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Invest now for your journey towards financial freedom https://www.monexo.co/in/lenders . . .
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Controlling expenses is a task. However it's more important than ever to keep expenses under a check, especially in the times of pandemic.
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The Covid-19 Crisis has proven that a single source of income is not sufficient. Invest today to fulfill your monthly expenses Click here to invest today https://www.monexo.co/in/lenders . . .
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It's important to invest money because you will be less tempted to spend money and your money will make money for you. Click here to invest today https://www.monexo.co/in/lenders . . .
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P2P investing helps you to grow your money and secure your future against financial uncertainties and crisis. Click here to invest today https://www.monexo.co/in/lenders . . .
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P2P lending stands resilient to market changes. Click here to invest today.https://www.monexo.co/in/lenders..
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How to manage loans when unemployed
By Antonet Fehmi
"Money can't buy you happiness, but not having money cannot buy you anything" Money is an essential part of life that is required to fulfil the necessities. The widespread Covid-19 virus has undeniably crippled the economy of the world leading to many job losses. Job loss can lead to financial hardship and mental distress, especially when you have debts to clear, and when the economic recovery is uncertain. The external conditions may seem out of control, nevertheless, there are some things that we can control. And so, we must take certain steps to take control of money or the lack of it will take control of us.
1.Know where you stand
It is important to assess your financial situation and evaluate them so that there is a crisp plan to help you out of your situation. This involves making a list of all the sources of income: your savings and any liquid assets. You must also make a record of the monthly fixed expenses such as rent, insurance, school fees, any monthly EMIs, and the variable expenses such as food, utilities, water bills, electricity bills and phone bills
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2.Manage your expenses
Once you have a picture of your monthly income, you must distinguish the priority and non-priority debts. Bills that can lead to serious consequences when not paid, needs to be paid off first. For example: You could be evicted if you do not pay the rent on time. A crucial situation often include decisions that can make you uncomfortable, and that calls for cutting down unnecessary expenses like entertainment subscriptions, opting for cheaper prepaid phone plans, finding cost-effective alternatives of transport and shopping for utilities at lower rates. It is important to spend your money wisely on the Four Walls: food, shelter that includes utilities, clothing, and transportation. These changes can be excruciating in the short run, but tough times call for tough measures that can benefit in the long run.
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3.Credit cards
"You don't build wealth with credit card rewards and airline miles. You can't beat the credit card companies at their own game"
When your sources of income have been cut down, it is best not to use credit cards or use them only in the case of emergencies. Credit cards charge the user with high interest and late fees when not paid in time, which will only give an added pressure mentally.
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4.Don't bite off more than you can chew
Debt is like a trap, easy enough to get into it, but hard enough to get out of it. It is easy to assume that the loans can be paid off when the monthly charges are designed to look minimal and the interest rates are hidden, only to realize it is an agony to pay out of the salary, every month for a longer term. If you are in a situation where you need a loan, be sure not to borrow more than you can afford to pay back. A comparison of the loans to get a lower interest rate can mitigate the expenses during the crisis.
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5.Opt for Moratorium only if you must
During a time of financial distress, the Reserve Bank of India had announced moratorium for borrowers as a relief. But there are always two sides to every coin. Moratorium may sound like a waiver of the loan, but it is just an adjournment. It gives the advantage of not paying your EMIs for a certain period. Banks will continue to add interest on the outstanding amount and offer you an option of extending the months of payment or increase the EMI in the coming months of payments. Credit cards are infamous for their charges, opting for a moratorium is only an additional gain for the creditors as they charge exorbitant interest rates. It is advised to go for a moratorium only when you are in a dreadful need of it.
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6.Approach your creditors
The worst thing you can do when you see a pile of debts is lurking about not having enough money. If meeting your financial obligations seems out of reach, call your creditors, and inform them about your situation and be honest about it. You can negotiate with the creditors for a lower interest rate or a deferred payment. Some creditors can offer you the option of lowering your payments, based upon your previous records. You will be surprised by the way they can come to your aid.
