How Banks Can Reimagine their Business Processes to Deliver Real-Time Personalized Banking Experience

Global Financial Services

The global financial services sector is on the cusps of significant disruption, with fantasy technologies like AI and blockchain fast changing the way banks operate and deliver services to clients. More so, the emergence of financial technology (fintech) and regulatory technology (regtech) firms who continue to muscle into financial services has created a digital race of some sort in the industry.

Along with robo-investors, digital banks have been launched to help individuals transact as fast as can be imagined, and they are making a difference. The disruptive momentum of fintech vendors is helped by a growing population of tech-savvy consumers who expect personalized services.

The customer-focused nature of these new breeds of tech startups has made traditional financial institutions realize that they are at risk of falling behind in the innovation race unless they acquire transformative technologies that will enable them to keep up with advancements in an ever-evolving business environment.

Reshaping the Customer Experience by Leveraging New Digital Tools

To deliver real-time, personalized banking experience to clients, businesses need to address significant customer pain points as well as identify new ways to satisfy them in differentiated ways. Today, we live in a generation where people are never far away from a smartphone.

To put this in perspective, 87% of millennials never separate from their mobile devices, according to a report. Another report says customers use mobile banking apps 7,610 times a minute. Also, 70 percent of consumers who own a smartphone prefect transacting from their phones. These make mobile one of the most clear-cut ways to differentiate.

To meet client needs in this digital age, banks must do their due diligence to appropriately integrate digital tools such as live chat, self-service, mobile, and Omni channel support and emerging technologies like artificial intelligence into their processes.

Ways to Optimize the Customer Journey Experience

Information gathering is key to improving the customer journey. To deliver banking services in real time, banks first have to have enough data to make informed decisions. This requires gathering deep customer insights so that institutions can get a better sense of their needs, which can be achieved by investing in systems that recognize every customer irrespective of the platform used.

That said, here are the ways banks can improve banking experiences for consumers:

  1. Improve the account opening process and make the onboarding experience efficient

An exceptional account opening experience can help banks earn customer loyalty and remain competitive. To this end, institutions are advised to make the account opening process faster and provide robust mobile account opening services to make it easier for today’s connected customers to open accounts on a mobile phone. The more straightforward the process, the better the customer experience.

  1. Consider a user-friendly authentication solution

A complex authentication system can get customers frustrated. Institutions are advised to consider authentication solutions such as those based on one-time passwords, as they offer robust security and are user-friendly.

In addition, less intrusive technologies like Facial Recognition, Touch ID, and Iris Scanning are other effective solutions institutions might want to consider.

  1. Embrace the disruptive potential of AI-powered chatbots

Chatbots are some of the fascinating stories in fintech. It wasn’t so long ago that they were nothing more than automated answering agents. Today, they help address customer complaints, thanks to their ability to engage consumers with their intelligence.

Implementing this innovation will help financial institutions lower cost while improving the customer experience by providing personalized, always-on service. This is the future of Banking.

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The Evolution of Cryptocurrency – Wall Street

Cryptocurrency Evolved Out of Necessity

Nearly ten years after the introduction of bitcoin, the first and most prominent cryptocurrency, digital currencies continue to defy the doomsday. Despite being around for less than a decade, cryptos already show potential to replace traditional fiat currencies and transform the financial services landscape. But how did they come so far so quickly?

The Beginning

While the concept of online currency predates bitcoin, 2009 marked a defining moment for peer-to-peer electronic cash system when an individual (or group) under the pseudonym Satoshi Nakamoto publicly released the bitcoin software. Bitcoin was created to protect against inflation, provide security, and put the control of money in the hands of the people.

The release kick-started what is now known as bitcoin mining, and indeed the introduction of alternative currencies, which have been developed, either to address bitcoin’s perceived shortcomings or to accomplish different goals.

Bitcoin was valued for the first time in 2010 when an early adopter decided to swap 10,000 units for two pizzas. The token is believed to be worth around $0.00001 when it was first created.

The Emergence of Alternative Cryptocurrencies

As bitcoin grew in popularity and gained more acceptance, users began to notice some of its shortcomings. As a result, alternative cryptocurrencies (often referred to as altcoins) were launched to fix its perceived flaws in areas such as privacy, transaction speed, DNS resolution, proof-of-stake, among others.

Similarly, Forks like Bitcoin Classic and Bitcoin Cash were created by manipulating the existing bitcoin code to reduce confirmation times, reduce transaction costs, or correct scalability issues.

