#what is a certificate of deposit savings account

[californianewsin]

Five Small Tips You Can Save Thousends Of Dollars

[creepinginyourheartbabecomeonnow]

PLEASE TAKE TIME TO READ, PLEASE CONSIDER REBLOGGING

my phone and our wallet got stolen on Christmas day, when my brother looked at his bag it was slashed and everything was gone, we dont know who did it and the police refused to help us, says there's nothing they can do if there were no witnesses. I said there were cctvs in the area but they said they haven't been on for a long time....

the $440 cash we saved up for our dad's death certificate was there :(((

i just looked at our paypal and saw all the generosity people have sent us, we cant believe it!!! what we accumulated on paypal couldve been enough to add to our $440 but now since it's gone, we're still again short on $440

today is the last day the bank gave us to present his certificate to them. I had to call and beg them to at least please give us a day to complete the hospital debt

i know it's been annoying, seeing me beg over and over again, but we've been begging on the roads too and going to government officials who can help us but we've only accumulated $30 today

we don't even know if we can still afford to live at our home, we've used up our deposit for rent and we dont know we're to get for the next months....

i hate to do this again, i really really really do and if God can only give me any other choice, i would do it but life has put us in this situation again

im only raising $300 here, im praying we get the $100 by tonight on the road. We only need help with $300 please. please if you have a dollar to spare, anything everything helps. Please consider boosting as well to reach someone who can spare us, thank you and im sorry for this again

[thegodthief]

The side savings account made two cents yesterday as interest dividend even though the balance was not to the minimum yet. Turns out, the minimum balance for earning any interest is zero. The balance I am chasing is the minimum needed for APR parity with my first credit union.

The savings account at my first credit union also received two cents yesterday as interest dividend. The balance is literally ten times the amount in the side account. They made the same interest dividend.

I am quietly fuming.

So. Here's the plan. The first savings account is the Oh Shit fund. I will build that to at least one month's pay in balance so that I can immediately shift funds to my checking account if necessary.

After the first savings account reaches "One Month's Pay", future amounts will go to the side savings account. Transferring funds from the side savings account could take minutes to a full business day depending on the amount I'm moving, so that's why I want the Oh Shit fund to be closer at hand. I will build up the side savings account to "Three Month's Pay" and leave TMP as readily available as I can.

But, once I hit TMP, then it's time to build up a surplus in Side Account so that I can start making Certificates of Deposit with Side Credit Union. That starts at $500 with a minimum term of six months, but with an APR that would require me to have literally five digits in plain savings to duplicate otherwise. Get a couple of low CDs started on 6-month terms, continue to build the cash, then eventually graduate to larger CDs, but still with 6-month terms until I feel comfortable enough to do minimum $1k CD with 1-year term.

Sweep monthly budget surpluses into Side Cash Account. Eventually build Main Account to Three Month's Pay and Side Account Cash to Six Month's Pay. This is an endurance test, not a sprint. Give myself permission to spend money to enjoy myself from time to time. Remind myself that there is a balance to be made between saving money for saving's sake and spending money because life is meant to be lived.

I'm sure there is a reason why "miserly" and "misery" sound so much alike.

Not to mention, there are no Muppets in my zip code so any penurial haunting is not going to be enjoyable by any means or hopes.

(Much gratitude to @notfinancialadvice for inspiring me to take a closer look at the financial institutions within reach.)

This is what hope looks like.

[bitchesgetriches]

O Wise and Wonderful Bitches, I have a question that I'm sure you've answered but I can't find. I'm turning 18 next week and with the paycheck I'll get on that day, I will have $8000 saved up. I'd like to buy a house by 25 but that mostly depends on my opportunities after college (which I'm paying in full. I'm not rich but it's complicated lol) and the state of...well everything. Anyway, with this in mind, should I open and invest in a Roth IRA or open a general brokerage account first?? I know 7 years isn't a long time for investments to grow, so would I be better just putting the house money in a HYSA? Again, I'm absolutely sure you've answered similar questions but I can't find them anywhere

Not to worry, pet! I'll link to some articles where we explain exactly what to do with this money.

But the tl;dr of it all is that if you're saving money for the long term, you put it in a retirement account (like a Roth IRA) or a non-retirement brokerage account. If you're saving money for the short term, you put it in a HYSA (high yield savings account) or a CD (certificate of deposit).

7 years in a volatile stock market counts as the short term. So let that guide your decision!

From HYSAs to CDs, Here's How to Level Up Your Financial Savings 

How To Protect Cash Savings During High Inflation 

How To Start Small by Saving Small

[the-courage-to-heal]

Do you (or your followers) have any tips on escaping a financially abusive relationship? We are not married but living together and I do not have a steady job/my source of $ is 85% dependent on him currently. I have PTSD, anxiety, depression, and health issues including chronic fatigue syndrome. I can work but I am limited in what I can do and how much I can lift.