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6 Personal Finance Lessons that Covid-19 crisis teach us
By Antonet Fehmi
To cope up with change and uncertainty is something that pushes every human being out of their bean bags and leaves them sweating until they find enough strength to face the situation, adjust and learn from it. 2020 has brought the world to its knees with the Covid-19 global pandemic causing the stock market crash which could lead to an inevitable recession and chances of job losses for many. While there is a lockdown in most of the countries, people have taken this difficult time to reflect on things. We always learn from life when it puts us in a difficult path. Like they say, "You can't prevent bad things from happening to you, but you can always be prepared for it." Let us look at some of the personal-finance lessons that the pandemic has taught us
1. Financial literacy is a necessity
Another year has passed, and I still have not used the Pythagoras Theorem in real life. As schools and colleges focus on marks and grades, it has failed to bring its students the knowledge of the real necessities of life, like mental wellness and financial literacy. Financial literacy is the basic knowledge on how to budget, manage debts and track your spending. Financial illiteracy can lead to bad financial decisions and may even lead to an inescapable vicious cycle of debt. With the ease of accessibility of knowledge in the palm of our hands, it is upon us to keep ourselves to be well equipped on the various financial resources that can help ourselves to become self-sufficient, bring about financial stability in our lives and help build good financial plans.
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2. Budgeting
A budget is telling your money where to go instead of wondering where it went
Money is the prerequisite for the basic physiological needs such as food, water, shelter, and clothing. Management of money thus plays a vital role in our lives. It is so easy to be entangled in the webs of life that we often become ignorant of the bigger picture. Budgeting is one of the healthiest financial practices that can help control your spending, identify between good and bad spending, increase your savings, plan for your debt payments, and bring about good money habits. Budgeting also adds as an additional benefit to help you sail through the rough seas of uncertainty.
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3. Do not over-borrow or over-spend
In this time of crisis, it is so easy for us to find alternatives and borrow money, to protect ourselves and our loved ones by overspending it on emergency commodities. Usage of credit cards must be minimized, to avoid high-interest rates charged by the cards. While using credit cards and loans, it is crucial to keep in mind whether you will be able to pay back the money. Deferring payments will only lead to additional stress and a loss in your credit score which will deny you the usage of other financial resources for your future.
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4. Health is wealth
The number of cases of Covid-19 is increasing at a rapid phase and there has been no successful vaccine has been found. With the world almost on the verge of reopening and living with the virus, it has made people realize the importance of health insurance. Though medical treatments have advanced, the cost is often expensive, and covering up the medical bills is often strenuous and can lead to a huge hole in our pockets. Health insurance helps cover up the expenses for your family and yourself without hurting your savings, emergency funds and protects from inflation rates. It is also better to have your own health insurance even if your employer provides one, as it will be of no use in the event of a job loss.
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5. Emergency funds
With job loss and pay cuts in the cards, it is essential to have a contingency plan. Emergency funds give you a breathing room and help you not to get bogged down on situations that you cannot have a control of. A bare minimum of 3-6 months of expenses should be set aside as emergency funds. This can help support you in times of financial upheavals. It can be done by setting aside 2 months of expenses for every year. Lowering the bills and cutting down on expenses can also help to contribute to the funds. It is better to keep your emergency fund in a safe and easily accessible place such as the savings account.
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6. Diversify your investments
Investment always comes with risk. Putting the eggs in different baskets can help mitigate your risk, as compared to putting them all in one basket. Covid-19 has caused a massive stock market volatility and brought losses to many investors, while the gold market is giving in good returns. While one asset performs well, the other may not perform well. Hence it is better to diversify your investment portfolio and have a mix of assets to decrease volatility.
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3 Reasons why Investing in Peer to Peer Lending is better than Stocks during a crisis
By Antonet Fehmi
The Covid-19 pandemic has taken aback the globe with serious implications for healthcare and has affected many businesses. It has brought a knee-jerk reaction to financial markets worldwide. With the continuous economic downturn, the recuperation remains questionable. While there has been panic, many people find this troubling time as an opportunity to gain their financial freedom. As sir John Templeton said, "The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell."
1. P2P lending is predictable during a crisis
The stock market has been on the limelight for its vacillating prices throughout the decades. On 20th February 2020, the market saw an 11-year bull market come to an end. The stock markets globally reported price drops due to the COVID - 19 pandemic and the oil price wars between Russia and the OPEC countries. Though bear markets are the opportune moments for methodological investors, it always comes as a shock and makes them calibrate the risks involved with investing during a crisis.