Namecoin, Litecoin, and SwiftCoin were the first altcoins to launch in 2011. Today, some of the most popular alternative cryptocurrencies are Ethereum, Ripple, Zcash, Litecoin, Monero, and Dash. There are currently more than 1,500 cryptocurrencies online.

Initial Coin Offering (ICO), a fundraising tool for startups, makes it easier than ever to launch new cryptocurrencies. The first ICO was held in 2013 by Mastercoin. Since then, several cryptocurrencies have begun this way. Some of the most popular cryptocurrencies created through this means include Ethereum and NEO.

Growing Acceptance and Surge into Mainstream

The popularity of cryptocurrencies is on the rise. Countries like China, Ecuador, Tunisia, Venezuela, Senegal, Sweden, Estonia, Singapore, etc. have either created their own national cryptocurrency or are planning to launch one.

In addition, bitcoin and other popular digital currencies appear to be gaining more acceptance as a growing list of retailers and services now accept them as payment. The market value of digital currencies is expected to reach $1 trillion this year as positive sentiments continue to rise.

Challenges to Mass Adoption

Cryptocurrencies are a suitable medium of exchange, store of value, and unit of account. Possessing these characteristics make them a reliable form of money by any yardstick. However, some obstacles must be overcome before the general public widely adopts these online-based currencies.

One of the major barriers to mass adoption of cryptocurrency is volatility. Merchants are sometimes reluctant to accept cryptocurrencies as payment because their prices fluctuate very often. Scalability issues, security, and regulatory challenges are other factors that impede further adoption of digital currencies.

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Paula Deen Restaurants Presented By Wall Street Research

Wall Street Research Introduces Paula Deen Investment Opportunity to South Florida

Phoenix Hospitality & Entertainment, Inc. was established in August 2016 in Delaware to capitalize on the desire of global consumers to participate in the celebrity culture.

Phoenix Hospitality is partnering with Paula Deen to monetize her fan loyalty and extensive social media following by further extending her brand into the restaurant and retail space. Historically, celebrities have monetized their notoriety by entering into licensing or sponsorship deals for merchandise. Phoenix Hospitality is working with Paula Deen to leverage her brand and social media followers to initially build a successful chain of Paula Deen restaurants and retail throughout the southeast region of the United States and potentially nationally. These restaurants will be located in high-density tourist destinations and captured markets such as airports and casinos. The locations for these ventures are being carefully chosen so that they will be successful due to their fundamentals; i.e. high traffic, premium location, limited supply of competing outlets, etc. Their success, however, should be turbocharged by the Paula Deen overlay.

Investor Capital Being Raised

Up to $16 million of investor capital is being sought over a three-year period to provide the capital base (with another approximately $17.4 million of profit reinvested over the first three years) for the development and opening of approximately seven Paula Deen themed restaurant and retail concepts.

As shown in the attached pro forma, after opening of the first seven restaurant and retail concepts, there is material cash flow available for distribution
to PDRI Group, growing the business and/or positioning the company for sale or taking it public, all options which would provide extraordinary returns to PDRI Group.

In pursuit of the development plan, Phoenix Hospitality has entered into definitive documents with Paula Deen Ventures to monetize Paula Deen’s fan loyalty and extensive social media followings by expanding her highly successful street restaurant and retail footprint in Savannah, GA and Pigeon Forge, TN throughout the United States, with the first phase of restaurant and retail expansion focused in the South, including, but not limited to, Texas, Florida, Louisiana, Georgia, North Carolina, Tennessee, Alabama, Virginia, and the Washington D.C. metro area.

Paula Deen Restaurants Home Cooking

Paula Deen will fully engage her existing, and future individual domain assets in these areas, to promote the restaurants, including social media and any and all media appearances or events, endorsements, corporate relationships and other publicity. This business platform is being led by hospitality and restaurant executives with over 40 years of experience collectively in the industry. The executive leadership are recent former officers of the Delaware North Companies, a privately held company with over $3 billion in revenue and more than 60,000 associates on 4 continents providing dining and other hospitality services in diverse spaces, including, street restaurants, hotels, casinos, sports stadia, airports, rest stops, cultural institutions and Disney.

For Further Information on Paula Dean Restaurants Contact Alan Stone : WALL STREET RESEARCH

 

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Paul Deen Reasturants Presented By Wall Street Research

Wall Street Research Introduces Paula Deen Investment Opportunity to South Florida

Phoenix Hospitality & Entertainment, Inc. was established in August 2016 in Delaware to capitalize on the desire of global consumers to participate in the celebrity culture.

