Category: Finance

Your bike insurance papers are one of the most important documents that you should carry with you every time you hit the road. It doesn’t matter whether you have a third party bike insurance or a comprehensive one, your insurance papers are required for you to claim your coverage in case of accidents.

Moreover, it is mandated by law to carry your insurance document, either in physical or digital format, while riding. But, most of the time, you will need a physical copy of your insurance document to claim coverage.

Let’s look at what you can do in case you misplaced your two wheeler insurance papers-

Get a copy of your insurance policy online

A lot of insurance providers, especially those who provide third party bike insurance, now-a-days process your insurance through a completely online process. In these scenarios, your insurance document is also provided online with a digital sign and a print-out of the same will be sufficient.

Even if your process was not online, most insurance providers will allow you to download a copy of your insurance documents online for temporary use. But, in long term, you might require a copy of the original.

Get a copy of your insurance policy offline

The process of getting a physical copy of your two-wheeler insurance policy could differ from provider to provider, but here are the most commonly followed steps –

Submitting an application to your insurance provider – Most insurance companies will require you to submit a written request. The request must contain all details of your insurance policy, including the insured’s name, identification card number and policy details like the two-wheeler insurance price and coverage. The more the details, the easier will be for the insurance company to verify.

Filing an FIR with police– You must file a first investigation report with the police after you lose your insurance documents. This will protect you from any misuse of those lost documents in the future. Just like with the application, your FIR should contain all the prevalent details including your personal details, insurance policy details including your two wheeler insurance price and coverage etc. A copy of this FIR will be required for further processes with your insurance company.

Publishing an advertisement – You are required by the law to publish an advertisement in a local popular newspaper stating that you have lost the documents. A copy of this advertisement should also be submitted with your application to the insurance company.

Signing an indemnity bond– Once you are done with all the above processes, you will have to send the insurance company an indemnity bond signed by you saying that the company will not be liable for any claims by a third party, other than the insured or a nominee.

Losing a document as important as your two-wheeler insurance policy could be nerve-racking. But if you follow the right procedures, you could get a copy in a matter of days. The first thing to do in such a situation is to call your insurance agent or company and they will help you sort out the issue. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

If you have had the privilege of being a parent, you know that there is nothing that can replace the feeling of being a father or a mother. Every time you look at your child, you can imagine the feeling you had when you held your newborn baby for the first time. While it is not easy to articulate, the feeling can be best described as doing anything necessary to make their life better.

One of the best ways you can do that is through a child insurance plan. It is a great tool to minimize the financial burden of affording a great future for your child. For this reason, it is growing in popularity among parents. It is a great way for them to help their kids realize their potential and ensure that they are financially secure.

But how much do you know about child insurance plans? Because buying something you don’t know about is not the best way to set an example for your kids. Hence, here is a look into what a child insurance plan is and 5 things to look for when you buy it:

What is a child insurance plan?

A child insurance plan is a type of life insurance that provides financial security to your child. But, in addition, it also includes components of investment to generate enough founds for any future plans that your child may have. This helps you in not just planning for the future but also executing your plans and help your child achieve their goals. These goals can include higher education, marriage, etc.

While the investment section of the policy helps you build a corpus, an insurance coverage offered by the plan can help you protect your child’s future against the possibility of your premature death. At an early stage of life, it is important for your child to have financial support from their parent. A child insurance plan can make sure that support is given even in your absence. In the case that you pass away before you collect the targeted amount of money, the plan can give your child the amount you originally intended to.

Things to look for while buying a child insurance plan

• Educational cost and inflation rate

Before you commit to a sum assured, take into account the estimated cost of your kids’ education. Then, think about what the cost would be when your child will take the particular course using the inflation rate. If a degree costs 15 lakhs right now, add the projected inflation over the years and then you’ll have a close figure of how much you’ll have to spend on your child’s education. Make sure that you go for a sum assured that is at least 10 times your current income.

• Plan tenure

You need to consider the age of your child and the duration of the plan. For instance, if your child is 8 years old, add an additional ten years that they would take to pick a field of education or a career. Hence, 10 years is the minimum plan tenure that you should go for.

In case you end up choosing a short-term plan, you may be faced with a cash crunch, as you will require funds before the maturity of the policy. Therefore, it remains crucial to decide the term of the policy with respect to your child’s present age.

