#how post office monthly income scheme works

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Savings Plans - Buy Best Saving Plan Online in India 2024

Savings Plan

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

What are Savings Plan?

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

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

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

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

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

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

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

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

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

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

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Top 10 Money investment ideas in India for 2023

Every investor seeks the Best Investment Ideas in India that will provide the highest return in the shortest amount of time while posing the least amount of risk. Some people invest to achieve specific investment goals, while others invest to achieve financial security.

Let's take a quick look at the top 10 money investment ideas in India for 2023, which are divided into three categories: short- term, medium-term and long-term.

Read: Family financial plan- 7 steps of Financial planning for families

 Best Short Term Investment Options

Short-term objectives necessitate that investments be easily accessible.

Bank Fixed Deposits (FDs)

FDs provide fixed returns over the tenure of the investment. Profits are paid out monthly, quarterly, or annually. Annual interest rates on FDs range from 6.5% to 7%. FDs are available in a variety of tenures (7days - 10 years).

Chit Funds

A chit fund is based on a rotating savings and credit association system. Chit fund schemes can be organised by financial institutions or take place informally between friends, relatives, or neighbours.

Chit funds serve as both an investment and a borrowing tool.

Read: How Does The Money Club Mobile App Work? - The Money Club

 Best Medium-Term Investment Options

Medium-term goals are those that you wish to achieve within the next three to five years.

National Savings Certificates (NSC)

The National Savings Certificate, or NSC, is a government of India post office savings product. NSC deposits mature in 5 years, with an annual interest rate of 6.8%. However, the entire amount is payable at maturity.

Read: Best Guaranteed Monthly Income Plans: 10 Monthly Income Schemes

 Best Long-Term Investment Options

Your long-term investment ideas are those that you hope to complete within the next seven to ten years.

Real Estate

The real estate industry in India is among the fastest growing. Buying an apartment or a plot of land is the best investment plan in India. It functions as an asset, which is one of the best long-term investment strategies with high returns.

Direct Equity

Investing in equities is one of the best ways to build wealth for long-term goals. Direct equity funds offer higher returns than any other investment option on the market. However, direct equity is a high-risk investment option.

Gold

Gold has been regarded as a potential investment since antiquity. Many banks now offer gold coin. Gold ETFs can be used to invest in paper gold, which is less pricey.

Read: Small Savings Schemes - High Return Small Saving Schemes in India

 Equity Mutual Funds

Stocks are the primary investment of equity mutual funds. These funds are managed by qualified fund managers. As a result, they only invest your money after conducting extensive research. As a result, your chances of generating profitable returns over time increases.

Public Provident Fund (PPF)

PPF is a very safe investment plan. A PPF account can be opened at any bank or post office. The invested funds are locked in for a 15-year period. Additionally, you can earn compound interest on the money that has accumulated in this investment option.

Read: What are Top 12 Alternative Investment Options in India for 2022

 ULIPs

A Unit-Linked Insurance Plan (ULIP) is a life insurance and investment product. A portion of the payment goes toward insurance coverage, while the remainder is invested in market-linked securities such as shares, bonds, and a variety of other securities.

NPS

National Pension System (NPS) is a long-term retirement investment product. Its objective is to ensure people's financial security after they retire.

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POMIS SCHEME - Post Office Monthly Income Scheme 2022

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Trustee Supervisors

Pension Trustee Advisors

Content

Mental Wellness Officer Standing In The 2015 Nhs Pension Scheme.

Taking Early Retirement.

Why End Up Being A Pension System Trustee.

Individuals's Pension Trustee is in charge of running the plan and for looking after all the pots of money held by the scheme. Included on 30 Might 2012, the Trustee Board is composed of the complying with individuals. You may be directly liable for any loss triggered to the scheme if something goes wrong. a plan that has the result of preventing an area 75 financial obligation from setting off-- for instance, 'desertion' of the system. To find out more, including good technique examples, see our support on winding up. Occasionally plan events will certainly cause the need to provide information - for example, specific details should be sent when a system begins to wind up or members are being moved to one more system without their approval. You also need to supply details to people on other events either immediately or if they request it-- for instance, when a member retires, dies or leaves the plan.

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An example of a scheme-related event is two or even more modifications to the article of scheme actuary or auditor within twelve month. other details that we reasonably need to carry out our duties, for instance, to assess the threats for every system. propositions to switch from a salary-related system to a money-purchase system, or vice versa. The code of technique MNT/MND - placing arangementsin area and support on MNTs and MNDstells you much more. If Pensions alexandria best practices or a court fines you as a result of a breach, you can neither pay the fine out of the scheme's properties neither utilize the plan's assets to pay the premiums for a plan insuring you versus penalties.

Psychological Health Policeman Standing In The 2015 Nhs Pension System.

We use cookies to guarantee you have the very best experience on our site. The research study covered four topical styles-- communications & engagement, worth for participants, education and learning & suggestions as well as responsible financial investment. MiPB cloud accountingUnderstand your organization performance with the support of professionals. These cookies are used to allow certain performance on our site such as personalisation. This website utilizes cookies to boost your experience while you navigate via the website.

Can ex wife claim my pension years after divorce?

The Canada Pension Plan (CPP) contributions you and your spouse or common-law partner made during the time you lived together can be equally divided after a divorce or separation. This is called credit splitting.

pensions are one of the most popular terms used in the United Kingdom. A pension is actually a fund from which a fixed amount of money is contributed during the employee's employment years, and from which monthly payments are subsequently drawn to support the former person's retirement in the form of fixed salaries. These payments are generally obtained from the employer, although the former employee may also claim payments from their employer in certain circumstances. Typically, the employer contributes a portion of the former employee's pension at retirement, with the remaining portion going to the employee.

Taking Early Retirement.

If the statement is adverse or certified, the scheme auditor need to offer reasons. A power of amendment will usually lay out just how an arrangement of the scheme can be modified. It is great technique to unite the changes into a single replacement record at least every 5 years.

Still No Resolution For North Chicago Police Pensioners Told To Work As Dispatchers Or Lose Their Benefits - CBS Chicago

Still No Resolution For North Chicago Police Pensioners Told To Work As Dispatchers Or Lose Their Benefits.

Posted: Sat, 16 Jan 2021 00:28:00 GMT [source]

You ought to also upgrade any kind of literature issued to participants at the same time, to maintain consistency in the details offered concerning the system. Our code of practice - Inner controls- offers sensible guidelines concerning taking into location, maintaining and also running inner controls for your plan. specific loan arrangements with 3rd parties which entail the employer. No choice to make an investment needs to be made without initial obtaining and thinking about the correct suggestions. making certain that the scheme properties are spent generally in regulated markets.

Why Become A Pension Scheme Trustee.

The concept of pensions is not limited to any specific age. In fact, it is often possible for people to reach retirement age without having contributed anything to any pension funds. Often, employers will choose to offer a company match up to a certain amount, ensuring that the employee receives the full monthly income they would receive had they been eligible to receive pension benefits.

On top of that, costs subtracted for the transfer are unlikely to be recouped.

PMI Pulse aims to gather the sights of the pension plans industry to evaluate the state of mind as well as state of the pensions sector gradually.

Even more info is readily available on thethe Pensions Regulator web site.

HMRC might bill over half the value of your pension for taking an 'unsanctioned repayment 'from your pension legal rights by doing this.

The violation of count on might be unintended, or it may be caused by neglect or through illegal and also unethical practices. You must adhere to the procedures laid out in the trust act and rules when considering whether to utilize an optional power. As an example, the guidelines may require you to look for medical guidance before reaching a decision on whether to permit a member to retire early on ill-health grounds. Problems of rate of interest is a legally complicated location as well as lawful recommendations need to be sought and also conflicts took care of. The Pensions Regulator has to provide codes of technique about certain demands of the Pensions Act 2004, as well as may provide other codes if it wishes. The codes consist of functional advice on exactly how to comply with the requirements in question, and laid out the criteria The Pensions Regulator expects. This guidance matches our Trustee toolkit, laying out helpful information with links to relevant support on our website, which those that have completed the toolkit will find useful.

Pension Assistant.

There are several types of pensions available in the United Kingdom. Some of these include: life pensions, defined benefit (DB) pensions, and insurance-based pensions. Life pensions are those that provide a fixed amount of money to a beneficiary who will use it for different purposes, such as medical expenses or tuition fees. Defined benefit (DB) pensions provide a set level of income to the former employee who has retired from work, and no additional benefits will be paid out to the employee upon retirement. Insurance-based pensions, on the other hand, do not guarantee any kind of income to the former employee upon retirement; instead, the insurance company pays out a monthly amount to the former employee upon retirement.

Pensions are a popular choice for many employees because it allows them to maintain the same standard of living that they had while working for their employer. Unfortunately, employers have a legal obligation to contribute a certain amount of money to each of their employees' pension plans. The contribution of the employer is based on an employee's performance, age, and the length of the employee's service with the employer. The younger the employee is when he or she retires, the lesser the amount of the pension that the employee will receive upon retirement. Pensions are also subject to retirement expenses, which are pre-paid expenses that the employer will have to pay for after the retirement of the pensioner.

Michael has an MBA from the City University Service Institution in London, and a Masters in economics from the University of Louvain. We do this with utmost sincerity and also sincerity-- always remembering that it's your cash, your life as well as your business. office pensionfor your workers will certainly provide the best feasible returns for you as well as your staff members.

Pritzker to decide COLA increase for Chicago firefighter pensions, with $850M price tag - Illinois Policy

Pritzker to decide COLA increase for Chicago firefighter pensions, with $850M price tag.

Posted: Sat, 16 Jan 2021 00:57:33 GMT [source]

The principal sorts of professional consultants, and their roles, are described listed below. Our code of method - Coverage breaches of the law- tells you a lot more.

execute their work competently and also in accordance with your policy for selecting financial investments, as laid out in the declaration of financial investment principles. Among your most important obligations is to see to it that the appropriate cash is paid right into the plan at the right time. Our guidance on the auditor's statement as well as audited accounts offers more info on these requirements.

We intend to cover the PMI whole syllabus, making use of sample concerns of the kind used in PMI examinations to encourage interaction as well as discussion, and to bring out the underlying problems. The program includes a full simulated exam, as well as completed with a private test resting overseen by a PMI invigilator. We have actually run this program for many years as well as have a success price of around 98%. We champion and also promote entrepreneurship, concentrating our energy and also know-how on aspirational and growing businesses, helping owners elevate the capital they require to sustain their passions.

