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Why Creative Freelancers Should Pay Themselves as a Business

Creative freelancer

Freelancers in creative industries such as writing and graphic design often rely on freelance platforms and invoices. However, paying yourself a salary can make you feel like you’re more of a company and less like a sole proprietor. Here are some reasons why freelancers should take control of their finances as entrepreneurial business owners and pay themselves a salary.

Why Freelancers Should Pay Themselves a Salary

Many freelancers pay themselves a wage by transferring their business revenue to their debit account, but a survey of small-business owners found that 38% of them don’t even do that! Passion and commitment aren’t enough to drive you through the endless weekends of sleepless nights. You still need to give yourself a monetary incentive to keep your drive fulfilled. 

Here are some reasons why you should put money back into your personal wellbeing:

  • Safeguarding Your Future: The unfortunate reality of small businesses is that they don’t last. If you put all of your eggs in one basket, you risk losing everything. Storing up savings can protect you from financial loss or help quicken your independence.
  • Taking Care of Yourself: If you care about yourself, you’ll invest in yourself. The same rings true for your business, but you can’t put everything into your company and still expect peak performance. To lower the chance of bad health outcomes, pay yourself!
  • Showing Commitment: When you pay yourself, investors take notice. They’ll feel confident in your ability to scale. After all, you’d need to have extra income and a healthy business future to give yourself a salary. In the end, you’re showing your commitment.
  • Saving for Growth: Even if you have no plans to scale at the moment, the money you save now will benefit your business sooner than later. With your own independent money pot, you can start reducing your loans, expand your office space, and more.

Freelancers who own their own business can go that extra mile by making a paystub for themselves and “cashing it in” on their payday. This way, the payment process feels more real.

How to Determine Your Payment Amount

As a business owner, you can pay yourself as much as you want, but you won’t want to dip into your company’s profits. What’s considered a “reasonable” paycheck is different for each individual and business, but everyone needs to pay for basic needs such as:

  • Groceries
  • Business Taxes
  • Household Bills
  • Rent or Mortgage Payments
  • Loan repayments
  • Transportation
  • Life Essentials 

Once you have answers to how much each of your necessities costs, consider what’s left for your business expenses. Think about how much you need to save per year or continuous growth.

How to Determine Your Payment Frequency

There are different ways you can pay yourself depending if you’re self-employed or a business entity (LLC). If you haven’t applied for a business license, you’re likely self-employed and pay income tax directly to the government. LLCs have other stipulations for separating business income, so it’s essential that you follow the proper legal process for your state.

Limited Companies

Single-member LLCs pay themselves by making an owner’s draw. This involves writing yourself a check from your business account for the amount you’re taking out of your business. You deposit this check-in into your personal bank account. Be sure to withdraw on the books as the owner’s draw, which counts as a reduction to equity and a credit to the capital account.

Are there benefits to setting up an LLC?

LLCs blend the positive attributes of sole proprietorship and limit some of its drawbacks. When you set up an LLC, you limit your personal liability, save money on taxes, and don’t have to deal with complex self-employment paperwork. Plus, you have flexibility in sharing profits.

To become an LLC, you need to file an Articles of Organization. The process for filing an Articles of Organization varies depending on which state you live in. You can view the process here.

Self-Employed

Self-employed freelancers can pay themselves from the money they earn using this process:

  • Invoicing the client
  • The client pays directly into your bank account
  • Calculate how much tax is due and deduct it
  • Whatever is left is for the freelancer to use

It helps to set up a business bank account, so you can keep the money you make from your company separate from your personal expenses. Since your income fluctuates, you may need to hire a professional to determine how your money needs to be distributed or taxed.

What Is FTX Token ( FTT ), and Should You Buy It?

FTX Token

These days a huge number of cryptocurrency exchanges are there in the market to pick. It is not easy to pick the ideal business for one because the majority of deals have various and unique features as well as utility tokens that are unique to them.

Not only an excellent alternative for sophisticated traders, the FTX imitative Exchange’s utility token, the FTX Token, offers greater features and functionalities than many of its competitors.

What Do You Mean By Token FTX?

The FTX Token is an ERC – 20 token on the Ethereum blockchain and the native cryptography of the FTX Derivatives Exchange. If you are currently utilizing FTX or plan to use it anytime soon, investing in some FTT exchange to supplement your inventory may be worthwhile. Holders of tokens get huge discounts on trading costs charged by the platform. Users can also use FTT to access extra advantages including lower trading costs and much more than FTX token, SRM, by converting it into FTX.

It is no surprise; The FTX exchange is a powerful trading platform for spot, over-the-counter ( OTC ), futures, and prediction markets. Even though it is still in its beginning, it has made its name in the list of largest crypto instant exchanges in the world. 

It provides unique and different chats and is tasked with correcting the many flaws. This plagues the majority of leveraged trading platforms.

In the case of a leveraged transaction that liquidates to avoid paying margin calls. Forced liquidation may be disastrous for users and large-scale traders. There is a backstop liquidity system at FTX, which allows large traders to buy cash transactions before they impact the whole market. Most, if not all, leveraged exchanges, such as OKEx, have significant liquidation assurance funds, but they cannot cope with severe price swings, such as those experienced by the   FTX   backstop…

Process To Buy FTX Token

Buy FTX Token

Open Your Account Online

The first step is to look out for an FTT exchange cryptocurrency near your region. Binance   Exchange and   FTX   are accessible for   FTT and the most suitable option for consumers in supported areas. Unfortunately, in the United States, both FTX and Binance are not available to users. FTX has a second US-based exchange but does not provide FTT trading. If you live in the United States, your choice is not much, and you need to use a decentralized exchange of Ethereum ( DEX ) to buy FTT.