Phoenix Hospitality is partnering with Paula Deen to monetize her fan loyalty and extensive social media following by further extending her brand into the restaurant and retail space. Historically, celebrities have monetized their notoriety by entering into licensing or sponsorship deals for merchandise. Phoenix Hospitality is working with Paula Deen to leverage her brand and social media followers to initially build a successful chain of Paula Deen restaurants and retail throughout the southeast region of the United States and potentially nationally. These restaurants will be located in high-density tourist destinations and captured markets such as airports and casinos. The locations for these ventures are being carefully chosen so that they will be successful due to their fundamentals; i.e. high traffic, premium location, limited supply of competing outlets, etc. Their success, however, should be turbocharged by the Paula Deen overlay.

Investor Capital Being Raised

Up to $16 million of investor capital is being sought over a three-year period to provide the capital base (with another approximately $17.4 million of profit reinvested over the first three years) for the development and opening of approximately seven Paula Deen themed restaurant and retail concepts.

As shown in the attached pro forma, after opening of the first seven restaurant and retail concepts, there is material cash flow available for distribution
to PDRI Group, growing the business and/or positioning the company for sale or taking it public, all options which would provide extraordinary returns to PDRI Group.

In pursuit of the development plan, Phoenix Hospitality has entered into definitive documents with Paula Deen Ventures to monetize Paula Deen’s fan loyalty and extensive social media followings by expanding her highly successful street restaurant and retail footprint in Savannah, GA and Pigeon Forge, TN throughout the United States, with the first phase of restaurant and retail expansion focused in the South, including, but not limited to, Texas, Florida, Louisiana, Georgia, North Carolina, Tennessee, Alabama, Virginia, and the Washington D.C. metro area.

Paula Deen Restaurants Home Cooking

Paula Deen will fully engage her existing, and future individual domain assets in these areas, to promote the restaurants, including social media and any and all media appearances or events, endorsements, corporate relationships and other publicity. This business platform is being led by hospitality and restaurant executives with over 40 years of experience collectively in the industry. The executive leadership are recent former officers of the Delaware North Companies, a privately held company with over $3 billion in revenue and more than 60,000 associates on 4 continents providing dining and other hospitality services in diverse spaces, including, street restaurants, hotels, casinos, sports stadia, airports, rest stops, cultural institutions and Disney.

For Further Information on Paula Dean Restaurants Contact Alan Stone : WALL STREET RESEARCH

 

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Replace Several Loans with a Single Loan By Consolidating Debts and Save Money

The principle of refinancing works in the background of the process of debt consolidation. The loan market is highly competitive and securing loans at favorable rates and terms depends to some extent on your negotiating abilities and identifying the right lenders. If you take a business loan today, thinking it is the best deal, then you are highly mistaken. There are always many opportunities of getting a better deal for the same loan, and if you are on the lookout, then you can get a better loan at lower interest. Since taking multiple business loans is quite common, staying on the hunt for cheaper loans must be a business objective. Once you have found the new lender that offers lower interest than many other loans you are carrying, consolidate other high-value loans and replace it with the new one.

Avoid the debt trap

Taking loans for business operations is fairly reasonable, and having multiple loans is also not a problem, provided you can manage it. There must not be any missed payment, and the loans must not become burdensome. There has to be a balance between what you borrow and what you repay because you should never borrow money for business but end up using it for loan repayment. If you do this often, you are running the risk of being sucked into a debt trap that can ultimately ruin the business. To avoid any disaster and to make loans easily manageable, refer to debt consolidation reviews to identify companies that help in consolidating loans for smooth business operations and replace multiple loans with a single one.

The ease of handling lenders

Too many lenders are always difficult to manage, as you must be on your toes to keep up with different payment dates, many debt collectors, and different interest rates. The process of servicing loans can be quite stressful as it takes too much of your time and distracts you from the core business functions. Having a single lender removes all unnecessary stress in managing loans, as you are more comfortable in dealing with one creditor and a monthly payment date. You can devote more time to the core business areas, which was not possible earlier.

When consolidating loans with a new one, besides reducing the number of lenders, another opportunity that you can avail is of lowering the interest you pay on loans. Take the new loan at an interest rate that is lower than the average interest rate on the existing loans that you intend to replace, and in the process, you reduce the monthly payment and save money. Debt consolidation thus gives you an opportunity of generating surplus money that you can use for business. The double benefit of consolidation puts you in an advantageous position to manage your finances better, which is the third benefit.

Pick up a debt consolidation company that implements the process on your behalf by negotiating with lenders for settlement. Click this link for more information

 

 

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US Markets Are Soaring, But Will The Rally Last?