Financial abuse is incredibly, insidious and difficult to escape. I would recommend that you look into opening a PO Box, and then open a separate bank account. Have all mail regarding that bank account sent to your PO Box. Look into getting a job over the phone possibly with a temp agency; the COVID-19 pandemic has made opportunities to work from home more viable. Also save whatever you can from the allowance that you’re given, and put it away into your secret bank account. If you’re able to blame it on inflation, ask for a little more money than you really need for groceries etc. You can also put that aside. 

This article might also be helpful:

It hits on some important points such as,

• Gather and store important documents. If you are living with the abuser, store important documents somewhere safe outside the home, if at all possible, such as a safe deposit box or a friend or family’s home. These include birth certificates (yours and the children’s), marriage certificates (if applicable), social security cards, bank statements, and ownership documents of jointly owned property. Abusers frequently prevent a victim’s access to these after the victim leaves, so it’s important to do this as part of your preparation for leaving.

• Find at least one trustworthy ally who understands financial abuse to help you sort out your thoughts and make a plan of action. Many victims feel ashamed and isolated, and this, along with financial pressures, can contribute to staying stuck. Some places to find support include your friends and family (as long as you can be sure they will not talk to the abuser about what you share), a local organization helping victims and survivors of domestic violence, a counselor or therapist who understands domestic violence, or a hotline such as the National Domestic Violence Hotline: 1-800-799-7233 (or TTY 1-800-787-3224).

• Research the programs and services in your area that help domestic violence victims. Knowing how to apply for public assistance or your options for temporary or longer-term housing will help you feel more confident that help will be available when you need it. Often programs and financial assistance sources have waiting periods and complex application requirements, so being armed with information can help you prepare ahead of time.

• Cancel joint bank and credit accounts by calling the issuer and asking to have your name removed. This won’t undo damage the abuser may have already done, but it will prevent new attempts to rack up debt in your name, take money from you, and damage your credit.

I hope this information helps a little bit and you’re able to construct a safe plan to escape! Please write back in if you need any more support or advice.

[marysmendoza]

High Yield Savings Account: Maximizing Returns While Safeguarding Your Savings

From the realm of individual finances, the quest for higher returns often comes along with increased threats. Even so, for risk-averse people trying to find a safe yet satisfying choice, the High Produce Savings Account emerges being an attractive option. An Increased Yield Savings Account supplies the excellent balance between growing your cash and preserving its basic safety. On this page, we are going to explore exactly what a Higher Produce Bank Account is, its pros, and tips on how to make the most of this investment automobile to accomplish your financial objectives.

Understanding High Yield Savings Account:

A High Deliver Bank Account is a form of bank account provided by banks and credit unions. What packages it besides a traditional bank account is the significantly higher monthly interest it gives. When standard cost savings balances may offer nominal earnings, Great Produce Financial savings Profiles try to outpace rising prices and supply a lot more significant revenue on the settled funds.

Advantages of High Yield Savings Account:

Competitive Interest Rates: The key good thing about a very high Generate Bank Account will be the increased rate of interest. These balances typically offer costs well on top of the countrywide average, leading them to be an attractive selection for those seeking greater earnings on their price savings.

Safety and Security: Great Deliver Financial savings Balances are usually reinforced with the Federal government Deposit Insurance plan Company (FDIC) in the United States or comparable downpayment insurance coverage plans in other nations. This means that your deposited money is insured up to a particular restriction (usually $250,000 per depositor), ensuring the security of your funds even in the event of a lender failure.

Liquidity: Substantial Deliver Financial savings Profiles provide you with the versatility of quick access to your funds. Unlike some long-term investments, you may pull away cash from the bank account whenever you need it without incurring penalties.

No Investment Risk: Contrary to shares or joint money, which can be susceptible to industry variances, an increased Yield Bank Account offers a stable comeback without disclosing your price savings to investment risk.

No Lock-In Period: As opposed to certificates of deposit (CDs), which require that you secure your cash set for a particular word, Great Produce Cost savings Accounts have zero secure-in time. This means you can access your resources whenever essential without restrictions.

Making the Most of Your High Yield Savings Account:

To maximize the benefits of a High Yield Savings Account, consider the following strategies:

Research and Compare Rates: Different banking institutions offer diverse rates on Substantial Deliver Savings Accounts. Make time to research and compare prices to get the best deal for your cost savings.

Automate Regular Contributions: Set up automated transfers from your principal bank checking account in your Higher Yield Savings Account. Automating efforts allows you to conserve consistently and builds your savings more quickly.

Leverage Compound Interest: Substantial Deliver Savings Credit accounts typically ingredient attention, which suggests your attention earns attention as time passes. The greater number of you leave your money from the profile, the quicker it is going to develop.

Use It for Emergency Fund: Higher Generate Savings Credit accounts are fantastic for positioning your urgent fund. These balances supply both safety and liquidity, making certain your money is plentiful when unanticipated costs come up.

Monitor and Adjust: Keep close track of the interest rates and also the performance of your own Substantial Generate Bank Account. If you locate much more competing charges in other places, think about relocating your resources to a greater-paying profile.