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How to Generate Business Ideas Through The Brainstorming Technique

Generating promising business ideas isn't easy, especially if you're alone and you do not know how to start doing it. However, through brainstorming, you can come up with great ideas that could lead you to begin a terrific business. Brainstorming is just a method of producing a group of individuals to consider something the exact same time, usually with a goal of solving a problem or producing good thoughts.

If you're really stuck and you can't generate decent business ideas independently, you can engage your colleagues to encourage you. Do not forget that the combined brainpower of a bunch of individuals, coming together to deliberate on a specific problem, can spark off ideas and solutions better than you working independently. I'd so like to share with you some of the suggestions on ways to use brainstorming to create good business ideas.

1. The first issue would be to scan the environment to identify the issues that will need to be solved along with the demands that people have. As you're the one spearheading the whole exercise and the principal beneficiary, you should have the ability to pose the problem to the group.

2. Secondly, identify people which are going to be a part of the brainstorming group. The way to identify them all depends on you and the people you surround yourself. The identification method is followed by an invitation for them to take part in the exercise. You may engage your friends; state on Facebook, to take part in brainstorming. You can even carry out online surveys.

3. Get as many ideas as the group could create. The more ideas generated the better for you. No thoughts should be blocked. All ideas should be permitted whether good or bad, whether wise or foolish. All members must be left free to develop ideas which are as funny or as absurd as you can. Bear in mind that all ideas are great because from the poor or silly ideas, good ones can be found. In any case, the term"GOOD" makes sense since there's also"BAD".

4. Respect all thoughts from the folks in the group. By regard, I mean you need to respect them as precious and you should therefore avoid criticizing them or assessing them. It can spoil the entire process and people become uncomfortable distributing openly what they have in their thoughts. In the brainstorming stage, all ideas are equally valid. It is therefore a good practice to keep enjoying each and every member of this group that generates a notion.

5. Do not repeat ideas previously mentioned. While I say this, I don't mean that if one repeats an already mentioned thought, you stop them. It will sound as if you are just too much restrictive. And that doesn't bring out the expected benefits. What you need to do, when somebody repeats an idea, would be to use the identical notion to jump into other new ideas. You use it as the foundation for to other new ideas.

6. Clarity is important in creating business ideas. Ideas shouldn't be complex and detailed. Individuals shouldn't inform winding stories that end up making people confused and eliminate time. Members need to be properly guided to precisely and concisely bring out their thoughts.

7. Avoid being judgmental. When you do that, it will obviously have a negative effect, especially on shy individuals or on those that are not knowledgeable about the thought of letting their thoughts flow and expressing them openly. You'll be spoiling the entire procedure.

Finally, I want to remind you that in the event you've been finding it hard to generate ideas to begin a small home business, consider applying this technique of brainstorming. It can work wonders for you. Don't suffer alone when you're surrounded with a number of resourceful people and when you can also get them over the internet. Wish you good luck!

Good Business Ideas For The Home Business Entrepreneur

The notion of creating an income from home is very attractive, especially when you've got the drive and ambition to start your own business. However small or large your entrepreneurial dreams, there are loads of great business ideas to be explored.

Forget the"Get Rich Quick" schemes or the promises of steady income for very little time commitment and"all you need to do" is invest in an upfront program (if something appears to be too good to be true, it likely is), and concentrate on making your own business doing something you love. When there are great business ideas which have made money for some you want to discover a business that excites and energises you. With the proper motivation and a solid business idea you will have the tools for success, and the ability to continue with your business over the long run.

Superior business ideas for home business entrepreneurs fall into three broad classes:

1. Virtual Services

With the gigantic growth in outsourcing of certain tasks or tasks, there are lots of opportunities to provide your services virtually. This means that you can work at home and provide services like admin, writing, marketing, design, information technology or social media to businesses. Either on a project basis or as their digital PA (personal assistant), marketing officer or social networking expert.

As a digital PA you'll handle all of the tasks a PA would, logging costs into a spreadsheet, booking trips, organising calendars, booking training, preparing materials for presentations and events, but based at your home.

With systems and tools like google Docs, Dropbox and other online sharing programs, it is easy to share information and supply spreadsheets, documents and reports remotely to your customers.

As a freelance writer you may offer to write reports, articles, edit articles, post blog comments, manage forum marketing, provide blogging, tweeting or HubPages content, the choices are limitless.

In case you have knowledge of SEO (search engine optimization ) you can offer a service building traffic to your customers' sites and blogs.

Locate clients by promoting your services on a Facebook fan page and by contributing to relevant discussions on Facebook, forums and blogs. Or you can discover freelance work through websites like Elance, Guru or PeoplePerHour.

2. Local Services

Use your skills and expertise to provide services to local businesses. In case you have even the most elementary marketing, online or social networking skills you can offer to be their marketing or social networking expert. Charge on a per job, hourly or monthly retainer speed, depending upon your regional market and the experience you're offering.

Many regional businesses are great at what they do but struggle to find new customers and market their business effectively online. Stop in and talk to some regional businesses and show them the way to help them get more customers, by enhancing their online marketing or social websites.

A good suggestion is to get the regional newspapers, church, school and parish newsletters and determine which firms are advertising. Contact them and talk to them about ways to help them get more business, or spend less.

3. Online Business

Online businesses are flourishing as demonstrated by the explosion in the numbers of individuals online and using Facebook. Home business entrepreneurs are discovering opportunities online like never before. Begin with a hobby, skill or something you feel passionate about and look at ways to generate income from it.

Superior business ideas include becoming an infopreneur. Create information products to discuss your ideas and experiences with others to help them resolve a problem, or fulfill a need. This can be by means of a blog, forum or community site, membership website, ebooks, reports, newsletters or online training.

Information can be given in downloadable formats so clients receive the information they want straight away, and you make money each time your merchandise is downloaded.

An information business isn't hard to set up, low risk and you can test your ideas on a small scale prior to producing more comprehensive products. Promote affiliate products to check your market or make money selling goods on eBay or Amazon.

If you are selling physical products that you may use drop-shipping to automate the fulfilment and shipping of your goods so you don't need to take care of products. The drop-ship company will handle the invoicing, payment and shipping of the goods. All you do is promote the product to the client.

The aim with an online business is to automate as much of it as possible, so you set up the systems and leave them to operate. That way you will have a truly automated business which makes money even while you are sleeping or away on vacation.

I'm a huge fan of small niche websites which you set up and forget. They will not make you rich but you can create as many little niche sites as you like and multiply your income. A niche site will concentrate on solving a single problem for a particular market, such as weight loss, caring for bearded dragons or betta fish, or eliminating acne.

Superior business ideas are all around. Start looking at the possibilities everywhere you go. See what the hot topics are in magazines and newspapers, listen to what people are talking about (or whining they are missing) and begin with your own home business now.

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Profile: Lula da Silva

Luiz Inácio “Lula” da Siva

(https://www.bbc.com/news/world-latin-america-45168837)

     Lula da Silva is seen by many as a savior to Brazilian Democratic politics. His charismatic and influential behavior promised change to the “people” of Brazil. His followers showed signs of some of the most loyal and supportive people in history, as they physically defended him until the moment he surrendered to authorities, and even still so today as he remains behind bars. During Lula’s reign as president (2003-2011), he was most famously known for removing 30 to 40 million people out of poverty, and for relating to his people as “one of them.”

Life Before Politics/ Early Political Stages

     Lula comes from a lower class family, where he worked as a shoe shiner, factory worker, and street vendor as a child to help his family make financial ends meet. Following the military coup that ended in 64, Lula sought out work at Villares Metalwork in São Bernardo do Campo. Soon after, he became part of the Metalworker’s union, eventually leading him into the role as the union’s president in 1975. His socioeconomic background led to his national attention, as he led his first movement against the military regime’s economic policy. He was also noticed for being a founder of the Workers Party (PT). According to BBC, “It was a long struggle to the top. Lula ran for president unsuccessfully three times before eventually being elected in 2002.”

     After taking office in January 2003, Lula sought to improve the economy, enact social reforms, and end government corruption. Some of his efforts in helping the poor include, a Zero Hunger scheme to assure minimum sustenance to every Brazilian, or monthly cash transfers to mothers in the lowest income strata if providing proof of sending their children to school and getting their health checked. The symbolic message behind these efforts are what stuck out as some of Lula’s best political assets.  The message was that “the state cares for the lot of every Brazilian, no matter how wretched or downtrodden, as citizens with social rights in their country.” Lula led the country during a period of “unprecedented economic growth.”

Corruption Scandals

     Lula, who led Brazil from 2003 to 2011, as the head of the left-wing Workers’ Party, is not only “one of the most charismatic public figures in Latin America but is still the most popular politician in Brazil.” However, Lula still ended up at the heart of corruption, which eventually led to him stepping down and surrendering to authorities. Lula is currently serving a 12-year sentence in prison, for being found guilty of money laundering and bribery. Lula is best known for his corruption scandal in “Operation Car Wash.” BBC describes the scandal as followed, “Operation Car Wash began in March 2014 as an investigation into allegations that executives at the state oil company Petrobras had accepted bribes from construction firms in return for awarding them contracts at inflated prices.” On top of that, there were allegations that some of the money was used to buy off politicians and to buy their votes. Lula still denies all accusations on the scandal and with his ties to the OAS construction firm. However, because of his conviction, he was no longer eligible for the presidential election of 2018. Even behind bars Lula still advocating for his ideas. BBC quoted Lula as he said, “There is no point in trying to end my ideas, they are already lingering in the air and you can't arrest them.”

Media Involvement

https://twitter.com/lulaoficial?lang=en

     Lula shows heavy involvement on both Twitter and Facebook, with over 4 million Facebook followers, and over 600 thousand Twitter followers. Although Lula is currently in prison, his campaign and followers still post daily tweets and statuses under the official verified accounts. Below is an example of a translated Facebook status posted today:

(https://www.facebook.com/Lula/)

     His legacy and beliefs seem to be carried out and reinforced by his followers on social media and in real life. News websites such as BBC, also have videos displaying the support Lula is backed up with, even until the very moments of his surrender. This article, features a video of Lula forcing himself through a crowd of his supporters to turn himself in. According to the Journalism In The America’s Blog, “The Brazilian Association of Investigative Journalism (Abraji) and the National Federation of Journalists (Fenaj) have classified as censorship and a restriction on journalism the decisions of Federal Supreme Court Ministers Luiz Fux and Dias Toffoli, which prohibit former president Luiz Inacio Lula da Silva from granting a press interview from prison.” There have also been restrictions against the Brazilian Constitution that prohibits journalists from interviewing the former president.  