The next step is to cross-check and verify your identity,  to buy anything once you establish your account. This includes your address, social security number, and an image of your driver’s license or a legitimate ID. You may finance your account and start trading after you done verifying your identity.

You will not need to create a wallet to purchase FTX Token straight from a centralized exchange like Binance. On the other hand, you will need either software or a hardware wallet if you want to buy the token via a DEX.

Both kinds of wallets have benefits and drawbacks that are different from one another. The usage of software wallets with decentralized finance( Defi ) apps is generally cheap and straightforward, but they are less secure because your wallet information is saved online. However, although hardware wallets may be expensive and inconvenient to use, they are the most secure method to keep your cryptocurrency. Many investors use a combination of tricky and software wallets to obtain the best of both worlds, keeping the majority of their portfolio in a hard wallet while utilizing a software wallet for the day – to – day operations.

Purchase What You Want

For investors that have access to Binance or FTX, this stage is a   piece of cake. First and foremost, you must fund your exchange account with fiat money or another cryptocurrency that is supported. Binance accepts fiat money deposits made via a   bank account and using a credit or debit card. Once you have the money necessary to make your buy, select the FTT trading pair that you want to utilize and complete your transaction.

The process of purchasing FTT is a little more difficult for customers who live in countries where Binance and FTX are not available. You will need to fund an exchange account to purchase Ethereum before you can convert it into FTT. To utilize the DEX, you will also need a software wallet like Coinbase Wallet.

Conclusion

If you are an international FTX client, owning FTT has several advantages, ranging from lower costs to the possibility of earning income on your investments. If you are not a client of FTX and are considering investing in FTT, you should be aware that regulatory changes are the token’s greatest danger.

Two Hundred Years Of Talking About Climate Change

climate change

By Joseph Mazur

Back in the 1970s, when I was a graduate student at MIT, there were a few weeks of cafeteria conversations among earth scientists buzzing around the topic of the global rise of CO2 and its implications for the future climate. I paid little attention to it. At the time, it seemed that even some of the best scientists could not decide whether the climate was warming or cooling. Whichever way it was going, it was reportedly an urgent problem, even back then.

There was little in the news about the urgency, yet some indicants of real climate change were emerging. There were droughts in the Soviet Union and Midwestern U.S., delayed monsoon in India, and extreme monsoon flooding in Bangladesh. But the one that caught everyone’s attention was the repeated years of almost no rain in the African Sahel, a 600-mile wide swath of eco-climate land running through the lower part of northern Africa from the Gambia on the Atlantic and Eritrea on the Red Sea.

Television news showed films of emaciated African’s. Newspapers and glossy magazines reported on millions starving and hundreds of thousands dying. Scientists at that time were thinking aloud about the causes. Some blamed the African drought on the overgrazing of fragilely semi-arid land. Others understood the cause as pollution, and others thought that, on average, the earth’s climate always corrected itself, and that we were merely at the cusp of a climate cycle that would correct itself.

News of what climate scientists were thinking was vague and uncertain. The popular news media – always out to shake up the public – reported dramatically inconsistent views of a planet meltdown and the coming of the next Ice Age.1 A sensational Newsweek article pointed to the coming of the next ice age and suggested that the government should stockpile food in advance of imminent catastrophic famines because “the planet [is] about a sixth of the way toward the next Ice Age.”2 There were warnings of great glaciers thousands of feet thick returning to Long Island. Several books came out in the mid-70s claiming that the planet was about to go into a deep freeze.3 Even as late as 1978, a New York Times poll concluded that specialists “were almost equally divided on whether there would be a warming, a cooling or no change at all.”4

Others understood the cause as pollution, and others thought that, on average, the earth’s climate always corrected itself, and that we were merely at the cusp of a climate cycle that would correct itself.

Some conspiracy theorists blamed radioactive fallout from bomb tests, military cloud-seeding to force rains, and Agent Orange used to defoliate the forests of Vietnam. I can remember a conversation in a London pub long ago with English friends who blamed the fog in London on the 1950s A-bomb tests in the Nevada salt flats. It seemed to me that there was some misunderstanding about how the global climate system worked.

In the early 1980s, the topic of climate change was beginning to raise lively discussions. I heard more buzz about climate change from reports on computer models that have fast-forwarded weather trends into the next hundred years, while paleoclimatologists drilled cores in glaciers, ice sheets, and tree rings to record millions of years of climate data. 

I said to my wife that it seemed to me to be too much of a coincidence.

“It’s too hard to believe the timing,” I said.

“What don’t you believe?” she asked.

“Don’t you find it odd that computers powerful enough to model weather just happen to arrive at climate science labs so close to the time climate change stirrings?”

“Coincidence for sure,” she answered. “But think about it, Joe. The explosion of automobile sales in the world came also at just the same time as that powerful weather-modeling computer.”

I’m no intellectual match for my wife but doggedly insisted, “I’m skeptical that those expensive computers coming out of research-grant money have become the toys that have to be justified by important research.”

“You’re saying that they are making this stuff up?”

“Not consciously! I’m just saying that suppressed intentions can sometimes overpower open minds.”

I held on to that foolish view for longer than I like to admit.

Thinking about it further, I continued to wonder: why now? The earth is 4.5 billion years old, civilization is roughly 12,000 years old, and the industrial revolution is about 250 years old. Yes, the car came in worldwide abundance at roughly and relatively the same time as the computer; however, coal firing worldwide had been around for well over a thousand years, and the heaviest burning began at the time of the industrial revolution of the mid 18th century.

As a boy, I remember New York City air as visibly dirty. Busses and trucks would spew black smoke from their exhausts. Often there was such a haze in the sky that one could hardly see the blue of a cloudless sky. I would come home from school to clean my face with a white napkin that would turn black in a single wipe.

The foundries and oil refineries in New Jersey were blamed, not on the black fumes from coal-burning New York City furnaces. Soap factories and meatpacking plants were also the cause. We learned that our city was relatively clean and that Los Angeles was worse.