Conclusion: A Very High Generate Bank Account is a wonderful choice for people seeking to boost their price savings while keeping safety and liquidity. It's very competitive rates, basic safety through FDIC insurance coverage, and suppleness transform it into a valuable accessory for your fiscal toolkit. By investigating charges, automating contributions, leveraging ingredient fascination, and taking advantage of it as an emergency account, you can get the most from your Great Generate Bank Account and get your monetary goals with confidence and ease. Remember, while Higher Yield Financial savings Profiles offer greater profits than normal financial savings profiles, they are certainly not intended for long-term prosperity-building or great-risk purchase aims. Instead, they give a solid foundation for preserving your savings and making constant, risk-totally free returns.

Find More Information: High Yield Savings Account

[feliciawillams]

What Things Should Never Be Kept In A Home Safe?

We often find that the issues that people stay in a good would be the similar stuff that mustn't be there. This can include documents which might be rarely if needed together with large sums of cash. Somethings should be kept in a safe whilst others should be store either in a bank or a safety deposit box. Firstly, this is a brief listing of things that you must retain in a home safe: Passports Insurance Policies Power of Attorneys Last Will and Testament It is considered that the best rule to follow along with is to keep anything that is of worth to YOU however, not a thief ought to be trapped in your house safe whilst anything irreplaceable needs to be held in a bank. A home safe is how a thief will expect you to keep valuables and could easily force you to definitely open it if there were to be a break in. A home safe should always be securely anchored on the floor and personal documents should be saved in it. If you can't bolt it down, it is advisable to keep important documents in the bank although generally it's possible to bolt them down. Anything that is very important must be helped by care this also is again a significant consideration with regards to deciding what you're gonna stay in your safe. What to keep in the bank/safety deposit box Valuables for example heirlooms, precious metals and any situation that is not replaced should invariably be saved in the lending company until someone is ready to use it. There is also little time keeping large sums of income for any time period in a good. One reason is that it can get stolen but these guys that's may be earning going back in a very checking account or in another investment. Also, many insurance coverage won't cover a large amount of income in the event of the break in any way so anything stolen wouldn't be recoverable. There are a couple of documents that you will never need outside of regular banking hours like birth certificates and papers for your car. This must be kept securely on your bottom line and will also also save cluttering up your safe. If you have taken any photos or videos of your home possessions for insurance purposes, these again ought to be held in the lending company as storing them in a secure the place where a thief might have to go could lead to these details being stolen too. It has become increasingly common for people to store sensitive data on computer media items for example hard-drives, USBs and CDs. There are several reasons behind this with the most obvious being that they are harder to steal. In Gun Safes , the lender's vault will not vunerable to extreme temperatures or magnetic interference that could erase data. Physical media would typically be a backup for critical data with a computer or tablet, or home-cloud storage systems (these are essentially just an external hard disk drive with Wi-Fi capability), which might be destroyed in the fire

[shellharbours]

Car Sales With Finance - What You Need To Know?

You have a dream car in mind and you would like to own it. You have saved up some money, but not enough to buy it outright. What can you do? You may want to consider professional car sales Illawarra wide with finance.

This is a great option for those who want to buy their dream car and have good credit scores but don't have enough cash on hand at the time of purchase. Here are some things that you need to know about car sales with finance:

Everything About Car Sales With Finance 

What is the significance of car sales with finance?

Car sales with finance are a significant event in your life. It is important to know how to get a loan for buying a car and what the best way of getting one is. This will make the whole process much easier and you will be able to get the best deal on a loan.

There are many different types of loans available for those who want to buy cars but not all of them have good terms and conditions attached to them, so it's important that you know what you're looking for when choosing one before signing up for anything at all!

It's important to know what your options are, so you can make sure you get a good deal on your car loan. Let's take a look at some of the most common types of loans available today and what they mean for you as a buyer.

How does it work?

This is a quick and easy process. No paperwork, no hidden fees and no deposit are required to get started.

As soon as you've chosen your car and put down a deposit, the finance company will work out how much it will lend you based on the value of your chosen vehicle and the amount that you can afford to pay back each month. The finance company will then transfer this money directly into our bank account so we can order your new car!

Once you've received your new car, you'll be able to make your first payment. This will usually be the same amount as your deposit, but it may vary depending on how much finance you've taken out and what interest rate has been agreed between you and the finance company.

What additional costs could be incurred?

There are a number of other costs you may have to pay when buying or selling a car through finance. These include:

Fees for the loan‚ such as establishment fees and early repayment charges.

Fees for insurance, including third party cover, theft/fire/theft (TPFT) cover, comprehensive cover and bond registration fee.

Fees for registration‚ including vehicle registration certificate (VRC), driver’s license transfer fee (DLTF), licence disc replacement fee (LDRF), duplicate vehicle inspection sticker replacement fee (DVISG) and roadworthy certificate replacement fee (RCRF).

There are also other additional costs which differ from one dealer to another depending on what they offer their customers such as stamp duty on purchase sale agreements or motor trade insurance.

