Planning For Emergency Financial Situations

Emergency financial situations can happen to anybody and any financial arrangement exercise is not ideal without planning for such occasions. The whole idea of having an emergency fund is to offer a cushion against any unexpected expense.

This will ensure it does not have any negative impact on your financial condition and does not rip off the whole financial security.

There are many circumstances which can cause a financial emergency such as a sudden illness, accident, medical emergencies, emergency house repairs, loss of a job, emergency car repairs and much more.

The major reason for having an emergency fund is very clear because when a person falls into an emergency financial situation, they will have to break their savings or make a compromise to get the needed money.

It’s not rare to find people who just take out their credit card and swipe it for hard cash. Opposing popular opinions, credit cards are the worst way to fund any financial emergency. The fastest way to get thousands of dollars its to get a car title loan it is not a long-term solution but a short-term solution.

In a circumstance where you’ve taken a cash advance with your credit card to get the needed money, the credit card company will charge you a cash advance fee with an interest rate. This is a very costly way to borrow and manage finances for emergency situations.

Therefore, what is the best amount that should be set aside as emergency money? There are diverse opinions on it. Some professional’s experts agree that a minimum of 3-6 months’ worth of monthly income should be set aside for an emergency situation. This amount can differ according to marital status, the size of family and lifestyle.

Everyone must reserve some extra cash in case of emergencies. But, the amount to reserve depends on your income and monthly expenses. The amount that is needed for your emergency fund is open to debate, the minimum amount should be sufficient to cover your expenses for daily living for at least 3 months. It’s also ideal to save for 6 months even though some financial advisers agree on a full year worth of cash.

These funds must be kept aside in an instrument, which is easily available when needed. It could be money in a bank account, hard cash, liquid funds or fixed deposits. This will ensure the fund is always accessible instantly or within a short period when it’s needed.

Where to Keep the Cash

Your situations and what can offer you peace of mind are the factors that can help you determine how cautious you want to be. Keep your emergency fund somewhere that is safe and accessible because you may be required to get the cash in a hurry when an emergency arises. The best option you’ve is to open a money market account or savings account. But, always examine their offer with regards to the interest rate, minimum balance, and other terms.

When you think you’ve saved enough, you can stop. You can now sleep easier and try to start placing your extra saving into higher-interest and less accessible accounts or investments.

Top Financial Tips for Millennials

Are you a millennial who feels overwhelmed trying to manage your finances? Are you getting the most out of your money? Financial literacy is not often taught in schools and they don’t do a great job preparing their graduates to manage their finances. So when you’re out of college and start real life, it can be a little overwhelming and it is easy to get yourselves into debt and other financial trouble.

Most millennials are currently in their 20s and 30s – a time when many young people are ready to make major financial decisions in their lives, like home ownership, long-term investment activity, etc. If you’re currently a part of this generation here’s your crash course on what you should do to improve your financial wellness:

Take online financial courses
Since most young adults have the propensity for technology it is suggested you take a few basic online courses in economics, accounting, and any other financial topics that may be of interest to you.

Embrace Technology
When it comes down to managing your money there is probably an app. To help you do that. These apps. Can categorize your spending habits and help you manage your spending. These insights can help you save money each month and then transfer that money directly to your savings. Online financial apps can help you make a workable budget for your lifestyle and ultimately change your net worth.

When it comes down to managing your money there is probably an app to help you do that. Mobile apps like Clarity Money can help you track any wasteful spending habits. Digit and Stash can recommend where you can save money each month and then transfer that money directly to your savings. Online financial apps can help you make a workable budget for your lifestyle and ultimately change your net worth.

Examine Your Current Bank Accounts
Are you paying fees? If so, for what? Monthly maintenance and minimum balance fees should never be a fee on your account statement. Free checking accounts, are available, especially at credit unions and these accounts will help you keep more of your own money in your pockets. So don’t settle for anything else.

Build Your Credit and Understand the Impact of your Credit Score
Early on, you may only have a student loan or a credit card on your credit report. But now it’s time to start building your credit. Ask your credit union about a Credit Builder Loan to help jumpstart your credit. And if you already have some active loans, make sure you’re making payments on time every month. You’ll need that good credit history when you want to make big purchases in the future like a car, rent an apartment, or get a mortgage for your first home.

