Every year, millions of North Americans fall deeper into the red through the use of credit cards, lines of credit, payday loans, and other forms of unsecured debt, a process that has only been exacerbated in 2020 by the coronavirus pandemic.
Even before the pandemic began, many families reported being unable to cover a $500 surprise expense, and with millions out of work and economic recovery nowhere in sight, many are turning to consumer debt as a way of surviving.
This is a frightening time for many people, not least because getting deeper into debt is a scary prospect for people already juggling multiple payments every month. But while it is completely natural to be worried about one’s personal finances in the current moment, it is essential that you not let this fear paralyze you from taking action.
The worst thing you can do under these circumstances is fall into the comforting delusion that not looking at your financial problems will make them go away — in fact, you are far more likely to make the most of a bad situation by approaching your money worries with open eyes.
If you feel financially powerless right now, here are five reasons not to fear your finances.
1. It’s Not Your Fault
We live in a culture in which it is normal for people to be intensely private about their financial situation — you may not know what even your close friends and family members make every month. This taboo against talking about money is a big problem insofar as it causes people to feel isolated, and to assume that if they’re facing financial difficulties, it’s because they did something wrong.
While we’re all responsible for the financial decisions we make, most of the macro-level trends that determine our salaries, rent, and monthly expenses are beyond our control.
Understanding that your debt isn’t necessarily your fault — that even if you’d saved more or spent less on birthday presents last year, you might still be in the position you’re in — is essential, because it allows you to see your finances not as a moral issue, but as a practical one that may have practical solutions.
2. You’re Not Alone
Debt has an isolating effect, and as alluded to in the previous point, this effect is compounded by our reluctance to talk about our own financial situation.
Chances are, though, that you’re not alone. Friends and family may be struggling with similar problems, and may have wisdom to share that can help you make the most of your situation. If nothing else, openly sharing your financial concerns will give you a chance to externalize the negative feelings associated with them.
If you aren’t comfortable opening up to friends and family yet, or if you aren’t in a position where you have much of a personal support network, there are still options. Reaching out to a certified Credit Counsellor from a non-profit credit counselling agency is an important first step toward finding non-judgmental financial experts to discuss your problems with.
3. Help is Available
Opening up about your financial struggles won’t just give you a chance to get some emotional distance, it can also open up concrete avenues for getting help.
For example, certified Credit Counsellors may be able to point you toward resources for debt management and credit rebuilding that you didn’t know existed.
While dealing with creditors on your own can be an anxiety-inducing experience, when you’re negotiating with them through someone who understands debt and who can advocate on your behalf, things get a lot easier.
4. Debt is Not a Life Sentence
When you’re struggling to cover minimum payments on several unsecured debts every month on top of car payments, student loans, and rent, it can feel like you’re stuck on a hamster wheel you’ll never get off of. If a large chunk of your income is simply being spent on keeping your debt from growing, how will you ever make a serious dent in the principal?
A common misconception about bad debt is that the only way to get rid of it is by filing for bankruptcy and losing what few assets you already have. This is false for several reasons. First of all, in many countries, filing for bankruptcy doesn’t strip all of your assets away. And long before you think about bankruptcy, you should be looking at ways to negotiate with your creditors to offer a more realistic payment plan.
One of the advantages of talking to a certified Credit Counsellor is that they may be able to present options you didn’t know existed, like Debt Consolidation Programs that help you combine multiple unsecured debts into a single monthly payment without taking on even more debt to get a consolidation loan.
You can learn more about the difference between consolidation programs and consolidation loans at creditcanada.com/debt-consolidation-loans — or simply get in touch with one of their certified Credit Counsellors to find out what options exist for you to create a sustainable path out of debt.
5. Breaking the Silence is the Best Way to Make a Positive Change
Perhaps the most important thing to take from all of this is that being afraid of your finances typically just makes things worse. If you’re avoiding looking at your bank balance for fear of what you’ll find, you need to step back from the negative feelings and remember that avoiding bad news now guarantees you’ll get worse news in the future.
This is hard to do on your own, and breaking the silence by talking to friends, family, and certified Credit Counsellors is the first step toward taking charge of the situation — and if you don’t take charge of the situation, you’ll never be able to change it.
Turning your financial life around isn’t easy, and it will take hard work and discipline to get a handle on your spending and start to rebuild your credit. And with the pandemic, you might not be able to change things overnight.
But it really is possible to take charge of your finances and start laying a foundation that will help you build a new life. And it all begins with facing your fears and finding the support you need.
Top 6 Athletes With Highest Net Worth in 2020
We all know that athletes are receiving eye-watering salaries, but how rich actually are they? Usually, their wealth doesn’t come only from sports, as they are a target for big brand sponsorships. Additionally, most of the richest athletes made their money investing in business ventures.