Conclusion

Buying a car is one of the biggest investments you will make in your life. With the help of financing, buying a car from car sales Illawarra becomes even more affordable and convenient. However, before signing up for any loan or finance product, it’s important to know all the details about how much you are getting into and whether or not it’s right for you.

[vbihealth]

What Is Personal Loan In India & How Does It Work |2022|

Whether you need money for home renovation or to buy an engagement ring, a personal loan can be the right choice to finance your needs. Instead of using credit cards with high-interest charges, one should avail a personal loan with a comparatively lower interest rate. 

There are instances when many people are stressed and compelled to pay off their high-interest credit card liabilities. In such events, opt for a personal loan to clear off the balances and lower the overall debt repayment. The lower APRs mean you won’t have to deal with too many debt repayments at once. 

Now that you have an overview of what a personal loan is, let’s learn about it in-depth. 

Personal Loan: What Is It 

Personal loans have emerged as one of the significant types of installment loans. A private loan provides customers with a one-time lump sum payment. Customers then repay the entire loan amount along with interest in recurring monthly payments during the loan’s tenure.

Because of the advent of mentoring and digital lenders, there seem to be plenty of quick, simple loan choices available. Yet, most require only about 10 minutes to register over the internet. Nevertheless, the entire loan approval procedure might actually take between one working week, based on how quickly the creditor gets and reviews your documentation.

Personal loans, at the bare minimum, incur interest. Additional costs may apply, including an initiation or processing charge deducted from your loan balance once authorized or an untimely payback charge if you pay back the personal loan before the term end (letting the bank/lending institution miss out on shortcoming interest dues). 

Personal Loans: How Do They Work

If you are authorized by the bank or financial institution for a personal loan, the money will be transferred in a single amount into your given savings account. Based on the bank, the transaction might take as short as one day or as lengthy as a couple of weeks. After the personal loan is granted, you must make monthly installments.

Many personal loans come with a fixed interest rate, meaning your monthly repayments will remain consistent. Personal loans are often unprotected or unsecured, which means no security backing the credit. When you fail to become eligible for an unsecured, unprotected personal loan, you may be required to utilize collateral, such as a retirement fund or a certificate of deposit, or a savings account, to be accepted.

You may indeed request a relative or friend to be a co-applicant and co-sign the personal loan to increase your chances of approval.

Whatever the objective of your borrowing, you’ll most certainly have numerous possibilities. Home equity loans, credit cards, and other funding methods are accessible. On the other hand, personal loans are an excellent option for several customers. These loans are frequently less costly than credit card payments, and they are funded quicker than HELOCs or home equity loans.

Furthermore, as there is typically no security attached to the bank loan, it is a much less risky type of borrowing than secured debt such as mortgage debt loans - meaning that your house, automobile, or bank account is indeed not directly in danger if you fail.

Ending Note 

A personal loan could be utilized for nearly everything, which is why it is called that.

Recall that the debt should always be repaid at some point, regardless of the circumstances. 

Whenever you seek out a bank loan to repay debts or plan the dream marriage, you essentially take out loans that need to be returned with interest. Personal loans are indeed a terrific method to restructure debt while also making big purchases.

[nbfcregiindiabd]

Comprehensive Guide to NBFC Registration in India: A 2024 Perspective

Non-Banking Financial Companies (NBFCs) play a crucial role in India’s financial sector by providing services that traditional banks often overlook, such as asset financing, microfinance, and infrastructure lending.

As the Indian economy continues to grow, the demand for NBFCs has surged, making them a lucrative business opportunity.

However, establishing an NBFC in India involves navigating a complex registration process governed by the Reserve Bank of India (RBI).

This blog provides a detailed guide on the NBFC registration process, eligibility criteria, required documents, necessary licenses, and the benefits and challenges of becoming an NBFC in 2024.

Understanding NBFCs: A Quick Overview

Before diving into the registration process of NBFC, it’s important to understand what an NBFC is.

An NBFC is a financial institution that offers various banking services but does not hold a banking license. Unlike traditional banks, NBFCs cannot accept demand deposits, such as savings or current accounts, but they can offer loans, credit facilities, savings schemes, and investment products.

NBFCs are regulated by the RBI under the RBI Act, 1934, and are classified into different categories based on their activities.

Eligibility Criteria for NBFC Registration in 2024

The RBI has set forth stringent eligibility criteria for registering an NBFC to ensure that only credible entities enter this highly regulated space. As of 2024, the key eligibility criteria include:

Minimum Net Owned Fund (NOF): The company must have a minimum NOF of ₹10 crore.

Incorporation: The applicant must be a company registered under the Companies Act, 2013, either as a Private Limited or a Public Limited Company.

Directors’ Expertise: At least one-third of the directors must have relevant experience in finance, particularly in banking, finance, or economic management.

Creditworthiness: The company’s promoters and directors must have a clean credit history, free from any defaults or blacklisting by financial institutions.

Ownership and Control: Foreign investment is allowed in NBFCs under the automatic route, but ownership and control should remain with resident Indian entities.