It’s also important to know that if you are planning on opening up a business your personal credit may be the defining factor in your ability to access necessary working capital.

Repay Debt Tactically
Since we are on the topic of credit, a lot of young adults have credit cards with very high interest rates. Focus on paying off those debts first! If possible, transfer those balances to a lower-rate credit card. It’s much easier to pay down debt when more is going toward the balance.

Track everything to obtain your whole financial picture
Just as businesses manage their cash flow, individuals need to do the same by tracking their income, expenses, assets and liabilities. There are many online tools to help you like Mint, Quicken and Personal Capital.

Build an Emergency Fund
Unplanned/unfair/unfortunate events can happen in the blink of an eye. You may get in a car accident, have unforeseen medical expenses or lose your job. That’s why it’s important for everyone to have an emergency fund. The best way is to set up an automatic savings plan where you pay yourself first by depositing a portion of your paycheck into a separate savings account. If you forget it’s there you won’t be tempted to spend it.

Create a Long-Term Savings Strategy
An emergency fund is a short-term strategy, but you also can’t forget the big picture. Does your employer offer a matching 401(k)? If so, be sure to take advantage of that opportunity. It’s fundamentally free money, and it’s an investment in your future.

Get yourself a financial mentor
Even though there is an overabundance of information and apps on the Internet to help with your financial security, it is far superior to pick the brain and bounce questions off a trusted friend or colleague. Their pertinent insights will most likely be tailored to your specific requirements.

Use these financial tips listed above to get your finances on track while you’re still young. You’ve got a bright future ahead – so start now and stick with it. Your financial well-being will thank you! Although these tips are targeted at millennials, they’re useful for all ages.

What Is an ICO in Cryptocurrency?

ICO is short for Initial Coin Offering. When launching a new cryptocurrency or crypto-token, the developers offer investors a limited number of units in exchange for other major crypto coins such as Bitcoin or Ethereum.

ICOs are amazing tools for quickly raining development funds to support new cryptocurrencies. The tokens offered during an ICO can be sold and traded on cryptocurrency exchanges, assuming there is sufficient demand for them.

The Ethereum ICO is one of the most notable successes and the popularity of Initial Coin Offerings is growing as we speak.

A brief history of ICOs

Ripple is likely the first cryptocurrency distributed via an ICO. At the start of 2013, Ripple Labs began to develop the Ripple payment system and generated approximately 100 billion XRP tokens. These were sold through an ICO to fund Ripple’s platform development.

Mastercoin is another cryptocurrency that has sold a few million tokens for Bitcoin during an ICO, also in 2013. Mastercoin aimed to tokenize Bitcoin transactions and execute smart contracts by creating a new layer on top of the existing Bitcoin code.

Of course, there are other cryptocurrencies that have been successfully funded through ICOs. Back in 2016, Lisk gathered approximately $5 million during their Initial Coin Offering.

Nevertheless, Ethereum’s ICO that took place in 2014 is probably the most prominent one so far. During their ICO, the Ethereum Foundation sold ETH for 0.0005 Bitcoin each, raising almost $20 million. With Ethereum harnessing the power of smart contracts, it paved the way for the next generation of Initial Coin Offerings.

Ethereum’s ICO, a recipe for success

Ethereum’s smart contracts system has implemented the ERC20 protocol standard that sets the core rules for creating other compliant tokens which can be transacted on Ethereum’s blockchain. This allowed others to create their own tokens, compliant with the ERC20 standard that can be traded for ETH directly on Ethereum’s network.

The DAO is a notable example of successfully using Ethereum’s smart contracts. The investment company raised $100 million worth of ETH and the investors received in exchange DAO tokens allowing them to participate in the governance of the platform. Sadly, the DAO failed after it was hacked.

Ethereum’s ICO and their ERC20 protocol have outlined the latest generation of crowdfunding blockchain-based projects via Initial Coin Offerings.

It also made it very easy to invest in other ERC20 tokens. You simply transfer ETH, paste the contract in your wallet and the new tokens will show up in your account so you can use them however you please.

