Emergency Fund

Is Your Emergency Fund Big Enough

Most financial experts agree that it’s important to establish an emergency fund as early on in your career as possible. An emergency fund is basically a savings account that you agree not to touch so that it can be reserved for emergency situations—namely, periods of illness or unemployment where you’re unable to work and bring in money.

How Much Do You Need?

The amount of money you need in your emergency fund should be enough to cover anywhere from three to nine months’ worth of living expenses. If you’re single, have no dependents, and don’t own your own home, you may be okay saving just enough for three months. On the other hand, if you have children and own a home, you may want to aim to stock away nine months of expenses or even more.

Emergency Fund

Are You Really Covering All Bases?

Most people calculate their emergency funds by figuring out how much they’re spending each month and multiplying that figure by the number of months they’re targeting. Let’s say your family typically spends $5,000 each month and you’re aiming to save enough money to cover six months of expenses. You might just multiply $5,000 by six and call it a day, but in reality, that figure may not be enough.

The thing to remember with regard to your emergency fund is that certain costs can go up when you’re no longer employed, the greatest of which is health insurance. If your company offers health coverage and contributes toward your premium, which many do, then it may cost you a lot more to keep your insurance if you find yourself out of work.

Let’s say you’re a family of five and you currently contribute $300 a month toward health insurance. It could very well be that your company is only charging you 30, 40, or 50% of your overall premium. You may find that to insure your family on your own, it will cost you upward of $1,000 per month instead of just $300. If you only budget $300 when calculating your emergency fund, it could throw your target way off.

Along these lines, you need to think about the reasons why you may not be earning money and need to use your emergency fund. If it’s due to illness, then you may have additional medical costs to consider. If it’s because you lost your job, you may need to spend money traveling to interviews or taking classes to build up your skills.

When calculating your emergency fund, you need to do more than just add up the amount you spend each month on rent, transportation, food, utilities, and healthcare. You also need to account for the extra expenses that might creep up along the way. If, for example, you own a home and typically spend $200 a month on maintenance and repairs, you can’t discount the possibility of needing to replace your roof or heating system during the exact period during which you find yourself without an income. This is why it’s a smart idea, if you can swing it, to calculate your monthly expenses and then pad your emergency fund with anywhere from $1,000 to $5,000 extra.

Your emergency fund is supposed to give you peace of mind that should you find yourself without an income, you won’t risk going into debt, losing your home, or being unable to feed and clothe your family. Though it will require more discipline, when calculating that final figure, it’s wise to err on the side of caution. You just never know what financial situation you might wind up facing, and it’s always better to be safe than sorry.

Pay Off Student Debt

Going to Extremes to Pay Off Student Debt

If you’re a recent college graduate carrying a large wad of student debt, take comfort in the fact that you’re not.

To make matters worse, college grads aren’t making enough money to tackle those loan balances in an efficient fashion, some newly minted grads are going to extremes to pay off their loans rather than subject themselves to a lifetime of monthly payments and humongous interest charges.

If you’re willing to make some sacrifices to knock out your student debt, here are a few ways you can get the job done:

Live at Home

After several years of independence, the last thing you want to do is come crawling back to your parents’ house so you can once again live under their roof. But, living at home is one of the best ways to stash away as much of your earnings as possible to pay down those loans. If you live at home, you won’t have to worry about paying rent, nor will you have to pay for things like water, electricity, heat, or cable. It may not be an ideal situation, but it’s one that makes loads of financial sense.

Pay Off Student Debt

Work Several Jobs

If your starting salary isn’t enough to help you make a significant dent in those student loans, you may want to consider taking on additional work to increase your take-home pay. You can try finding a second job on nights and weekends, or doing more flexible freelance work from the comfort of home. If you’re eligible for overtime pay at your primary job, another option is to seek out extra shifts, where you’ll earn time and a half as dictated by labor laws. Yes, it will be a drag, but the good news is that you won’t have to work like a dog forever.

Eat Like a College Student

Food can be a major budget-zapper, so if you’re serious about paying off those student loans quickly, try eating like you used to back when you lived in a dorm. This means foregoing fancy restaurant meals and doing all of your own cooking on the cheap—think instant noodles and lots of potatoes. Will you get bored easily? Yes. Will you find yourself craving takeout on more than one occasion? For sure. Will you save a significant amount of money? Absolutely.

