

    The key elements for a successful upgrade of your current career are positivity, productivity, and motivation. Changing your habits and following the tips mentioned in this article will certainly help you reach your goal faster and easier.

  • Viable Ways to Finance Your Real Estate Project

    Viable Ways to Finance Your Real Estate Project

    Maslow’s Hierarchy of Needs was used as a template by the New York Life Investments in 2019 to illustrate the pyramid towards financial freedom. Right in the middle of that pyramid is Accumulating Wealth, which consists of the following: building an investment portfolio, saving for retirement, and paying down debt. A lot of options are available for any investor for the first one, such as stocks, mutual funds, and real estate.

    Why Invest in Real Estate?

    In case you haven’t seen it on your social media platforms yet, there is this guy who asks random people driving expensive cars and houses what they do for a living. Two of the most common answers were FinTech (Financial Technology) and real estate. It just shows that investing in real estate is still one of the most reliable ways to grow your money. The next step then is to look for ways to finance your real estate project. 

    Real Estate Financing Options

    Below is a shortlist of ways to finance your next real estate project:

    • Owner Financing
    • Lease
    • Hard Money Lenders
    • Microloans
    • Equity Partnership
    • Home Equity Financing
    • Trade Houses
    • Special Government Schemes
    • SBA Loan
    • REITs

    Owner Financing

    Unlike traditional selling where the buyer gives the seller money in exchange for something, here, the seller extends finances to their buyer. The buyer then will repay the seller later based on agreed-upon terms.

    Lease

    Leasing is like the usual renting, except that a higher amount of money is being paid. This is because the rent includes a premium, which ultimately accumulates to the purchase price.

    Hard Money Lenders

    Compared to traditional bank loans, hard money lending is offered by private groups or individuals. While the interest rates are relatively higher due to higher risks, hard money lending has its own advantages. Investors are subjected to less stringent approval procedures; an online application is possible, as evidenced at NewSilver.com,  and those that are considered risky projects are more likely to be approved than in a conventional bank loan. This type of financing also makes making profit easier, as a faster approval rate will mean faster rehabbing and flipping out of the purchased property.

    Microloans

    Just like with hard money lending, the qualification criteria for microloans are less strict. The lower amount of money loaned makes this possible, and this type of financing targets newer businesses or startups.

    Equity Partnership

    If the buyer really wants to purchase a property but is short in cash, an equity partner is also a viable option. In this setup, an additional entity (the equity partner) enters the picture of purchasing and injects some cash into the transaction. The terms are to be agreed upon by the buyer and the partner.

    Home Equity Financing

    When you want to expand your investment portfolio, you can leverage your existing property to buy a new one. HEIL and HELOC are just some of the options being offered by banks and other financing institutions in this category.

    Trade Houses

    Another way of utilizing your old property is by trading it for a new one. Aside from having a new investment, capital gains that are normally part and parcel of selling a property can also be avoided.

    Special Government Schemes

    The USDA offers up to 0% interest mortgages to low- and moderate-income individuals to fill underpopulated areas of the country. Towns with less than 10,000 population are included in this program.

    SBA Loan

    The US Small Business Administration aims to provide financing to small businesses as the name implies. That said, the borrower must occupy part of the whole property being purchased. The funding usually amounts to $125,000 to $20 million, and a 10% down payment is required. Some loan products allow the borrower to buy a building, conduct building improvements, or do ground-up constructions.

    REITs

    REITs, or Real Estate Investment Trusts, offers many advantages to investors. One of which is liquidity, as a shareholder who wants to opt-out of business can have his cash back when someone else wants to buy his shares. Buying targeted REITs is also possible, as one can select those that build medical buildings, parks, etc. While you do not have to manage anything in those investments, the downside is that the profits are stripped off overheads before distributing to the investors. 

    Despite the variety of investment options such as the stock market and other technologies such as cryptocurrencies, real estate remains one of the most reliable avenues for building wealth. And while it requires a comparatively higher capital, several financing options are widely available for any investors. One only needs to consider his or her goals and put up a nice strategy to be able to repay these liabilities.

  • Who Benefits From Group Insurance?

    Who Benefits From Group Insurance?

    Insurance benefits are typically what attract quality employees. Compared to individual insurance, you’ll find that group insurance can be more helpful for you and your employees. If you’re thinking of improving your package or the insurance service you offer to your employees, there are many factors to take into consideration first, like budget, typical employee needs, medical benefits, and which group insurance can help you achieve the best coverage. To know who can benefit from group insurance, the following guide will give you a better understanding of that.

    Employers Who Want to Reduce Taxes

    Any astute business owner knows that they must have a good insurance plan in place for their employees, as that can reduce or even exempt them from federal and payroll taxes. Employer-paid premiums are exempt from these types of taxes. In addition to this, your employees’ pay will also be excluded from taxable income, which means that insurance can be quite profitable both for employees and employers. In fact, most American families have group health insurance coverage through their employees for that reason alone.

