April 2022


Benefits of Adding Saving Plan to your Investment Portfolio

Saving is a necessary element to add to your investment portfolio for saving your upcoming future; there are unlimited benefits that you can add with the help of saving plans. This article will brief you about what are the benefits of adding saving plans to your investment portfolio and what are the best investment plans that you can invest in. Make sure you read it till the end.

The benefits of investing money in saving plans are as follows –

  • Less risk on investment return

People approaching retirement are naturally apprehensive about taking on high-risk investments. It is always a good idea to put some of your money into things like life insurance and saving plans so that those who rely on you for a living are taken care of in the tragic case of your death.

  • Financial stability to secure your future

Although many individuals search forward more to old age, the prospect of not being well-off in their later years may be stressful for many individuals. Even though many individuals rely on their children or wider family to look for the elderly, maintaining one’s own secure income is the most pleasant way of life since you can always protect your family in various situations.

  • Budgeting for retirement has never been easier

It’s a lot simpler to arrange the details of your retirement when you know you’ll be getting money on a regular basis. If you have a guaranteed income plan, you can afford the luxuries of a retirement home along with coverage for your spouse.

  • Number of savings plans available to choose from

There is a number of saving plans that you can choose from. You can choose any plan that suits your needs in the most effective manner. Just make sure that the plan must satisfy your long-term financial needs along with the current ones.

  • Establishes a Retirement Fund

Savings plans that provide a stable income following retirement enable you to maintain savings even after your career has reached its pinnacle. Savings are made a whole lot simpler when some of these income programs allow you to delay taxes until you take earnings. Numerous savings plans also provide you the choice of withdrawing the guaranteed value in installments as a monthly income or as a lump payment, which is useful if your family has any pressing financial obligations, such as a children’s wedding or schooling.

Considering the above-mentioned benefits, it is crystal clear that by investing in saving plans, you can make your coming future more secure, particularly the retirement age. It is the most convenient plan for those who have a stable and consistent income source.

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A Quick Guide To Buying a Home As Self-Employed

Buying property or even getting a loan as a self-employed person can be pretty tricky. Banks are more hesitant to offer loans or even mortgages to self-employed individuals for fear of unstable income. Moreover, there’s a lot of paperwork involved in buying a home as a self-employed. However, this should not stop you from wanting to purchase a home or cause you to begin looking for work to demonstrate your ability to repay the loan.

Compared to someone with full-time employment, you will need to present more documents throughout the loan application process if you work for yourself. Your company documents, money moving in and out, and source(s) of revenue will all be required by the lender. It isn’t easy to create this information if you don’t have suitable protocols since you don’t know where to start. As a result, your prospects of securing a loan will be reduced.

Here’s a quick guide to buying a home as a self-employed

1.    Get a Mortgage Broker

Working with a mortgage broker is one of the best ways to ensure you get to buy a home as a self-employed. Mortgage brokers deal with a broad network of wholesale lenders. They understand who provides self-employed loans, what their qualification requirements are, and who is your best hope for securing the mortgage you need to refinance or purchase a home. Mortgage brokers familiar with alternative financing programs can shop around for you to get the best rate (along with the lowest fees and closing expenses) among the lenders available. Therefore, ensure you get the best mortgage broker in Vancouver to help you secure a home as self-employed.

2.    Seek Alternative Mortgage Lenders

Since banks may make it difficult for the self-employed to buy a home, an alternative mortgage can be your best bet. Unique loan conditions, an online mortgage application procedure, speedy application processing, and other perks may be available from private mortgage lenders or B-lenders, that aren’t accessible through a bank. Plus, today’s market is flooded with lenders and brokers that can assist you in navigating the maze and finding the best mortgage for you. Additionally, your bank-sponsored mortgage alternatives may be limited if you’re a less-than-ideal applicant with a poor credit score or a patchy job history. In some circumstances, alternative lenders may be able to provide you with loan possibilities that you won’t be able to find anywhere else.

3.    Apply For Home Equity Loans

Although it may be pretty challenging, getting a home equity loan is possible. The lender will want proof of a lucrative income as the most crucial element. When it comes to proving it, some lenders are more arduous than others. One lender may want two years of financial statements, while another may require three years. As a result, a no-doc loan is probably out as well.

Secondly, When contemplating a home equity loan, all lenders analyze the debt-to-income ratio, which typically requires a maximum of 36 percent, including all mortgages and loans. When you’re self-employed, it appears that staying as far away from this figure as possible is a brilliant idea. Also, checking your credit report before applying is crucial.

In conclusion, buying a home as a self-employed is challenging as most lenders tend to shy away from such individuals to fear the lack of a steady income. However, there are few ways you can get to buy a house as self-employed and the above mentioned are some of them.

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Michael Van Eaton Discusses The Relaxing and Educational Fun of Working Around the House

Michael Van Eaton has done many things in his life and is enjoying taking it easy at the moment. In this newfound stillness, he’s found a strange sense of peace and wonder in the little thing of life. For example, he recently discovered just how rewarding housework of all types could be to his life. Not only that, he found out that it could be educational in ways he would never have anticipated.

Michael Van Eaton Discusses His Love of Housework

Michael Van Eaton finds that housework, which he had not enjoyed when he was younger, becomes an almost zen-like experience when approached properly. In other words, simple work can help clear the mind and relax the body. This work doesn’t have to be incredibly challenging to be rewarding. Even something as simple as washing the dishes by hand or shoveling the sidewalk is rewarding.

This type of mental relaxation is critical because stress and anxiety are such common thieves of joy. People going through challenging experiences often find themselves stiffening up both physically and mentally and struggling to handle their daily life. A little light housework could bring a new sense of relaxation and even joy into their lives, minimizing their struggles and keeping them safe and happy.