“In L.A. your eyes burn, your throat is always sore, and the smog is so thick you can hardly see from one side of a street to the other.” 

Health departments didn’t consider it to be an automobile problem; it was instead an industrial problem. One major cause was the burning dumps, domestic incinerators, oil refineries, chemical plants. And so, the cause of the poor L.A. air quality was blamed on the industrial release of sulfur dioxide.5 I don’t know why no one was blaming the automobile. Yes, industrial smoke was a chief contributor to dirty air, but cities were not looking at tailpipes at that time. Smog was dark, if not altogether brown. It was hard to see any correlation between the almost invisible automobile exhaust and the testable, almost edible, eye-irritating smog.

By the 1980s, automobile exhaust was so much cleaner than it had been in the middle of the century. That was thanks to the efforts of many people, in particular a Cal Tech professor of biochemistry, Arie Jan Haagen-Smit, who was studying how the flavor of ripe pineapples comes from their scent. His lab was experimenting with gases and flavors given off from fruit and assorted vegetation. He had studied garlic, radishes, and marijuana before.

One noteworthy account has it this way: one day in 1949, when he had inhaled enough pineapple scent to make him feel woozy, he stepped out of his lab to get some air.6 But his breaths were harsh enough to make him cough. Even after he returned to his lab, he could taste the air he breathed. He knew about government studies of air quality that were conflicted on what to blame. He knew that government scientists, eager to blame sulfur dioxide from plant emissions, were not questioning clean automobile fumes. “People did look at tailpipes, but auto exhaust was clear and the smog was brown, so it didn’t seem like there was a direct relationship between those two things.”7 He trapped some Pasadena air in a glass air chamber, chilled it, and distilled some frozen water vapor to liquefy the smog.

The fundamental background needed to understand climate change is an understanding of how CO2, a naturally occurring compound absorbed by all plants, animals, and oceans, rises like a sheet floating in the atmosphere to lock in the heat of the sun’s rays.

Using reagents such as sodium hydroxide, as he did with pineapples, he created derivatives to feed through a column of silica and captured the elements of smog before submitting it to sunlight and the chemical reactions of oxidation. His experiments took six months to complete and ten years before officials became convinced by more concrete evidence that car exhaust hydrocarbons exposed to sunlight and oxidation turn into smog. In the end, Arie Jan Haagen-Smit was the hero who had identified the elemental properties of L.A. smog. It had come from automobile exhausts and the oil refineries.

No matter how you look at it, the fundamental background needed to understand climate change is an understanding of how CO2, a naturally occurring compound absorbed by all plants, animals, and oceans, rises like a sheet floating in the atmosphere to lock in the heat of the sun’s rays. CO2, two oxygen atoms bonded to a single carbon atom, is essential for the life of the planet, but with deforestation and the burning of fossil fuels, there are not enough plants, animals, and oceans available to absorb it in the overwhelming volumes coming from automobile exhausts and industrial processes that involve burning fossil fuels.

Escaped carbon dioxide in the atmosphere absorbs heat waves to form and trap infrared radiation from the earth’s surface, creating what we call the “greenhouse effect” of blocking the heat from radiating outward. CO2 is not the only culprit. Methane (CH4) and nitrous oxide (N2O) hydrofluorocarbons, sulfur hexafluoride (SF6) are also greenhouse gasses. And there are others.

We have known since Aristotle’s time that a locality’s climate is affected by human-made changes in the landscape. For example, draining large lakes can have a cooling effect, and clearing large forests a heating effect. Although suspicion of climate change and global warming surfaced in the scientific community as early as the late 19th century, the 1990s computer models made a strong case that carbon gasses were instrumental in causing a warming effect on the planet.

A coincidence was suspected, not just by me. “Why now?” skeptics asked. Why are we just now witnessing the warming effects of greenhouse gasses? In the long history of human civilization, why is it that we see climate change just at the time when we have computers powerful enough to build numerical time-projection modeling? By coincidence, computers can simulate the past, present, and future conditions of the earth’s atmosphere, hydrosphere, and biosphere and compare the predicted Arctic glacier shrinkage with the observable.

The answer is that the intelligence of developing climate change did not happen as recently as many people believe because great discoveries are the fruits of many others.

One can correctly say that it goes as far back as two hundred years when the French mathematician Joseph Fourier calculated that the earth warms from solar radiation and that its atmosphere acts like an insulating shield heated from above and below.8 “Like the glass of a hothouse, because it lets through the rays of the sun but retains the dark rays of the earth,” he said. In 1862, the Irish physicist, John Tyndall, found that planet-escaping CO2 warms the planet. Those discoveries linked the temperature of the atmosphere to CO2. Then, near the end of the nineteenth century, the Swedish physical chemist, Svante Arrhenius, started thinking about the causes of the ice ages.9 After what he described as tedious calculations (actually tens of thousands), Arrhenius published that increased carbon dioxide levels cause temperature differences and long-term variations in climate.10

In 1956 the Canadian physicist Gilbert Plass concluded in the American Journal of Physics that continued industrial releases of carbon dioxide would increase the atmospheric temperature by 1.8 degrees Fahrenheit per century. Governments, then, were warned about the greenhouse effect and its catastrophes for the future.11

We were warned about future extreme global impacts of sea risings, heat waves, floods, and droughts, alerted of coincidental effects of weather pattern shifts, drops in crop yields, species extinction, typhoons in Southeast Asia, and tornados in the Midwest US.

Some public figures labeled the predictions hoaxes stirred by purely coincidental climate changes with no causal connection to greenhouse gas emissions.12 But now we have a well-researched report from the UN Intergovernmental Panel on Climate Change (IPCC) released on August 9, 2021, that tells us just how real the Earth’s climate is changing “in every region and across the whole climate system.”13 It should shock everyone into questioning politicians’ obligations to save the world.