Frameworks of Populism

     Mudde and Kaltwasser outline Latin American populism in three waves. The third wave ( current) claims to “fight the free market and aim to construct a new development model that will bring real progress to the poor” (Mudde and Kaltwasser, 2017, pg. 31). Many believe that Lula did just this. He pulled millions out of poverty and stood behind the idea of “bringing sovereignty back to the people.” Mudde and Kaltwasser continue in later chapters to explain different types of populist leaders. Page 68, outlines the “vox populi” a.k.a, the voice of the people. The major distinctions of a vox populi are that there is a (1) clear separation from the elites and (2) connection to the people (Mudde and Kaltwasser, 2017, pg.68) Coming from a poor background with no political family history, Lula fits right into this type of populist. BBC quoted that, "They [Brazilians] identify with Lula because he's one of them, coming from poorer parts, then becoming a metal worker, and then all the way to the presidency, without departing from these origins." Finchelstein makes an important note on populism stating that,

        “ On a global scale, populism is not a pathology of democracy but a political form that thrives in democracies that are particularly unequal, that is, in places where the income gap has increased and the legitimacy of democratic representation has decreased” (Finchelstein, 2017, pg. 5).

In the case of Lula, it is interesting because he founded a populist party (Workers Party) and continued to be supported by them throughout his presidency. According to A “Left Turn” in Latin America? Populism, Socialism, and Democratic Institutions, “it is a party that emerged from the ashes of labor-based traditions associated with President Getúlio Vargas (1930–45; 1950–54). Yet the PT’s fiscal discipline since taking office in 2003 means that it cannot be considered populist” (Schamis, 2006, pg. 21). We don’t often see populist party candidates winning presidential elections and when we do there is a fine line of what happens to that populism, and whether that party continues to exist or not. Regardless of Lula’s current status and separation from politics, his wise words and actions appear to live on throughout his supporters, and it will be interesting to see history unfold as Brazil continues under its new far-right president, Bolsonaro.

     E. Schamis, Hector. (2006). Populism, Socialism, and Democratic Institutions. Journal of Democracy. 17. 20-34. 10.1353/jod.2006.0072.

     Finchelstein, F. (2017). From fascism to populism in history. Oakland, CA: University of California Press.

     Mudde, C., & Kaltwasser, C. R. (2017). Populism: A very short introduction. New York, NY: Oxford University Press.

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Promising Investments for Your Retirement Money

One of the stepping stones to a peaceful post-retirement life is investing your retirement money in stable and efficient options. This allows you to sustain the lifestyle you had while working. Before choosing your plan, it is vital to keep in mind factors like your initial capital and monthly living expenses. There are many options available in the market and picking one that suits you best can be tiresome. To learn more about safe ways to build your ideal investment portfolio, keep reading!

Prerequisites for investing after retirement:

Review your profile and identify the associated risks. Try to keep your profile as balanced as possible and be well-informed about the consequences.

Calculate how much you will need to pay for your bills and other monthly expenses. Plan your investments so that these expenses do not deplete your initial amount.

Better safe than sorry, have a clear understanding of the investments you are making. Analyse the risk and returns of each investment before committing to it.

Divide your investments, don’t pour all your funds into one type of investment, and avoid losing more than you can afford.

Have a reasonable amount of emergency funds that can act as a safety net in the case of a medical emergency or a bad investment.

So, you’ve gone through all the prerequisites, checked all the right boxes, and are now looking at a vast ocean of investment opportunities. Here are some of the most recommended investment plans for retirees that allow you to avoid tax liability and have a steady source of monthly income.

1. Senior Citizens’ Saving Scheme (SCSS):

As the name suggests, this scheme is only for citizens above the age of 60. It is one of the most popular choices among retirees as it provides an assured way to protect your initial capital. It offers the highest post taxable returns compared to other fixed-income taxable products, allows premature withdrawal, and is eligible for tax benefits.

With an upper investment limit of 15 lakhs, the freedom to open multiple accounts, a five-year tenure with an extension of three years, and a current interest rate of 8.6% per annum, SCSS is a post-retirement investment opportunity you don’t want to miss out on.

2. Fixed Deposits (FD) For Seniors:

One of the safest forms of investments as it is free from market variables and provides a fixed monthly or quarterly return based on your preference. Banks generally offer higher interest rates on FDs for senior citizens, that range anywhere between 5 to 9%.

The tenure period ranges from 12 months to 60 months; FD also offers higher liquidity and enables you to withdraw money whenever you require. Everything considered, an FD is a stable option and you should include it in your investment portfolio.

3. Post Office Monthly Income Scheme:

This unique investment opportunity for seniors offers considerable returns at an interest rate of 7.6% as per rates announced in Q2 2019. The maximum deposit allowed is 4.5 lakhs for single ownership and not more than nine lakhs for joint accounts.

Like Fixed Deposits, POMIS offers monthly returns that are not affected by market fluctuations and are taxable. Unlike a Fixed Deposit, POMIS has a fixed maturity period of 5 years. The best part? The monthly interest is directly credited to your savings account, so you can add it to your arsenal of investments.

4. Mutual funds:

“Mutual funds Sahi hai.” we’ve heard this statement one too many times. To retirees who are economically stable enough to invest in higher-risk alternatives, mutual funds are an exciting option. Investing in mutual funds can provide high returns but they are also highly volatile and are subject to market risks.

Identify the right risk profile for your current situation and allocate your funds accordingly. Retirees are urged to steer clear of thematic and funds including mid or small caps.

5. Debt funds:

A debt fund is a type of mutual fund but doesn’t have as much risk involved because they focus on fixed-income investments. They can provide returns as high as 15% of your investment per annum, are flexible, and provide liquidity, but charges may apply, and money cannot be withdrawn immediately. Nevertheless, long-term debt funds offer high returns based on market performance.

After retirement, the money you have worked tirelessly to save should work on its own to provide for your monthly expenses. Retirees are advised to construct an efficient investment portfolio that distributes their funds to several options by weighing the risk involved and meets their monthly financial requirements.

Make your savings work for you while you sit back and get a kick out of your retirement.

To avail more important information and attend the helpful sessions for seniors you can install Evergreen Club which is one of the best social networking apps for older adults.

Respond

[weareyour4]

The Dangers of Multi-Level Marketing…

By Emmaf8

The world of multi-level marketing is based upon emotional language both positive and negative. The numbers are often misleading and with MLM recruitment growing during the pandemic its important to understand the hallmarks of an MLM, the language used to describe them and the pitfalls of joining one.

This time last year the number of redundancies in the UK had increased by 27,000 in the quarter between April – June 2020. This statistic happened to coincide with a rise in invites to join multi-level marketing companies arriving in my inbox but what might the correlation be? There are two ways of approaching it and two camps who broadly represent these views.

On the one hand, this was the highest level of redundancies since 2013 and understandably led to many people looking to subsidise their incomes or find a new job. MLMs offered good opportunities to work from home. This attitude leans into the kind of rhetoric used by MLM recruiters and the Direct Selling Association (DSA) (the only UK recognised trade body for MLMs) who talk about direct selling as a ‘flexible option’ to earn money around existing commitments. The second camp, comprised of those who are more sceptical about direct selling or who belong to the Anti-MLM community online would point to the rise in unemployment and rise in MLM recruitment as recruiters seeing an opportunity to cash-in on others financial uncertainty.

The DSA estimates that around 631,000 people in the UK play some part in the chain of direct selling (a rise of around 200,000 since 2019) and on average these sellers earn £481 per month. However, this is only an average and many could be earning much less. It also doesn’t reflect how much money is being earned from starter fees and how much comes from actual product sales. In addition, not all companies have the same protocols for calculating sales, so this £481 figure could partially come from sellers themselves purchasing stock to match monthly targets, and their upline profiting from those purchases. While MLMs are not technically pyramid schemes they do follow very similar selling practices and the numbers make clear that they are successful only for the very few and this success comes off the backs of others.

My contact with MLM sellers always began with a Facebook invite to join a private group or page where they were selling their products to friends and family. The Body Shop at Home, the multi-level marketing branch of the Body Shop UK, USA and Australia would soon become easily recognisable for me as multiple friends and acquaintances invited me to purchase through them rather than the prominent brick-and-mortar stores. The Body Shop at Home follows a direct selling business model where individuals sign up to sell the company’s products and earn commission from this while also recruiting other people, who form their downline. There is an initial fee of £49 which pays for your starter kit although you are encouraged to purchase additional stock. The posts you see online from people working for multi-level marketing companies like this one usually follow the same basic structure. This person is so lucky to have found this opportunity, they are so pleased to be controlling what they hours they work and encourage people to join their team and earn easy money.

The first invite I received to this effect came in August 2020 from a friendly acquaintance of mine who I’d met at university. She had recently graduated and in the financial uncertainty of graduate employment in a pandemic had joined the Body Shop at Home to boost her finances. What was initially a group invitation that I was indifferent about quickly became a daily bombardment of posts. Our limited relationship meant that I felt comfortable muting her posts and moving on. A short while later a woman I’d gone to school with added me to a Facebook group for the same company. She was in a similar position to the first woman, a second-year student, not working because of Covid, looking for extra funds.

Of the 631,000 MLM sellers in the UK 96% of them are female. In May 2020 the Institute for Fiscal Studies found that mothers are 47% more likely to lose or quit their jobs than fathers and MLM’s can appear to promise much needed revenue for stay-at-home parents. The third contact I received from a Body Shop at Home consultant reflects this. A woman I knew through her husband added me to a by now typical Facebook group. I was surprised at first because she had a job as a veterinary nurse, but it soon became clear that she had opted for this MLM role as the couple were expecting their first child and they wanted to subsidise their income while she was on extended maternity leave.

There is a disproportionate amount of recruitment materials aimed at young women, particularly new mothers which is made even more problematic considering that less than 1% of MLM participants turn a profit and over 99% break even or make a loss. These figures, presented by Dr Jon M. Taylor for the Consumer Awareness Institute reflect the ‘predatory and harmful’ practices of MLM recruitment. While the Body Shop at Home is a fairly low risk MLM, due to its low starting cost and lack of pressured sales targets it is still inadvisable to join. Other MLMs such as Forever Living cost £199.75 for its ‘Start Your Journey’ pack and a Nu Skin starter pack costs between £346 and £1,107.