• Partial withdrawals

Not everything always goes according to plan. Sometimes you end up needing money for your child’s financial requirements before you projected. In such a situation, you need funds to fulfill those needs. If you end up needing funds before the plan’s maturity date, make sure the plan has a partial withdrawal option.

• Riders

A life insurance rider helps people strengthen their existing cover. It is usually added at an extra charge. Look at the riders that your insurance company offers and then select the ones that you think your child might need. If you don’t find the right riders, explore other insurance providers.  

• Plan comparisons

You can easily compare different child insurance plans online. It is quick and easy to do, and it helps minimize the time spent on finding the best plan. However, you should make sure that your comparison is thorough and that the option you select is the best for your child.

Child insurance plans are ingenious. But they are also very tricky to buy. The reason for that is that you are not buying insurance for yourself. You are buying it for your child so that they could select their own path in the future. Hence, you need to understand the needs and preferences of your child before you buy the policy.

Very few companies offer a pure pension these days. Individual retirement accounts (IRAs), along with 401(k) and 403(b) plans, make up the bulk of the retirement plans in the private sector. All three types can be utilized straight up or under a Roth option. For example, you have probably heard of Roth IRAs. You can also do the Roth thing with a 401(k) or 403(b) plan. But should you?

The main difference between a standard and Roth account is related to taxation. A standard account is funded with pretax dollars while a Roth account is not. Right off the bat, this may have you thinking that a standard account is better. But not so fast. Roth accounts can be more tax advantageous in many cases.

How Pretax Funding Works

You are likely familiar with how pretax funding works if your company already offers a standard 401(k) or 403(b) plan. With each paycheck, you deduct a certain amount from your employees’ earnings. That money goes directly into their retirement accounts. The company also contributes its share. Neither you nor your employees pay taxes on that money.

When your employees reach retirement age, they will begin taking distributions from their plans. That’s when the tax bill comes due. All 401(k) distributions are considered income; they are taxed in the year they are received.

This is one of the biggest misunderstandings among private sector employees with 401(k) plans. They assume they do not pay any taxes on the money they contribute. In reality, they do; they just pay them later. But it gets worse. They also pay taxes on any earnings they take in their distributions.

How Roth Plans Work

Roth IRAs, 401(k), and 403(b) plans are funded differently. They are funded from disposable income after taxes are taken out. Thus, funding such a plan is not tax advantageous in the here and now. But the advantages become apparent at retirement.

Distributions from Roth accounts are not taxed. You have already paid income taxes on your distributions. As for the account’s earnings, they are left alone – just so long as you don’t take distributions prior to age 59½.

It is quite possible to reduce the total amount you pay in taxes by choosing a Roth account. The Investopedia website offers an example in which two employees in similar financial situations contribute to their respective retirement accounts. The employee who contributed to a standard 401(k) paid more than three times what her Roth account counterpart paid in taxes.

Betting on Your Tax Situation

So, which type of plan is best for you? That depends on your circumstances. You essentially have to bet on your tax situation based on where you are now and where your plans say you will be in the future. A financial advisor with experience in private retirement accounts can advise you.

If you are a business owner, Dallas-based BenefitMall encourages you to look into both Roth and traditional retirement plans on behalf of your employees. They say there are plenty of options out there. As an employer, there are very few differences capable of affecting your bottom line. But as far as your employees go, some of them may be better off with the Roth option.

Of course, there are pros and cons with every retirement plan. You may be in a position of not being able to offer more than one option. In that case, your best bet is to choose the plan that will offer the most benefits to the largest group of employees. Your benefits broker hopefully has enough options for you to look at.

Investing in financial markets is gaining popularity around the globe. Historically, currency trading was the domain of multinational corporations and well-endowed investors. The Forex market has, however, made the financial market more accessible to average investors.

Foreign exchange trading involves buying and selling foreign currency to make money off an international foreign exchange market. Because currencies are constantly fluctuating in value, a business foreign exchange strategy is to time when to buy and sell them, trading one against another, so that the business profits from currency swings with minimal losses (called “drawdown”).

What Is Forex?