Obviously, not all cryptocurrencies have ERC20 tokens living on Ethereum ‘s network but pretty much any new blockchain-based project can launch an Initial Coin Offering.

The legal state of ICOs

When it comes to the legality of ICOs, it’s a bit of a jungle out there. In theory, tokens are sold as digital goods, not financial assets. Most jurisdictions haven’t regulated ICOs yet so assuming the founders have a seasoned lawyer on their team, the whole process should be paperless.

Even so, some jurisdictions have become aware of ICOs and are already working on regulating them in a similar manner to sales of shares and securities.

Back in December 2017, the U.S. Securities And Exchange Commission (SEC) classified ICO tokens as securities. In other words, the SEC was preparing to halt ICOs they consider to be misleading investors.

There are some cases in which the token is just a utility token. This means the owner can simply use it to access a certain network or protocol in which case they may not be defined as a financial security. Nevertheless, equity tokens whose purpose is to appreciate in value are quite close to the concept of security. Truth be told, most token purchases are made specifically for investment purposes.

Despite the efforts of regulators, ICOs are still lingering in a grey legal area and until a clearer set of regulations is imposed entrepreneurs will attempt to benefit from Initial Coin Offerings.

It’s also worth mentioning that once regulations reach a final form, the cost and effort required to comply could make ICOs less attractive compared to conventional funding options.

Final words

For now, ICOs remain an amazing way to fund new crypto-related projects and there have been multiple successful ones with more to come.

However, keep in mind everyone is launching ICOs nowadays and many of these projects are scams or lack the solid foundation they need to thrive and make it worth the investment. For this reason, you should definitely do thorough research and investigate the team and background of whatever crypto project you might want to invest in. There are multiple websites out there that list ICOs, we recommend checking this ICO calendar if you’re interested to invest in a crypto project.

How Is NBFC Different From a Bank?

NBCFs and Banks both act as financial intermediaries and offer fairly similar services. But, there are many points of difference. There are very stringent licensing regulations for banks as compared to NBFCs.

What is an NBFC?
Principal business activities of a Non- Banking Financial Company consist of lending or financial leasing or hire purchase, accepting deposit or acquisition of shares, stocks, bonds, etc. To initiate any business they are required to acquire a license from RBI and they are regulated by RBI.

Based on Liability, NBFC can be Deposit-taking or Non-deposit taking. NBFC can be of following categories:

Loan Company
Asset Finance Company
Investment Company
What is a Bank?
Banks perform activities like granting credit, demand deposits and provide withdrawals, interest payment, cheque clearing and other general utility services to their customers.
They dominate the financial sector of the country and provide a link as a financial intermediary between borrowers and depositors.

Key Differences between NBFC and Bank
Now that we have separately analyzed the activities undertaken by both these institutions, let us analyze how NBFCs and banks differ in nature and their functionalities.

NBFC is first incorporated as a company under the Indian Companies Act, 1956 and then apply for NBFC license from RBI, on the other hand bank is registered under Banking Regulation Act, 1949.
Banks are government authorized financial intermediary which are chartered to receive deposits and grant credit to the public. However, NBFC is a company that provides banking services to smaller sections of the society without holding a bank license.
Banks are authorized to accept demand deposits, but NBFCs are not authorized to accept deposits which are repayable on demand.
As NBFCs are established as companies under Companies Act, 2013 they are allowed to accept up to 100% foreign investments. But, banks are can only accept foreign investments up to 74% of their total amount.
Like a bank, NBFCs do not form an integral part of payment and settlement cycle in the country.
RBI mandates the maintenance of reserve ratios like CRR or SLR by banks. NBFC have no such obligation.
Deposit Insurance and Credit Guarantee Corporation (DICGC) provide deposit insurance facility to the depositors of banks. Such facility is unavailable in the case of NBFC.
NBFC is not involved in credit creation like banks do for their customers.
Banks provide services like overdraft facility, the issue of travellers cheque, transfer of funds, etc. Such services are not provided by NBFC.
NBFCs are not allowed to issue cheques drawn on itself like banks can.

How Is Tally Holistic Software For Your Business?