Most of the athletes with the highest net worth are now retired and focused only on their business.
In today’s article, we’ve made a list highlighting all the athletes with the highest net worth.
Net Worth: $440M
LeBron James is a basketball megastar and a four-time NBA MVP. He is currently one of the biggest icons in the NBA betting odds, topping the list of BetAmerica’s best small forwards of all time. That’s why he has exclusive brand deals and sponsorships with huge companies like Beats by Dre, Coca Cola, Nike, Samsung, and many more.
When he moved to Los Angeles Lagers, he signed a $153 million contract only for four years of play. Off-court he has many businesses that lead to such net worth. For example, he is a part-owner of the Blaze Pizza franchise and seen delivering pizzas for an advert to increase the popularity of his business.
According to Forbes, he made $33.5 million in salary/winnings and $52 million in endorsement deals only in one year. He is one of the hottest players in the NBA at the moment and holds a huge potential for climbing higher on the global athlete net worth list.
Net Worth: $450M
Roger Federer is often regarded as the greatest male tennis player, and despite his years, he still set the record for the oldest player in tennis history to rank No.1.
Throughout his career, he earned around $125 million only from tennis tournaments. However, he is well-known for sponsorships with brands such as Rolex and Mercedes-Benz, which pushed his net worth up to $450 million. Additionally, he signed a 10-year contract with a clothing brand named Uniqlo. They agreed to give Federer $300 million over a 10-year period just to promote their brand.
Net Worth: $450M
Ronaldo is one of the most successful athletes in soccer and a five-time FIFA player of the year, as well as the leading goal scorer in the UEFA Champions League. There is no doubt that he is one of the greatest and wealthiest soccer players up to date, but how much does he actually earn?
Well, according to Forbes, he is the second-highest-paid athlete for 2019 (only from salary), earning $65 million with Juventus. Additionally, he earned $44 million in endorsements to boot and signed a lifetime brand deal with Nike, with an estimated worth of $1 billion.
Floyd Mayweather, Jr.
Net Worth: $565
We are not surprised to find the boxing champ on this list, as he showcases his earnings all the time on social media. According to Forbes, back in 2015, he was the highest-paid athlete with a salary of $300 million.
He has an astounding professional boxing record with 50 wins and zero losses. Even though he retired in2015, he returned to the sport in order to fight MMA star Conor McGregor, a fight that he won. What is surprising is that, only from that fight, he earned around $275 million.
Net Worth: $800M
Tiger Woods is by far the most successful and richest golfer in the world. Despite the scandal back in 2009, which threatened his sponsorship deals and marriage, he continued to win and earn money every year. His annual salary in 2019 was around $50 million, but the majority of his income comes from endorsements with huge brands like American Express, Gatorade, and Nike.
Net Worth: $1.9B
Michael Jordan is often regarded as the best basketball player of all time, and according to Forbes, he is at the top of the list for the highest-paid athletes. When he was playing for the Chicago Bulls, he earned around $90 million only from salary.
However, he made his fortune off-court. The movie “Space Jam” skyrocketed his earnings, as well as big sponsorship deals with Nike and Gatorade.
Understanding KPIs: What Should Your Business Be Working Towards?
Tracking and monitoring the performance of your business over time is crucial in ensuring that you hit your business targets. When you draft your business plan, you should have key milestones in place that you and your team will work towards. Using financial data, you can gain an insight into how your business is performing. However, it’s important to also have more tangible methods of measuring the performance of your business for even more in-depth insights.
Key performance indicators (KPIs) are the most effective performance measuring metrics that business owners can use to gauge the progress of their business. Tracking the most relevant KPIs for your business can help you to make better business decisions moving forward and allow you to streamline your processes. You can also use this data to set strategic objectives and make changes to your business processes as required to ensure you stay on track towards your business goals.
Let’s take a look at some of the most important KPIs that your business should be monitoring to improve performance.
Revenue Growth Rate
The goal of every business is to generate more revenue and increase profits year on year. The revenue growth rate is a financial KPI that indicates at what rate that the income of the business is increasing. Regularly monitoring your revenue growth rate will allow you to see if your business is growing, declining or plateauing. With this information, you can adapt your approach accordingly.
Cash Flow Forecast
The cash flow forecast is one of the most important KPIs for any business owner to monitor. This performance metric allows you to determine if your sales and profit margins are correctly aligned. Seasoned business owners will use cash flow statements to predict problems down the road so that they can get ahead of any potential issues. Knowing when there is likely to be a surplus or shortage in inventory, for example, means you can plan financially to deal with this situation in advance using the information gained from your cash flow forecast.