If you’ve been keeping up with the stock market for a month or so, you’ll like that the markets have been incredibly volatile. Some days, investors cannot catch a break. Other days, things look like they’re finally going to turn around for the better. The market just fell into the latter category once more, but many investors are still eerie about investing their money in the market. Should investors place their money in the markets at this point in time? Several big happenings will completely change the landscape of the stock markets in the coming months.

Pharmaceutical

A major blow has been struck to Pfizer and Allergan. The two companies once had their eyes set on merging and becoming one of the largest pharmaceutical companies in the entire world. Unfortunately for both, the $160 billion deal has been called off. Although this might not look like a terrible thing from afar, both companies have already been punished for the misstep. In fact, the cancellation of the project has reportedly costs banks nearly $200 in fees! According to Pfizer, the company’s decision was based on the Department of Treasury’s recent Adverse Tax Law Change alteration.

Neither company wanted to pay additional US taxes, so the deal was put to a halt. On the flip side, China may finally be turning around for the better. According to the biggest Chinese exporters, it is believed that the country has hit rock bottom. This may not be a good sign right away, but it gives hope that things can only go up from here on out. Although the group is only a tiny collective of China’s market, they sincerely believe that conditions could improve this year and that would directly lead to the betterment of the US stock market.

Oil

Oil has always been a leading factor and it continues to be so. Much of the success of yesterday’s market is owed directly to the rise in oil prices. Will this trend continue in the coming weeks? This is doubtful, since there is concern regarding output restraint on behalf of oil producers. OPEC, the Organization of the Petroleum Exporting Countries, has played a game of back and forth regarding restricting their crude oil output. The group is scheduled to meet and discuss the move on April the 17th. Until that date arrives, oil will likely remain as volatile as ever.

Air Travel

Virgin American (VA) stock is on the rise and many investors are probably wondering why. Well, it appears that Alaska Air Group has plans to purchase Virgin America. The price tag will be $2.6 billion and plans are already set to expand flights on U.S. West Coast. Each Virgin America share will cost Alaska Air $57, which is nearly 86% higher than it was last month (March).

This deal will definitely create a dominating airline with an American West Coast expansion. Virgin America was launched in late 2007 and it was well known for budget ticket opportunities. Sir Richard Branson, minority owner has admitted that he is sad to hear the news about the sale, but he knew that he could not own more than 25% of the company, because he is a British citizen.

Forex

All in all, the market could go either way. The good news is that China and OPEC are offering a glimmer of hope. Until they both make the necessary adjustments, it may be best to stick with Forex Trading and attempt to profit from trading currencies. Keep a sharp eye on World Currency.

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World Currencies of Low Value

 

World’s Lowest value Currencies Compared These to Cryptocurrencies

A currency is an essential symbol of value in any country, as it is a leading measure of economic health. Different currencies around the world have a different value. In some states, holding a fistful of dollars will make you feel quite rich owing to currency collapse.

In this post, we have compiled a list of some of the worst currencies based on their value to the US Dollar.

  1. Iranian Rial (IRR)

1 USD = 42,105 IRR

The Iranian Rial is currently the worst performing currency in the world. Its poor performance has been attributed to the economic and political uncertainty which continues to prompt panic buy of scarce dollars.

  1. Vietnamese Dong (VND)

1 USD = 23,202 VND

Currencies, they say, are a reflection of the economy they serve. The rowdy atmosphere, poor infrastructure, bribery and corruption, unnecessary regulations, taxes, and subsidies, etc., which characterize the Vietnamese political and economic scene have all contributed to the country’s shrinking currency. With Vietnam being a socialist-oriented market economy, it’s easy to see why this is the case.

  1. Indonesian Rupiah (IDR)

1 USD = 14,611 IDR

Despite having a relatively stable economy, geopolitical instability, which can be linked mainly to the Syrian crisis, still serves as a drag on the value of the Indonesian Rupiah.

Outside of politics and civil unrest, Indonesia lacks many raw materials needed for industry. As a result, it imports most of these materials from other countries, which weakens its currency relative to the hard-to-find dollars.

  1. Guinean Franc (GNF)

1 USD = 9,021 GNF

The Guinean Franc is the world’s fourth and Africa’s worst-performing currency. Experts attribute the weakness of this currency mainly to the high poverty levels in the West African country.

  1. Sierra Leonean Leone (SLL)

1 USD = 8550 SLL

As conflict and poverty continually ravage Sierra Leone, its currency continues to take a hit. The Leone has lost a significant portion of its value against the US Dollar due to civil disturbances, economic and political uncertainty, and inflation.