The risks associated with investing money in any portfolio is undeniable, but P2P has proven to be adaptable during the crisis. The risk can be foreseen, and it depends on the bet that the borrower will be consistent in their payments. There is a fixed amount that comes as returns every month, as compared to that of the fitful stocks.
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2. The stock market is not everyone's cup of tea
The assumption that the stocks are the simplest way to earn passive income has remained unaltered in the minds of several people. They look up a 20-minute tutorial and dive into the pool straight away, only to find themselves dipped in frying oil. The idea of having a small amount of ownership in the company sounds gaudy, but the Stock Market is like planting a seed. If you don't water it with knowledge and discipline, it doesn't grow. You don't pull out the seeds the next day to find the fruit, but instead, you wait patiently for it to grow over time. Just as there are different ways of growing different seeds, each stock has different techniques of approach.
P2P lending on the other hand requires moderate knowledge and is easier to apprehend. It provides a platform for the lenders, who give out loans to the borrowers. Many platforms carefully evaluate the credit score of the borrower so that the decision-making process is easier. There is no need for constant monitoring throughout the day. P2P lending gives you the advantage of sitting back and awaiting the message of money credited into your account.
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3. P2P lending provides security for your money
Stock trading is an emotional roller coaster ride, you either "Go big or Go home". Stocks are determined by the performance of a company, nonetheless, unexpected pitfalls can lead to a loss in share value, leaving the money at stake with negative returns. Due to the pandemic, the world witnessed single-price drops in a day since 1987. Stocks across Europe and America fell more than 9%. The stock market fell more than 20% in the United States, within 15 days of trading surpassing the Great Stock Crash of 1929 which took 30 days. The impact of the stock market crash was felt globally. Investment portfolios that had been made over the years were wiped off in a week, leaving the investors squatting with their hands on the head in disbelief.
The risk generated with the P2P platforms is on the lower side, as it gives the possibility of selling the loans to other lenders in times of emergency. It is also being regulated according to the RBI guidelines. The P2P lending platforms usually have a third party to manage the money. It safeguards the money in case the company falls apart and can pay off any outstanding loans and agreements.
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Shares offer higher returns with an unguaranteed risk. P2P lending is better than stocks as it involves less volatility. It also provides clarity to mitigate the risks and provides fixed returns in shorter periods. Keeping your money idle in the bank cannot generate any return and hence it is wise to invest your money and put it to work. In times of crisis, it is best to diversify and put your eggs on less risky investments.
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7 Tips for job hunting during a crisis
By Antonet Fehmi
A sudden loss of a job can be a kick in the gut with spiralling thoughts of anxiety about the future, and during a crisis, it is "a crisis within a crisis". It can be exhausting to wake up every day to find no reply to the jobs you have applied, constant pressure of bills piling up, and losing hope easily. The main challenge is how to face such a situation. It is easy to fall, but the harder you fall, the better you learn and the greater you will shine. Some strategies can help you through tough times
1. Accept the reality
There is a mix of emotions when it comes to job loss. Humiliation, failure, worry, doubt, anxiety, resentment, self-pity, and depression to name a few. Processing it can be different to different people. We live in a society of "Work hard, play hard" and "grind it, till you make it", that they fail to tell about the emotional wellbeing. Permit yourself to process the emotions of the loss. Give yourself the time to grieve, but do not get consumed by it. Find healthier ways to deal with your emotions like taking a walk, meditations, and workouts. There are chances of your self-worth being hit, but do not let your job status define you. Surround yourself with people who will uplift you and take this time to focus on yourself positively.
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2.Build your brand
With the Corona virus cases surging and several countries implementing lock-down, it has allowed many people the time to sit back and contemplate on numerous things in life. One of the most challenging questions to reflect on is "Who are you?". Personal branding can help to reflect on your values and what you stand for. It calls for identifying your interests, gaining expertise in the respective field, and building an online platform to share your thoughts on it. 85% of the hiring managers prefer personal branding as it brings about trust and communication to the recruiters.
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3.Enhance your skills
Who would have ever thought that there would come a time when the world would stop and take a break? This is the perfect opportunity to boost your skills. While going through the job descriptions during the search, investigate the desired skills, and evaluate whether you have them, or you need to brush up yourself to be a better candidate. Covid-19 has increased the global connectivity and made learning more accessible and cheaper. Platforms such as Udemy, Coursera, HubSpot, Skill share, Allison offer some free and affordable courses to improve your skills.