Documents Required for NBFC Registration

Documentation is a critical part of the NBFC registration process. As of 2024, the following documents are required:

Certificate of Incorporation: Issued by the Registrar of Companies (ROC) under the Companies Act, 2013.

Memorandum of Association (MOA) and Articles of Association (AOA): These documents should clearly state the financial objectives of the company.

Detailed Business Plan: A comprehensive business plan covering at least the next three years, including projected financial statements, market analysis, and growth strategy.

Directors’ and Shareholders’ KYC Documents: This includes Aadhaar, PAN, passport, and photographs.

Net Worth Certificate: Certified by a Chartered Accountant (CA), showing that the company has the required NOF of ₹10 crore.

Credit Reports: Personal credit reports of all directors and shareholders from credit bureaus like CIBIL.

Bank Account Details: Proof of the NOF being deposited in the company's bank account.

Income Tax Returns: The last three years' income tax returns of the directors.

Audited Financial Statements: The company’s balance sheet, profit & loss account, and auditor’s report for the last three years (if applicable).

Step-by-Step NBFC Registration Process in 2024

Here’s a detailed breakdown of the NBFC registration process in 2024:

1. Incorporate the Company

The first step is incorporating a Private or Public Limited Company under the Companies Act, 2013. The company name should reflect its financial nature, as per the naming guidelines provided by the Ministry of Corporate Affairs (MCA).

2. Ensure Compliance with NOF Requirement

Deposit the minimum NOF of ₹10 crore into a bank account under the company’s name. This amount will be locked in until the RBI grants the Certificate of Registration (CoR).

3. Prepare the Necessary Documents

Gather all required documents, including the business plan, NOF certificate, and KYC documents. Make sure all documents are duly signed, notarized, and attested where necessary.

4. Submit the Online Application

Submit the application through the RBI’s COSMOS portal. You’ll need to upload all the required documents electronically and pay the applicable fee.

5. Submit the Physical Copies

Send hard copies of the application and all documents to the regional office of the RBI. Ensure that the documents are submitted in the prescribed format.

6. Respond to RBI’s Queries

During the review process, the RBI may request additional documents or clarifications. Promptly responding to these queries is crucial to avoid delays in the registration process.

7. Receive the Certificate of Registration (CoR)

If the RBI is satisfied with your application, you will receive the Certificate of Registration, allowing you to operate as an NBFC in India. This certificate must be prominently displayed at your place of business.

Licenses and Approvals Required for NBFCs

Apart from the RBI’s Certificate of Registration, certain NBFCs may require additional licenses based on their business activities. These include:

NBFC-MFIs (Microfinance Institutions): Require special approval to offer microfinance services.

NBFC-Factors: Need to register as Factors under the Factoring Regulation Act, 2011.

NBFC-Investment and Credit Companies (NBFC-ICC): May need approvals if they engage in credit activities like issuing credit cards or offering loans against securities.

Benefits of NBFC Registration

Registering as an NBFC offers several advantages:

Wider Market Access: NBFCs can cater to a broader market, including underserved segments like MSMEs and the unbanked population.

Flexible Operations: NBFCs have fewer operational restrictions compared to banks, allowing them to innovate and offer customized financial products.

Growth Potential: With India’s growing economy, NBFCs have significant growth opportunities, especially in lending, asset management, and microfinance.

High Returns: Given the high demand for financial services, especially in rural and semi-urban areas, NBFCs can generate substantial returns on investment.

Challenges in NBFC Registration

While the benefits are significant, there are also challenges:

Stringent Regulatory Compliance: NBFCs must comply with numerous RBI guidelines, including regular audits, reporting, and adherence to capital adequacy norms.

High Capital Requirement: The initial NOF of ₹10 crore and ongoing capital requirements can be a barrier, particularly for small businesses.

Operational Risks: NBFCs face various operational risks, including credit risk, liquidity risk, and market risk, requiring effective risk management strategies.

Competition: The financial sector is highly competitive, with NBFCs competing against banks, fintech companies, and other financial institutions.

Conclusion: The Importance of Professional Guidance

Registering an NBFC in India offers numerous opportunities but comes with its set of challenges. The process involves strict compliance with regulatory requirements, and missing out on any detail can lead to significant delays or rejection of the application.

Therefore, it is crucial to seek professional guidance to navigate the complex registration process efficiently. With expert assistance, you can ensure that your NBFC is set up correctly and is well-positioned to thrive in India’s dynamic financial landscape.

By understanding the updated eligibility, documentation, and procedural requirements, as well as the benefits and challenges of NBFC registration, you can make informed decisions that align with your business goals. As the financial landscape continues to evolve, staying informed and prepared will be key to your success in the NBFC sector.

Source Link: https://nbfcadvisory.com/comprehensive-guide-nbfc-registration-india-2024-perspective/

[businessenlignefrance]

What is passive income ?

Blog Post: What is Passive Income?