Sell Your Prized Possessions

Sure, your signed sports memorabilia may have sentimental value, but it can also help you pay off your student loans. The same goes for your designer handbags and clothing. It’s nice to have cool things, but there’s something to be said about the ability to walk around debt-free. If that means giving up some of your prized possessions, it may just be worth it. And if you’re really willing to sacrifice, you could even consider trading in your vehicle for a bike. This only works if you live somewhere with public transportation, but as a bonus, you’ll get exercise on top of cash to pay back your loans.  

Remember, the longer you carry those student loans, the more money you’ll wind up paying in interest over time. By paying down your debt quickly, you’ll actually save money in the long run. Just as importantly, you’ll free yourself from the burden of carrying a nagging student loan balance—and it’s hard to put a price on that.

Debt Settlement Lawyer

What Can a Debt Settlement Lawyer Do for You?

Maybe you racked up a large amount of debt when you lost a job and were left unemployed for several months. Or perhaps you’re still carrying thousands of dollars in medical debt as a result of an injury or illness.

Sometimes even the most responsible, financially sound people find themselves unexpectedly in debt. But having a large chunk of debt hanging over your head can impact you on many levels. For starters, it can impact your credit score and limit your ability to get a loan. Secondly, it can wreak havoc on your brain, causing you undue stress and aggravation—especially if you find yourself constantly harassed by creditors. One option might be to take on more debt to settle with the more aggressive creditors.

If you’re faced with seemingly insurmountable debt, you may want to consider hiring a debt settlement lawyer. While it’s true that an attorney will cost you some money, a debt settlement lawyer can help you in a number of ways. Specifically, a lawyer can:

Debt Settlement Lawyer

  • Negotiate with creditors on your behalf. Your creditors want to get paid, and they may be willing to lower the amount of your debt if it means seeing some of that money from you sooner rather than later. While you can technically attempt to negotiate with your creditors on your own, you’re likely to reach a more favorable settlement if you have a skilled attorney in your corner.
  • Advise you on the right course of action. Debt settlement can help you reduce the amount you owe, but it might not be the best route to pursue. Depending on your circumstances, filing bankruptcy, for example, might better serve your needs. A lawyer can evaluate your options and help you create an effective plan for getting out of debt.
  • Defend you in the event of a lawsuit. Your creditors want their money, and you can’t discount the fact that they might wind up suing you to get it. If that’s the case, a lawyer can defend you against that lawsuit and work to help you achieve the most favorable outcome possible.
  • Protect your rights as a debtor. You know those creditors who keep calling you at all hours of the night demanding their money? Believe it or not, there’s a good chance they’re breaking the law. It is unlawful for a creditor to call you late at night or early in the morning, use menacing or obscene language toward you, or make threats that you’ll go to prison for failing to pay your debts. With a lawyer in your corner, you can put an end to the harassment and make sure your rights aren’t being violated. Once you retain an attorney, you’ll also have the right to direct all communications from creditors to your lawyer directly so that you don’t have to deal with them.

If you’re tired of living with debt, it might pay to speak to a lawyer about your options. While you can always choose to go it alone, a debt settlement lawyer could spell the difference between a draining, dragged-out process and a smooth settlement from which you can quickly move on.

Financial Information

Financial Information

Financial Benchmarking And Its Importance

If you have even a cursory knowledge of the financial world, then you would have definitely come across the term ‘financial benchmarking’. However, do you know what exactly is financial benchmarking?

Financial benchmarking – definition

Financial benchmarking can be defined as a process which involves carrying out a financial analysis and comparing the results with the objective to the overall productivity, efficiency and competitiveness of a firm. It basically refers to a process wherein the business practices and performance standards of one’s firm are compared to those of other firms within the same industry. The divisions that are commonly measured during the process of benchmarking include cost, time and quality.
Thus financial benchmarking can help a firm to improve its efficiency by gathering a clear picture about its performance and help a firm to thrive in the long run.

How financial benchmarking works?

Financial benchmarking works by focusing on one or multiple indicators in order to evaluate the performance of a firm. The indicators might include things like productivity, cost per unit, defects per unit etc. This measurement of performance is then compared to that of other firms in the same industry. Benchmarking is used by strategic management and the firms evaluate the different aspects of their process and compare it to the processes of the leading firms. The information gathered through financial benchmarking will allow a firm to understand and rate its performance in comparison to other leading firms and help it to make better plans to improve its performance.