In response to the vast number of horror stories available online, where people tell their personal stories of losing £1,000s into MLM memberships the Anti-MLM community is present. The largest discussions I’ve found come from Reddit and YouTube. Much of this community has a vested interest in informing people and encouraging them to choose other employment. They point out the common language used by MLM recruiters who are often referred to as ‘hunbots’ due to their overwhelmingly female recruitment pool and opening messages beginning with the words ‘Hey Hun’. While the activity of the Anti-MLM community is based out of a moral wish to challenge questionable business practices (which many of the Anti-MLM community members have fallen foul of at some point), language such as the labelling of ‘hunbots’ strikes me as alienating. Amelia Tait explains how uplines isolate their sellers by encouraging them to stay away from those who criticise the company. I worry that the dismissive language at times deployed by the anti-MLM community while offering fair critique of the immoral selling techniques of MLMs risks alienating and further fuelling the confirmation bias encouraged among direct sellers.

In conclusion, the business practices of MLMs are questionable to say the least and the figures speak for themselves in terms of the success to failure ratio. While the ethics of the higher ups in these companies are certainly questionable, I worry about the everyday sellers at the bottom of the pile, joining due to financial problems and lulled into a false sense of security by misleading language.

References:

Employment in the UK - Office for National Statistics (ons.gov.uk)

DSA UK – The Direct Selling Association UK

'They have you in a cultish grip': the women losing thousands to online beauty schemes | Beauty | The Guardian

DSA UK – The Direct Selling Association UK

Become A Consultant | The Body Shop At Home™ DSA UK – The Direct Selling Association UK

As many lose work in the pandemic, “multi-level marketing schemes” spot a recruitment opportunity (newstatesman.com)

00008-57281.pdf (ftc.gov)

00008-57281.pdf (ftc.gov) p.7 -1

'They have you in a cultish grip': the women losing thousands to online beauty schemes | Beauty | The Guardian

[pbacklinks]

How to Make Money Online for Beginners?

New Post has been published on https://pingbacklinks.com/how-to-make-money-online-for-beginners/

How to Make Money Online for Beginners?

How to Make Money Online for Beginners?

  Well, have you ever wished to earn money online as a beginner? Well, you’d love to hear that there are legit ways of making money online. Whether you want to work part-time to supplement your employment income or you want to work full time, there is always joy in working online. You’ll get an opportunity to work at your schedule without the supervision of anyone. Besides, you don’t have to travel therefore spending extra money on going to a workplace.

  Also, some ways of making money online will reward you highly, and if you doubt whether online money can pay your bills and leave some to spend, then you’ll know that it’s possible to make a decent living here. Some people who are working online are making even more than $10,000 per month, and you could be one too. Well, let’s not waste further time with the introduction and head to the top ways of making money at the comfort of your sofa.

  Top 20 ways of making money online: The Beginner’s Guide

  Affiliate Marketing for Beginners

  Well, if you are a website or blog owner, then this is one of the easiest ways to make money online. Most people who’re familiar with affiliate marketing know of the amazon affiliate program, which is the biggest affiliate network in the world.

Affiliate marketing is a program in which a brand offers you a commission to promote their products or services on your site. However, unlike advertising, you are only paid for every sale you make. Most people usually dismiss affiliate marketing as a “get rich quick scheme,” but affiliate marketing can pay you more if you spend time to create good site content and have a bigger audience.

  Since you know the definition of affiliate marketing, the best way to get started with it is to find affiliate programs and choose the products/ services you’ll promote. Once you identify these products, ensure they’re in your niche, and it’s what your customers are interested in. Now, spend time developing good quality content on your site to draw more traffic.

  Also, check the commission rates and decide on how you’ll promote these products. You can write product reviews and include those products, or you could develop content and insert the products naturally in the article. According to Chris Brogan, most successful affiliate marketers invest in their content first. Therefore, take time to develop compelling content and start to do promote the products. Finally, ensure the product or service you’re promoting is one you’ve tried so that you’ll build the audience’s trust. FTC has also come up with new rules affecting bloggers and online influencers. This makes it necessary to declare to your audience whether you’ll make money from suggesting the products you’re promoting to them.

  Online Freelancing

  Well, if you are looking to make money as a beginner, then the top choice is freelancing. Most average freelancers earn more than $10,000 monthly, and you can even get more if your skills are top-notch. Freelancing does not require any investment. You only need a computer and an active internet connection to handle most jobs.

  Once you have the two, you can join freelancing sites such as Upwork, Freelancer, Fiverr, and create an account. Fill in your details, including contact information and your residence. You’ll then be given a sample test to review your skills. Once you pass the test, you’ll be able to start receiving work to do. The most popular freelance work is writing and proofreading. Others include translations, web design, transcription and programming.

The best part of freelancing is you’ll be able to determine who to work for and at what time. When starting in as a freelance writer, I’d suggest you begin to work with a content mill. Content mills are like brokers: they’re paid by clients, and then they hire writers to handle their work. However, they pay a little less than the amount paid by clients. Once you’re proficient in the field, you can look for direct clients. Direct clients offer the best compensation, and most successful writers around the globe work for clients directly. Also, they set up a website where clients can access their services.

  Proofreading is also one of the easiest and most flexible jobs in the online world. It’s an essential component of writing and is ideal for those looking for quick cash. Also, you can do it anywhere, making it a work-from-home job. Without proofreaders, you’ll quickly be bored with misspelled words and articles full of grammatical errors.

  Besides, proofreading also offers higher flexibility than even that of freelance writing. That is, you can work anywhere: whether you are at home, on vacation, or in the office, you can proofread articles and documents provided you meet the client’s deadlines. Also, it’s not mandatory to have a computer or laptop as you can use a mobile phone or tablet to proofread remotely. Besides, it’s not a necessity to have fast internet as you won’t be having files or videos in your work. Finally, you don’t need any type of office equipment, and there are numerous websites online where you can find proofreading jobs such as Scribendi, Upwork, and Scribbr.

    Start a website/ Blog

  If you have a website or you are passionate about writing, then you’ll enjoy blogging for money. The good thing with blogging is you have dozens of ways to make money online. You only need to choose a niche, have good internet and be willing to learn. An excellent place to start when looking for a niche is to look for your favorite topics. Even if you’re doubtful of your expertise in the field, as long as you’re passionate, you’ll find it easy to develop great content.

  The posts in your blog should be well formatted, in-depth, entertaining, and informative to your audience. With that in mind, you’ll find it easier to build and maintain a big audience. You should also create social media pages for your site so that audience can reach you via these platforms. And encourage them to share your posts to social media when they find it interesting.

  Once you set up your blog and have the right audience, the next step is monetizing it. There are over 10 ways of monetizing your website and you could integrate them all. For instance, you can do affiliate marketing, build an email marketing list or even sell your own products or services. Furthermore, you can sell an advertising space, create job boars and even offer premium content. Regardless of the one, you choose they’ll help you make money.

  The most popular way of monetizing your website is by use of “pay per click” advert services. Google AdSense is the most popular provider, and Google enables you to join their large advertising network by having adverts on your site. The best thing with Google AdSense is that everything is simple as you only need to sign up, and Google will place the codes on your site that will identify your niche and post the relevant ads to your visitors. You’ll be paid between $0.50 and $5 each time someone clicks the link. The Pay Per Click advertising is ideal for websites with heavy traffic and you could end up making hundreds or thousands of dollars per month.

    Buy& Sell Domain

  Buying and selling of domain names is a great work for beginners who are venturing into the online industry. But when it comes to this online business, you must identify the marketplace for buying domains, the place where to sell them, how to transfer them and what you should charge for each domain. Also, it’s vital to check whether there’ll be any trademark issues from the transactions.

  From those who are not familiar with domain names, these are the addresses of sites which people type into their browsers. For instance, a domain name for Google is www.Google.com while yours can be www.yourblogname.com. Domain names are like pieces of land in the internet world. In the domain selling a business, you only need to buy a domain from a hosting provider for between $10 and $15 per year. Since some of them may have quality backlinks or high traffic, they can earn you lots of money when you put them for sale in the market.

  Another option also is buying a domain name using it and ensuring you generate high-quality traffic. Once it’s marketable, you can put it on domain marketplaces such as Sedo and Flippa. Also, some domain names will expire if their owners fail to renew their payments or if they are abandoned. You can then buy these domain names while they’re available and sell them in the future. Also, another way of marketing your domains is by advertising on the homepage that you’re selling it. Therefore, interested buyers will be able to reach you for a possible deal on these domain names.

So can domain buying and selling be full time and well-paying internet job? Yes, many people depend on this business to pay their bills. You should only focus on popular domain names, i.e., generic names, business names, and geographic names. If you do so, then getting buyers will be easier. And besides, you’ll receive higher hundreds of thousands of dollars for your sales.

    Print On Demand

  Have you ever had an amazing t-shirt printing idea and wondered whether you could make money from it? Yes, Print on Demand sites enables you to set your designs online, connect you with an e-commerce manufacturer, and ships the product for you. For instance, you choose a sweater, send the manufacturer the image or drawing to be printed on it then buy it at $10. Now you list it on your site at $30, and when a customer wants to purchase it, then the manufacturer fulfills it and ships it to the customer. Therefore, you’ll spend $10 and earn $30. You’ll make a profit of $20 without involving yourself in the manufacturing or shipping process.

  Print on Demand (POD) services enables many people to make money online without investing in any equipment or shipping services. This business model has been in the market for a long time but recently advanced during the last few years. It’s simple as you only create the designs and let the POD company handle the rest. The most common merchandise in POD businesses is t-shirts, tops, hoodies, bags, cups, coffee mugs, and accessories. Also, there are tons of ways in which you can make money with your designs, and you have to pick the one that suits you. You can set your POD e-commerce site, create listings in marketplaces or upload the designs to Print on Demand platforms. Using the existing platforms is easier than creating yours from scratch.

  But like most things in life, the hardest method will require you to invest heavily, but they have higher earning potential. The easier methods, on the other hand, require less investment but also have less earning potential. POD method is best for those who love creating designs only, and earning more; you have to create thousands of designs. You can also hire a designer from Fiverr. Popular POD marketplaces include TeePublic, Zazzle, Spreadshirt, and Merch by Amazon.