The IPCC report solidly connects the emissions of greenhouse gases from human activities to the expected average global temperature (AGT) rise exceeding 2.7 degrees Fahrenheit in the next twenty years. Climate change deniers fail to understand is that a 2.7-degree increase in AGT can be double that on land and triple or quadruple that in some regions of the world. For millennia we have lived in a relatively stable climate acceptable for adapted human habitation having a narrow band of threshold boundaries. Some parts of the world – including the southwest US – were once uninhabitable without temperature-controlling technologies. But those technologies are also contributors to the problem. They use fossil fuels to cool rooms while contributing to atmospheric heat. How long will it be before that cycle breaks down?

Like the answer to any bottomless question, we do not know. We do know, however, that the impacts of climate change are with us. We can now see and feel them.

About the Author

Joseph Mazur

Joseph Mazur, Professor Emeritus of Mathematics at Marlboro College, is a recipient of fellowships from the Guggenheim, Bogliasco, and Rockefeller Foundations, among others and the author of several acclaimed mathematics books that have been translated into more than a dozen languages. The Clock Mirage: Our Myth of Measured Time (Yale) is his latest book.

References

  1. Peter Gwynne, “The Cooling World”, Newsweek (April 28, 1975).
  2. Tom Alexander, “Ominous Changes in the World’s Weather,” Fortune, (February, 1974). 90-95.
  3. Lowell Ponte, The Cooling, (Englewood Cliffs, NJ: Prentice Hall, 1976) and a book written by a team of 18 people calling themselves The Impact Team. They were non-weather experts. See: The Impact Team, The Weather Conspiracy: The Coming of the New Ice Age, (New York: Ballantine, 1977). Calder, Nigel, The Weather Machine. (New York: Viking, 1975).
  4. Walter Sulivan, “Climate Specialists, in Poll, Foresee No Catastrophic Weather Changes in Rest of Century; Warning About Carbon Dioxide,” The New York Times, February 18, 1978, p. 9. Read more: http://newsbusters.org/node/11640#ixzz37purZK2W
  5. Sarah S. Elkind, How Local Politics Shape Federal Policy: Business, Power, The Environment in Twentieth-Century Los Angeles, (Chapel Hill, North Carolina: University of North Carolina Press, 2011), 62.
  6. Chip Jacobs and William Kelly, Smogtown: The Lung-Burning History of Pollution in Los Angeles, (New York: Overlook Press, 2008), 72.
  7. Ibid., Jacobs and Kelly, p. 72.
  8. https://books.google.com/books?id=1Jg5AAAAcAAJ&pg=PA136#v= onepage & q&f=false
  9. Arrhenius, Svante (1896). “On the influence of carbonic acid in the air upon the temperature of the ground” (PDF). The London, Edinburgh, and Dublin Philosophical Magazine and Journal of Science. 41 (251): 237–276. doi:10.1080/14786449608620846.
  10. Svante Arrhenius, “On the Influence of Carbonic Acid in the Air upon the Temperature of the Ground,” Philosophical Magazine and Journal of Science Series 5, Volume 41, April 1896, pages 237-276.
  11. Plass, Gilbert N. (1956). “Effect of Carbon Dioxide Variations on Climate”. American Journal of Physics. American Association of Physics Teachers (AAPT). 24 (5): 376–387. doi:10.1119/1.1934233. ISSN 0002-9505
  12. http://dx.doi.org/10.1016/j.gloenvcha.2013.09.014
  13. https://www.ipcc.ch/2021/08/09/ar6-wg1-20210809-pr/

Investment In Cryptocurrency- Is The New Age Digital Currency Worth It?

Cryptocurrency

It is possible to get rich by your investments in cryptocurrency. You can also lose all your portfolio money. Are you wondering how both can be true?

Investments in cryptocurrencies are risky but can be a potential goldmine for you too. Cryptocurrency investments can fetch you higher returns if you gain access to the demand for digital currency. The other safer bet can be to invest in companies that have exposure to cryptocurrencies.

Let us take a look at the positive factors and deterrents of your cryptocurrency investment.

The Risks

Similar to the stock exchanges, the cryptocurrency exchanges are also vulnerable to becoming targets or getting hacked. The security breaches have often led to a quantifiable loss for the investors whose digital currencies got stolen.

The safe storage of cryptocurrencies is more complex than owning any bonds or stocks. Cryptocurrency exchanges like Coinbase make it very easy to trade cryptocurrencies like Bitcoin or Ethereum. However, many people do not want to keep their digital assets on exchanges because of the above risks.

Cold storage options like paper wallets or hardware are in demand by some cryptocurrency owners. Offline cold storage options come with their own set of challenges, and the biggest risk is losing your private key. In the absence of a private key, it is practically impossible to get access to your cryptocurrencies.

There are no assurances that the cryptocurrency in which you are investing will surely succeed. There is fierce competition among the various cryptocurrencies, and scams are also very prevalent in this industry. Only a handful of cryptocurrencies help make money for the investors.

The absence of regulation in most countries has led cryptos to flourish. The regulators will start to monitor the industry, especially when they view cryptos as a threat rather than an innovative technology.

The foundation of cryptocurrencies is set on a  cutting-edge technology that increases the risk manifold. The majority of the technology is still under development and is yet to prove its metal under extensive real-world scenarios.

It is worth mentioning that there are companies that can help in crypto scam recovery. They can ensure that the victims of scams have the guidance to make their case and put forth their conditions. They also help to pursue the case until the money is back in the victim’s account. Their proven track record of such entities helps ensure the victims of the success that lies ahead.