Introduction

Hi there! Are you tired of working hard all the time just to make money? You’re not the only one! Many people dream of being able to make money without sacrificing their free time. That’s where passive income comes in. It’s a real game-changer that can help you control your financial future. In this blog post, we will learn about passive income, its types, benefits, and challenges, and how you can start earning it. So, grab a snack, sit back, and let's learn about passive income!

Click here to read more

What is Passive Income?

Definition

Passive income is money you earn regularly with little effort to keep it going. Unlike active income, where you work for hours to get paid, passive income lets you earn money while you sleep, relax at the beach, or even while planning cool wedding dances!

Active vs. Passive Income

Time Investment:

Active income: Requires direct time and effort, like DJing at a wedding.

Passive income: Needs initial work but then keeps earning with little ongoing effort.

Effort Required:

Active income: Always needs effort to make money.

Passive income: Earns money with little work after it’s set up.

Income Sources:

Active income: Regular jobs, hourly work, gigs.

Passive income: Investments, royalties, automatic businesses.

Common Misconceptions

It’s Completely Hands-Off: Passive income streams often need some setup and occasional work.

It’s Quick and Instant: Building a good passive income takes time and planning; it’s not magic.

It’s Guaranteed: Just like any income, passive income has risks and ups and downs.

Types of Passive Income Streams

Ready to explore different passive income ideas? Let’s go!

Real Estate Investments:

Rental Properties: Buy properties and earn rent from tenants.

REITs: Real Estate Investment Trusts let you invest in real estate like stocks.

Dividend Stocks:

Regular Dividend Payouts: Buy stocks from companies that share their profits with you.

Dividend-Focused Funds: Mutual funds and ETFs that focus on dividends.

Peer-to-Peer Lending:

Lending Platforms: Lend money online to people and earn interest.

Risks and Rewards: You can earn more but might risk people not paying back.

Create Digital Products:

eBooks: Write an eBook and sell it online.

Online Courses: Make and sell courses based on what you know.

Software or Apps: Develop software or apps and earn from downloads or subscriptions.

Affiliate Marketing:

Promote Products: Earn commissions by promoting products on your blog, website, or social media.

Revenue Share: Get a part of the money from each sale made through your links.

Royalties:

Books: Write a book and earn royalties from sales.

Music: Make music and earn whenever it's played.

Patents: License your inventions and get royalties.

Automated Online Businesses:

Dropshipping: Sell products online without keeping inventory.

Print-on-Demand: Sell custom items without keeping stock.

High-Yield Savings Accounts:

Bank Accounts: Put your money in high-interest savings accounts.

Certificates of Deposit (CDs): Lock in money for a set time for higher interest rates.

Sell Stock Photos Online:

Photography Contributions: Upload and sell your photos on stock photo websites.

Purchase Earnings: Earn money every time someone buys your photos.

Create a YouTube Channel:

Ad Revenue: Make money from ads on your videos.

Sponsorships: Partner with brands for sponsored content.

Benefits of Passive Income

Why is passive income so attractive? Let’s find out.

Financial Stability: It gives you a steady income that can add to or even replace your main job.

Time Freedom: With less time spent working, you can enjoy what you love or start new projects.

Scalability: Many passive income sources can grow a lot.

Diversification: Having different income sources protects your financial health.

Retirement Security: It’s great for long-term financial planning and retirement.

Challenges and Risks of Passive Income

It’s not always easy. Here are some challenges you might face.

Initial Effort: Starting passive income streams often needs upfront time, effort, and money.

Market Risks: Changes in the economy can affect your income.

Maintenance: Passive income might still need some occasional updates and care.

Scams and Fraud: Be careful of too-good-to-be-true schemes. Always check things out.

Learning Curve: You might need to learn new skills or information.

Steps to Create Passive Income

Excited to start? Here’s how you can begin your passive income journey:

Identify Your Interests and Skills: Pick a passive income stream that suits you.

Research Opportunities: Look into different options and find the best ones for you.

Set Clear Goals: Decide what you want to achieve with passive income.

Develop a Plan: Make a detailed plan to reach your goals.

Invest Initial Time/Resources: Be ready to spend time and resources upfront.

Automate Processes: Use tools to make your income processes automatic.

Monitor and Adjust: Keep an eye on your income streams and make changes as needed.

Reinvest Earnings: Use your earnings to grow and diversify your income.

Educate Yourself: Keep learning about new opportunities and strategies.

Conclusion

There you have it! Passive income is a powerful tool that can help you achieve financial freedom, giving you more time, security, and peace of mind. It’s not an instant solution, but with the right effort, planning, and perseverance, you can change your financial future. Imagine all the time you could spend perfecting your wedding playlist or dancing at the weddings you DJ!

Start exploring passive income streams that excite you and build a foundation for a financially free future. Until next time, keep the music playing and the fun times rolling!

Disclaimer: Always do thorough research or consult a financial advisor before making investment decisions. Passive income streams involve risks and require careful planning.

[nirajnanal]

What Does a financial Planner do?

If you ever came across the term Financial planning or financial planner and never have figured out what do they exactly do or why are they different from a professional like a Chartered Accountant or a CFA? 