Michael Van Eaton also finds that housework brings him a sense of physical energy that would be hard to get if he just took it easy around the house. Standing up to sweep, mop, fix up various damage, and perform other home upgrades keeps him moving and active. That kind of energy goes not just to his body but his mind as well, providing him with more mental energy to handle the day ahead.

Lastly, Michael Van Eaton says that housework can be educational. How is that possible? Just think of fixing up your home as a great example of this educational benefit. You take the time to build up various elements of your house, repairing damage and other mistakes. Yes, you might end up making mistakes, but the progress along the way is very educational and intimately rewarding.

The biggest lessons he says that he takes from this housework are patience and taking your time. In today’s modern world, the average mind is too stimulated and often struggles to relax. Learning to take it easy and relax and have patience with the world around you can bring amazing dividends and ensure that you don’t end up in any difficulties later in life, he says.

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Five reasons why businesses should try Neobanking

With the advent of digital advancement and multiple technologies coming into existence, even the banking sector has moved ahead from its traditional way of operations.

With disruptions happening in all ecosystem, banking is not an exception. If you follow the latest tech terminologies, chances are that you have heard about a concept called Neobanking.

What exactly are these Neobanks? These are digital banks with no physical branches. Yes, you read it right. They have no physical branches like how normally banks would have and exclusively operate online. A few fintech startups i.e., startups in the space of financial technology, have come up with the concept of Neobanks for the retail customers. They also provide specialized services for your current account, that rely on high-end technologies like Artificial Intelligence and Machine Learning.

In India, Neobanks are not provided with an official banking license. Therefore, they depend on traditional banks to carry out their operations. They work in collaboration with the local banks to offer their services to the customers.  Neobanks are also targeting markets that are unreserved. If you are wondering whether this is meant for your business or not, then read on to know the reasons that you can consider to get started.

Here’s presenting five reasons why businesses should try Neobanking:

  1. More cost effective than the traditional banks

Neobanks are a cheaper alternative than our traditional bank accounts. As the charges are lesser, small to medium businesses are particularly interested in these offerings, making the adoptions rates higher among these businesses. Since these banks have an online presence only, the money spends on resources such as offices, etc. is not applicable here which enables them to offer low-cost services to the customers.

  1. Unified platform for all your monetary transactions

Neobanking puts together all your banking needs at one place, and on a single user interface. You can carry out multiple operations from a single platform.

  1. Provides a seamless banking experience

The online banking portal is user friendly, flexible and has robust APIs. You can view your financial summary, their patterns, etc. The options provided on a single platform are varied.

  1. Convenience and time-efficient

A very handy feature is that this banking is available 24*7, unlike regular banks where the doors are closed at a fixed time.

  1. Provides you the best of technology for your banking experience

The technology used here helps businesses to identify any errors, track their finances and you can even schedule al your payments and execute them as per your preference.

Just like every other field, the world of banking is witnessing major breakthroughs making it much or easier for businesses to access their transactions and reduce the complexities associated with it. Neobanks are one such technological wonders that have disrupted the banking ecosystem and made things much easier.

Disclaimer: The above article is subjective and generic in nature. It is purely for informational purposes only. It is recommended not to substitute this article in place of a professional advice.

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Remittance Tips for Online Money Transfer

Online remittance is one of the most convenient methods to transfer money. However, there are a few things that you should keep in mind when making an online money transfer, such as choosing well-established banks with an online presence, thus ensuring safety and security of the funds.

In this article, we will discuss a few tips to ensure a hassle-free online money transfer process.

Online remittance has helped many people living abroad to send money to their friends and family. While it has made the transfer process quick and simple, there are a few things to consider before transferring money.

Here are some tips that can make your money transfer process hassle-free:

  • Compare different service providers

One of the most important things you should do is compare different remittance service providers. This will help you find the best deal for you. For instance, you should use an online exchange rate calculator.

Most service providers will have this tool on their website. For example, if you want to transfer money from Germany to India, with the help of this calculator, you can find out the existing exchange rate for euro to rupee. This tool will help you calculate the amount of funds your recipient will receive. Compare different service providers based on this amount, and you’ll know which one is right for you.

  • Opt for a reputed service provider

The exchange rate is an important factor, but the reputation of the service provider is also very crucial. Online money transfer frauds offer great exchange rates to lure customers. Opting for such a service provider will lead to a loss of money. Hence, many people prefer banks for money transfers as they ensure the security of your funds.

  • Protect your ID and password

In order to use online money transfer service, you’ll require your ID and password. These details will be shared with you once you register yourself with a service provider.

Don’t share your ID and password with anyone, in order to ensure the safety of your funds and create a strong password for your account. Furthermore, choose a service provider with advanced security features such as OTP authentication etc.

  • Check the transfer charge

While looking for service providers, you should check their transfer fee and other charges. This fee can be deducted from the amount of money you want to send. Thus, you’ll know the exact amount your recipient will receive once you know the charges.

  • Know the transfer tracking number

You will receive a transfer tracking number once you start the transfer process. This number can be used to check the status of your money transfer. It is important to note the transfer tracking number because it will be required in case you need to contact customer support.

  • Understand how to contact the support team

It is important to contact the support team in case of an emergency, such as an unauthorised login. Hence, while looking for service providers, you should also understand how to contact them. This can help you secure your funds. Select easily reachable service providers which have strong presence across the domain.

Choose Online Remittance Service Providers to Transfer Money to India

Sending money has become easy due to online money transfer services. However, it is important to keep these tips in mind when making a money transfer.

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