Forex or FX refers to the foreign exchange market, where investors can buy and sell currencies around the world. This is the largest financial market in the world, but one in which few individual investors prefer to dabble because it is highly speculative and complex.

In forex trading, you speculate on currency prices to potentially make a profit. Currencies are traded in pairs, so when traders exchange one currency for another they are betting on whether the value of one currency will rise or fall.

The supply and demand of forex are influenced by trade flows, economic activity, political events, and geopolitics. This causes daily volatility, which may create new opportunities for forex traders.

What You Must Consider Before Starting A Forex Trading Business

1. Learn the basics

Before you begin trading forex, you must learn the basics. The best way to learn how forex trading works is by opening a demo account, as you will be able to experiment freely and adopt new strategies without the fear of financial loss.

2. Select a reliable broker

Forex brokerages act as middlemen between you and the forex market, so you will want to choose a broker who will not only facilitate your financial objectives but also be reliable and regulated. A reputable forex broker will provide you with a secure trading platform, he will offer access to major currencies, use advanced forex software and provide additional tools and charts to support your decision-making.

3. Organise your trading capital

Trading foreign currencies has a lower entry point compared to stock as investors can set up an account with as little as $10 or $20. Also, brokers offer the option of using leverage, which allows for more trading than what you have on your account.

4. Practice

By opening a demo account, you can practice your trades and learn when to buy and sell at the right time. This is a great opportunity to try out new tactics and strategies. Keep practising at least for a few weeks or until you are comfortable making the switch to real money.

5. Trade for real money

Trading forex with real money exposes you to certain pitfalls that you may not have encountered during your practice trades. Remember that forex does not create instant wealth. To make sustainable profits, you will need to nurture and develop your account gradually during the formative weeks and months.

There will always be an unexpected financial emergency that might happen and you should worry about how you can tackle that situation. According to a recent study, the concern over unexpected financial emergencies is totally normal. In 2015, the Pew Research Study shows that about 54% of the people of America don’t have enough savings that can help them in difficult financial times.

Financial advisers always recommend having at least six months of savings in your bank account. But these savings don’t always get your back when it comes to an unexpected financial crisis. If you consult with a financial adviser or try using a savings calculator, you might get an idea of how much money you should have to survive in an emergency situation.

There are some cases in which no matter how much money you have in your savings account, you still are facing a shortage of money to meet your unexpected financial expenses. But in this article, you will get to know some extremely useful ways that will help you survive if you find yourself in a financial shock.

Keep Yourself Calm:

When someone finds himself in an emergency financial crisis, this makes him panic. If you keep panicking and don’t focus on what exactly the problem is, you might end up making bad decisions. You should keep yourself calm and analyze the situation. It will help you understand your monetary situation better. Keeping your mind focused on the problem will help you explore a lot of available options. You can use the “tuck-and-roll” option to get yourself out of this crisis that is given below:

You have to identify the source of the problem.Create a list of your expenses and compare them with your previous spending over the years to find out are you spending less or more. Focus on those categories of your expenses that can be adjusted or eliminated if they are extras. Try to define your priorities of living. Reducing your monthly spending might hit hard on you but it will definitely lower your expenses quickly and result in increased savings.

Increase Your Earnings:

According to a study in 2017, 78% of full-time workers are living on a paycheck. It means only one-fourth of the job holders can afford to pay their bills. Even if it is shocking and unsettling in terms of financial situation, people have to work hard and extra to make money each month. But you can reduce this tiring routine by keeping yourself away from extra expenses.

Are you looking to sell items of your house that you consider unnecessary? You can sell them online or arrange a backyard sale. You can also get a part-time job to meet your financial expenses. You might be working hard and putting in your extreme efforts to get a promotion at work. Even people are trying to get smaller vehicles that can be affordable. All of this talk is about covering your financial needs or emergencies by saving your money for unexpected events. You can easily achieve your financial goals by exploring every possible option.

Pay Visit To Your Lender:

Just like most Americans, you might be struggling to clear your debts from paycheck to paycheck or want to cover your bills. Taking a loan can be a good short-term option. Power Finance Texas has been in the finance industry for years and they know ways that will help you solve your unexpected financial problems. It is very common that even a little financial stress can turn into a serious problem. We are providing our services and loans that are specifically designed to meet the financial needs of the borrower. Below are a few examples of loans we are providing.