The stages of benchmarking include:

  • Selecting the subject
    • Defining the process
    • Identifying potential partners
    • Identifying data sources
    • Collecting data and selecting partners
    • Determining the gap
    • Establishing the process differences
    • Targeting future performance
    • Communicating
    • Adjusting the goal
    • Implementing
    • Reviewing or recalibrating

Financial Information

Different Kinds Of Trusts

Trust is basically an arrangement with legal documents where in the trustee on behalf of the beneficiary holds the legal title of the property. Beneficiaries are certain people or rather in most cases they are children whose parents have passed away at an early stage. However trustee may or may not be a person. A trustee can be a law firm or even a bank. The concept of a trust started to avoid the cases of probation. Over the years trusts were different into parts but the meaning and overall work remained the same. Trusts are basically divided into two parts. They are as follows:

  • Testamentary trust– this is a trust that can be created by will. However the main thing is it only activates or comes into existence once the donor dies. Until and unless the donor dies the beneficiary will not be changed.
    • Inter Vivos trust– this is completely different from testamentary trusts. Unlike testamentary trusts here the trust comes into existence once the donor wants. So the donor can live while the trust has already started to grow. Now inter vivos trust has two separate branches. They are given below:

Revocable trust- revocable trust is better known as a living trust. This is such a trust where the donor will have full control and it is as per his words that the trust can be terminated or amended. Such trusts are generally seen in cases of tax planning and asset management.
Irrevocable trust– this is totally opposite to revocable trust. Here the donor does not have any control or power over the termination or amendment of the trust. Once the trust is generated it remains fixed and it cannot be changed at all. These kind of trusts are normally seen in cases of Medicaid planning.

Importance to understand security of payment schemes

The concept of security of payment schemes was introduced more than ten years ago in and around the year 2002 and it came as a boon for the construction industries. But the thing is people are yet to understand what it is and what it means. However people who have really understood this thing find it really helpful and important for their business. The basic thing about the security of payment act is it allows entrepreneurs to get more involved in the constructing industry because this act helped them to receive their payments very easily if there were any kind of disputes.

The reason why it is so important is because it would save you from all the hassles of filing a case and then going to the court to get the case solved. In short the procedure which was rather lengthy earlier was made smoother and therefore it does not take so much of time. And along with all this the best part is it is much cheaper than the court cases. Had you been to a lawyer and filed a case it would have cost you quite a bit of money and then all the hearings and everything would have burnt a hole in your pocket but this act has made it so much cheaper than before.

Most people who know this procedure has high regards for it because it saves a lot of time and they can get their money back in almost ten days of time. Since ANA are in charge of this act it is quite obvious that you will get the case sorted in the quickest possible time because they are the best in the construction industry. There are so many people who are into this job and you can always reach out to someone and he will surely help you regarding the problem that you are facing.

Understanding compound interest

Compound interest is not merely a chapter in middle school mathematics; it plays a major role in the financial strategies with banks and other financial and investment organizations. Today, the interests in the specific loan proposals are calculated with compound interest. It is different from simple interest in form and also in application. It creates little bit more pressure on the wallet of the debtors as the interest is calculated every year and the interest is added to the principal at the end of the year to calculated the amount.

This amount serves as the principal amount for the subsequent year and it continues till the completion of the entire loan period. Most of the loans issued by the banks and other investment companies follow compound interest rather than simple interest. The final repayable amount increases quite a few times when calculated with compound interest. It is beneficial for the loan issuing companies and banks.

Buying a car On credit

There are a few things that you will have to take care of when it comes to buying a car on a credit. First of all, you will have to work out the amount that you will be able to afford as the repayments. You have to include the costs of licensing fees and petrol. Interest along with other charges will add up to the price of the car.

Therefore, should try to keep the amount as well as the duration minimum as you will have to pay more if you keep the loan longer. If you save for a deposit you will be able to have less interest and you will have more choices of borrowers. You have to look for certain things. You have to look for the monthly repayments that will have to makeover the time. You should also look for the entire amount that you are going to pay. Then, you should look for the cash price and the rate of finances have to be checked as well.

How to simplify your financial life

In the modern times of economic difficulties, it is very important that you take care of your finances in the best possible way. Therefore, it is very important that you simplify the financial life. The most important thing is savings. Therefore, you have to create a savings account and you have to treat that account as a creditor so that you keep depositing an amount every month.