Here is how Tally holistic software is for your business

Meeting the demands of businesses

Tally.ERP 9 can scale to meet the demands of your business without disrupting any running operations. It easily adapts to your essential business requirements. Tally also offers services in the business domains such as manufacturing, services and distribution. It offers efficient accounting and inventory management, multilingual functionalities and remote functions. Tally professionals offer their services in data integration and migration, maintaining contracts and other functions. Tally software meets these and more requirements of customers in business domains. It can handle sales, offer good support and services to customers.

Different functions for small businesses to large enterprises

Its Server 9 is an Enterprise product designed for meeting the requirements of medium and large businesses. While businesses invest highly in developing their infrastructure, businesses can opt for Server 9 and leverage their functioning. There are multiple benefits for Tally’s Server 9 such as:

• Multiple Tally ERP 9 users can access data simultaneously using Server 9

• It can be quickly deployed and it is simple to operate

• Good security and control initiatives

The software can boost business management with its useful and practical features. It can be used in a versatile number of ways such as for business transactions, sourcing stock report and printing out its copy from any location.

Here are some more features to explore:

Tally.ERP 9 is complete business management software. Here are some features of the Tally software most useful to businesses.

Use it for budgeting

Plan your financial budget based on the business objectives of your organization. Define particular amount to the various expenditure of the organization for a short or long period. At the end of the period, get reports and speculate on business operations for planning essential changes and improving the revenue of your businesses.

Payroll management

Using the effective payroll management feature, the ERP software can be used to manage payroll accounting and salary processing in organizations. Many organizations are deploying the software for their in-house processes.

Connected solutions

With the connected solutions of the software, share and sync business data

Manage most sales processes

Manage sales invoice, sales order, credit note, delivery notes and receipts all using the software.

Manage inventory easily

Businesses can handle their stocks or inventory, increase their revenue using Tally ERP 9 software.

Maintain accounts and manage taxation

Using the software, update your financial data and identify your tax liabilities using Tally ERP 9 software.

It is becoming synonymous with simplified accounting worldwide. Discover the useful accounting features of this software.

Invoicing in Tally.ERP 9

It is easy to develop vouchers in it automatically and print it out also. You can create the accounting invoice and Item invoice.

Managing purchases in Tally

With inventory vouchers, find additional costs while purchasing using the software.

Apart from its core business functionalities, Tally.ERP 9 also offers GST compliance. Since the introduction of GST law, Tally.ERP 9 is popular as a Tally GST software. It can be used to create GST invoices.

5 Benefits of Financial Technology

Financial technology (also referred to as FinTech) is the use of innovative technology to deliver a wide range of financial products and services. It is intended to facilitate the multi-channel, convenient and fast payment experience for the consumer. This type of technology is effective in many different business segments, such as mobile payments, investment management, money transfer, fund-raising and lending.

The rapid growth of financial technology has been very beneficial for consumers worldwide, such as the ability to serve customers that were not previously attended to, a reduction in costs, and an increase in competition.

Let’s take a look at a few of the benefits related to financial technology:

Better payment systems – this type of technology can make a business more accurate and efficient at issuing invoices and collecting payment. Also, the more professional service will help to improve customer relations which can increase the likelihood of them returning as a repeat buyer.

Rate of approval – many small business ventures are starting to use the alternative lenders like those involved in financial technology because it has the potential to increase accessibility and speed up the rate of approval for finance. In many situations the application process and time to receive the capital can be completed within a period of 24 hours.

Greater convenience – the companies involved in financial technology make full use of mobile connectivity. This can significantly increase the number of people who can access this type of service and also increase the efficiency and convenience of transactions. With consumers given the option to use smartphones and tablets to manage their finances, it is possible for a business to streamline its service and provide a better all-round customer experience.

Efficient advice – many of the latest systems rely on robo-advice to give people guidance on their finances. This can be a very quick and low-cost option to get useful information on investments, as well as to limit a person’s exposure to risk. However, this type of service won’t be able to give the most in-depth advice that would come from a professional adviser.