The Adoption

The blockchain industry and cryptocurrencies exchanges are constantly showing robust growth even after the inherent risks. The much-awaited financial infrastructures are in place, and investors now have access to institution-grade services. The availability of tools and techniques to safeguard and manage crypto assets is driving the demand among individual and professional investors.

The establishment of the cryptocurrency futures market is aiding many institutional investors to have direct exposure in this sector. The ease of usage propelled by financial giants like PayPal and Square is making it easier for retail investors. The cumulative investment by Square and other companies in digital assets is in the range of hundreds of millions of dollars. Tesla recently invested $ 1.5 billion in Bitcoin.

Although various factors impact the cryptocurrency risks, the increased adoption rates show signs of maturity in the industry. Companies and individual investors are looking to get direct exposure to this digital currency, considering it a safe platform for investing large sums of money.

Long-Term Investment

Numerous cryptocurrencies came into existence in the market with a lofty goal. Such objectives by prominent names like Bitcoin and Etherium may get achieved over a long period. However, the success of any cryptocurrency can never be quantifiable unless it achieves the desired goal.

Investors get heavily rewarded over a longer horizon when an investment starts to achieve the pre-decided milestones from its inception. It is also worth considering that widespread adoption must happen for any cryptocurrency to achieve its long-term success.

So to summarise, investing in cryptocurrencies with caution can lead to higher returns for you in the long term. However, it is also crucial for you to dig deeper and find out the objectives that are set by the cryptocurrency projects during their inception. These pieces of information will give you an idea of the success rates of your selected cryptocurrency. 

The presence of entities that help to recover money from fraudsters nowadays is also aiding many people. Such entities help the retail investors to get back the trust which they lacked before.

Is this the Right Time to Incorporate Your Company in China?

Company in China

China’s economic growth in 2021 is projected to hit 8.5%, a figure that is way higher than most countries, including that of the US. This is an assuring rebound following the huge disruption that was caused by the COVID-19 pandemic in 2020 and 2021. For most businesses, the impacts of COVID-19 have only come to worsen an already tough business environment. Instead of seeing your business crumble, why not incorporate it in China and grow together?

For most investors, going offshore is never a simple decision, but it needs to be made in order to become successful. In this post, we will help you answer the question, “What is the right time to incorporate a company in China?”

Profit Stagnation

The primary reason that signals most people to consider moving abroad is losses. However, profit stagnation can also be an indicator that your enterprise requires expansion to a more potential market. Profit stagnation might be a signal that the competition is growing, or there is a danger of falling into losses in the coming months or years if major changes are not adopted. 

When you expand your business to China, the large market of more than one billion people means that you can easily grow sales and profits. So, start thinking of how to take advantage of this large market, such as crafting good products to win a competitive advantage after company formation in China. 

High Overseas Demand for Your Product

If the products from your company are in high demand abroad, the logistics involved might be making it hard to optimize profits. For example, the cost of transportation, especially if you are relying on third parties, is likely to raise the cost of the products. So, why not take the products closer to your market? 

By registering a company in China, the demand for your products is likely to be high. The good thing about China is that it is an industrial hub, and most raw materials and products used by such enterprises can offer your enterprise a ready market. Even if you deal with pharmaceuticals, technology, or agricultural products, China is one big block that will never disappoint. All you need to do is research the best location for the business and use a good agency to incorporate it.

Unfavorable Policies Back Home

It is not uncommon to get governments with policies that, although passed with specific goals, such as raising revenue, are oppressive to businesses. For example, if a government passes policies to raise taxes, puts so many hurdles for businesses, or promotes monopoly, the chances are that your business will be disadvantaged. This is why you need to cast your eyes further.

business meeting

By expanding a business to China, you are sure of enjoying better government support, especially if located in free trade areas. Here, most of the requirements for businesses are subsidized to spur faster business growth. This is why most manufacturing firms going to China are located in free trade zones, and their growth has been amazing.

These are only a few indicators that it is time to go offshore to a high-potential destination such as China. Others might be the emergence of new technology or following the company’s long-term plans. 

Remember that expanding to China can be challenging because it involves dealing with multiple departments and preparing a wide range of documents. This is why you should always consider working with an agency of experts. These are professionals with deep knowledge of how the company laws in China works and will hold your hands during company formation in China and early establishment.

Powers of Attorney and Joint Accounts: What You Should Know

Powers of Attorney and Joint Accounts

A joint account should only be created with someone you completely trust. To understand why, keep reading this article.

There will be times in your life when you will be unable to make decisions for yourself. In such instances, you will have to entrust your financial choices to someone you believe will know what is best for you, whether it is a friend or a family member.

With a joint account and a power of attorney, the person you choose will have complete control over your finances. However, before making such a significant decision, you should thoroughly understand how a power of attorney and joint account work, as well as the potential consequences.

People frequently worry about aging and reaching a point in their lives when they can no longer handle their finances. A joint account and a power of attorney can be handy in this situation. They do, however, have both risks and benefits. This article tries to clarify your understanding of joint accounts and powers of attorney.

Understanding Joint Accounts and Powers of Attorney

What is power of attorney? While this is the most popular question on people’s minds, it has a fairly simple answer. A power of attorney is a legal document in which you authorize one or more people, known as “attorneys,” to act on your behalf in financial or legal concerns pertaining to your property, finances, or other legal matters.

Despite the fact that the phrase includes the word “attorney,” this chosen individual does not have to be one. It might be a member of your family, a friend, a lawyer, or an organization in which you have complete faith that they will make the best financial and legal decisions on your behalf.

Different Types of Powers of Attorney

General Power of Attorney: this power of attorney gives the attorney-in-fact (the person you have chosen) the authority to buy or sell properties, file tax returns, sign contracts, complete financial taxes, or conduct other financial operations on your behalf.

Health Care Power of Attorney: this gives the attorney-in-fact the power to make any medical decisions if you are not in a condition to make them yourself.