  Sell on eBay

  If you’re a regular user of eBay, then you’ll love to hear that you can make money on the platform. Besides, the platform requires no or little investment, and there are numerous benefits of working with this platform. These include its faster payments, millions of customers, and minimal or no investment. But though it requires less investment, you should make a plan and implement it to succeed in this business.

  The first step on selling on eBay is to take a test drive on it to become familiar with the system. Also, it will enable you to know whether you can handle this business. First, sign up for a free account with eBay and buy an item from the site. When buying, pay attention to the small details that attract you to the product, i.e., price, heading, and photo. There are two types of sales in eBay: auctions and fixed prices. Items with fixed prices do not allow any negotiation, and they’re bought right away. The items on bidding on the other hand have a minimum and maximum price. You’ll be required to indicate the price you’re willing to pay, and if your bid wins, then you’ll take the product home.

  Now, start by selling a few things, i.e., items you don’t need in your home at eBay. Take high-quality photos of these items, write good descriptions, and set a low opening bid to attract many bidders. Also, indicate your after-service, i.e., shipping policy and whether you’ll offer refunds for customers not satisfied with the product. If you are successful in your test drive, then you’ll need to pick a niche and find the source of items you’ll be selling. Finally, if you want to invest full-time in the business, then set an office and license it with your state.

    Sell on Etsy

  If you’re not familiar with Etsy, then it’s an online marketplace for selling unique items. It can be anything from candles to clothes, greeting cards, and bath bombs. There are about 40 million active buyers on the platform and over 2 million active sellers, so you’ll easily get a platform for marketing your goods. The amount of money you’ll make on this platform depends on the success of your shop. Some people make between 20 and 30 euros per month while others earn an amount higher enough to make it a full-time job. However, to be successful in Etsy, you’ll have to set up your business and take time to make it popular. It’s not a set it up and forget it type of business. However, the time you spend will pay off in the long end.

  When joining Etsy, it’s essential to do with a plan. You should first figure out the logistics to know whether it’ll be worth it working on the site. Also, check the items allowed on the site, seller fees and do a proper market research. This is because Etsy has strict rules and doesn’t allow you to sell items that are not vintage or handmade. Therefore, the handmade products should be sources from you or your business while the vintage products should be 20 years and above old. Therefore, it’s not easy to buy cheap stuff and resell it in the platform. Once you check the essentials, such as fees and market the next task is creating your Etsy shop.

  Creating an Etsy shop takes only a few minutes but you may spend other time customizing the site pages. Also, the name, logo and bio should match your business and connect you with clients. Next, create good product descriptions and market your shop through social media platforms. Once you are up and running, make sure you sell quality items at reasonable prices and offer good customer care services. If you provide quality items and services, you won’t take long to make hundreds or thousands of dollars on Etsy.

    YouTube

  YouTube is one of my favorite ways of making money online. Its free to open a YouTube account and you can easily create a community around you. Besides, you can do what you love and be paid for it. To make money from YouTube, you’ll have to create good content on the internet: it can be free guides, lessons, or even entertainment. Most celebrities make thousands of dollars from money, and you can do it too, without being a celebrity.

You only need to open a YouTube channel, and you’ll bump into many opportunities of making money online. Once you open a channel, you should focus on building up an audience. YouTube doesn’t pay you to upload videos on their site. Therefore, to make money on the platform, you’ll there are two ways of making money on YouTube: by advertising ads or by acting as an ad platform. You can get ads from other brands to advertise in your channel or you can advertise your products or services with YouTube ads. When such occurs, then you’ll pay YouTube to make your products more popular. And since customers can click the links to your products, you’ll end up making sales from YouTube.

  Another way is by acting as an ad platform. With that, you can monetize your website with YouTube ads. Your earning potential does not solely rely on the number of views or subscriber you have but other factors such as levels of engagement. However, even if there are thousands of views on your video and no customer clicks the ad link, then you’ll not earn any money. You’ll only earn money for any ad click. Another new way of making money via YouTube is the YouTube Premium account that allows your viewers to support you without placing ads in your videos. The viewers pay some money for these accounts, and you’ll be paid based on how people watch your content.

  Dropshipping

  The last way of making money online in our review is via drop shipping. When venturing into an online business, most beginners wander where to get products to sell or even how to get customers. However, buying products and even shipping to customers are expensive investments which you could bypass by choosing the drop shipping feature. Drop shipping is one of the most popular ways of making money online as its easy, doesn’t require investment, and is a low-risk business.

  With drop shipping, you don’t need to sell any product, look for a business model, store inventories, ship out products, or look for up-front capital. With this business, you look for distributors or wholesalers that are offering drop shipping. You then pay them the wholesale prices for their items and give them the customer addresses where they’ll deliver the products. Also, other times you can automate everything to enable you to focus on your business operations and marketing of your products. The drop shipper will also handle the logistics and deliver the products to the customer as it comes from you. To make more profits with drop shipping, raise the prices of the items to offset the drop shipping fees.

  Therefore, work on getting an audience, then money will automatically flow to your account. The next task will be promoting your blog. Use SEO optimized articles, social media platforms, and email marketing campaigns to reach out to a larger audience.

  Making money online as a beginner may seem a challenging task at first, but it’s possible for anyone. Just pick an online job you can handle comfortably and proceed to build your reputation in the industry. As your portfolio and reputation increases, you’ll also receive more payments for your services. Also, note that it takes time and patience to be established in the industry, and therefore, don’t give up when things don’t seem to go your way.

[freenewstoday]

New Post has been published on https://freenews.today/2020/12/18/us-military-service-members-likely-to-pay-double-in-fica-taxes-for-deferment-payback/

US military service members likely to pay double in FICA taxes for deferment payback

Service members in the U.S. military will get a rude awakening in the new year when they see their taxes increase over four months to pay back a deferment given to them back in September.

President Trump’s payroll tax deferral policy was intended to provide financial relief and was applied automatically to some U.S. military salaries.

The deferral was automatic for civilian employees with wages less than $4,000 per pay period and service members with a monthly rate of basic pay of less than $8,666.66, according to the Defense Finance and Accounting Service. There was no opt-out option for civilian or military employees. 

MILITARY MEMBERS UNABLE TO OPT-OUT OF TRUMP’S PAYROLL TAX DEFERRAL

FICA taxes, which fund Social Security and Medicare, were deferred from the payroll tax, which is paid separately from federal income taxes. The executive order applies only to the Social Security obligation of 6.2%. Unless the deferment is forgiven by Washington before the end of the year, many service members will be forced to start paying a total of 12.4% on Jan. 1.

Veteran and military advocate Garrett Cathcart said the increase in taxes will put a strain on service members and their families who are already feeling the financial squeeze from the effects of the COVID-19 pandemic.

“It was well-intentioned, right,” Cathcart, a U.S. Army veteran who now serves as the executive director of Mission Roll Call, told Fox News. “How do we help service members and federal employees out during this COVID pandemic? But it was a FICA tax deferral and so service members had no choice. It was applied automatically.

“A lot of folks never even knew what happened. And starting Jan. 1, federal taxes will double to call all that back.”

Cathcart and his organization are calling upon lawmakers in Washington to lift the mandate on baying back the taxes before the end of the year.

“It’s kind of common sense,” he says. “Let’s not have them pay taxes, but then, you know, because of Congress not acting and not working with the executive, now we’re going take it all back.”

“It’s one of that kind of wonky, bureaucratic thing. But at end of the day, it’s you know, the young soldier is the one we’re going to get hurt.”

Cathcart said Mission Roll Call surveyed nearly 900,000 veterans and discovered that nearly 90% agreed that their paychecks should not be docked by the IRS.

“We’re trying to keep the government open, but this should be one thing everyone should agree on,” he said. “I kind of feel like Uncle Sam is being a Grinch right now before Christmas.”

Officials for the IRS did not immediately respond to requests for comment.

President Trump said back in September when he enacted the order that he would likely forgive all deferments, but only if he was reelected.

Officials for President-Elect Joe Biden’s transition team did not immediately respond to a request for comment.

Back in September, a group of over 20 senators urged the Trump administration to allow federal workers and military service members the option to opt out of the deferral.

“Federal workers and service members should not be used as pawns for a payroll tax scheme that many private sector employers are unlikely to join and where key questions remain unanswered,” the senators wrote in a letter addressed to Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Russell Vought.

SENATORS URGE TRUMP ADMINISTRATION TO MAKE PAYROLL TAX DEFERRAL OPTIONAL FOR FEDERAL WORKERS

Active service members tell Fox News the increase in taxes could make things tough for military families.

“Having a tax deferment didn’t help or hurt me,” a US Army major based in Kansas told Fox News. They asked that their name not be published due to media restrictions placed on service members.

“Majors, lieutenants, colonels, even some captains, really should be unaffected by this because they make enough money, and they tend to be a little bit better educated with how to handle money. When this happened in September, my gut reaction was this is going to crush junior enlisted soldiers.” 

“A private that makes six hundred dollars a month before taxes like an 18-year-old kid — maybe a little bit older — they don’t know how to manage their money,” the major added. “So, the fear is that when the payroll tax comes back, and everyone has to pay it back. In an ideal world, everyone has kind of had that money sitting in a savings account just to give back to the government. But that’s not the case. “

Fox News’ Megan Henney and FOX Business’ Brittney De Lea contributed to this story.

Source

[evergreenclub991]

Should Seniors Invest In Mutual Funds?

“Mutual funds are subject to market risk. Please read the offer document carefully before investing”. We all have heard this line, which makes us feel mutual funds are a risky business. But is that the case? Or is it a great platform for investment? Is it beneficial for senior citizens? Let us help you understand the mutual fund business.

Managing day-to-day expenses, the most crucial element of money management in your life, still holds the same importance, even as a senior. Though with retirement the security from the regular income from paychecks stops, there are options to cope and in fact add to your kitty.

If you are amongst those independent people who still aim for more, then keep reading, as you are about to explore a world full of possibilities for investment options based on needs, risks and returns.

Investments to Manage Monthly Expenses

The Indian Government has carefully planned investment opportunities for seniors; some are safe (though, with comparatively lower-returns), low-risk fixed-income investment options-

Bank Fixed Deposits and Recurring Deposits

Post Office Fixed Deposits and Recurring Deposits

Senior Citizens Savings Scheme

Pradhan Mantri Vaya Vandana Yojana

Investments to Protect, Grow and Manage Wealth

If you are the type that likes to make it big, then investing in mutual funds could work for you. Mutual funds generally are classified into three categories — debt, equity and balanced mutual funds.