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4.Optimize your resume
"To succeed in today's job market, you have to think of your resume as an advertisement targeted towards your future boss". Your resume is your first impression on recruiters. Writing a resume can be a tedious process and time consuming as you must fit in so many important aspects of your skills and successes in a sheet of paper. Updating your resume makes you reflect and identify the skill gaps needed to be worked on for the new world. Resume writing is not always everyone's cup of tea. There is a resume etiquette that must be followed, however, there are many websites such as Canva that simplifies your resume writing process with the help of resume templates. Spend your time and learn to market yourself
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5.Build your Network
Covid-19 has made the globe move to video conferencing and online networking from human interaction. Platforms such as LinkedIn has evolved from a job-seeking site to a place where people can express their views, comment on business articles professionally and network with other like-minded people. Though LinkedIn has extensive job listing, networking can give you an edge over your job search process. You don't have to wait for meetings to build your network, just build your profile, post engaging articles, join groups of your interest, interact with professionals and make your profile stand out, and in no time your golden opportunity will knock your door.
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6.Assess your opportunity
Opportunities can come in many ways, but in times of desperate needs, we tend to ignore them or take it without proper conscientiousness. It is important to have a quality job and to ensure that you are of the right fit for the designation, otherwise it can adversely affect your mental health. Consider freelancing and investing yourself in small opportunities to help you progress in your career.
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7.Self-care
"Self-care is giving the world what's best of you instead of giving what's left of you" -Katie Reed. Being idle can mess up with our minds and build worst-case scenarios in the head that can lead to anxiety. During those moments it is crucial to just STOP! Breathe for a minute and realize it is all in your head and stay positive. Invest the time to take care of yourself mentally and physically and do the things that you love, like picking up on a hobby that you left.
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Job hunting during a global pandemic can be excruciating, but with patience and strength you can make it through. Remember as fast as things changed to the worse, it can change for the better and this too shall pass!
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P2P lending as an alternative investment for falling FD interest rates
By Antonet Fehmi
Bank deposits are the most sought-after traditional forms of passive income in India. Senior citizens in Indian households consider fixed deposits as a main source of income for many years. However, other equity markets have established to have a competitive edge over fixed deposits due to modernization and globalization. Over the years, it has proven as an investment with returns in peanuts. Peer to peer lending is at an early stage in the Indian market and has established a good place for investments. It enables the borrowers to finance their loans directly from individuals. Banks have rigid processing and do not offer loans for smaller amounts. This is where P2P lending comes into play.
1.P2P lending gives higher returns
When it comes to investments, people always look for options that gives them profit. The recent economic changes caused by the widespread Covid-19 pandemic has cut down the interest rates for as low as 3-4%. The Reserve Bank of India announced a cut in the repo rate by 40 basis points (bps). The Central bank has also announced a repo rate cut of 115 basis points (bps) since March 25, 2020. The interest rates are expected to fall further with the fall in benchmark policy rates, affecting the new investors and the investors who have renewals.
"A bank will lend you money only if you can prove that you don't need it." -Bob Hope. The returns received after the tax slab deductions from the fixed deposits are so minuscule to compensate for the inflation in prices in goods. Though fixed deposits are considered as "safe". They are still prone to external factors. Peer to peer lending stands resilient to the changes and the interest rates are as high as 13% to 30%. Bank deposit risks are associated with the fluctuations in bank rates and can decline or increase over time. The risks in P2P lending do not depend on the bank rates but on the portfolio. For example: The interest rates would be higher for a borrower with high risk and lower for a borrower with low risk.
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2.P2P lending provides monthly passive income
Now let us face the facts, very often we realize that the amount of time and effort put into 9-5 jobs just doesn't produce enough money. Dread it Run from it. Monthly bills still arrive the same. When seeking a monthly passive income option, P2P lending has a higher hand. Fixed Deposit investors earn their returns quarterly, i.e., once every three months, on the flip side, P2P lending credits the investors every month. In the case of early withdrawals, P2P lending provides an option of selling the portfolio in the secondary market, contrarily fixed deposits charge a penalty.