Advanced security – Using the latest security methods is necessary to ensure more people are confident in using this type of financial service. The need to harness the latest mobile technologies has resulted in a major investment in security to ensure customer data is kept safe. A few of the latest security options used by those in this sector include biometric data, tokenization and encryption.

What Is The Difference Between Investment Management And Wealth Management?

Investment management and wealth management – it is easy to be confused by these terms, especially since they are often misrepresented. What do they really mean, what are the key differences, and which might be best for you?

What is wealth management?

Wealth management looks at an individual’s finances as a whole and how they can be managed to achieve their long-term financial and personal goals. In addition to handling clients’ investments, wealth management encompasses a wide set of services, such as legal planning, insurance, accounting, and financial, charitable giving, and tax advice.

There are higher minimum asset thresholds, and one can expect to pay higher fees for the more comprehensive service. Although a good manager could justify this through the savings their service provides.

Advantages of wealth management

As wealth managers offer many of the services of an investment manager, their clients gain the same benefits. However, the additional services on offer mean that wealth management can provide further advantages.

Coherent Strategy

As wealth management looks at all aspects of clients’ financial affairs, it aims to provide a custom-made strategy to realise their objectives. For example, by combining different services, a wealth manager can find the best path to paying off a mortgage or planning for retirement, whilst avoiding tax inefficiencies or undue risk.

This holistic approach attempts to understand and predict how different areas of an individual’s finances interact and organise them appropriately.

Simplicity

A wealth manager can provide a single focal point for all financial matters. Rather than having a wide assortment of advisors, a wealth manager may replace the need for a separate financial planner or investment manager, for example.

Their breadth of knowledge also means that they can act as a guide for those less familiar with the practices and technical language that often surrounds financial services.

What is investment management?

The primary role of the investment manager is to advise on, organise and grow clients’ investments.

After discussing a client’s financial goals and acceptable risk levels, an investment manager assembles a portfolio of investments appropriate to their requirements. They then will keep clients updated on the state of their portfolio, offering recommendations and implementing changes.

Advantages of investment management

Investment management services sometimes require a minimum investment and come with a fee – generally a small percentage of the assets under management. However, they can offer numerous benefits.

Reduced Risk

With an investment manager constructing a diverse portfolio, assets are less vulnerable to fluctuations in individual investments. With hundreds of smaller investments likely spread across different industries and asset classes, if one performs poorly, others are likely to compensate.

Convenience

If the client desires, they can acquire a wide range of investments with the minimum effort, making it ideal for time-poor individuals. As the paperwork and day-to-day running is taken care of, much of the stress of investing is removed.

Higher Returns

One of the biggest advantage is that you can gain the knowledge of the professionals. The best investment managers often have a wealth of experience and worldwide networks which can help them spot the best opportunities and reach better results.

Investment managers also have abilities that most individual investors do not. For example, they can increase their buying strength by pooling together several clients’ assets, with each benefiting from the greater yields.

Which is best for you?

Which service is most suitable will largely depend on your net worth and the type of assistance you require. Whilst a wealth manager offers more services than an investment manager, it is generally only available, or necessary, for the most affluent clients, with the wealthiest even receiving fee discounts.

Therefore, if you simply wish to see your investments grow, without the difficulty and risk of handling it yourself, gaining the services of an experienced investment manager could prove fruitful. However, for those with a higher net worth and a complex financial situation, the comprehensive methods of wealth management may be the best solution.

Basics of Revenue Recognition Audits

Revenue Recognition accounting is a process that depicts how sales transactions are recorded by a company in financial statements. While recording revenue, companies are mandated to comply with Generally Accepted Accounting Principles (GAAP). As per GAAP, in order to book a sale as revenue, the revenue should be recognized initially. Consequently, for a revenue to get recognized, it should be Earned and Realizable Revenue.

It reviews the accounting techniques of revenue recognition that are adopted by a company. This audit thus assures that the recorded information is compliant with National Accounting Standards which stand mandatory for a firm.