    Employers Who are Looking for a Budget-Friendly Option

    Life insurance doesn’t have to be out of your price range anymore. There are plenty of solutions available to you and group insurance is one of them. Depending on your needs and business goals, you can pay all, part, or even none of your employees’ benefits. Group life insurance premiums are also based on the assessment of a company’s risk over time. Reducing the risk by spreading it will bring group rates down, which makes group insurance the most affordable option for employers.

    Employers Who Are Trying to Achieve a Large Risk Pool

    One of the main advantages of group insurance, especially group health insurance, is the large number of people who’re receiving its benefits. Naturally, the more people you have included in your group insurance, the lower the prices you’re going to pay and, ultimately, the lower the financial risk you’ll have to shoulder. The group insurance specialists at GroupEnroll.ca explain that this type of insurance has the best of both worlds: lower prices and better coverage. Although you might find some people arguing against that fact, this might not be the norm for most employees in the US.

    Employers Attempting to Improve Their Company Culture

    Many employers consider that building a good company culture is all about creating a healthy environment that promotes the core values of life. Company culture is what motivates employees and increases their satisfaction, which is what most employees aim for through the benefits they offer to employees. Company culture should also help employees feel like they’re an integral part of the company and that they’re valuable. For that reason, you should offer your employees’ group insurance benefits that will show them that you put them first and are trying to provide them with a more secure financial future.

    Employees Seeking Family Protection

    If a household loses their primary wage earner, a negative emotional and financial impact is bound to affect the life in that household for a long time. If there’s no one or no financial resources that said a household can rely on, things may not turn out well. With group life insurance, an employee can rest assured that their family and loved ones are covered in case they pass away unexpectedly. . Financial safety, living expenses, or medical needs should be covered, which will omit any potential financial strain in the future. Group life insurance can be even used to fund a child’s education, which is why you’ll find many employees willing to take a job with that type of insurance.

    Employees Who Are Looking for Dental and Vision Benefits

    It’s not common that employees will find adequate dental and vision benefits along with the job, so that can be an excellent attractant to quality employees. With group dental and vision coverage, employees will have a choice to add more benefits without increasing their expenses. This happens because employees are willing to pay all the costs of voluntary benefits, but they won’t have to if they get the advantage of group rates, which can be offered through a new job with group dental and vision benefits.

    Making the right decisions should be done while considering your benefits as well as your employees’. If you’re looking for top-quality employees, you have to ensure that you provide a top-notch benefits package. On the other hand, if you’re an employee, you’ll need to compare the benefits that each job offers before applying to know which one will suit your needs.

  • How To Make A Profit By Buying and Selling Residential Lots Or Properties?

    How To Make A Profit By Buying and Selling Residential Lots Or Properties?

    Real estate is arguably the most profitable than any other industry. Yet, many people are still skeptical about it. But if you know what you’re doing, it can seriously earn you a living.

    According to research, 90 percent of the world’s millionaires got their wealth, and maintained it, through real estate investing. And it’s still one of the lucrative investments that’s effective today. It has so many benefits to offer. The best part of it is that you can even start without a significant capital, major assets, or credit.

    Convinced? If you are, here are some strategies on how you can make money in this industry.

    Buy to Let

    One of the most common strategies that you can use is “buy to let.” Also known as BTL, this refers to purchasing a property in order to rent it out to tenants – either for residential or commercial use.

    Residential

    Usually, landlords choose to purchase a property, then lease it for residential use. The good thing about this is that it performs better even in the middle of an economic crisis. When the pandemic started, a lot of businesses were affected and closed down. This kind of scenario affects commercial investors too.

    But residential real estates are immune to this as it’s always in demand. Thus, even if there’s an economic crisis, you’re still sure that you can earn money from your investment.

    However, over time, you are at risk of spending more money. Renting a house out for residential use has phantom costs or unseen expenses. This includes repairs and maintenance.

    If there’s a leak, you’re liable to fix it for your renters. You’re also the one who’ll spend on renovations for the next tenant, you’ll pay for the electrician, repairman, etc.

    Commercial

    On the other hand, there is commercial real estate. For this strategy, you can lease your property for commercial use. This can give you more income. In fact, it can generate 6 to 12 percent of return of investment price (yearly) than residential real estate, which can only make between 1 and 4 percent.

    In addition to that, you’re ensured that your property is well-taken care of. This is because retail tenants need to maintain their store and storefront based on the rules and regulations of the company. Their business will be affected if they don’t follow them.

    As a result, their interests are aligned with yours. This will definitely help you maintain and improve your property’s quality, as well as the value of your investment.

    In addition to that, you won’t have to worry about renovating it. Some companies usually want to handle the renovations on their own as they have a design or branding to follow.

    Renovating

    Renovating property is also one of the common strategies that investors go for. Here, investors purchase a property, usually residential, renovate, then sell it.