Debt mutual fund

This is the best option for seniors as it involves lesser risk and gives a high return as compared to FD’s or normal savings account.

Equity mutual fund

In this, your surplus is used to buy shares or stocks of companies. Though, these are subject to higher risks, when the market gains momentum you are entitled to higher returns.

Balanced mutual fund

A balanced mutual fund is a mix of debt and equity. It is moderately risky and gives higher returns, but the investment is long term — you have to be a bit patient and ready for a long haul.

‘’A good investment is key to dealing with uncertainties.’’ Traditionally we Indians save our assets and hard-earned money for the next seven generations. In the process, we tend to overlook our future financial needs. It is of utmost importance to understand that life does not end after retirement. In fact, it gets better with all the acquired wisdom and wealth gained over the years. That being said, how are you planning to invest your wisdom to earn more wealth?

To know more about mutual funds and financial planning you can register for online classes for older adults at the Evergreen Club app.

[relapsingbadass]

How to Validate Business Ideas for Your Own Online Business

Business ideas have a tendency to come up with and come up in the very unusual and unexpected places. Sometimes, business ideas can pop out in the head during a long commute to and from work. Or just simply by lining up in the supermarket, an individual can think of a lengthy list of potential business ideas that could establish a successful online business. Any time of the day and where you're, for sure there is a possibility that a business idea will enter your mind. This may excite you and would push you to believe you have a blazing idea that could transform into a leading online business.

If for case you're having a fantastic day and you think you have the business idea that could transform the world or bring you millions, what you can do is to slow down and jot it down. You do not have to immediately get to excited, tell everyone you know and start your own online business. Even if you've got the money and the motivation to do it, bear in mind that it is a trap just waiting for you. To be able to avoid the typical start-up trap, it is suggested that you check and validate your business idea. Here are four fundamental things or measures which you can take to check if your business idea is viable or if it is just another ordinary day for normal ideas.

Make time to identity your intended audience. Is there a significant market for your business ideas? How big is the market concerning dollars? Is this a growing market online or many online entrepreneurs have ventured into this market for the last few years? These queries can be answered by performing a couple of minutes worth of research online. At times, there are organizations and sites that are focused and committed on the market that you might also check out. It does not mean though that you will need to do all of your research online. Occasionally you it pays to do the traditional research too by linking trade classes and expositions. This should help you realize the niche you are attempting to crack. A little quantity of study can help you confirm if your business idea will prosper online.

Take the time to identify your targeted clients. You want to take into account the demographics of your target customer base. When you put up your own online business, you will need to understand who your clients are. What are the age brackets, and do they belong to a particular income bracket? Or maybe your business idea or products appeal most to female clients? By understanding who your customers are you can easily customize the sales strategies you will adopt. You can easily produce a business plan or advertising campaign that could effectively zero-in and appeal to your target audience. This may also help you improve on the products and services so that these will appeal more to your clients.

Validate the demand for your services and products. You do not need to employ the services of the experts to test if your services and products are doing well on the market. On your own, you can tell the way the marketplace and your clients respond to your services and products. 1 thing that you could do is to get comments and testimonials from your clients. Prepare a questionnaire to learn what they consider your proposed service or product.

From here, you need to get an idea if the business concept will take off or not. If it shows a few signs of a fantastic future, then that is the time you ought to build your contacts which may help market a high online business. You need to have three or more lists in your possession- the list of possible clients, list of suppliers and list of vendors. Try to include up names on such lists on a regular basis and conceptualize strategies about ways to reach out to them. Other successful online business owners will have their own strategies about the best way best to capitalize on business ideas. However one thing remains for sure; a business idea will take off if there is demand for it and clients are prepared to pay for it.

Dany Cooper

I live in a very small village in Ontario Canada, because of the internet it's allowed me to work at home just like countless others. This miracle tool of the 20th century that the internet has given us all the power to connect it doesn't matter were we are where we live. It's an awesome device using a growth rate that increases daily, as a growing number of people discover what and how the internet can help them. Whether it's for business or pleasure it does the job that we ask it to perform.

Good Business Ideas For The Home Business Entrepreneur

The notion of creating an income from home is very attractive, especially when you've got the drive and ambition to start your own business. However small or large your entrepreneurial dreams, there are loads of great business ideas to be explored.

Forget the"Get Rich Quick" schemes or the promises of steady income for very little time commitment and"all you need to do" is invest in an upfront program (if something appears to be too good to be true, it likely is), and concentrate on making your own business doing something you love. When there are great business ideas which have made money for some you want to discover a business that excites and energises you. With the proper motivation and a solid business idea you will have the tools for success, and the ability to continue with your business over the long run.

Superior business ideas for home business entrepreneurs fall into three broad classes:

1. Virtual Services

With the gigantic growth in outsourcing of certain tasks or tasks, there are lots of opportunities to provide your services virtually. This means that you can work at home and provide services like admin, writing, marketing, design, information technology or social media to businesses. Either on a project basis or as their digital PA (personal assistant), marketing officer or social networking expert.

As a digital PA you'll handle all of the tasks a PA would, logging costs into a spreadsheet, booking trips, organising calendars, booking training, preparing materials for presentations and events, but based at your home.

With systems and tools like google Docs, Dropbox and other online sharing programs, it is easy to share information and supply spreadsheets, documents and reports remotely to your customers.

As a freelance writer you may offer to write reports, articles, edit articles, post blog comments, manage forum marketing, provide blogging, tweeting or HubPages content, the choices are limitless.

In case you have knowledge of SEO (search engine optimization ) you can offer a service building traffic to your customers' sites and blogs.

Find customers by promoting your services on a Facebook fan page and by contributing to relevant discussions on Facebook, forums and blogs. Or you can discover freelance work through websites like Elance, Guru or PeoplePerHour.

2. Local Services

Use your skills and expertise to provide solutions to local businesses. In case you have even the most elementary marketing, online or social networking skills you can offer to be their marketing or social networking expert. Charge on a per job, hourly or monthly retainer speed, depending upon your regional market and the experience you're offering.

Many regional businesses are great at what they do but struggle to find new customers and market their business effectively online. Stop in and talk to some regional businesses and show them the way to help them get more customers, by enhancing their online marketing or social websites.

A good suggestion is to get the regional newspapers, church, school and parish newsletters and determine which firms are advertising. Contact them and talk to them about ways to help them get more business, or spend less.

3. Online Business

Online businesses are flourishing as demonstrated by the explosion in the numbers of individuals online and using Facebook. Home business entrepreneurs are discovering opportunities online like never before. Begin with a hobby, skill or something you feel passionate about and look at ways to generate income from it.

Superior business ideas include becoming an infopreneur. Create information products to discuss your ideas and experiences with others to help them resolve a problem, or fulfill a need. This can be by means of a blog, forum or community site, membership website, ebooks, reports, newsletters or online training.

Information can be given in downloadable formats so clients receive the information they want straight away, and you make money each time your merchandise is downloaded.

An information business isn't hard to set up, low risk and you can test your ideas on a small scale prior to producing more comprehensive products. Promote affiliate products to check your market or make money selling goods on eBay or Amazon.

If you are selling physical products that you may use drop-shipping to automate the fulfilment and shipping of your goods so you don't need to take care of products. The drop-ship company will handle the invoicing, payment and shipping of the goods. All you do is promote the product to the client.

The aim with an online business is to automate as much of it as possible, so you set up the systems and leave them to operate. That way you will have a truly automated business which makes money even while you are sleeping or away on vacation.

I'm a huge fan of small niche websites which you set up and forget. They will not make you rich but you can create as many little niche sites as you like and multiply your income. A niche site will concentrate on solving a single problem for a particular market, such as weight loss, caring for bearded dragons or betta fish, or eliminating acne.

Superior business ideas are all around. Start looking at the possibilities everywhere you go. See what the hot topics are in magazines and magazines, listen to what people are talking about (or whining they are missing) and begin with your own home business now.

[nidhimehra2812]

Feature and Benefits of the National Pension System

Planning for retirement is essential if you want to live a financially worry-free life in your golden years. If you have accumulated a retirement corpus during your active working life, you can easily utilize the corpus to fund your retirement and even leave behind a legacy for your family. Since retirement planning is important, there are various ways to create a retirement corpus. One such avenue is the National Pension System.

What is the National Pension System?

The National Pension System, called NPS in short, is a Government-introduced retirement planning tool. It is an investment avenue wherein you can invest over a long term period to build a retirement corpus. The scheme not only helps create a retirement fund, but it also promises lifelong incomes in the form of annuities so that you have a source of income post-retirement.

Features of the NPS scheme

Here are the salient features of the NPS scheme which you should know before you do NPS investment online –

The scheme is for investors aged between 18 years and 60 years.

Both Indian residents and NRIs can do NPS investment online 

The NPS scheme is market-linked. The investments made into the scheme are allocated to market-linked funds and the returns are not guaranteed

There are two types of investment accounts – Tier I and Tier II. Tier I is mandatory while Tier II is optional

You can choose from two investment strategies – Active Choice and Auto Choice. Under the Active Choice strategy, you can choose the investment funds as per your preference. Under the Auto Choice strategy, however, the funds are automatically chosen based on your risk preference

There are eight NPS fund managers to manage your investments and you can choose any fund manager as you want

Switching between fund managers and investment strategies is allowed

Partial withdrawals are allowed from the third year of investment from Tier I Account. Such withdrawals are allowed @25% of the accumulated fund value and for specific financial needs only

When the scheme matures, up to 60% of the accumulated fund value can be withdrawn in a lump sum while the remaining corpus is used to pay annuities

There are different types of annuity options to choose from and you can receive annuities yearly, half-yearly, quarterly or monthly

NPS benefits

Now that you know how NPS investments work, have a look into NPS benefits which make this avenue an ideal retirement planning tool –

Easy and affordable investments

You can do NPS investment online from the comfort of your home or office. In fact, you can download the ETMONEY application on your Smartphone and do NPS investments right from your phone. ETMONEY is one of the best personal finance platforms, which allows you to do NPS investments with minimal hassles. So, investing in NPS is easy. Moreover, the minimum amount of investment is also low and affordable. For Tier I Account you should invest at least Rs.500 to open the account and for Tier II the amount is Rs.1000. Thereafter, you need to invest at least Rs.1000 in Tier I Account and Rs.250 in Tier-II Account annually to keep your NPS Account active. This amount is low and affordable allowing all types of investors to invest in the scheme.