Revenue Recognition Audit procedures:

For a successful Revenue Recognition Auditing process, Planning is a key element. This process thus initiates with analyses of revenue recognition policies and techniques of a company. Thus ensuring the company’s compliance with the desired audit procedures. After satisfying their doubts, the auditing comes to the second level that involves the analyses of contracts of that year. Material Contracts are then separated from the lot. Auditors invest their time to test whether those contracts are recognized aptly. Along with this, they ensure that the financial statement contains receivable and deferred accounts. Besides reviewing the Material Contracts, auditors also pay heed to the one which is not material to ensure that even they recognize the revenue aptly.

Important Aspects of Revenue Recognition Audit:

Reviewing General Ledger:

When an Auditor/Accountant analyzes a General Ledger it provides them with a lot of substantive evidence and thus initiates lesser procedural tests. General Ledger is reviewed to have knowledge as to how the sales are recorded in that particular firm. The information that concerns Revenue Recognition Audit includes the sold goods, the date when it was delivered and the mode of payment used to do so. It ensures that General Ledger is in accordance with the actual sale transactions of the firm. While auditing, even the Revenue Recognition Policies of a company can also be considered.

Analysing the Financial Statements:

For a detailed overview of the company’s finances, auditors look out for financial statement of an organization. Then a comparison follows between General Ledger and the statement deduced, to look out for dissimilarity that exists. Auditors are well acknowledged about the importance of financial statement; as the stakeholders evaluate a firm by the information provided by that.

Combating Risks in Receivable Accounts:

Accounts of high-profit sales of a firm can be studied by an auditor in Receivable Accounts. The information mentioned by them is cross-checked by the auditors with the original sale invoices. Primary risk that exists is that the net receivables might be overstated, because either receivable have been overstated, or the allowance for uncollectible accounts has been understated. Revenue Recognition Audit ensures that the company’s account balance mentioned is legitimate.

Accrued/Deferred Revenue:

While recording revenue, firms may incorporate accrual or deferrals. Auditors stay skeptical regarding accruals and deferrals to ensure that the real transactions are mentioned and do not contain wrong invoices.

What are the Prerequisites for a Revenue Recognition auditor?

An Auditor is required to have complete knowledge of complications prevailing in revenue recognition’s auditing and accounting. Active participation of employees should be fostered by the auditors for smooth auditing.

Internal control in an organization is a continuous process to collect, analyze and update information during an audit. Thus mandating internal control; as the responsibility of an auditor. An Auditor then evaluates the appropriateness of finances.

Central Banks, Financial System and the Creation of Money (and Deficit)

In the market economy, the financial system gives money from the positive savers (i.e. depositors) to the negative savers (i.e. people with shortage of funds which need loans to buy property etc.). Furthermore, the financial systems facilitate non-cash payments. from individuals or legal entities.

The financial system has by law a monopoly of services. Only banks can accept deposits, only insurance companies can provide insurance services and mutual funds management can be done better by a large bank rather than by an individual investor.

How money is created

In the past, one of the reasons the ancient Greek states were strong was the ability to create their own currency. In the times of Pericles, the silver Drachma was the reserve currency of that era. The same applied for the golden currency of Philippe from Macedonia. Each of these currencies could have been exchanged with a certain amount of gold.

Nowadays, Fed creates USD and ECB Euro which both is fiat money I.e money with no intrinsic value that has been established as real money by government regulation and we, therefore, have to accept it as real money. Central banks circulate coins and paper money in most countries that they are just 5%-15% of the money supply, the rest is virtual money, an accounting data entry.

Depending on the amount of money central banks create, we live in a crisis or we have economic development. It should be noted that central banks are not state banks but private companies. The countries have given the right of issuing money to private bankers. In turn, these private central banks lend the states with interest and therefore, have economic and of course, political power. The paper money circulated in a country is actually public debt i.e. countries owe money to the private central bankers and the payment of this debt is ensured by issuing bonds. The warranty given by the government to private central bankers for debt repayment is the taxes imposed on people. The bigger public debt is the bigger the taxes, the more common people suffer.

The presidents of these central banks cannot be fired by the governments and do not report to the governments. In Europe, they report to ECB which sets the monetary policy of EU. ECB is not controlled by the European Parliament or the European Commission.