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3.P2P lending provides diversification of portfolio
"Do not commit all to one boat", diversification is the key to mitigate through the risks in investments, unless you are Warren Buffet. P2P lending provides the choice of diversification of portfolios. For example: If an investor has Rs 1 lakh in his account he can choose to diversify the money and give loans as low as Rs 10,000 across different portfolios. The investor can handpick the borrowers and the returns according to their expectations. In a bank deposit, the returns and the portfolio doesn't change according to the investor's expectations. It remains fixed once the investor has committed to a fixed deposit.
The lockdown has made many people realize and revamp the way they think about investing. Fixed Deposits are at a threshold of falling interest rates and has left many investors looking out for non-banking investing options. P2P lending provides high returns with fewer risks. As the CEO of Liberis, Paul Mildenstein said, “This is further evidence that bank funding is losing its significance amongst small businesses as they become more aware of the range of non-bank funding models available to them."
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4 investment lessons from Rajinikanth
By Antonet Fehmi
Rajinikanth, pera kettale summa athiruthuthilla (Once you hear the name you're shaking, aren't you?) He can stop a bullet with one look and bring down fifty rowdies in one go. Yes! the one and only "Thalaiyvar of the Indian cinema". His movies are the highest grossing in the Indian box office. Rajinikanth is considered an inspiration to many of his fans. The South Indian Megastar is profoundly known for his style and his fantabulous on-screen punch dialogues. Here are some lessons that we can learn from the legend's dialogues:
1. Naan eppo varuven, epdi varuvennu yarukum theriyathu. Aana vara vendiya nerathule correcta varuven (No one can tell how or when I will arrive, but when the time is right, I will be there)
Investing always involves risk. Market unpredictability is the investors greatest enemy. It is something that nobody can tell how or when it arrives, but when the time is right, it is there. The Covid-19 crisis came as a shocker to many investors worldwide. The world went into a lockdown and the economic turbulence caused by the pandemic has led to massive losses in many markets. Peer to peer lending on the other hand is adaptable to the economic changes. The returns are fixed by the investors and it doesn't depend on the market changes. The risk can be foreseen as it depends upon the ability of the borrower to pay back the money. 2. Kanna naan yosikame solrathile, sollitu yosikrithile (I don’t speak without thinking, I don’t think after speakin
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2. Kanna naan yosikame solrathile, sollitu yosikrithile (I don’t speak without thinking, I don’t think after speaking)
Diving into any investment, without having the appropriate knowledge will only lead to a huge hole in our pockets. Planning out investments is crucial to gain returns. Lending money to someone and ensuring timely payments is an arduous task. Peer to peer lending platforms make it easier for the lenders, by ensuring the monthly payments and giving the details of the borrower's portfolio. However, the lender must know the basic factors. A proper research of the platform, the products offered, the borrower's portfolio, and the risks involved, will make it easier for the investor to yield better returns.
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3.En vazhi, thani vazhi (My way is a Unique way)
Investors seek the traditional forms of investment as it is the most sought-after passive income in India. The rising inflation in goods has proven to the world that a single source of income is not sufficient. Traditional forms of investment couldn't stand resilient to the unprecedented changes in the economy. The stock market had its worst drop since the Great Recession of 2008. Interest rates in fixed deposits fell at an all-time low of 3-4% giving returns in peanuts. Many mutual fund investors lost their money in the schemes as it reported drops as high as 20%. Now, it is up to the investors to seek other non-bank forms of investments. Just as Rajini would do create a unique way and invest in P2P lending and not follow what others would do.
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4.Naan latea vandhalum latesta varuven (Even if I come late, I'll be the latest.)
P2P lending is a financial model that lends money to individuals and businesses without involving any formal financial institutions as intermediaries. P2P lending is more prominent in the U.S. It is still at a nascent stage in India, but rapidly growing. In 2016, 30 platforms were established in India. There are many advantages to this late entry form of investment. Fast and convenient online application, higher returns with lower costs, flexibility of choosing and diversifying the portfolios for investors, and unsecured loans for the borrowers are some of the benefits of P2P lending.
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If Rajini can, why Kant you? Start your journey towards financial freedom and invest today!
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Investing is a wise choice that gives you the opportunity to increase your financial worth.Click here to invest now.https://www.monexo.co/in/lenders...
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Be mindful about your health and expenses post the lockdown period
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Be mindful on where to invest your money https://lnkd.in/dtgASwg
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