There are always possibilities to improve your financial state. Of course, if your situation triggers thoughts like “loans for self employed no proof of income,” you have to solve these temporal problems first. After that, develop a strategy to slowly but steadily grow your wealth. There are only two ways of doing that, and we’ll discuss both.
Low Your Expenditure
Did you know that the amount of public debt in the USA is growing, and, according to the forecast, the tendency will continue at least till 2032? The increasing debt is a sign of insufficient money management on a household level. It’s also a reason why many people can’t reach their potential well-being.
The first direction is to cut your expenses. It doesn’t mean that from now on you are going to sit at home without any entertainment. Here you’ll find some smart ways to do it without sacrificing the life quality.
1. Cancel unnecessary subscriptions. Analyze the services you have subscribed to. Do you really need all of them? You can forget about the monthly fees you pay to the recourses you don’t even use. Obviously, it doesn’t mean that you should cancel them all. But don’t pay for things you don’t use.
2. Avoid impulsive purchases. Give yourself time if you want to spend significant money. Leave the idea for a couple of days and decide if you still want this thing. Usually, it helps, and you won’t buy something you would later regret.
3. Leave your credit card at home. Keeping only a limited amount of money in your pocket protects you from the spending you don’t plan. Calculate the amount of money you need and don’t take extra. It’s a wise way to prevent overspending.
4. Automate necessary payments. Fines and fees for the missed payment are spending you can avoid. Use the opportunities offered by your bank and set up automatic payments for your loans. It’s also a good way to improve your credit score.
5. Use the full potential of sales and cash back programs. Beneficial offers and sales are a good way to decrease your spending. They have their downsides, but if you are careful, you can save a lot of money on everyday purchases.
Of course, all these measures are effective only if you practice budgeting and know where to cut. The importance of a household budget is a wide-known fact. Implement this healthy financial habit into your life, and saving will become much easier.
Increase Your Income
Another side of your financial state is your earnings. There are several strategies you can use in this field to achieve the best results.
1. Find a side hustle. The easiest and the most obvious way to increase the income is to find another job. You can literally find a part-time position or utilize your skills and education. Teachers and experts in some areas can become tutors or coaches. If you are an accountant, you can offer these services to others. Determine what you can offer and start monetizing it. Remember that you are a human and need some time for rest. Leave space for at least one day off a week.
2. Negotiate with your boss. People rarely try to improve their salary in their current position. For some reason, they consider such behavior improper and settle for low-wage jobs. But it’s not true. Find leverages and arguments in favor of a pay rise. Go to your manager and discuss the possibilities. Finding a new employee isn’t cheap, so the chances of a wage increase are high.
3. Start investing. If you save enough money, you can make them work for you. Investment is a wise way to increase your income and form a source of passive income. It’s a complicated process, so you’ll have to educate yourself or ask for professional help. But putting part of your savings into a medium or low-risk investment can significantly improve your financial state.
4. Sell the things you don’t need. Inspect your home. How many things are you not going to use? Sell them on the corresponding online platforms or local groups. It kills two birds with one stone: you earn money and free more space in your home. In most cases, you don’t even need to think about delivery; people can come and take the thing you don’t need anymore.
5. Monetize your hobby. Think about how you can earn on your hobby. If you knit or tailor, you can sell the results of your work. The same is for paintings. If you are a writer, create a blog and earn money online. These are just examples; you need to adapt the strategy to your situation. We all know the cases when a hobby became a full-time, well-paid job over time.
6. Find the information about the social benefits you are entitled to. If you don’t know that you can receive some money, you create a missed profit. This phenomenon is well-known, and economists consider it a loss. Find out the information about your rights and use it to get all the social payments you can.
As you can see, in the field of earnings, you also have a lot of options. You don’t have to implement them all; choose the variants you like the most. And one more recommendation: don’t turn your life into constant money-making. Leave space for some fun and meaningful relationships, or you risk becoming rich but disappointed in your existence.
We discussed two sides of maximizing your finances. The best is to work in both directions to achieve the most impressive results. Finally, your wealth is the difference between income and spending. It means that cutting the expenditures in combination with increasing earnings will make your net earnings higher.