    For this strategy, you’d purchase a property at a low price. Experts on real estate investing say that the cheaper you can buy it, the more likely you’ll profit from it. However, this also means you’ll need more work and money to refurbish it.

    But the good thing is that remodeling a house can increase its resale value more. Windows and garage door replacements alone can increase the property’s value up to 75 percent.

    But for this strategy to be viable, you’ll need a huge amount of money. It looks easy but the process is lengthy. Still, the amount of money that you’ll gain is worth waiting for.

    Online Investing

    Thanks to the advancements in our technology, you can now invest in real estate online. This strategy involves web platforms and mobile applications. These platforms and apps will connect you to real estate managers who are looking to invest in properties. Once you get a deal, they will trade your capital with dividends provided that they earn money.

    Real Estate Investment Trusts

    This investment strategy is a bit different. Also known as REIT, this kind of resembles the real estate funds. However, you neither purchase nor manage the property yourself. Rather, you and other investors will pool your money into a fund, but a company will manage it.

    REIT comes in various forms. Some REITs mainly focus on retail properties, including shopping centers. Others focus on hospitality, namely hotels and motels. The good thing about it is that you have a wider option.

    Another good thing about it is that you don’t need a huge chunk of money in buying properties. Plus, it has lower risks than other strategies.

    Diversifying Investment

    All of the real estate investment strategies actually come with risks. For instance, commercial real estate doesn’t perform well in economic crises. Renovating properties takes time, effort, and money, which can be a drawback too.

    No matter where you invest, there are always downsides, especially if you’re only putting all your eggs in one basket. But if you diversify your investment, there’s a smaller chance that you will lose all your money.

    For instance, if you were to spend all your money in one building and renovating it, but no one buys or rents it, you’d likely find yourself in trouble. All of your money was already spent in that one building and you have no money coming in.

    You can lessen such risk by putting some of your eggs in other baskets. This means you can buy a few houses or venture into other real estate investment strategies. This way, you won’t have to worry about your income. Even if the market crashes, you still have a backup.

    It would be even better if you invest in different sectors in different countries. Thus, if the prices plummet in one country, your losses are reduced as your investments are balanced by the good ones.

    Investing is not as easy as it looks. It involves more money than you thought, depending on the real estate strategy you’re going for. Plus, there are risks. But it’s a lucrative investment. If you know what you’re doing, you’ll surely earn more.

  • What Is Slowing Down Your Online Business?

    What Is Slowing Down Your Online Business?

    Everyone has slow days sometimes. Whether it’s because you’re feeling unwell, or because it’s a certain time of year, or because you just need a break as you’ve been working hard. However, more than a few slow days in a row, and your online business could start to suffer badly. If the slow days keep coming, you might even have to shut down completely. 

    If you find you’re having a lot of slow days, you must find out exactly what’s behind them so you can do something about it. Anything that’s slowing down your business needs to be eliminated and new processes put in place to put things back on track. Here are some of the main reasons. 

    Trying To Do Everything Yourself 

    Strangely, one of the biggest reasons for your business slowing down might not even occur to you at first, especially as, if this is the issue, you’ll be feeling busier than ever. But just because you’re busy that doesn’t mean the business is, and this is a distinction that it’s important to make. 

    The reason we’re talking about is you trying to do everything yourself. If you try to do this, you’ll always be distracted and you’ll never be able to focus on the things you really should be focusing on if you want to grow the business. It’s far better to outsource what you can and use virtual services to give you some breathing space and a chance to work on the business rather than in it. 

    A Lack Of Advertising 

    Even the biggest businesses in the world still advertise, and you’ll certainly have seen ads for McDonald’s and Amazon, for example, so if you’re trying to grow your online venture, you have to advertise too. After all, if it’s good enough for them, it has to be good enough for you. 

    If you haven’t invested enough time, money, and effort into your advertising, the work and customers will eventually dry up, especially if you have only created one or two advertising campaigns and then done nothing at all. If those campaigns worked and brought you more business, you run the risk of losing the momentum by drawing back. If they didn’t work you might feel there’s no point in advertising, but that is not true; you simply need to find a new way to engage with people. The more you advertise – and keep advertising – the more your business will be noticed and the busier you will be. 

    Your Website Is Out Of Date

    As an online business, your website is going to be of huge importance; you couldn’t run the business at all without it. Yet it could be what’s slowing you down as well. The online store might be what brings you customers, but what about the rest of your website? Is that up to date? When was the last time you added something new to the blog or changed the homepage to reflect a special event or feature a specific new product? 

    If you can’t remember, it’s been too long. 

    When people come to a website, they might not land on the store right away; they could land on other pages first, or they might want to check the business out before buying. If your blog is months or even years out of date you’ll be giving the wrong impression, and people might even think you’re gone out of business. Update your website and you’ll soon become much busier (and your SEO will improve too).