Special Power of Attorney: this power of attorney allows you to restrict the financial decision-making ability of the attorney-in-fact.

Durable Power of Attorney: in case you become mentally incompetent, this power of attorney allows you to name a person that can take action for you in your absence. This can either mean the power of attorney that already exists will continue, or this can be the beginning of a new power of attorney.

What Is a Joint Account?

An account that is shared by two or more people is known as a joint account. Each person has equal access to the account. Any account holder, regardless of who deposited the money, can take funds from a combined checking or savings account at any time.

Joint bank accounts are common among married couples, but you can open one with anybody you like, including your child or perhaps another relative, a business associate, or a friend.

Be Aware

Before you register a joint account, make sure you can trust this person completely. This person has the power to steal all of your money by using your confidence. In that circumstance, the bank is powerless to intervene. To obtain your half of the money back, you’d have to go to court. Therefore, it’s critical to keep an eye on things by reviewing your bank statements on a regular basis.

Risks and Advantages of Powers of Attorney and Joint Accounts

Power of Attorney

Having a power of attorney has many advantages as well as risks. A few of them are listed below.

Advantages

  • A power of attorney clearly indicates who is in charge if you are unable to handle your property or money (even for a short period of time). The attorney-in-fact will have to make judgments that are in your best interests, and the court can hold them accountable by compelling them to explain how your finances are managed.
  • You have the option of appointing one, two, or more attorneys. You can delegate decision-making to a single individual in some cases and a group of people in others. You can be as general or particular as you like with a power of attorney, providing you a lot of flexibility. The safest approach to avoid fraud is to have joint attorneys.

Risks

  • The greatest risk is that your attorney will betray your confidence by misusing your funds or making decisions that favor them rather than you.
  • If your power of attorney is excessively broad and vague, the attorney-in-fact may use it in ways with which you disagree and mismanage your finances. However, if it is too limited, the attorney may not have complete authority to act in your best interests.

Joint Accounts

Advantages

  • This account is simple to maintain. All wages are deposited into a single account from which bills, mortgage payments, and savings can be deducted. Money goes in and out from a single account, making financial administration simple.
  • In the case of newlyweds, a joint account might help to keep a partnership together and unified. You devote less time to monthly expense tracking. A joint account encourages income sharing as well.

Risks

  • You won’t be able to do much with your account. The individual with whom you share an account has the ability to remove money at any time, and this money cannot be returned. Many relationships may be harmed as a result of this.
  • Unless the funds deposited are a specific gift to one of the account holders or a specific sum to be invested in the estate, expensive and difficult-to-resolve legal conflicts may ensue. You can’t hold the other person responsible for your money being taken.

Think Before You Act

You should now have a good understanding of powers of attorney and joint accounts, as well as their dangers and benefits. Do not rush to a conclusion; instead, take your time and consider whether these will be useful in your life plan.

Super Crypto – How Cryptocurrency is Saving the World (or at least Transforming it for the Better)

cryptocurrency

The long-term effects of cryptocurrency are reaching far beyond simply “breaking tradition”, as the world is just beginning to understand how beneficial decentralized digital finance can be through the help of popular crypto platforms.

For nearly as long as it’s been in existence, cryptocurrency has been shrouded in controversy. But as more time passes, the benefits that its supporters have always claimed would come to be, have finally arrived.

“Super Crypto” might be a bit of a stretch, but it’s not too far off. Although crypto won’t solve all the world’s problems, many would argue that thanks to de-fi, the world has been making strides in a better direction.

How Crypto is transforming the world

While some can’t seem to get over the uncertainty of decentralized currency, others tend to focus on the life-changing and even world-changing potential it holds.

Stoking an increase in economic activity

Cryptocurrency has opened the flood gates of economic activity, as it’s created an entire industry around itself. Although crypto doesn’t require any centralized management, the various currencies do have institutions of people that supervise the goings-on and make transactions possible.

Bitcoin alone has given countless people, small businesses, and startups huge incentives to continue to grow. When a company has more options as to how customers can pay, that company sees more avenues of income and a wider range of clients. Similarly, entrepreneurs themselves have more financial freedom when they invest in their businesses through the use of decentralized currency.

And with cryptocurrency, big-name Wall Street bankers aren’t the only ones that can make vast amounts of money through investing and trading. The playing field has been leveled.

No bank, no problem

Access to banking services isn’t a given in all parts of the world. In fact, more than one-third of the global population lacks access to centralized banking. And those that do are subject to unfair, unrealistic, and unavoidable interest rates.

Those without bank accounts consequently can never ask for loans during a financial crisis and have no checking account for day-to-day use. Unfortunately, in many of the countries that lack bank amenities, crime runs rampant, as people are faced with an uphill financial battle.

And this is where cryptocurrency and blockchain technology can make a world of a difference.

With just a smartphone and basic internet connection, anyone, anywhere can take control of their financial possibilities through cryptocurrency and its blockchain technologies. No restricting borders or proof of address or income.

In the long run, putting cryptocurrency in the hands of more people will bring us towards a future of global financial freedom.

Increased Transparency

The wonderfully unique aspect of cryptocurrency that has so many people head over heels in love with it, is the level of transparency that comes with it.

Hiding fraud is much more difficult when all transactions and digitized and displayed on a public ledger. And this is the aspect of cryptocurrency that could quite possibly be the most beneficial in the long run.

Corruption is the main cause of pain and misery around the world today. Not to mention the number one thing holding back underdeveloped and impoverished countries. Progress can only happen when people can hold their governments and leaders accountable for their actions.

Platforms like Coinbase have revolutionized global finance

Cryptocurrency platforms like Coinbase are a part of the financial transformation by helping people gain control over their own personal finances through ease of access and low fees. Crypto platforms come in the form of website or apps and even offer users financial incentive to watch educational videos before you invest.