Funnel Drop-Off Rate
When potential leads come to your business but don’t convert, you need to find out why this is happening. Perhaps more importantly, however, you need to determine how often this is happening. While it’s perfectly normal that not every lead will convert, if this is a regular occurrence, then you need to take action. The funnel drop-off rate measures the number of leads who leave the sales funnel before completing a sale. Tracking this KPI, you can make the changes required to increase sales and boost your revenue.
Rate Of Inventory Turnover
The rate of inventory turnover tracks the number of units sold during a particular period of time. As a business owner, you will want as high a turnover rate as possible without having to drop your prices too low. Keeping an eye on the rate of inventory turnover KPI will allow you to determine how well your business is at moving physical products. This can help you to find the sweet spot with your pricing and drive more sales for your business moving forward.
You Can’t Manage What You Can’t Measure
To succeed in business, you need to be honest with yourself in terms of how your business is performing at all times. In order to accurately determine if your business is progressing in the right direction, it’s important that you gather data that is most relevant to your business. As the old saying goes “you can’t manage what you can’t measure”. Key performance indicators allow you to accurately measure various aspects of your business performance so that you can adapt when necessary and manage your organisation with confidence.
Cost-effective Ways To Manage Hotel Operations
As the technologies got advanced the whole work is now performed by the help of various software. The developers recognized the need gap and they developed different types of software, which helps the managers to perform all the operations related to the hotels on the system or PC. For the sake of the simplicity in their work various software has been developed by the developers some of which are as follows.
TOP 5 TRENDING MANAGEMENT TOOLS FOR HOSPITALITY INDUSTRY:
- RMS cloud: RMS Cloud is an efficient property management software for hotel industry. The various tasks that can be performed with the help of RMS Cloud such as keeping a track of the housekeeping tasks. There is an online guest portal which enhances the operational efficiency and helps to maintain the valuable customer service. The RMS cloud increases business efficiency as it connects to the third party through the open API.
- Hotelogix: This software is famous because it has 97 per cent support efficiency. This app provides 24/7 Live chats and email services in multiple language. Hotelogix enables the commission free bookings performed directly by the client. It has a web booking engine of hotelogix to perform the bookings. Hotelogix helps in improving the online reputation of the hotel.
- Switch.CM: This is a software management solution which supports the businessbasically in the hospitality industry and manages several processes like bookings, invoicing and staff training. This has been proved as ultimate and trusted software in the hospitality industry since a long time.
- ResNexus: This is an absolute property management solution which helps the several business streamline process those are related to email marketing, room booking or guest management. There is an in-built calendar provided in the software to track the reservations made.
- Zingle: Zingle is an SMS messaging software which enables the communication between the customers and the businesses with text, messaging, automations and many more.
These software as developed according to the need of the managers worked in a very supporting way. So we can say that the app like this are not only beneficial for the manager but are also useful for the clients.
Utilized Wind Turbine Buyers Guide
Purchasing a pre-owned breeze energy framework can be an overwhelming cycle. Promoted as utilized breeze turbines, recycled wind turbines, remanufactured wind turbines, or even renovated wind turbines how might somebody figure out which utilized breeze hardware is acceptable and which is terrible? How might somebody figure out what the thing that matters is between them? How might somebody shield from being “misled”?
Utilized breeze frameworks can be magnificent arrangements and furnish their proprietors with long stretches of power at a cost significantly not exactly another arrangement of comparative nameplate limit, however a hurriedly bought utilized turbine can cause the proprietor migraines and monetary misfortune.
First comprehend that purchasing a pre-owned breeze generator isn’t care for purchasing a pre-owned vehicle or boat. Vehicles and boats become accessible oftentimes for some reasons; the proprietor can presently don’t make the installments and the property is repossessed, the proprietor gets burnt out on the shading, needs more force or room, or a more up to date model is accessible are a portion of the numerous reasons an individual my need to sell their trade-in vehicle or boat. On account of wind frameworks it is improbable the proprietor is selling their hardware since they have gotten drained with it or not, at this point like the model or style.
Most utilized breeze frameworks accessible have opened up for one of the accompanying reasons: Turbine Auto Bucuresti The turbine is toward the finish of its present helpful life expectancy or the turbine doesn’t create the force that was normal upon establishment. More uncommon reasons a recycled wind energy generator may open up might incorporate the swap of the current turbine for a bigger framework, or maybe a property is sold and the new proprietors don’t care for the breeze turbines. Whatever the explanation a breeze turbine has opened up, it is significant for an imminent purchaser to comprehend the specific explanation the framework opened up and is being sold.