Personal Loans:

These are unsecured and non-business loans that don’t have any typical underwritten document by the lender for your repayment capabilities.

Installment Loans:

Generally, these are incremented repayment plans that are designed for six months after calculating the daily interest model. It makes sure that you don’t overpay. A very common example of an installment loan is a cash advance.

Payday Loans:

These short-term loans are designed to help people until their paycheck and they are up to $1000. The borrower must have to pay them back till his next payday.  Apply for instant payday loans is very easy at our company.

Short-Term Loans:

There is a limited amount of time to completely pay the short-term loans as its name suggests and the installments must be paid equally.

You can learn about more financial options offered by Power Finance Texas by contacting them and learn about the qualification for loans. We have experts that will help you in your difficult financial situations and emergencies.

Ethereum is the second biggest cryptocurrency in the world. But it’s more than just a virtual coin. It’s a powerful, open access blockchain network that allows developers to build decentralized applications.

Although Bitcoin has been at the top of the crypto world for many years, Ethereum is catching up. Like most cryptocurrencies, the value of ether has had its ups and downs. 

Some people are moving their investments to new cryptocurrencies while others have faith that Ethereum will continue to grow.

So is Ethereum dead or is it just getting started? Is Ethereum a good investment for 2021? Keep reading to find out.

What Are Cryptocurrencies?

Cryptocurrency has become a buzzword for the last few years, but what does it mean? 

Cryptocurrencies are virtual currencies that people exchange over the internet and use to buy things online. Cryptocurrencies are exchanged over a blockchain system that makes use of cryptographical functions to process transactions.

The first-ever cryptocurrency was Bitcoin, which launched in 2009. The success of Bitcoin prompted the creation of several other virtual coins and nowadays there are hundreds of different cryptocurrencies.

The purpose of cryptocurrency was to create a decentralized system whereby money could be exchanged directly and securely without the need for a third-party. This removes the need for banks or financial institutions.

Because transactions are made over a decentralized network, this system removes the possibility of corruption or control by an authority. 

Bitcoin is still the number one cryptocurrency in the world by market cap, but Ethereum is number two.

What Is Ethereum?

Ethereum is a decentralized blockchain network. Ethereum’s network is used for exchanging cryptocurrency and building decentralized applications. The currency exchanged over the Ethereum network is called ‘ether’ (ETH).

Vitalik Buterin created Ethereum after being active in the Bitcoin community. He saw several problems and limitations to Bitcoin and decided to create his own decentralized blockchain network that could handle a whole new set of functions.

Ethereum’s network is openly accessible to developers who are looking to build blockchain applications. Application developers use ether to pay for transaction fees and services on the Ethereum platform.

Smart Contracts

Another interesting aspect of Ethereum is that it makes use of smart contracts to facilitate the exchange of property. What is a smart contract? It’s a contract that self-executes when certain conditions are fulfilled.

Smart contracts are pieces of code written onto the blockchain. That means they cannot be manipulated by a third-party.

Instead of using a distributed ledger, like Bitcoin and some other cryptocurrencies, Ethereum has a virtual machine called the Ethereum Virtual Machine (EVM). This enables the execution of machine code and allows developers to build all kinds of applications on top of the network.

Should You Invest in Etherum?

Ethereum has been through its share of ups and downs, but many experts feel it has now matured and is no longer a bubble waiting to pop. Are you planning to buy or sell Ethereum? Here are some important factors to consider.

Long-Term Viability

The Ethereum blockchain runs on a proof-of-work (PoW) system. This means that you can ‘mine’ Ethereum’ by using your computer power to verify transactions. Mining requires computers to solve complex problems, so the more computer power you have, the better.

There is a problem, though. Running mining rigs takes a lot of energy. In fact, the amount of power consumed by the Etherum network could power over one million households.

To solve this energy problem, Ethereum decided to launch a new network based on proof-of-stake (PoS) which is much more energy-efficient than PoW. PoS allows people to “stake” their coins as collateral for the right to confirm transactions.

The problem with PoS is that those who control more coins have more power on the network. In other words, if you have loads of ether, you get to call the shots. This is not what decentralized technology was trying to promote.