The state or borrower issues bonds, in other words, it accepts that it has an equal amount of debt to the central bank which based on this acceptance creates money from zero and lends it with interest. This money is lent through an accounting entry however, interest rate does not exist as money in any form, it is just on the loan contract obligations. This is the reason why global debt is bigger than real or accounting debt. Therefore, people become slaves since they have to work to get real money to pay off debts either public or individual debts. Very few ones manage to pay off the loan but the rest get bankrupted and lose everything.

When a country has its own currency as it is the case of the USA and other countries, it can “oblige” central bank to accept its state bonds and lend the state with interest. Therefore, a country bankruptcy is avoided since the central bank acts as a lender of last resort. ECB is another case since it does not lend Eurozone member-states. The non-existence of a Europe safe bond leaves the Eurozone countries at the mercy of the “markets” which by being afraid of not getting their money back they impose high interest rates. However, quite recently the European safe bonds have gained ground despite the differences in Europe policymakers whereas the Germans are the main cause for not having this bond since they do not want national obligations to be single European ones. There is also another reason (probably the most serious one) which is that by having this bond, Euro as a currency would be devaluated and Germany’s borrowing interest rates would rise.

In the USA things are different since the state borrows its own currency (USD) from Fed so local currency is devaluated and therefore state debt is devaluated. When a currency is devaluated the products of a country become cheaper without reducing wages but imported products become more expensive. A country which has a strong primary (agriculture) and secondary (industry) sector can become more competitive by having its own currency provided that it has its own energy sources i.e. it should be energy sufficient. Banks with between $16 million and $122.3 million in deposits have a reserve requirement of 3%, and banks with over $122.3 million in deposits have a reserve requirement of 10%. Therefore, if all depositors decide to take their money from the banks at the same time, banks cannot give it to them and bankrun is created. At this point, it should be mentioned that for each USD, Euro etc deposited in a bank, the banking system creates and lends ten. Banks create money each time they give loans and the money they create is money that appears on the computer screen, not real money deposited in the bank’s treasury that lends it. However, the bank lends virtual money but gets real money plus interest from the borrower.

As Professor Mark Joob stated no-one can escape from paying interest rates. When someone borrows money from the bank, s/he has to pay interest rates for the loan but all who pay taxes and buy goods and services pay the interest rate of the initial borrower since taxes have to be collected to pay the interest rates of the public debt. All companies and individuals that sell goods and services have to include the cost of loans in their prices and this way the whole society subsidizes banks although part of this subsidy is given as interest rate to depositors. Professor Mark Joob goes on and writes that the interest rate paid to the banks is a subsidy to them since the fiat/accounting money they create is considered as legal money. This is why bankers have these large salaries and this is why the banking sector is so huge, it is because the society subsidizes banks. Concerning interest rates, poor people usually have more loans than savings whereas rich people have more saving than loans. When interest rates are paid, money is transferred from poor to the rich therefore, interest rates are favourable for wealth accumulation. Commercial banks gain from investments and from the difference between interest rates for deposits and interest rates for loans. When interest rate is added regularly to the initial investment, it brings more interest since there is compound interest which increases exponentially initial capital. Real money by itself is not increased since this interest rate is not derived from production. Only human labour can create interest rate of increasing value but there is a downward pressure for salaries cost and at the same time increase of productivity. This happens because human labour needs to satisfy the demands of exponentially increased compound interest.

The borrower has to work to get the real money, in other words, banks lend virtual money and get real money in return. Since the lent money is more than the real one, the banks should create new money in the form of loans and credits. When they increase the quantity of money there is growth (however, even in this case with the specific banking and monetary system debt is also increased) but when they want to create a crisis, they stop giving loans and due to the lack of money a lot of people bankrupt and depression starts.

This is a “clever trick” created by the bankers who have noticed that they can lend more money than the one they have since depositors would not take their money, altogether and at the same time, from the banks. This is called fractional reserve banking. The definition given by Quickonomics for fractional reserve banking is the following: “Fractional reserve banking is a banking system in which banks only hold a fraction of the money their customers deposit as reserves. This allows them to use the rest of it to make loans and thereby essentially create new money. This gives commercial banks the power to directly affect money supply. In fact, even though central banks are in charge of controlling money supply, most of the money in modern economies is created by commercial banks through fractional reserve banking”.