Attractive returns

Since NPS investments are market-linked, you can get attractive inflation-adjusted returns which help in building up a considerable retirement corpus.

Flexibility 

The features of partial withdrawals and switching give flexibility to the NPS scheme. While partial withdrawals help you meet urgent financial needs, switching helps you manage your investments in the best possible manner.

Tax benefits

One of the main NPS benefits is its tax saving nature. The money that you invest in the NPS account is allowed as a deduction from your taxable income. A deduction of up to Rs.1.5 lakh can be claimed under Section 80 CCD (1) and another additional deduction of Rs.50,000 can be claimed under Section  80 CCD (1B). Even Section 80 CCD (2) allows an additional deduction for your employer’s contribution to the NPS scheme. 

Partial withdrawals are tax-free and, on maturity, the corpus that you withdraw in a lump sum (60% of the fund value) is also completely tax-free in your hands.

So, the NPS scheme is quite beneficial for your retirement planning. You also get the benefit of annuity incomes which are guaranteed ensuring that you don’t face financial hardships after retirement. So, invest in the NPS scheme and build a tax-efficient retirement corpus. To invest, choose the best personal finance platform, ETMONEY, for your investment. This best personal finance platform would not only help you invest in NPS but also monitor your investments and switch or withdraw whenever needed. So, don’t delay retirement planning. Start today and build a substantial corpus for tomorrow.

[jaysontaylor7619]

Why should you save?

Let us begin by understanding the need to save. Saving money is nothing but building up a corpus that you can use for various purposes. From attending to an emergency such as a medical emergency to paying for a planned expense such as buying a house, your corpus can help you achieve life goals with greater ease.

There are multiple reasons for goal-based savings. Here is a list of the most common goals for which you should save:

1. For emergencies

Life often throws many surprising challenges in front of you and most of the time, you may find yourself unprepared for them. From your vehicle getting involved in an accident to your mobile phone getting stolen, from your parents requiring urgent hospitalization to your investments suffering due to slow market trends, you can never know what financial challenge lies at the next end. You, therefore, need to save some money and keep it ready for such unforeseen expenses. This is the most important reason why you should get into the habit of saving money each and every month to ensure you have enough with you when you need to address an emergency.

There are multiple factors that determine your emergency corpus amount like:

Average monthly expenses

Nature of your job, whether the government sector or private, whether temporary or permanent, etc.

Your monthly outstanding liabilities like home-loan EMI, etc.

Pro Tip: Your emergency corpus can be any amount from 3 to 18 months of your family’s average monthly expenses. A quick calculation of Emergency Corpus = Average monthly expenses X 6. Must-have products for emergencies, other than your emergency corpus, is a credit card and a health insurance plan for your family.

2. To buy a house

The day you begin working and earning for yourself, you achieve the independence you always wished. The next step is buying a house and for that, you need to save periodically from your salary. Since a home is one of the three greatest requirements of life (along with food and clothing), you need to buy a home at some point in life. Start saving money early on in your career so that you will have a corpus to pay the down payment of your house and be financially capable of getting a home loan as well. This requires a lot of focus and so you should begin working on it without any delays or distractions.

3. To pay for your child’s education

It is every parent’s responsibility to pay for their children’s education. You have to save money for this purpose. Even if you are young and single, you need to think ahead and start saving for years to come when you will be a family person with a spouse and children. Rather than burdening yourself later, start planning and saving right away so that your children get the best education and you can pay for all the expenses without the situation getting too economically burdensome for you.

Read our tips to Financial planning tips for parents

Pro Tip: Education inflation is more than 10% in India and is ever-rising, especially for higher and professional education.

4. To pay for your child’s marriage

Another massive responsibility that you have to fulfill in life is to see your children settle down in life. Apart from their education, you also need to save for their marriage. If your children are young now, begin planning and saving so that you have enough time to build up the necessary corpus. There are some very handy investment schemes such as the money-back child insurance plans, post office saving schemes such as the Sukanya Samriddhi Account, etc. that help you to save for your children’s future needs such as their marriage. Look for such investments and save in a smart manner.

5. To plan for your retirement

You need to save sufficiently for your post-retirement years. Remember, as soon as you turn 60, your income will stop overnight. The pension you receive may hardly be good enough to support your lifestyle. Rather than having to depend on your kids, you can stay financially independent and secure only if you plan ahead. Start saving for your retirement immediately. No matter whether you are in your 20s, 30s or 40s, it is never too early to start saving for this purpose. The earlier you begin, the easier it will be for you to have more money for the twilight years of your life. You can use the money in your retirement years to pay for your daily expenses, for your medical bills or simply to achieve your life goals such as travel.

6. Miscellaneous

There could be various other reasons for which you might have to plan and save ahead of time. The reasons would vary from person to person and can range from sister’s wedding to a foreign trip to parent’s health issues to almost anything. All you need to do is, identify the goal and then save systematically towards the same in a disciplined manner.

These are some of the main reasons you need to save your money. As you can see, some of these require a longer saving-period and some shorter. You need to understand your life goals and then start building the various funds accordingly.

Read: How to manage your debt wisely

Types of financial goals

As mentioned above, people save for various reasons. While some of these are to achieve a dream related to their leisure, others are for practical and sustainable purposes. So while you need to save for a lavish vacation, you also have to save for your retirement years. Financial goals are nothing but targets you set yourself and the monetary arrangements you make to achieve them. Financial goals are usually divided into three groups:

A. Short-term goals

Short-term financial goals are those goals that you need to take care of in the immediate future. Ideally, you need to have a corpus ready for these goals. But you can be disciplined with your expenses and savings and provision for these goals as and when needed. Most of the short-term financial goals are repetitive in nature and you need to address them at regular intervals. The only way to be prepared for these goals is to make a budget and strictly stick to you. You need to have control over your expenses in order to save enough money to fund the short term financial goals and also to save for the mid and long term goals. The most common short-term financial goals are:

a. Paying EMI’s for the various loans you have b. Clearing the monthly credit card bills c. Arranging for annual family vacations d. Getting the best health insurance cover for your entire family e. Indulging in self-care

Tenure for short-term goals:

are usually from 0-2 years.

Top investment products for short-term goals:

can be a savings bank accounts (with 4-7% ROI), Bank Fixed Deposits, Liquid and Debt Mutual Funds, etc.

B. Mid-term goals

Next, we have the mid-term financial goals. These are some of the most crucial goals that you need to provide for. Unfortunately, and rather dangerously, many people tend to deprioritize these goals while they focus on the short term and long term financial goals. Mid-term goals are those goals which you need to meet just a few years down the line. You don’t have to wait until your retirement nor take care of them at the end of the month. The mid-term financial goals are in fact some of the most common life goals we all encounter. You need to build up sufficient funds for these goals to ensure you do not stumble along the way. Some of the common mid-term financial goals include:

a. Getting married b. Having a baby c. Clearing your student loan d. Buying a house e. Starting a business f. Taking care of your parents

Tenure for mid-term goals:

are usually from 2-5 years.

Top investment products for mid-term goals:

can be Bank Fixed Deposits, Debt Mutual Funds, Gold, etc.

C. Long-term goals

A lot has been said and discussed the long-term financial goals of a person. You must have heard many people tell you that you need to save for your twilight years. While retirement is definitely one of the most crucial long-term financial goals, there are other goals that require planning and saving over a long period of time. It is a good idea to start saving early on in life for the long term goals so that you can save in small amounts and still end up with a large corpus. Some of the common long-term financial goals include:

a. Saving for your retirement b. Sending your children to the best foreign university for higher studies c. Buying a lavish villa at a good location d. Owning multiple properties e. Travelling the world f. Buying an expensive car such as a Lamborghini

Tenure for long-term goals:

are usually more than 5 years or so.

Top investment products for long-term goals:

can be Equity Mutual Funds, Real Estate, Direct Equity, etc.

Do read: Complete guide to financial planning

How to save towards your financial goals?

Now that you know more about financial goals and their importance, you need to start saving towards them. Here are some handy tips to help you along the way:

Step #1 –  Set S.M.A.R.T. goals

S.M.A.R.T. is an acronym for Specific, Measurable, Achievable, Realistic and Time bound.

Always remember that the life goals you set for yourself will be different from those that your friend has. Life situations vary and no two families are the same. You have your own set of responsibilities. For instance, your friend may be a single person who lost his parents as well. He does not intend to get married and so he is saving extensively for a world tour. On the other hand, you are a father-of-two and have dependent parents as well. Your financial goals would then primarily revolve around the well-being of your family members. Thus, setting specific and relevant financial goals is the first step in the process.

So, you need to identify your goal and then make it S.M.A.R.T. For example, your financial goal could be “Child Education”.

But you need to make it Specific, Measurable, Achievable, Realistic and Time-bound by making it “Child Education Expenses of INR 1 CR after 15 years”.

Step #2 – Segregate your goals and pen it down

As discussed, financial goals are classified into three groups – the short, mid and long term goals. You also need to identify your goals and sort them accordingly. You need to have a fair idea of your goals and by when you need to achieve them. This is a vital step as you need to have different savings mechanisms for each type of goal. For instance, you may depend on a fixed deposit to pay for your annual family vacation and a mutual fund to pay for your daughter’s wedding. It is thus crucial for you to know the timeline and segregate your financial goals to plan better.

Actually penning your financial goals down is one-step towards the same, as it is etched in your mind forever.

Step #3 – Make a monthly budget – Expense Planning

It is extremely helpful to make a monthly budget as that is the point from where you can begin your financial contributions. After all, the savings need to come out of your monthly salary. So you need to make three divisions, one each for your income, expenses and savings. Calculate your monthly household expenses and other payments that you cannot avoid. This would include outstanding EMI’s etc.

Once that is done, calculate the amount of money left. Then, decide the amount of money you want to leave in your savings bank account as an emergency fund and the amount you want to invest. Once you have a plan ready, it will become easier for you to save for your financial goals.

Read: Top personal financial management apps in India

Step #4 – Keep the saved money away from your wallet

Store the money you save away from yourself, in a savings bank account or lock it up in investments. If you have money lying around, you will be very tempted to spend it. Since discipline is important, you need to keep all distractions away and save with complete diligence.