Don’t expect immediate results. These recommendations will help you to improve your finances in the long run, not tomorrow. And of course, don’t forget about self-education. Your skills can make you a valuable employee with a decent salary or allow you to make successful investments. And the pleasant bonus: learning new things makes your brain stronger and healthier.
ARE YOU AWARE OF TOP 10 MOST POPULAR BLOCKCHAIN COMPANIES IN INDIA?
Many people have heard about blockchain, the technology behind the famous cryptocurrency bitcoin. However, not many people know how it could be used in their lives or the industries that could potentially be disrupted by it. India has become one of the world’s most significant adopters of blockchain technology, with various companies implementing blockchain in their businesses and governmental bodies looking into how they can implement it to streamline their operations. Here are some of the top ten blockchain companies in India that you should know about, even if you’re not an expert on this new technology yet.
- Nadcab Technology
If you’re looking for a company to help you with your blockchain needs, Nadcab Technology should be at the top of your list. They have been working with blockchain technology since 2017 and are now leaders in this space. They offer development and consulting services that will meet any need you may have. Their main areas of expertise include blockchain solutions, Smart Contract solutions, Hyperledger Fabric solutions, and security solutions. They can also provide anything from training programs to on-site developers if needed. With more than five years of experience developing enterprise applications, we can confidently say that they are an industry leader for blockchain companies in India.
- Hyperlink InfoSystem
Based in Ahmedabad, Gujarat, Hyperlink InfoSystem is one of the leading blockchain companies in India that specializes in providing world-class solutions for a wide range of industries. With a highly skilled and experienced professional team, they offer a wide range of services that include blockchain development, smart contract development, dApp development, and more. In addition to their excellent services, they also have a solid commitment to customer satisfaction, which makes them one of the best blockchain companies to work with.
- Tata Consultancy Services (TCS)
TCS is one of the top blockchain companies in India. They are a leading provider of consulting, technology, and outsourcing services. TCS has over 400 clients in over 30 countries. They have been working with blockchain since 2014 and are a member of the Hyperledger Project. TCS has been working on developing a blockchain platform for the Indian government. They have partnered with Intel to create an enterprise blockchain solution. In 2017, they announced their foray into Blockchain-as-a-Service (BaaS) solutions for global financial institutions.
- Mahindra Finance
One of the top blockchain companies in India is Mahindra Finance. They offer a blockchain platform that helps streamline the entire lending process. From application to disbursement, the whole process is completed on the blockchain. This makes it easier for lenders and borrowers to track progress and ensure everything is going smoothly. Plus, with smart contracts, there is added security and transparency. The data shared through this blockchain can also be used for research and analytics.
A blockchain development company that offers end-to-end solutions for enterprises, startups, and entrepreneurs. They have a team of experienced blockchain developers who can help you create a secure, scalable, and decentralized application. SoluLab is one of the leading blockchain development companies in India and has helped many businesses launch their own ICOs. If you’re looking for a company to help you develop a blockchain application, SoluLab is a great option.
- Blockchain App Factory
Based out of Chennai, Blockchain App Factory is a leading blockchain development company in India that specializes in providing end-to-end solutions for enterprises across a wide range of industries. They have a team of experienced blockchain developers who are well-versed in developing decentralized applications, smart contracts, and ICOs.
They also have teams in London, UK and Moscow, Russia.
Named one of the top blockchain development companies by Onalytica with its CEO Vishal Gupta listed as one of India‘s Top 50 Influencers on Blockchain Technology by Forbes India.
- Infosys Ltd.
Infosys is one of India’s largest IT services providers and has been working on blockchain technology since 2016. The company has a dedicated blockchain team that develops solutions for clients across various industries. Infosys has also partnered with Microsoft, R3, and Intel to build a consortium-based blockchain platform called EdgeVerve Systems.
- ConsenSys Solutions Inc.
ConsenSys Solutions Inc. is a blockchain software development company based in New Delhi, India. They are one of the leading blockchain companies in the country and are focused on helping businesses build, test, and deploy decentralized applications on the Ethereum blockchain. ConsenSys Solutions Inc. has a team of experienced developers passionate about blockchain technology and its potential to change the world.