This has caused many to steer away from Ethereum, knowing that in the long-term it may be dominated by authorities who own all the coins.

Transaction Fees

Something else that bothers many people are the variable and often high transaction fees on the Ethereum network. 

This all started when Ethereum moved towards decentralized finance (DeFi). You see, DeFi allows anyone to trade, issue, and borrow coins without having to go through a verification process.

As the number of transactions on decentralized exchanges grows, so do the transaction fees. Why? Because the Ethereum blockchain records all actions on decentralized exchanges.

This puts a lot of stress on the network and blocks become full. Congestion on the network means that transactions must ‘compete’ to be added to the block first. This results in paying higher transaction fees to have transactions confirmed.

For investors, there is an advantage to all of this. As activity on the Ethereum network grows and block sizes skyrocket, the value of ether will climb. This growth is likely to continue into the near future.

Future Prediction

If you’re planning to invest in cryptocurrency, Ethereum is a solid bet. Ethereum’s price is currently sitting at $490 and many are predicting it will continue to grow in 2021.

Ethereum has fuelled the increase in decentralized apps. And as its decentralized exchanges continue to grow, the value of ETH will keep increasing. Security protocols will also need to become more sophisticated as hackers attempt to breach the system.

While the value of ether is hard to predict in the long-term, some experts are predicting Ethereum to double in value going into 2021. This could make it a lucrative investment in the short to medium term.

Is Ethereum Dead? 

The creation of the Ethereum network has brought with it an exciting rise in the adoption of blockchain technology. And Ethereum’s smart contracts fuel the creation of innovative decentralized applications. 

So, is Ethereum dead? Not so much. Although Ethereum’s future is uncertain as it moves from proof-of-work to proof-of-stake, it’s still a strong investment going forward.

As decentralized finance grows and blocks get larger, the value of ether will increase. This makes ether a solid investment for the short and middle term. If you enjoyed this post, check out more content in the finance section of our website.

Payroll processing is something that sounds typical based on the software you choose. It is digital-based and comes out with plenty of features. Every payroll software is different from the remaining payrolls you have come across till now. Some people work for monthly salaries and some may do overtime duty at some point in time. At that time, the OT pay will be an added feature. All this updated information of every single employee access is needed for the software like payroll and billing software solution you choose. Of course, some may do a manual procedure. But in this digitalized world, payroll software is flexible and reliable too.

Let’s know with some tips

• The budget of this payroll software is the main feature everyone is worrying about. Even for the small business holder, it is the biggest thing to get the required software like payroll and billing software solution finally. Cost may be depending upon wither monthly payment basis or based on your employee’s count and whatever all you have to learn and understand the software you have chosen for is important.
• Majorly, this payroll software usually needs to focus on tax withholding and reporting especially. Do you know some payroll services provide error-free taxes? Most of the employees choose quarterly taxes and some may prefer IRS paperwork.
• Remember that every payroll software leaves you with different features. So, choosing the right platform stands much difficult sometimes. Especially when comes to the point where your contractors or your employees are not satisfied with the paper checks and wanted you to let them paid on a remote basis, then this payroll software will be extremely helpful. Sometimes due to the difficulty in accessing your company payrolls remotely for the contractors or your employees, it’s better to pay through the direct payment option only. This is why knowing about the needs of your business and all other features into consideration, select the software only.
• Selecting the software that allows the employee access facility to play a key role. For example, if they want to apply for any house loans, car loans, and whatever it might be, their payroll information provided by the company is extremely helpful for them to apply in banks especially. So, you have to choose the software by keeping in point of employee self-access only.
• Choosing the software with a dedicated customer service team is important for your business. Most of the software platforms will help you in providing the right customer service team needed at any point in time. So, choose such kind of software platform only.
• Choosing the software means, you have to be flexible with it that suits your needs is important. For example, stating the basic needs of your business, employee payment status, and all other payment-related aspects like budget quoting for your material requirement are some basic features that are needed to be enrolled in the payroll software. It should be user friendly

Conclusion

Hence choosing the best payroll software depends on the requirements that need for your business only. Hope the above tips might give you some basic idea on the proper selection.