It is also important to note that you need to be responsible with your credit card usage. When you do not have the cash with you, do not simply keep using your credit card to pay for unnecessary expenses. This will defeat the purpose and you will fail to save appropriately for your financial goals.

Step #5 – Invest properly – Choose the products carefully

And finally, you need to invest properly. There are several investment options available to you. While some like fixed deposits are low risk, others such as equities carry some risk. The yields from each type of investment are different. It is extremely important for you to understand the type of investment, its mechanism and return offered. You also need to correlate the investment with your savings needs and see if the returns would be of use to you. If you are not sure, speak to a financial advisor and then choose the correct investment option. Making an error here can prove to be very damaging and can hamper all your future financial targets.

Step #6 – Annual Review of your Investment Portfolio, Goals and re-aligning the same

This is a super important step in your Financial Planning called Review. This needs to be in line with your asset allocation and risk profile.

Only when you Re-view your portfolio, you would be able to analyse the same and check if your portfolio is following the desired path. If not, then a re-alignment of the portfolio might be necessary. Also, goals keep changing and evolving with time. Annual review and analysis of the investment portfolio can be a healthy check on the progress of the same so that there is no shortfall when the goal is near.

What to keep in mind while planning for your financial goals?

To be able to save properly and build up the highest corpus, you need to keep the following factors in mind when saving towards your financial goals:

1. Factor in inflation

Inflation is a factor that you must keep in mind when you save for your future financial goals. Remember, an item that costs Rs 1000 today may cost Rs 5000 in the next decade. If your dream villa costs Rs 2 crore today, it will probably cost Rs 4 crores* in 10 years’ time and so you need to save more. Unless you factor in the inflation, you will not be able to achieve your financial goals in a manner you wish to do so. *In average inflation in India is 7.66% in 2019. (Source: https://www.inflation.eu/inflation-rates/india/historic-inflation/cpi-inflation-india-2019.aspx)

2. Invest according to your asset allocation and risk appetite

As stated, some investments carry a low risk and others carry a higher risk. When you invest, keep an eye out for the risk factor. If you are a conservative investor, choose investment options that are suitable for you. If you are more of a risk-taker, invest in higher-risk instruments. Be comfortable with your investments as only then can you invest properly and achieve your financial goals in time.

Asset Allocation is an allocation of your investment portfolio for portions of debt, equity and other products like real estate, gold, etc. based on an individual’s risk-taking capacity (i.e. risk appetite).

3. Be realistic when setting your goals

And finally, you need to be very realistic about your life goals. Everyone wants the very best of things in life, but the hard reality is that not everyone can afford everything. If you are a mid-level salaried executive, you possibly cannot have the things a movie star has! So be realistic about your financial goals and set achievable targets for yourself. This will help you to save properly and fetch you the goals in a hassle-free manner.

Basically, make your financial goals S.M.A.R.T. and then work towards the same in a systematic and planned manner.

Discipline is the key here. You need to be disciplined and stay focused at all times. If you lose the eye on your goal, you will shift from the path and achieving your financial goals will become a real challenge thereafter. To avoid this, be as disciplined with your money as you possibly can. Keep your eyes on the targets you have set for yourself and achieve your financial goals with ease.

To wrap it up

Goal-based savings are essential and allow you to manage your money properly. As we saw, there are different categories of financial goals. You have the short-term goals, mid-term goals and the long-term goals. The different goals cater to different life situations and needs and must be addressed accordingly. Keep all the points mentioned above in mind and begin saving for your financial goals. Once you are disciplined and focused, you will be able to achieve all your financial goals with ease.

[khalilhumam]

Network marketing in Tanzania turns billionaire dreams into nightmares 

Register at https://mignation.com The Only Social Network for Migrants. #Immigration, #Migration, #Mignation ---

New Post has been published on http://khalilhumam.com/network-marketing-in-tanzania-turns-billionaire-dreams-into-nightmares/

Network marketing in Tanzania turns billionaire dreams into nightmares 

‘Get-rich-quick’ schemes prey on poor, vulnerable youth 

The city of Dar es Salaam is Tanzania's cultural and business capital, where big dreams can turn into nightmares with network marketing schemes. Free photo via NeedPix.

Everyone desires financial stability, but young people often want to quicken their path to a successful life — and this is exactly what network marketing companies promise.

Over the last five years in Tanzania, network marketing companies, also known as multi-level marketing, have mushroomed in the East African nation. These companies lure young people with “get-rich-quick” dreams that depend on person-to-person sales of products purchased upfront by the seller. Many schemes also rely on the seller's aggressive recruitment of other independent sales associates.

While technically legal, their interactions with potential customers raise concerns about how these companies prey on vulnerable youth and their billionaire dreams.

“I can assure you, the products are very expensive, which do not reflect the lives of third-world communities,” Traves Msangule, a former network marketer in Dar es Salaam, told Global Voices by phone.

Msangule was a university student in 2013 when a close friend convinced him to join Forever Living Products, a health and wellness company, to help him make some extra money to pay for his studies. Msangule did not have a government loan to cover his school fees, so he agreed to join.

To get started, Msangule had to buy a package of products worth about $32 USD that he then had to re-sell in the hopes of doubling his profit.

The gospel of network marketing schemes is that recruiting new customers will increase earnings — but this is no easy task.

“Take an example: If a toothpaste from the package is sold at $12 United States dollars, while [in reality] there is a toothpaste sold at $1.20 USD, who is going to buy yours? Though the products are of high quality, it’s very difficult to compete,” Msangule said.

Network marketers promote smart, fake lifestyles to persuade people of their success, while in reality, very few people are “eating the cake” of network marketing.

Msangule explained his stressful ordeal in aTwitter thread:

So Wakati napanda hicho cheo nilipaswa kukamilisha points (mauzo ya bidhaa) Mimi pamoja na timu. Pale tulikuwa tunawekewa Mindset ya ku-push KWA KILA NAMNA Hadi kieleweke na kutokata tamaa. So ikabidi nianze kupiga simu kukopa hela that night. Deadline ilikuwa ni saa 6 usiku

— Eagletraves

(@TravesSenior) February 13, 2020

So, when I climbed to that rank, I had to complete points (product sales) for myself and the team. There we were put on a mindset to “push up” in every way until it was understood not to give up. So, I had to start calling to borrow money that night. The deadline was midnight.

Msangule told Global Voices:

These guys, first of all, are trained to discourage formal employment and small business [self-employment]. They will keep [asking] you: When will you get enough money? The only alternative is this part-time job, which deals with chatting with people, and you can earn millions in just a few weeks and you will be financially stable.

Unfortunately, in 2017, Msangule had to postpone his studies for a year because this “chatting with people” business consumed his time. With over $750 invested in these products, he had to make sure to earn his profit. When he realized this was not going to happen, he quit.

Network marketing takes off in Tanzania

Network marketing companies that thrive in Tanzania, such as AIM Global, Forever Living Products, Oriflame, QNet, Avon and Edmark, are part of a $200 billion USD global industry as of 2015.

In 2017, QNet, one of the largest direct-selling companies in the world based in Hong Kong, expanded its operations in East Africa, with an agency office in Dar es Salaam, the cultural capital of Tanzania. Thousands of Tanzanian citizens “have registered to market and promote QNet online products…” according to BusinessForHome, an industry website.

AIM Global, based in the Philippines, took hold in Tanzania in 2019 and just celebrated its one-year anniversary with over 4,000 independent distributors.

Top-selling products in Tanzania include health and wellness products, household goods and luxury products.

Naivety, greed, peer pressure

On June 21, the famous actor and comedian Idriss Sultan took to Twitter with a video explaining the ills of network marketing in Tanzania, detailing how these companies exploit young people toiling hard with “sweat and blood” to improve their lives.

He opens with the phrase, “Good morning future billionaire, good morning business partner!” a famous network marketing line:

Hii video nimechukua one take na sijakata part yoyote. Kwa wote itakaowaelimisha nashukuru na watakaokasirishwa nayo basi sina budi kusema “Waacheni wananchi wanaotafuta pesa zao kwa jasho lao wafaidi matunda ya pesa zao na sio nyie na watoto wenu”. pic.twitter.com/nbcPJx5zsc

— Idris Sultan (@IdrisSultan) June 21, 2020

This video I've done in one [single] take and I haven't cut any part out. It will educate everyone and to those who may get offended by it, fine then, I have no issue, but to say: “Let the citizens who earn their money by their sweat benefit from the fruits of their money and not you and your children.”

Without naming a specific company, Sultan says the mushrooming of the network marketing model in Tanzania, — with their various colorful, flashy names — is a threat to young peoples’ lives.

Youth often fail to resist these ploys because they have respect for those who pressure them to join. These companies also use famous people to promote their brands who wield a lot of influence and power.

Sultan said in his video:

…Young people are working very hard, their money is a result of very, very hard work, so it is unacceptable to allow someone from nowhere to come with this system that exploits people.

Other netizens wrote about their own experience with network marketing:

Kuna Madada fulani wapo Dar ni Marafiki zangu walisumbua sana kuhusu kuniunga na hizi Biashara yaani ni kama Mungu sikukubali Haraka maana sikuweza kuelewa zinafanyika vipi? Nikawa Nahofia kuingiza hela yangu humo Pia nilipiga hesabu nikaona Faida yao……

— Mkurya! (@Gervasmgaya3) June 21, 2020

Certain women’s groups in Dar, — they were my friends — and they bothered me a lot to join these businesses, but I did not agree to join quickly, meaning, I was not able to understand what were they doing exactly? I was afraid to invest my money and also, I calculated what they really earned…

< p class="p1">A lack of information and a thirst for shortcuts can be a dangerous mix for young people who hustle and work hard to improve their lives in Tanzania, where the average monthly income is about $150-$215 USD. A 2017 study by Theobald Francis Kipilimba on the effect of pyramid schemes on the economy in Tanzania revealed:

…most Tanzanians are very naïve when it comes to pyramid schemes, with very scant knowledge about these schemes. Many do not know if they have participated in these schemes but in those instances that they had, they suffered huge financial losses. …

As to the reasons as to why they participated in these schemes in the first place range from pure naivety, personal greed and peer pressure.

The Tanzanian government has allotted 10 percent of total revenue toward interest-free loans for youth, women and people with disabilities but these groups remain vulnerable to predatory promises posed by network marketing companies.

Written by GV Sub-Saharan Africa · comments (0) Donate · Share this: twitter facebook reddit