There are certain expenses that you can always cut down. Taking the bus instead of a cab can save you a lot of money on a regular basis. You should also indulge in taking walks as much as possible. This will not only save you money but it will also help you stay fit. Eating out is a habit that you can easily do away with. Cooking your meals at home is much more cost effective. Therefore, you have to make a reasonable budget and try to stick to it.

How to make money through recycling scrap metal

You may be surprised to know but you can actually make some money by recycling scrap metal. So, if you are looking to earn some extra cash, here is some help for you.

Your first step will be to identify the locations where you are likely to get scrap metal. Some such locations are construction and demolition location, factories and dumpsters. In fact, visiting these locations will help you to get some scrap metals for free. If you want to make money from sale of scrap metal, you have to understand some types of scrap metals are more expensive than others. So, while hunting the locations, understand which scrap metals are more valuable than the rest. The best place to sell these scrap metals is metal recycling facilities. You can look up the phone book of your area to find out about these facilities. Take the scrap metals to the facility and sell them off.

Pros of becoming a full time trader

There are a few things that need to be considered when you decide to be a full time trader. First of all, it is important that you develop expertise on the trade of the line of investment that you choose. There are more than one ways of taking care of this. You have to dedicate a few years into reading the paper account. This learning process will be crucial for becoming expert in the field. You may also get a trading mentor hired. This is one of the most popular methods but it could be a tad too expensive.

However, if you can find a good expert, you will realize that the money you spent on the mentor will be totally with it as you will be able to get proper guidance from a specialist who has enough experience and knowledge in the field. In order to be a full time trader, knowing your market in all aspects will be very crucial.

How to cancel your credit card

It is actually a good decision to get the credit card cancelled if you want to get rid off of the credit burdens and the high rates of payable interest. More and more people are opting out of the credit cards these days and that seems to be a sensible decision.

There are certain steps that have to be completed in order to get your credit card successfully cancelled. The first step that you have to take before you can apply for the cancellation is paying off the debt. No application of credit card cancellation will be considered valid if the outstanding credit is not settled. After having the credit settled, you will have to notify your organization. Then, you have to get your request confirmed with the organization. The next step would be to get hold of the credit reports and check them in order close your deal with the organization.

Security aspects of online marketing

We all love online shopping. The ease with which you can sit at the comfort of your home and browse through millions of products and services online is extremely tempting. Another factor that encourages us to go for online marketing is that shopping online allows us to shop at much cheaper rates and saves us transportation and carrying cost as well. All that you need to do when shopping online is that choose a product that you want to buy, add it to cart and then pay via your credit card online and the product is delivered to you.

However the truth is a bit different, though all is fine from the shopping aspect, there are security threats when you are shopping online. Since you are revealing your credit card number and other bank details, there are chances that the data may be misused. In order to make sure that you are not targeted, always shop from popular and well known sites, that your friends and family members have shopped from.

Finance Credit Investments

Finance Credit Investments

First, finances triumph over the bounds of sharing and redeployment service of the nationwide profits, though it is a basic underpinning of finances. Also, configuration and usage of the reduction fund which is the part of monetary domain, belongs not to the sharing and reorganization of the national income (of newly formed value during a year), but to the giving out of already developed value.
Second, main goal of finances is much wider then “completion of the state functions and obligations and stipulation of circumstances for the widened supplementary production”. Finances continue living on the state height and also on the manufactures and brushwood’ level too, and in such circumstances, when the most part of the manufactures are not state.

In the manuals of the supporting economy we get together with the following definitions of finances: “Finances of the socialistic state correspond to reasonably priced (cash) relations, with the assist of which, in the method of planned distribution of the incomes and investments the funds of currency sources of the state and socialistic manufactures are formed for guaranteeing the intensification of the construction, rising the substance and educational level of the people and for satisfying other all-purpose society requirements”.

Finance Credit Investments
“The organization of construction and usage of compulsory funds of cash property for guarantying socialistic widened further construction symbolize unerringly the finances of the socialistic society. And the entirety of inexpensive family members arisen sandwiched between state, manufactures and organizations, branches, regions and divide citizen according to the movement of cash funds make financial relations”. As we’ve seen, definitions of finances made by financiers and following economists do not differ greatly.