Are savings protected?

In the case of Italian debt as in the case of Greek debt, we have heard from politicians (actually paid employees by the bankers) that they want to protect people’s savings. However, are these savings protected in this monetary and banking system? The answer is a simple NO. As mentioned, the banks have low reserves in cash. This is the reason that they need their customers’ trust. In case of a bankrun there would face liquidity problems and they would bankrupt. There are deposit guarantee schemes that reimburse, under EU rules, that protect depositors’ savings by guaranteeing deposits of up to €100,000 but in case of chain reactions, commercial banks need to be saved by the governments and central banks act as lenders’ of last resort.

Understanding the Importance of Residual Income

This article is aimed at explaining the importance of building residual income and also to explain the need for individuals to leverage network marketing business model if their dreams are to gain financial and time freedom. So, even if you presently work a job or business, it is needful that you pay attention to network marketing so as to develop residual or passive income over time.

The commonest way that people define residual income is “income earned while sleeping”. Is it really possible to earn income while, all the while, you are asleep? This may sound strange to some people but, yes, it is possible.

The importance of residual income in a man’s life finds expressions in the statement of the billionaire investor, Warren Buffet, in which he stated that “if you don’t find a way to make money while you sleep, you will work till you die”.

Residual income is a concept that many ignore without understanding that their future well-being is dependent on it. And with what result? With damaging consequences.

By going to work every workday and receiving a salary at the end of the month, you’re simply exchanging time with money. Your salary is not residual. If your work stops, your income stops automatically.

Let me explain residual income with the following example.

Imagine two men in a village. Both have to walk a mile every day to a river to get water for their families. After a month, one man starts working on building an underground pipeline to connect the river to his house. For an entire year, he expends extra energy working on his pipeline. When he finishes, he has the source of the water directly to his house, while the other person continues to visit the river.

Residual income is like building a pipeline to connect water from the source to your house so that you don’t always have to go to the river.

In that short example, you will notice that it took some time for the pipeline to be constructed. But having done that, the man continued to enjoy water supply effortlessly.

However, the second man who failed to take the same initiative had to continue to visit the river for his water supply. What will happen if he becomes indisposed? He and his family will stay without water and suffer its consequences.

There exist many business initiatives that you can leverage in your effort to build residual income. But I do recommend network marketing, or MLM as some would like to call it, due to the fact that it doesn’t requre a tonne of investment capital to set up.

A lot has been said about network marketing by various network marketing professionals but many still feign ignorance about it.

The reasons people WON’T take a look at network marketing is NOT:

• because they don’t have the money.

• because the opportunity or business isn’t good.

• because they are worried about being scammed.

• because the profit margins aren’t high enough.

• because the demand for the product isn’t wide enough.

• because they need to ask their spouses first.

• because they need a night to sleep on it.

• because they need more time to research the company.

• because they need to get on the phone with you to join.

• because they have to ask other people on Facebook to see if you’re a good sponsor.

• because they need to see your bank account to prove the results.

• because they don’t believe in it.

The real reason they don’t join network marketing business opportunity is that they have been conditioned by society to be consumers of goods and not producers.

.They have been conditioned to buy “education” but not to buy knowledge.

.They have been conditioned to have a “job” but not to own a “business”.

.They have been conditioned to be workers but not to be their own bosses.

.They are non-thinkers instead of go getters

.They are intimidated by anything that challenges them.

That is what this is really about. It’s about people who are so afraid of learning, and stepping out of their comfort zones and being paralyzed by their fears.

It’s about being comfortable and caring what other people might think. It’s about their family thinking they are FAILURES if they do anything besides just having a JOB.

If you’re working presently, understand that you are only exchanging your time and effort for the pay cheque you receive at the end of the month. That’s okay though but by going to work every day, you are not building residual income which is the pipeline that will enable you to get water supply without having to go to the river.

In view of what has been outlined above, what should you be thinking of doing now? Continue with your job but alongside your job, approach a network marketing professional to set up a network marketing business that you should be doing on a part-time basis. The little part-time effort you put into the business will, before long, yield a significant result.

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