- IBM Research Center, India
There’s been a lot of talk about blockchain over the past few years, and there’s a good reason for that. It’s a new form of ledger technology that can fundamentally transform how businesses function and make transactions more secure, transparent, and effective. IBM is leading the way in this innovation.
The IBM Research Center in India is working on various projects exploring different aspects of blockchain technology. They are partnering with Indian banks, insurance companies, and e-commerce sites to help build blockchain solutions that can scale up quickly. These clients include State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank, Axis Bank, Yes Bank, L&T Infotech Limited (LTIT), Tata Consultancy Services Limited (TCS), Idea Cellular Limited (IDEA), etc.
- Matic Network
Matic Network is a layer-2 scaling solution that uses sidechains to offload transactions from the main Ethereum blockchain. Matic was founded in 2017 by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun in Bangalore. The company has raised $35 million from investors such as Coinbase Ventures, Andreessen Horowitz, Polychain Capital, and others.
Bringing the world to Ethereum. Polygon is a decentralized Ethereum scaling platform that allows developers to build scalable, user-friendly dApps with low transaction fees without ever sacrificing security. Matic can process 65k transactions per second, while Ethereum can only handle 20TPS. Polygon combines Ethereum and sovereign blockchains into a full-featured multi-chain system. Approximately 7000 DApps have used Polygon to scale their performance.
Blockchain technology is still in its early developmental stages. However, it can potentially change how we interact with the internet and digital systems. These ten companies are at the forefront of blockchain innovation in India and are worth keeping an eye on. The Indian government has been supportive of blockchain technology and its potential applications. The country is home to many innovative blockchain companies helping shape the industry’s future.
Why is Pip Value So Important in Forex Trading?
When calculating your stop-loss and taking profit orders, you must first calculate the pip value for each currency pair. Unless you are trading hundreds of currencies, you’ll find the dollar as the second currency in any pair. That means, if you fund your currency account with USD, you’ll have to enter orders using EUR or USD. And the same holds true for the Great British Pound. But why is pip value so important?
Traders must determine stop-loss in pips
A standard lot is one hundred thousand units of base currency. A /trade-size-mini lot is ten thousand units of base currency. A micro lot is one thousand units of base currency. If trading a micro lot, a pip is worth ten cents, so if a trader invests 2% of his account in it, he will have a maximum risk of four dollars. In addition, a stop-loss order placed fifty pips from the entry would require a risk of five dollars, which means that if the trade moves in his favor, he will have room to cover his losses.
In addition, a wider stop will account for volatility in the market. Many traders have been stopped out in volatile markets. Getting stopped out is a common part of trading, so it is essential to account for it. However, a wide stop may cause a trade to be stopped out at the worst possible moment, and this can be a disaster if the market turns against you.
Traders must calculate pip value
A lot of people get confused when they first start trading. First of all, traders need to understand how to calculate pip value. In forex, pip value is measured in the currency of the second position. A micro lot of the US dollar will be worth $0.10, while the same amount of Australian dollar will be worth $1. Similarly, the value of a standard lot of the British Pound will be equal to 7.46 AU dollars.
Traders must know the value of a pip before entering a trade, in order to manage risk properly and determine the proper trade size of the position. As forex transactions are usually leveraged, the pip value of a position is multiplied by the leverage used. Understanding the value of a pip allows traders to decide on the size of their positions and trade accordingly, avoiding excessive risk. Without knowing the value of a pip, traders may overexert their account and lose all their money. The best-trading market is available on Baxia Markets.
Currency pairs with USD as their quote currency have a $10 pip value
In forex trading, the standard lot in a particular pair is equal to $10. To determine the exact amount of a pip, you must know the first currency in the pair. For example, if you want to trade USD/CAD, you should first divide the amount by the standard lot size of $1.00. In this way, you can easily calculate how much one pip is worth.