Whether as an individual or as an organization, we are legally obligated to pay taxes. Paying taxes is essential to our commitment to society. The taxes we pay must meet the various requirements of the ordinary people. However, even though we know the importance of taxes, many feel annoyed about high taxes. The taxes we pay each year are a large part of our financial, business, or regulatory plan. Just if there are ways to lower our taxes and do a good job with lower taxes, we are sure you and your organization may want to benefit.

The effects of tax evasion and tax planning on the general public have been a matter of debate for some time, but governments around the world still face related problems. It is accepted that all this started from the first point of departure when working arrangements were made by the legislature or government partners to provide for their families, mates, or ready partners.

Careful planning about tax is vital for you and your organization to take advantage of existing tax laws to cover lower taxes. Paying low taxes doesn’t mean that you are breaking the law. Paying fewer taxes may mean that we are fully aware of the current tax laws and exceptions because we know how to extend them to most of the benefits we get. Many tax laws give an individual, company, or organization the full opportunity to pay fewer taxes as long as specific guidelines are applied. This should be possible, of course, with careful and intelligent tax planning.

If you or your business or organization would like to take advantage of the opportunity to pay lower taxes, at this stage, the tax plan will assume an important function. A tax plan should be completed by financial experts who are very knowledgeable and familiar with the tax laws of a particular country or country. Likewise, certified account masters will also be the best people to handle such a subtle and essential part of the money when planning your installments and actions in your organization.

If you need to pay fewer taxes for your business or organization, at this point, contact the departments of tax plan professionals. Hiring specialists to carry out the monotonous task of planning your tax jobs will save you a lot of assets and overtime. A proper tax plan can keep your business and friends to their full potential in terms of assets and money. With a carefully planned and updated tax plan, your organization can use the available exceptions and the resources available to your organization.

Paying fewer taxes within the law through careful and careful planning is something everyone needs. Talking with budget professionals about the unique requirements of your organization and the personality of friends can remind you of some possible tax exemptions. Monetary and accounting organizations representing immense authority in tax laws and planning can be extremely beneficial to you, your company, or your organization. Make the next final decision to cut taxes with an excellent tax plan.

Although there is a myriad of websites-cum-trading platforms for investing, there are three basic ways to purchase online mutual funds.

Investment companies

The most obvious option is to buy and manage mutual funds directly through investment firms. Mutual fund firms are selected from publicly traded entities. The company offers at least a few different funds, ranging from passively managed equity funds to high-yield bond funds that are actively managed, designed to attract many investors with their investment objectives.

The main advantage of buying directly from mutual fund firms: no sales commissions or brokerage fees. Most of your investment goes into the fund and you have the right to work. The main downside: Your investment options are limited to that firm’s fund family.

Investment-Cum-Financial Services Companies

If you do not want to be limited to one fund group, many investment firms allow you to buy and sell mutual funds and exchange-traded funds (ETFs) sold by other companies using an in-house account.

Brokerages

Another option is to open an online brokerage account. It would probably be the most expensive course: accounts of this type usually charge transaction fees/commissions for each exchange, and other account set-up and maintenance fees may also be a charge. However, they will provide the most massive universe of mutual funds to choose from online mutual funds.

Finding a relatively low-fee account is relatively straightforward, especially if you comb the ranks of discount brokerages. The hottest (and cheapest) companies are exclusively online.

Set up an online mutual fund account

Once you decide on your account financial institution and trading platform, you need to set up that account – which of course, you can do online. Most companies make this very easy- just log in to the company’s website and click on a link that is usually called Open an account or Let’s get started or something like that. To open any brokerage account, you must answer the same question: personal information, account type (individual or joint, IRA or taxable, etc.).

You may also need to tell if you want any fund dividends deposited to your account and be automatically reinvested to the fund. And you’ll need to provide bank account information, make a cash transfer for your initial investment — and, if you specify so, to be used as a source each month to purchase additional mutual fund shares. When you set up one of these automated investment programs, many companies reduce the amount required to open an account.

Applying online usually takes 10 to 20 minutes. Processing the application and getting your account funded usually takes one to three days.

Note: Once your account is activated, buying and selling mutual funds is easy. Although each site is somewhat different, they all work in the same way. Specify the ticker symbol of the fund you want to buy and the amount you want to invest – unlike stocks, mutual funds require you to invest a dollar amount instead of purchasing multiple shares.