Financial planning and the role of a Certified Financial Planner (CFP) are distinct from the responsibilities of professionals like Chartered Accountants (CAs) or Chartered Financial Analysts (CFAs). 

A Certified Financial Planner (CFP) is an individual certified by the FPSB. Their primary focus is to assist individuals in managing their finances, and investments, and crafting a tailored plan for financial future. The roots of financial planning and registered life planning can be traced back to the United States. 

The CFP Board was established early on in the evolution of the financial planning profession, emerging post-World War II to address the financial needs of Americans. In the global context, the Financial Planning Standards Board plays a pivotal role in setting professional standards and awarding the Certified Financial Planner certification. 

In India, many people set aside a portion of their earnings or profits for purposes such as retirement, children’s education, and insurance. When they think about investments, they often consider options like fixed deposits, tax-saving schemes, or government bonds, typically associated with retirement planning. However, a growing number of individuals are becoming aware of alternative investment opportunities such as stocks and mutual funds, thanks to social media channels. 

To make the concept of financial life planning accessible to the common man, let’s break down the process from the perspective of a CFP: 

Listening: A CFP attentively listens to an individual, focusing on critical areas such as Financial Goals, investment objectives, commitments, and retirement plans. 

Prioritization: Based on the gathered information, the CFP prioritizes different aspects, with a special emphasis on insurance and tax considerations in alignment with the individual’s life goals. 

Financial Plan Creation: The next step involves crafting a comprehensive financial plan tailored to the individual’s unique circumstances and aspirations. 

Expert Consultation: This step is crucial to instill confidence in the individual to follow the recommended financial exercises and align with the standards set by the Financial Planning Standards Board. 

Time-Bound Financial Plan: The final phase of this process is to create a time-bound financial plan that suits the individual’s specific financial goals. This plan serves as a roadmap to help them achieve their financial objectives – Short Term and Long Term. 

In essence, a CFP’s role is to guide individuals through the intricacies of financial planning, ensuring that their financial goals are not only achievable but also well-protected through measures like insurance and tax planning. This holistic approach sets them apart from professionals like CAs and CFAs, who typically focus on narrower aspects of financial management like Tax planning. 

[sonalj]

Savings Plans - Buy Best Saving Plan Online in India 2024

Savings Plan

A savings plan helps you get guaranteed returns against fixed monthly or yearly premiums. Further, these plans also offer a life cover that helps safeguard your family’s financial future.

What are Savings Plan?

An insurance savings plan is a financial tool that combines the benefits of a robust savings strategy with the security of insurance and guaranteed returns. Understanding how an insurance savings plan works can help you build a strong foundation for financial security. The best insurance savings plan offers a systematic approach to consistently setting aside a portion of your income, allowing you to accumulate funds over time. It provides a disciplined framework for allocating resources wisely, managing expenses effectively, and prioritizing your financial goals. By opting for an insurance savings plan, you can also adopt healthy financial habits and be better prepared to handle unexpected challenges and expenses.

Types of Savings Plan Saving money is ideal for financial planning, ensuring a user has a safety net for emergencies, future expenses, andlong-term plans. Savings plans are tailored to meet different needs and preferences. From traditional options like fixed deposits tomoderninvestment avenues like mutual funds, understand the diverse savings plans available in India.

Fixed Deposits Fixed deposits are India's most popular andcommonsavings instruments. Banks and financial institutions offer them as a way to allow individuals to deposit an amount for a fixed period at a predecided interest rate. Fixed deposits also provide capital protection and a guaranteed return, making them a secure option for conservative investors.

Recurring Deposits Recurring Deposits (RDs)are one of the commonfamiliar savings option for people who wish to deposit a fixed amount regularly, often monthly, for a pre-decided period. RDs offer flexibility regarding investment amount and duration, and they are agood optionfor individuals who build savings through disciplined and regularintervals..

Public Provident Fund (PPF) Public Provident Fund is astableand long-term plan the Government of India offers. PPF accounts have a lock-in period of 15 years, offergoodinterest rates, and offer tax benefits under Section 80C of the Income Tax Act. They also suit people looking for tax-efficient long-term savings with guaranteed returns.

National Savings Certificate National Savings Certificate is an instrument with a fixed maturity period and interest rates offered by the Government of India. NSC offers tax benefits under Section 80C and can be bought from post offices across India. It also provides a safe and reliable avenue for people looking to accumulate savings over a fixed period.

Sukanya Samriddhi Yojana SSY (Sukanya Samriddhi Yojana) is a savings plan for girls to promote their education and contribute towards their marriage expenses. It offers impressive interest rates, tax benefits under Section 80C, and partial withdrawal options after the girl child is of a certain age. SSY is a great savings option for parents looking to secure their daughter's tomorrow.

Employee Provident Fund Employee Provident Fund is an unavoidable savings scheme after retirement for employees in India. Both the employer and the employee contribute towards the fund, and the amount collated can be withdrawn at retirement or in case of emergency. It also offers tax benefits and is an essential retirement savings tool.