In every discussed arrangement there are:
(1) Expression of fundamental nature and phenomenon in the characterization of finances;
(2) The description of finances, as the organization of the conception and usage of funds of cash sources on the level of phenomenon.
(3) Distribution of finances as communal manufactured goods and the value of national income, classification of the distributions planned temperament, main goals of the financial system and economical kindred, for servicing of which it is second-hand.

If decline the preposition “socialistic” in the characterization of finances, we may say, that it at a standstill keeps authenticity. We assemble with such established definitions of finances, devoid of an adjective “socialistic”, in the modern economical literature. We may give such an elucidation: “finances represent cash resources of production and usage, also cash relations appeared in the process of distributing values of formed economical product and national wealth for formation and further production of the cash incomes and savings of the easy on the pocket subjects and state, in this elucidation of finances definitions, following the long-established legacy, we meet with the widening of the monetary foundation.

Debt Consolidation

5 Suggestions With regard to Locating the Greatest Debt consolidation reduction Assist

Debt consolidation reduction is among the most typical debt settlement options for a lot of borrowers. Through undergo the debt consolidation reduction procedure, all of your unprotected financial obligations is going to be joined in to 1 with regard to much better financial debt administration. In some instances, your debt loan consolidation organization might be able to enable you to decrease your minimal payment as well as rates of interest, that will help you to handle your hard-earned money much better.

For those who have went regarding debt consolidation reduction to solve your financial troubles concern, after that, getting a great debt consolidation reduction organization which can certainly help a person within dealing with your financial troubles issue is vital simply because obtaining assist through a good dishonest debt consolidation reduction organization could make your own finances will go even worse. Listed here are 5 suggestions regarding locating the greatest debt consolidation reduction assist.

1: Research Just as much Info Obtainable On the internet & Traditional

The easiest method to look for a trustworthy debt consolidation reduction organization is actually via a suggestion through a few 1 you realize that experienced utilized the actual providers of the debt consolidation reduction organization and also have a great discuss this. If you do not understand a few one that understands a great debt consolidation reduction organization, after that, examine yellow-colored webpages or even you are able to simple discover a lot of debt consolidation reduction providers through web. Brief detailed the businesses which close by a person as well as keep these things deliver a person their own debt consolidation reduction support info bundle. You don’t have to spend anything with regard to asking for the business’s providers particulars; therefore, make use of these types of assets in order to request just as much info as possible to be able to create a assessment regarding their own providers. After that, put together a summary of your alternatives.

2: Identify Scam’s Indicators

Whilst trying to find debt consolidation reduction businesses, place your self inside a higher notify for just about any scammer’s indicators. Whilst very higher charge happens to be a red-colored banner, very reduced charge might have higher concealed price; therefore, you have to truly know how the organization may ask you for on the support, look out for concealed price. Don’t think if your debt consolidation reduction organization statements an excessive amount of ensures as well as their own debt consolidation reduction bundle appear as well great to become thought. Keep in mind, your financial troubles concern can’t be disappear immediately or even within a brief period of your time, in the event that any kind of debt consolidation reduction organization lets you know that they’ll enable you to get from financial debt from incredible brief time period, these people lay.

3: Look for Any kind of Problem Submitted From the Organization

The debt consolidation reduction organization might be genuine however their own providers might be poor as well as cannot assist a lot within solving your financial troubles concern. To prevent your self through obtaining assist for any weak debt consolidation reduction organization, spend time to consider issues submitted from the organization; phone the actual Bbb in your town to discover in the event that there has been issues from the businesses inside your checklist.

4: Do not Help to make An immediate Choice

You need to job interview all of the debt consolidation reduction businesses brief detailed that you simply believe they are able to greatest assist you in solving your financial troubles concern. Obviously, whenever you speak with all of them, the majority of their own suggestion as well as suggested options will appear great as well as make an impression on a person. Even though, you’re within rush to obtain your financial troubles concern solve, do not constitute your own ultimate decision in the place as well as sign up in to some of debt consolidation reduction strategy. Let them know that you’ll require a while to think about. Spend some time as well as at the comfort and ease house, evaluate just about all providers in the debt consolidation reduction businesses you’ve interviewed previously and choose the very best debt consolidation reduction organization that may offers a person the very best support in a sensible cost.

5: Good Study Any kind of Agreement Prior to Indication

Whenever you choose to sign up right into a debt consolidation reduction strategy, you certainly is going to be requested in order to indication a good contract or even agreement concerning the suggested financial debt answer strategy. Make sure to browse the agreement within particulars before you decide to place your own personal about the filled collection. Do not indication the actual agreement if you’re uncertainties or even possess queries upon any kind of a part of this. Obvious your own uncertainties and obtain your own queries clarified very first.