The exchange rate between two currencies changes in value when the base currency increases in value. Conversely, it decreases in value when the base currency falls. Because of this, the currency pairs are usually presented with the quote currency first and the base currency second. Some currency pairs have a specific historical convention, however. For instance, EUR/USD conversions are listed as EUR/USD and not USD/EUR.
Currency pairs with EUR as their quote currency have a $1 pip value
In forex trading, currency pairs are always quoted in two currencies, the quote currency and the base currency. For example, EUR/USD means that if you trade one million euros for one million dollars, you will end up losing $1.20 in the process. When you trade EUR/USD, the price you see on the screen is the price of the quote currency, which is the euro. You will have to translate this number into the base currency at the end of the transaction to get your final amount.
To calculate the pip value for any pair, you need to know the second currency in the pair and the denomination of the account in that currency. The amount you trade is also important, as a single pip is equivalent to $1 in the base currency. In GBP/USD, a standard lot of 100,000 base units would result in a $10 pip value, while a micro lot would result in a $0.10 pip value.
4 Innovation Accounting Strategies To Implement in 2022
Businesses must stay ahead and remain competitive by producing innovative products and services. But handling innovative products can be a tricky affair. Their early stage development is fluid—with high uncertainty and steep failure rates.
A solution for this perennial problem is innovation accounting. Through innovation accounting, your firm can develop and track new products and business models faster. So, you can align them with your overall business strategy to drive your competitive edge.
Innovation managers and corporate ventures can now understand their innovation project risks better. That allows you to make an informed decision on the projects and avoid resource and time wastage. This can be crucial, particularly if you’ve limited resources or a broad innovation projects portfolio with different sizes and all running simultaneously.
Incorporating innovation accounting as part of your innovation ecosystem can help you track and measure each innovative project. As a result, you can determine your riskiest assumptions and gain real-time insights into your programs from a single source.
Innovation accounting strategies can boost innovation efforts and scale your products and growth. Let’s unpack what innovation accounting is before exploring innovation accounting strategies worth implementing in 2022.
What Is Innovation Accounting?
Innovation accounting offers a structured approach to measuring your innovation’s progress. Using innovation accounting helps you create relevant and actionable metrics for each stage of your innovative product development. So, you can invest wisely and make informed decisions on your innovation projects.
As a result, it complements traditional accounting (TA), which is ill-equipped to measure a new product’s early stage. TA metrics like market share or ROI can not apply to a new innovative product.
At such a nascent stage, you may have only tested your project amongst a handful of users for feedback for iteration and better final product development. So, a market share can’t be an actionable and realistic metric at that stage.
Innovation accounting focuses on the most crucial and essential metrics at that stage. The goal is to uncover real-time insights into your innovation progress and determine your risks. So, you can achieve product-market fit and scale your product(s) for growth opportunities.
Let’s explore four innovation accounting strategies to implement in 2022.
- Focus on Customer Needs
All your innovation accounting metrics at the early product development stages should focus on customer needs. That’s the only way you can connect to the market needs and achieve a product-market fit.
For example, you can track a metric like a customer feedback to help make the product iterations that serve users better. Alternatively, you can use conversion rates to see how many users have tried the service or product.
As the product progress through the production cycle, each stage should have actionable metrics. Actionable metrics will help you uncover valuable insights into your progress.
- Create Actionable Metrics and Avoid Vanity Ones
Metrics and evaluation are the core of the lean startup approach to product development. But, evaluation alone is not enough; you must measure the right aspects or things. Sway on the wrong or unnecessary elements, and you’ll be deep down vanity metrics.
On the contrary, actionable metrics are specific and give right/wrong or good/bad data results that are unmistakable. Plus, they are tied to the hypothesis you are testing. It will help you determine the outcomes of changes or product features.
Additionally, the actionable innovative metric should be:
- Accessible. The metric should have clarity and supporting data widely available to every team member and relevant stakeholders.
- Auditable. The results should be traceable and reproducible from the source data by any project team member.
- Finite. The metric should be tied to the hypothesis being tested. The report’s data should allow you to measure what you need. Evaluate what you need to validate a business idea and move on to the next assumption. So, metrics changes as the product move from one development stage to another.
For example, assume you have an incredible e-commerce website product.