Crypto platforms and markets like Coinbase allow people to purchase a multitude of different currencies fast and in a simple and beginner-friendly way. From hugely valuable coins like Bitcoin, Litecoin, and Ether to smaller coins that are just starting to make a name for themselves.

While cryptocurrency does hold the power to transform the world, it is volatile and can be unpredictable, and should always be invested in with caution and after doing proper research and study.

Bonus tip for Coinbase users

Recovering your crypto wallet after losing a private key isn’t pleasant to think about. But Coinbase recovery wallet service providers can help if such a nightmare turned into your reality.

A trustworthy and effective Coinbase wallet recovery service is something you think about before disaster strikes, in order to be best prepared in handling tough situations.

Cryptocurrency can be unexpected, but planning ahead can save yourself and your investments unnecessary headaches.

Did Covid-19 Delay People’s Retirement?

Money

By Matt Casadona

COVID-19 changed a lot of lives in several ways. Not only did millions of people lose their job in just a few weeks, but many who weren’t laid off had added expenses or income loss that impacted their lives. In addition, according to a Nationwide survey, 15% of Americans are postponing their retirement because of the consequences of the pandemic. 

Many people who lost their jobs also lost access to their retirement plans, like 401(k)s. 

Even those who worked throughout the pandemic were still financially hurt as employers instituted pay cuts or reduced and eliminated matching contributions. Recovering from the pandemic will take time, so many people are delaying their retirement and working longer. 

Stock Market Did Not Postpone Retirement

As the pandemic continued through 2020, stock values plummeted, making investors panic, and millions of people delayed retirement as their portfolios were hit. Luckily, while stock values declined in the early days of the pandemic, the stock market recovered before the end of the year. 

If an individual’s portfolio was recovered, it could have been because they had to pause on their retirement plan contributions for most of 2020, which means they need to work longer. 

IRAs and 401(k)s

Many individuals planning their retirement before the pandemic have been unable to retire because of the financial hit they took in 2020. During the pandemic, individuals who were laid off, or those who had to use their retirement contributions and/or funds to pay for other things, will need to push retirement off a few years to fully recover. 

Those who were laid off and not asked to return to work will likely have to find another job to continue with their contributions. 

Those hoping to retire within the next six months to a year will need to consider delaying retirement until the overall state of their finances improves. 

Home Payments 

With fewer people working during most of 2020 and many still laid off or looking for new jobs, many individuals are dipping into their retirement fund to spend money on things they need right now, like their homes. While mortgage forbearance has been extended, it will eventually end, which means many people will need to pay their loans with money they don’t have. 

As a result, many people will dip into any savings account or retirement plan they have so they can keep their homes, which means working longer to rebuild their retirement savings.

Individuals who want to move out of their homes when they retire may find purchasing a new home difficult because the cost of housing has skyrocketed, which means they may find themselves renting a home instead of buying a new one. Unfortunately, not only has the average home price gone up since the pandemic but so has the average rent, which means even more money will need to be taken from retirement accounts. 

Debt

Debt

Those who were financially impacted by the pandemic were forced to take on debt to make ends meet. On top of dipping into retirement accounts, adding debt has put these individuals in a worse position because they now have to refund their retirement accounts and simultaneously pay off their debt. 

What to Know About COVID-19 and Retirement 

Determining if retirement is right for you depends on several factors, but the U.S. government has tried its best to lessen the impact of the pandemic. 

Eased Penalties

In March 2020, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allowed Americans to tap into their retirement plan savings. While companies did not have to adopt the provisions, many did help their employees access their own money much easier to pay for necessities. 

While this helped people when they needed it the most, they no longer have the necessary funds in their accounts to retire when they wanted. In addition, tapping into these assets may have compromised retirement portfolios with many older individuals without the ability to restore their funds.

Financial Planning

As many Americans found themselves without jobs and money, they realized the necessity for better financial planning. While it’s almost impossible to plan a pandemic, there are ways to ensure the financial stability of yourself and your family. 

Short-term events should not alter long-term planning, like retirement, and focusing on the present can be a mistake if individuals didn’t have to. Unfortunately, many people don’t have a large savings account or retirement plan, so their lost incomes put them in a dire financial situation. 

If the pandemic has taught all of us one thing, it’s that we all need to manage money more carefully, especially when it comes to long-term goals like retirement. If you are financially set, consider donating to different non-profits, such as the American Heart Association, to help out other people that are in need during these troubled times. 

When it comes to financial planning, you can benefit from an estate plan or a trust that ensures the financial security of yourself and your family. 

Who Was Impacted the Most?

Adults with higher income were impacted the least because they had enough savings to cover themselves in case of an emergency like the pandemic.

Low-income Adults

Those who were the most impacted were lower-income adults. Many individuals who were living paycheck-to-paycheck were forced out of their jobs and unable to work during the pandemic, which had long-term consequences for their financial future. 

Those who were already struggling before the pandemic will continue to struggle to try to build their finances back up, making retirement seem like a pipedream. 

Older Adults

Another group most impacted by the pandemic are those in their late 40’s and 50’s. These are individuals who are thinking about retirement but have yet to reach the retirement age. Those who were laid off or took a pay cut are more likely to expect their retirement to be delayed at least until they recover what they lost. 

What About Young People?

The pandemic didn’t delay retirement for decades from now. If you’re younger, it’s going to be easier to recover from a year of not making contributions to your retirement plan. The people’s retirement plans most impacted by the pandemic are those who planned to retire within a few years or less, and those who were short on savings before the pandemic and had to pause on retirement plan contributions. 

About the Author

Matt CasadonaMatt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. Matt is passionate about marketing and business strategy and enjoys San Diego life, traveling, and music. 