Overview

For those who have chose to obtain specialist in order to loan consolidation your financial troubles, after that it is vital to select an established debt consolidation reduction organization having a debt consolidation reduction strategy which greatest collection your own monetary require. Ideally, the actual 5 suggestions mentionened above previously can show you to obtain the greatest debt consolidation reduction assist.

 

 

Financial Management

What is Financial Management ? | it’s definition, Meaning and Objective

“Financial Management comprises the forecasting, planning, organizing, directing, coordinating and controlling of all activities relating to acquisition and application of the financial resources of an undertaking in keeping with its financial objective”

Basic Aspects of Financial Management

Procurement: Obtaining funds from different sources like equity, debentures, funding from banks, etc.

Effective Utilization of Funds: Employment of funds properly and profitably.

Stages of Evolution of Financial Management

Traditional Phase: During this phase, financial management was considered necessary only during occasional events such as takeovers, mergers, expansion, liquidation, etc.

Transitional Phase: In this Phase, the day-to-day problems faced by the financial managers were given importance.

Modern Phase: This phase is Still going on.

Objectives of Financial Management

Wealth / value maximization: The primary goal of a firm should be to maximize its market value and all the business decisions should seek to increase the net present value of the firm.

Profit maximization: It implies that the primary objective of a company is to earn profit.

Three Major decisions for Achievement of wealth Maximization

Investment decisions: These Decisions relate to the selection of assets in which funds will be invested by a firm.

Financing decisions: Acquiring the optimum finance to meet financial objectives and seeing that fixed and working capitals are effectively managed.

Dividend Decisions: Determination as to how much and how frequently cash can be paid out of the profits of an organization as income for its owners / shareholders.

small Manufacturing Business

20 small Manufacturing Business Ideas With Low Cost

A business set up starts with an invention of an idea but many times new ideas still pop up when you are on the process of starting your business. Yet many startups and manufacturing businesses are halted with a limited
amount of capital or because of low investments. So here we come with twenty small manufacturing business ideas with a low cost

Pickles
It is an appetizer found in almost all Indian households and it is not very hard to prepare. You just need the main ingredient and some oils and spices and you are good to go. Investments around INR 10,000-20,000 are enough, to begin with.

Papads (Popadam)
It is another cherished Indian dish that has been going on for centuries. It is crispy, salty, and has a little amount of spices. Investments of INR 15,000-20,000 are required to start with.

Cupcake Business
It is one of the most demanded deserts in the present world. It can require effort in the beginning but eventually is a huge success if everything goes well. Capital Requirements- 15,000-20,000 for small orders.

Agarbatti ( Incense Sticks)
Everyone likes their surroundings to smell good so starting an agarbatti business can be a great option for you. This product is also exported in bulk. It requires bamboo sticks and essential oils such as Rose, Sandalwood,
Jasmine, etc. from the market. Investment requires INR 20,000-25,000.

Notebook designing
It requires getting some notebooks and designing them with your creativity such as doodling or painting. It is a great business for young adults. Investments required INR 10,000-15,000 in the beginning.

Handmade Chocolates
The sales of chocolates rose by 13 percent in India from 2015-2016 according to a report. Thus you are presented with a great idea to start with as most people do have a sweet tooth. An approximate capital of INR
20,000-25,000 will be required to begin with.

Vermicelli Business
It is a great delicacy in most of the Indian households, be it in Eid or any for just an evening snack. It would be a good startup and eventually can turn out to your very own company. Investment required is INR 20,000- 25,000
in the beginning.

 

Noodles
It is an eye-catching snack for most of the kids, be it desi style noodles or Hakka noodles everyone loves it. Capital requirements would be approximately INR 20,000-30,000 including packing and delivery charges, to
begin with.

 

Honey Business
It just requires having your Beekeeping and extraction of the honey and a packing and delivery system and you are good to go. Investments Required is INR 30,000-35,000 in the beginning.

Jam or Jelly making
Just like pickles jam or jelly are absolute favorites of children especially. They go with everything from bread to chapatti and require just some fruits like mango or strawberry and a few good cooking skills. Investments would
be INR 20,000-30,000 at the start.