At the initial stages, you will be limited to metrics like active members, reviews, social media shares etc. As the product matures and reaches the marketing stage, you can track conversion rates, customer satisfaction, revenue etc.
Upon reaching the mature stage and being well known, you can track metrics like churn rate, retention, cost of production etc.
Remember, every innovative project is unique – so the actionable metrics may be different and specific to each case scenario.
- Create a Better Funnel Innovation Process
Funnel innovation is part of the Lean Thinking approach that helps you to screen for innovative ideas and prototypes for viability. It will allow your firm to determine which creative ideas are realistic or which ones are not.
Integrating innovation accounting into the funnel innovation process helps evaluate your idea’s usefulness through prototyping and minimum viable product (MVP). So, you can validate your business ideas and models faster and more efficiently.
The traditional funnel innovation model looks for ideas and resources internally. The model is better if you have an extensive research and development (R&D) team. You can also opt for the open innovation (OI) rocket model, where you accept ideas and development externally.
The OI rocket model is best-suitable if you have external collaboration in the market. Also, it is an excellent asset as most ideas are tied to the market and customers’ needs. Moreover, the development of solutions leads to better technical knowledge.
So, you must evaluate the numerous and continuous ideas you get daily or weekly. A funnel innovation process hinged on IA can come in handy for effectively and efficiently qualifying the ideas.
- Develop Quality Impact Mapping
Source: Open Data Watch
Another crucial approach you should include as part of your innovation accounting is impact mapping. Impact mapping is a robust planning method that helps you manage your innovation goals and priorities, identify risks, and explore solutions.
It focuses all interested parties on the essential features without including unnecessary details. That allows you to test your business idea assumptions and evaluate their potential value. You can also leverage it to achieve your objective faster. Put differently, it helps achieve a more mature delivery.
Innovation accounting handles everything on measurement and tracking. To gauge the impact of your idea or project, you must apply relevant metrics to test that. So, incorporating impact mapping in your innovation accounting process can keep your team focused on the goal and delivery.
In essence, impact mapping can help stakeholders develop roadmap decisions and react quickly to the dynamic business environment.
You can only make informed decisions on your innovation projects if you have the proper insight and data. Whether it is the amount of investment or resources to commit, you’ll need to support your actions based on data insights.
Innovation accounting offers a structured measurement approach to get innovation progress data insights. You can enhance your innovation accounting process by leveraging some of the abovementioned strategies. They will help you produce new products and business models faster and more affordable for the market.
How Does MyConstant Make Money?
The answer to the question, “How does MyConstant make money?” depends on the purpose of your loan and its nature. In general, MyConstant provides institutional loans, personal loans, and crypto-backed loans. But it also charges an origination fee for each loan. To get more information, keep reading. Here are some of the ways that MyConstant makes money. Using your loan as collateral: Upon receiving an application, you’ll receive an email that will include a link to your profile. In return, MyConstant will send you a confirmation email with your loan request. The email address you use is the one that you provided when you filled out your application.
MyConstant is a peer-to-peer lending platform
MyConstant is a peer to-peer lending platform that matches investors with borrowers to make loans. Lenders can lend fiat or cryptocurrencies. They receive a certain percentage of interest each month. Unlike traditional loans, MyConstant requires no credit check or a collateral. They also require no minimum capital or maximum loan amount. Investors can deposit as much as they like, but they cannot withdraw more than they have deposited.
It offers institutional loans and personal loans
MyConstant offers institutional loans and personal loan products in a range of crypto-currencies. It also allows investors to invest in cryptocurrency futures and short-sell it. The interest rate advertised on MyConstant’s website is net after exchange rate effect, which may be significant if the borrower defaults on the loan. The borrower may not be able to repay the loan if the foreign currency depreciates significantly.
Investors can start with as little as $50 and build a portfolio of more than one hundred different investments. Investors can fund loans on the MyConstant platform or deposit the money in the company’s Instant Access product, which earns compound interest. They can begin investing in a variety of sectors, including cryptos, equities, and real estate. To get started, investors can deposit money into their flex account until matched with a borrower.