Special Benefits of Outsourcing Hong Kong Payroll Service

PAYROLL CONCEPT

Do you have a company registered in Hong Kong and have been wondering about the best way to enhance efficiency? Why not consider outsourcing some of the services? For most companies in Hong Kong, one of the areas they outsource their services is payroll management. In this post, we will tell you the main benefits that come with outsourcing Hong Kong payroll service from experts. 

Why Do You Need Outsourcing Hong Kong Payroll Service? 

Payroll outsourcing entails hiring another firm to help with human resources management services. This can be a firm that specializes in payroll services only or a good accounting firm. If your Hong Kong company is new, following laws related to labor laws can be pretty strenuous and it will be a good idea to work with professionals.

As your business grows and entries increase, the process of ensuring employees are paid on time, capturing all associated payments, loyalties, and other reports, can get complex. Instead of trying to handle these complex books alone, you should bring an expert Hong Kong payroll service to help. Depending on the terms and conditions between you and the payroll service provider, it might be possible for your staff to acquire some skills. 

Benefits of Using Hong Kong Payroll Service

Now that you know how Hong Kong payroll services work, we will now list the main benefits to anticipate.

1. Helps to Release Your Staff for Other Tasks 

By outsourcing payroll services from a good firm, your employees who could have been involved can focus on other critical parts of the business. For example, you can direct more effort into product development and marketing as experts work on the payroll. You will also have peace of mind knowing that the task will be completed professionally and on time. 

2. Hong Kong Payroll Services can Help You to Cut Cost of Operations 

If you opt to run payroll operations internally on your company, it means incurring a lot of logistics and costs on hardware, software, staff, and security. However, most Hong Kong payroll service providers cover these expenses when you hire them for help. Therefore, they provide a good way of cutting the cost of operations and optimizing profitability. 

3. Hong Kong Payroll Service can Help to Save You Time 

The process of ensuring that all employees are paid correctly, all deductions correctly factored and taxes implemented well can be time-consuming. If your company has multiple categories of staff, such as part-time and permanent employees, managing payroll can take a lot of time. However, the work is pretty easy for professionals because that is what they specialize in doing. 

payroll

4. Ensures Your Employees are Paid on Time 

After working for a full month, your employees always look forward to the payday. Most of them are waiting to make personal purchases, while others have obligations such as repaying loans and paying for education. Therefore, paying them on time is very important, that’s why companies are looking for partnering with a PEO Company. The outsourced firm will ensure that staff salaries are processed on time and any reward factored in correctly. This is an excellent way of building a motivated team of employees in your Hong Kong company. 

These are only a few of the benefits that you should expect to enjoy for outsourcing your payroll services. The lovely thing about working with experts is that they have been doing this and have a lot of experience to complete the payroll processing on time and advise you on how to craft the best strategy for success. Even with Evergrande crash, remember that all of this is possible only when you work with the best Hong Kong payroll service. 

Tips to Get an Affordable Legal Payday Loan in Australia

Payday loan

A payday loan is a short-termed loan that a borrower repays during the next paycheck. A payday loan matures typically at 16 days. So, if you are looking for cash to sort out your emergency in Australia, then go no further.

You don’t have to apply for long-term loans to cater for short-term emergencies. And that’s where payday loans come into play. The good thing about payday loans in Australia is that they are entirely applied online. The digital application means that you will save a lot of your time moving around banks and credit unions.

I’m going to show you some tips you can use to get affordable and legal payday loans in Australia. But first, let’s see the characteristics of payday loans.

Characteristics of payday loans in Australia

  • Payday loans have high-interest rates
  • Lenders of payday loans do not run a borrower’s credit checks 
  • Payday loans are usually short-termed
  • The limits start from $300 up to $5,000
  • To qualify for a payday loan in Australia, you must have a stable source of income 
  • You must also have 18 years and above to qualify
  • And finally, you should have a checking account and be a resident of Australia

Now that you know the characteristics of payday loans let me show you the tips to help you get an affordable legal loan in Australia.

Tips to get affordable and legal payday loans in Australia

  • Learn how to avoid loan scammers

If you need to get a payday loan in Australia, consider vetting the borrowers that you find online and see whether they are licensed. By so doing, you will be protecting yourself from scams.

Scammers can call or send you messages or emails saying that they want to lend you money. So please don’t click on the links or give them your personal information.

That’s why it’s so essential to verify any information you get about a lender. See this article and learn about how you can identify a scam lender.

If a lender is licensed, they should follow the rules and regulations outlined in the Australian Securities & Investments Commission(ASIC) to ensure that the consumers are satisfied.

  • First, know about your financial situation

If you want to get a payday loan in Australia, you should first contact an expert to assess your financial situation. This process will help you to know the kind of loan you want. For example, if you want a loan to cover a short-term expense, your financial advisor will approve you to apply for a payday loan.

On the other hand, you can apply for different kinds of loans if you need to buy a car, a house or if you want to invest. 

  • Budget your income

Proper budgeting is another tip that can help you make an informed decision when applying for a payday loan in Australia. For example, will the payday loan add more pressure to your income? If yes, then you may have to consider other alternatives like saving little money for future emergencies.

On the other hand, if you can manage your budget while paying for the payday loan, you can apply for the loan.

  • Make comparisons

You should never apply for a loan while rushing. No matter how fast you may need the cash, ensure that you first make a comparison between several payday lenders in Australia. The payday loan lenders in Australia have different terms that you should follow. 

So, you should ensure that you only move with the lender who has instant payday loans no credit check options and best terms and conditions. Otherwise, you will end up differing with the unfavorable terms during the repayment period.

The bottom line

The secret of getting an affordable payday loan in Australia is doing comparisons between different payday lenders. But, then, always go for the deal that will not sabotage you in the future. In addition, the most critical aspect is to apply for loans only when you need them.  If whatever you need to is not an emergency, learn to save money for that.

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