Handmade Cookies Business
If you are good at baking then this could be your chosen profession. Nowadays everyone likes organic glutenfree cookies and biscuits so handmade cookies are in high demand. Investments require is INR 20,000-25,000, to begin with. A fancy packaging system would require additional investments.

Envelop Making
This product is highly required in most of the institutions and sectors be it educational or corporate and so is in high demand. It requires paper and adhesives and you are ready. Investment required would be INR 10,000-
15,000, to begin with.

Paper Bag
Papers bags are one of the most important items that the world needs at present especially to deal with the hazards created by the use of non-biodegradable plastics and polythene bags. Investments required at the
the beginning would be INR 20,000-25,000.

Jute Bags
It is one product that could be used in place of the plastic bags and is also a long-lasting one compared to the paper bags. It also a great start for a small cottage industry. Investments required would be starting from INR
30,000, to begin with.

Organic Soap
People are obsessed with using organic items especially since it is better for the skin. Raw materials would be glycerin, essential oils, molds, etc. Investments required would be INR20,000-25,000, to begin with.

Homemade candle making
Candles are a very popular accessory in the household and homemade candles are in special demand mostly during the festivals. It requires wax, aroma oils, wicks, molds, etc. Investments required would be INR 20,000-
30,000.

Cotton buds
The business of this product requires spindle or sticks, absorbent cotton, and a packaging system. Investments required would be INR 20,000-30,000.

Hair Oil Production
Organic hair oils are in great demand especially as the market manufactured ones have heavy chemicals in them. Raw materials would be base oil, aromatic oils, herbal extracts, and bottling charges. Investments required would be INR 20,000-50,000.

Homemade ice creams.
Ice creams are the favorite deserts of everyone and especially if they are homemade. Raw materials required would be cream, milk, and any fruit pulp. Investment required would be INR 25,000-50,000 and can expand
depending on the demand.

Cloth Making
It is a traditional business especially in certain areas of the country such as Assam, Manipur, etc. Traditional handlooms are of great demand not only in India but also worldwide such as Eri, Muga, etc. Investments required
would be INR 20,000- 75,000 and can expand. These are some ideas which you can surely use to start your business!

So these are few ideas that you can do to start your own business during this hard time and can earn for your living and can start this business while being at home with a minimal skill requirement and minimum financial requirements.

GOLD PRICE IS RISING IN INDIA

WHY GOLD PRICE IS RISING IN INDIA

Gold is a chemical element with the symbol and atomic number 79, making it one of the higher atomic number elements that occur naturally. In a pure form, it is a bright, slightly reddish yellow, dense, soft, malleable, and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions. Gold often occurs in free elemental form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the native element silver and also naturally alloyed with copper and palladium.

As per the world gold council, gold demand in India is about to rise 33% by 2020. … Recently India has become the largest consumer of gold and the price of gold is likely to breach Rs 32,000 mark in the next calendar year. There is an inverse relationship between the gold
prices and the dollar.

Gold has been one of the most traditional forms of investment. Before we knew about fixed deposits or stock markets or mutual funds, buying gold was one of the preferred means of investing. In India, gold has always had relevance since it was used during
weddings and festivals as a sign of opulence. Over the years, investing in gold has evolved as an ideal hedge for volatile markets primarily due to the scarcity of the metal.
In recent months, gold prices have been on a constant rise. And after the crash in March due to the lockdown, they have managed to surge and cross the 50,000 mark in July 2020. Many investors are concerned with the sudden surge in gold prices. And so, many investors started buying undervalued, high-quality stocks. However, with time, the hopes of a near-term recovery got dampened and investors started looking at a safe haven for their funds. Since gold is considered to be a perfect hedge against inflation and economic turmoil, the demand for gold increased.

GOLD PRICE IS RISING IN INDIA

  1. High Liquidity
    The RBI allowed borrowers to avail of a moratorium on loan repayments till August 31, 2020. The Government also declared a lot of economic stimulus packages to pump liquidity into the markets. So, we had a situation where investors had money to invest but the stock markets were highly volatile and interest rates were falling. Hence, they started investing in gold that is known to
    be a safe investment during such times.
  2. Reduced Gold Mining
    The primary factor that affects gold rates is the demand and supply equation. While the demand increased, gold mining activities were severely impacted due to lockdowns in various countries. This impacted the supply causing the prices to rise further.
  3. Exchange Rate
    The Indian Rupee has fallen sharply since the lockdown. Currently, it is around 75 against the US dollar. Since India is the second-largest importer of gold, such exchange rate fluctuations impact gold prices.
  4. Rise in International Gold Prices
    The price of gold in India is affected by its international price. Over the last few weeks, rising number of coronavirus cases, increasing US-China tensions and overall economic slowdowns have led to a the constant rise in gold prices around the world.