Mutual Funds MFs are schemes that collect funds from multiple investors to put money into a wide-ranging portfolio. They also offer a range of options catering todifferentrisk management profiles and investment plans. Italso offersprofessional management, liquidity, and a great chance for higher returns over the long-term goals.

Unit-Linked Insurance Plans ULIPs combine insurance coverage and investment options, allowing policyholders to invest in various fund options basis on the risk appetite and financial goals. Unit-linked Insurance Plans also offer flexibility, and potential for wealth creation, making it a great choice for long-term financial planning.

[ebelal56-blog]

The bizarre economics of ‘bank accounts as house rooms’

You know, when you think about it, bank accounts are like the different rooms in a house. Each one has its own purpose, its own vibe, and its own way of making life a little easier. Take the checking account, for example. It's like the living room, the heart of the home where everything happens. You walk in, and it's all about the everyday transactions-paying bills, grabbing that morning coffee, or maybe splurging on a new pair of shoes. It's accessible, it's fluid, and it's designed for movement. You can write checks, swipe your debit card, or hit up an ATM without a second thought. There's no limit on how many times you can dive in and out, and that's what makes it so perfect for managing daily expenses. It's where you keep track of your spending, where you feel the pulse of your financial life. Then there's the savings account, which feels like the cozy bedroom. It's a place where you tuck away money that you don't need right now. It's all about security and growth, a little nest egg that you can watch blossom over time. You deposit your funds, and they start to earn interest, like a gentle reminder that saving is a good thing. But there's a catch-withdrawals are limited, which is a good thing, really. It encourages you to think twice before dipping into those savings, making it a safe haven for your emergency funds. It's a space that whispers, "Hold on, don't spend it all at once." Now, let's talk about the money market account. It's like the study, a blend of functionality and comfort. It combines the best of both worlds-checking and savings. You get higher interest rates, but it comes with a catch: you need a higher minimum balance. It's a little more exclusive, but it offers flexibility too, with limited check-writing privileges. It's for those who want to earn a bit more while still having access to their funds. It's a smart choice for those who want their money to work harder for them without locking it away entirely. And then there's the certificate of deposit, or CD. This one feels like the attic-out of sight, but full of potential. You lock your money away for a fixed term, whether it's a few months or several years, and in return, you get a higher interest rate. It's a commitment, a promise to let your money sit and grow, and it rewards you for your patience. It's not for the impulsive; it's for those who can resist the urge to dip into their savings for a little while longer. Now, let's not forget about the individual retirement account, or IRA. This is like the future room, the one you're preparing for a life down the road. It's all about saving for retirement, and it comes with tax advantages that can make a significant difference. Contributions might be tax-deductible, and the earnings can grow tax-free or tax-deferred. It's a structured way to ensure you have something to fall back on when the time comes to hang up your work boots. Joint accounts are like the family room, where everyone can come together. Shared between two or more individuals, it simplifies shared expenses and joint financial goals. It's about collaboration, trust, and managing finances as a unit. Lastly, there's the business account, the workshop where all the action happens for entrepreneurs. It's designed to keep business finances separate from personal ones, aiding in organization and tax preparation. It's a space dedicated to growth, innovation, and the hustle of everyday business life. Each type of account serves a specific purpose, like the rooms in a house, and choosing the right one depends on your financial goals and needs. It's about finding the right space for your money, where it can grow, thrive, and support you in your journey.

[bryanjblog]

What Are the Most Popular Investment Products at US Bank?

1. US Bank Mutual Funds

US Bank Mutual Funds are a popular choice. They offer a diverse range of investment options. For example, you can invest in funds focused on stocks, bonds, or a mix of both. This allows you to spread your risk. Many investors like mutual funds for their simplicity. You can invest with a relatively low amount. For instance, if you start with $1,000, you gain exposure to a broad market. These funds are managed by experts. They select investments to meet specific goals. Clients appreciate the professional management and ease of use.

2. US Bank Certificates of Deposit (CDs)

Certificates of Deposit (CDs) from US Bank are favored for their security. They offer a fixed interest rate for a set period. For example, you might choose a 12-month CD with a guaranteed rate. This means you know exactly how much you will earn. CDs are great for those who want a safe investment. Many people use them to park cash while earning interest. US Bank’s CDs come with various terms and rates. This flexibility helps clients match their investment goals. It’s a reliable option for conservative investors.

3. US Bank Retirement Accounts

US Bank offers several retirement account options. These include Traditional IRAs and Roth IRAs. Each account type has specific tax benefits. For example, a Roth IRA allows tax-free withdrawals in retirement. Clients can choose the account that best suits their needs. US Bank also provides retirement planning tools. These help clients plan their savings strategy. Many people appreciate the guidance and support. Retirement accounts at US Bank are designed to grow your savings over time. They are a solid choice for long-term investment.

In summary, US Bank offers a range of popular investment products. Mutual funds provide diversification and professional management. CDs offer a secure, fixed return. Retirement accounts help build savings for the future. Each product is designed to meet different investment needs and goals. Choose the US Bank investment product that aligns with your financial plans.