It offers crypto-backed loans
MyConstant is a US-based company that offers a variety of crypto-backed loans. The Crypto-Backed investment plan earns 8% APY and enables users to choose a 30 day, 90-day, or 180-day loan term. The APY for each term varies depending on the amount of collateral deposited. The MyConstant account allows borrowers to invest with either fiat or cryptocurrency.
MyConstant, which was first launched as a stablecoin project in January 2019, is a peer-to-peer lending platform that connects investors with borrowers. The company offers a variety of investment products with interest rates up to 15% APY, which makes it possible for investors to earn higher returns. The company launched as a stablecoin in January 2019 and quickly pivoted into a P2P lending platform, offering crypto-backed loans.
It charges an origination fee
MyConstant is a crypto loan lending platform. Customers can deposit fiat or crypto to the account and earn interest on the funds. MyConstant offers rates as low as 6%, with no credit check required. Borrowers must put up crypto as collateral to avoid defaulting on the loan. Additionally, MyConstant allows users to trade cryptocurrency futures. However, MyConstant charges an origination fee that can reduce the overall returns.
Users of MyConstant invest in an average of 15 loans, earning 7.12% interest. Although the service is not regulated, its claims of high-quality overcollateralized assets are not true. Also, the company does not provide any data on the borrower, and the only way to know if they have the ability to pay off the loan is to invest in crypto-assets. Moreover, MyConstant does not provide any credit scoring for borrowers. Borrowing through Constant is backed by 200% collateral, and is sold to give the investor his investment back.
It charges a small spread on the interest rate charged
MyConstant is a peer-to-peer lending site. The platform offers loans collateralized by a variety of cryptocurrencies, including bitcoin, Ethereum, Litecoin, and ethereum. Borrowers can invest in these cryptos or borrow fiat and stablecoins. Borrowers repay the loans with the underlying cryptocurrency, and MyConstant returns the collateral to them at the end of the loan term. However, there is no credit check required for borrowers, and no exchange fees are charged for the transaction.
The service charges a 2.5% origination fee and another fee for early repayment. Borrowers and investors will pay a small spread of 50 basis points, which translates to about seven percent. Interest rates vary by cryptocurrency and range from four percent to eleven percent, depending on which privacy token is accepted. The minimum interest rate is 4%, and if you accept the PRV privacy token, the interest rate can go as high as 11 percent.
How To Exchange Cryptocurrency To Real Money?
In simple terms, trading is buying and selling assets to profit from the price difference. A cryptocurrency exchange is a platform where crypto holders can conduct transactions with digital assets and use different trading tools. The most reliable and profitable way to buy cryptocurrency is a centralized cryptocurrency exchange (WhiteBIT, Binance, Coinbase, Kucoin). These cryptocurrency exchanges are the most credible and reliable for trading.
CEX are the only services that allow one to buy cryptocurrency with fiat currencies and convert them back into dollars, euros, etc. To learn more about how to do it, go to the White blog – this is a resource with helpful guides and educational articles on the crypto topic.
Other Features Of CEX
Here are some essential things to know about centralized cryptocurrency exchanges:
- They provide a high level of client funds safety. They store users’ investments in cold wallets. It does not allow hackers to reach them.
- They offer a wide selection of trading tools and passive income options. That means you may buy cryptocurrency, hold it on a cryptocurrency exchange, and receive interest in return.
- They offer a complete list of trading pairs and the option to trade with fiat.
- They allow using bank cards to buy cryptocurrency.
- They offer customer support that helps users solve issues they face when working with the platform.
So we have mentioned that you can use your bank card to purchase digital assets on a cryptocurrency exchange of the centralized type. To do it, you should create an account and pass the KYC verification. Credible platforms always demand KYC. Without it, you can’t buy crypto with your bank card.
The next step is to link your card to your account and go to the Trade block. Fill the space with data – the asset you sell and the coin you wish to buy. Consider the exchange fee as well as the bank fee separately. If everything is okay, proceed with the transaction and receive coins to your account. The same, but in the reverse direction, you can buy dollars or euros with crypto and withdraw them to your card.
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