So these are few reasons for price rise of Gold In India.

GST
 

What is GST?

Goods and Service Tax is an indirect, value-added tax imposed on trading od domestic services and goods. It came into effect from 1 July 2017, through the execution of the One Hundred and First Amendment of the Constitution of India by the Indian government. It is an ‘all-embracing’ taxation system as it just about covers all other indirect taxes (eg., excise duty, service tax, etc.,). Like previous taxes, it is multistaged (charged at all stages from production to consumption) as well as destination-based (collected from the point of consumption not origin, unlike previous taxes). Its rules and regulations, as well as rates, are governed by GST Council. A GST Council comprises of the finance ministers of the central government and all states. Currently, it is divided into five blocks – 0%, 5%, 12%, 18% and 28%.

It was first endorsed by France as its taxation system in the year 1954, emulated by 160 countries. Some of them are Australia, Brazil, Canada, Italy, Spain, and South Korea. Albeit its implementation faced severe criticism by the nation as well as the opposition. 

Types Of GST

GST
 

There are four types of GST. 

  • The Central Goods and Services Tax (CGST)
  • The State Goods and Services Tax (SGST)
  • The Union Territory Goods and Services Tax (UTGST)
  • The Integrated Goods and Services Tax (IGST)

The Central Goods and Services Tax (CGST)

The Central Goods and Services Tax comes under Central Goods and Service Act 2016. The tax collected under CGST is the revenue for the central government. Prices for goods and service under CGST is charged according to the basic market price, albeit its rate should not be exceeded than 14%, as mentioned in Section 8 of the GST Act. It covers all the Central Taxes like Central Excise Duty, Central Sales Tax, etc.

The State Goods and Services Tax (SGST)

The State Goods and Service Tax comes under State Goods and Service Act 2016. The tax collected under SGST is the revenue for the state government. Besides SGST, CGST will also be imposed on the goods and/or services provided.

The Union Territory Goods and Services Tax (UTGST)

The Union Territory Goods and Services Tax comes under the Union Territory Goods and Service Act 2016. It will only be imposed if the goods and/or services are sold in all five UT, i.e., Andaman and Nicobar Islands, Dadra & Nagar Haveli, Chandigarh, Lakshadweep, and Daman & Diu. Along with UTGST, CGST will also be imposed on the product or service.

The Integrated Goods and Services Tax (IGST)

The Integrated Goods and Services Tax is governed by the IGST Act 2016. IGST unlike CGST, SGST, and UTGST applies to inter-state transactions (be it the import into India or Export from India) of goods and/or services. CGST will not be applicable in this case. 

Advantages Of GST

Implementation of GST was one of the decisions that faced severe criticism by the nation as well as opposition. People neglected its long term benefits and focused on the harm caused at the moment. Therefore, the following are some advantages of GST.

  • Before its implementation, there was a load of different taxes that were supposed to be paid for a good and/or service sold. Now there is a single tax.
  • When someone is made to pay tax on a single product, again and again, they are more likely to not pay it, thus giving roots to corruption.
  • It has also reduced sales without a receipt.
  • When the tax is imposed on the added value, be it at all levels, the final cost is less, in comparison to the cost when tax is charged on the full value at all levels.
  • Due to its cascading effect, experts believe that in the longterm the cost of the products and services will be reduced.

Disadvantages Of GST

Along with its advantages, GST has certain drawbacks or disadvantages which were one of the reasons that it faced criticism in India. Some of them are given below.

  • Petrol, liquor (alcoholic beverages), and electricity are a few commodities that are not taxed under GST, therefore it disrupts its ‘all-embracing’ nature.
  • It has caused an 8% increase in the price of real-estate, therefore resulting in a 12% fall in its demand.
  • An increase in the cost of insurance premium, as well as the cost of software, is a result of GST.
  • The main reason for its criticism is that it is also imposed on articles such as hearing aids, wheelchairs, etc..

This was all about Goods and Service Tax (GST). At certain points, it was criticized while the rest was positively a great resolution. The main points that are to be kept in mind are its benefits in the long run.