A breeze turbine that is being sold toward the finish of its life expectancy is extremely normal. These machines are the most moderate and are sought after, yet an individual ought not consider the acquisition of this kind of wind turbine if their expectation is to introduce the unit for long haul energy creation. Wind turbines toward the finish of their helpful life expectancy are ordinarily bought for one of three after reasons:
- the turbine will be utilized by a school or other breeze energy proficient for preparing or instructive purposes
- the turbine will be dismantled and utilized for save parts
- the turbine will be remanufactured or reconstructed to unique producer details
Appropriately remanufactured or revamped wind turbines are the most ideal alternatives for those individuals who are thinking about a pre-owned breeze energy framework. At the point when a pre-owned breeze turbine is appropriately remanufactured the unit can deliver long stretches of power at a cost generously not exactly another framework that produces comparative measures of intensity. In any case, purchasers must utilize alert while choosing a remanufactured wind turbine too.
Numerous quality remanufacturers exist. Shockingly there are a lot of harrowing tales of individuals who thought they were buying a quality remanufactured item and wound up with minimal in excess of a newly painted breeze turbine that had not been totally remanufactured. It is significant for anybody considering a remanufactured wind turbine to pose inquiries. Pose inquiries about the remanufacturer, and precisely what was done in the remanufacturing cycle. Be careful if the dealer and the remanufacturer are a similar individual or organization. Wind turbines are not machines that a normal individual is going to remanufacture. Remanufacturing administrations are normally offered by organizations that explicitly work with wind generator producing and remanufacturing gear, permitting them admittance to the altered parts and hardware needed to appropriately remanufacture a pre-owned breeze turbine for reestablished long haul use.
At last, in the event that you are thinking about a pre-owned breeze energy framework, you need to start by deciding the kind of gear you are keen on (for example prepared to introduce gear that will keep going quite a while or hardware that requires work or fix). At that point pose inquiries and utilize good judgment while thinking about the appropriate responses. Think about the standing of the organization or potentially the people you are working with. It is safe to say that they are protected? Who right? What do they do? Consider the detail you got about the remanufacturing cycle, and the length and strength of the guarantee on the remanufactured hardware. What’s more, obviously do your exploration and confirmation. Several inquiries and some extra examination and foundation can assist you with guaranteeing a positive breeze energy experience.
Critical Types of Freights Available from the U.S. to China
There are two main sorts of freights you will appoint your products forwarder to take care of when delivering your items from China:
Air Freight as well as Ocean Freight
Air cargo is stock carried or to be brought in an airplane. Air cargo is normally more expensive than shipping by the sea, yet the delivery will get here to the U.S.A. a great deal faster. Occasionally, your items will need to reach their location as quickly as feasible. Items that may expire are far less likely to run out if they are transported by air as the shipping time from China to US by flight is far less. Airfreight is a terrific set of transport where the rate is a significance.
Delivering your products by air is likewise safer than delivering your items by sea. There is a minimal threat to your items being damaged. Airport guidelines have stringent guidelines in place when it concerns handling, stockpiling, as well as safeguarding your bundle for transportation. Naturally, the potential danger is that the aircraft will collapse or be destroyed, yet, those threats are extremely unlikely.
Although it is safer, as well as faster to ship by air, shipping by air has its ability restrictions. An airplane’s cargo room is substantially less than that of a cargo ship. Considering that an aircraft has substantially less room, space is more valuable on an airplane, as well as products filled are smaller.
Shipping your items by sea is the most inexpensive form of transport from one location to one more. A lot of companies decide to ship by sea as a result of the price as well as the capability of a freight ship. Since there is a good deal of area on a ship, the ship’s expenditure reaching its location is separated by plenty of other companies that have freight on the same ship. Freight ships might also bring enormous quantities of cargo with no regard to form or dimension. Ships are capable of carrying huge vehicles, equipment, as well as tools.
Although ships are the least expensive kind of transport, as well as have a lot of space, they are extremely sluggish and unreliable. An airplane can deliver items in an issue of a couple of days, while a ship can use up to thirty days to ship items to the U.S.A. from China. Ships are going to take longer to cover the remarkable quantity of locations in between China and the U.S.A. Ships are likewise extremely unreliable. Hold-ups are fairly usual for shipments by sea due to the ships running by a regular schedule, as well as the risk of things falling is high.
We would usually suggest shipping your products by sea to conserve your company cash. To save a few of your item area on a ship, you could even have your items shipped unpackaged, as well as have your boxes delivered level. By shipping your boxes level and packaging your items in the U.S.A., you will use up less area on the ship and ultimately save cash.
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