  1. Laotian Kip (Kip)

1 USD = 8,508

The value of the Laotian Kip was officially lowered from its issue date in 1952. Since then, however, the communist country has strengthened the value of the currency at different times in the past and continues to make efforts to boost its worth even though the IMF feels the currency is too strong given the nation’s large current account deficit.

  1. Uzbekistani Som (UZS)

1 USD = 7,774

Having suffered economic and market sanctions for over two decades, Uzbekistan devalued the Som in September 2017, with $1 valued at 8,100 Soms at the time. The currency has since been on the rise, as the nation’s new economic policy continues to attract foreign investment, setting it up for more gains.

  1. Paraguayan Guarani (PYG)

1 USD = 5,741 PYG

Poverty, corruption unemployment, and inflation, etc., which plague the Paraguayan economy on a massive scale, have caused the Guarani to be in free fall. Investors appear to be increasingly less willing to hold onto the currency for the reasons identified.

 

The Worlds Best Currencies

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How Millennials Are Managing their Money Differently

Millennials, or digital natives, as they are often called, have dominated news headlines in recent times thanks in large part to their unique makeup and thorough knowledge of technology.

They represent the largest generation in history and have substantial purchasing power. Such is their collective strength that millennials have already become a significant influence in shaping future trends.

Even though they aren’t afraid to put their purchasing power to use when the occasion calls, millennials continue to be the driving force behind change in finance matters. Below, we discuss how they manage their money differently from their elders.

  1. They use investing apps

Millennials are never far away from their smartphones. They use apps to track all the transactions and expenses they make on an everyday basis. Apps like Acorns encourage millennials to save by rounding up their purchases to the nearest whole-dollar and invest the difference in a diversified exchange-traded fund portfolio.

Another program, the Moneybox app, links to a user’s bank account, prompting them to round up digital transactions to the nearest pound, investing the funds into a stocks and shares Isa. M1 Finance, Robinhood, etc. are other apps millennials resort to for investment. Millennials desire convenience and control, investing apps give them that.

  1. They shop smarter

Millennials are strategic about how they save money and how they spend it. Most of them won’t make purchases unless they have read reviews from friends, peers, or strangers online. Smart and knowledgeable, they look over product specifications in detail to be sure an item is worth splurging on. They are careful about spending more than they have the budget for.

Millennials won’t stick around if they can get the same item for less elsewhere. Loyalty means nothing to them unless you recognize and reward them for it. The point is, millennials want to save every cent they can.

  1. They hustle on the side

After growing up during the great recession, millennials recognize the importance of an extra income stream. Creating multiple income streams allows them to diversify the various cash flow sources and decreases their risk of having their primary source of income suddenly dry up.

Freelancing platforms like Fiverr and Upwork offer them opportunities to put their skills to work and pick up some extra money on the side. A CNBC report states that around 51 percent of millennials in the US are running side hustles, with the most popular side hustles being home repair/landscaping and babysitting. A good number of millennials also buy and sell products online via e-commerce platforms like eBay, the report said.

  1. They prefer jobs that offer flexibility and personal time

In this electronic technology age, millennials do not want to spend all day sitting at the office desk for the sake of appearances. To win the hearts and minds of millennials, therefore, organizations will need to provide a flexible work schedule. Also, millennials tend to favor jobs that give them some personal time to work on personal projects.

The world of finance is continuously changing and evolving, with millennials at the heart of it.

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6 Tips for Business Success

Marketing is an Investment

  • In order for your business venture to thrive, people need to know about it. Marketing is an essential component of business success. If you do not put in the time and resources that are required for marketing, it will be difficult for you to sustain a business.
  • Online resources are available for everyone to cost effectively market their businesses. Although there are numerous opportunities to market your business for free online, you still need to consider investing money through other affordable options to accommodate your growing business needs.
  • With gradual business growth, you will have access to more funding that you can use to market your business effectively. Businesses that are successful invest significantly in marketing.

Create a Marketing Plan

  • Business and marketing plans are equally important. Your business cannot go far without consumers who buy your products or use your services.
  • When you market your business effectively you attract more prospects and customers. This enables you to make sales and profits that are necessary for you to cover your costs. Marketing plans require research and compel you to come up with business strategies that are aimed at growth and development.
  • Your marketing plan is a vital reference point that you can use to guide your marketing efforts. There should always be some time set aside each day for marketing.

Market Consistently

The business word is competitive and staying ahead involves constantly spreading awareness about the products and services you offer. Business owners who make an effort to market consistently are able to generate new opportunities and gain prospective customers.

Create a Niche

A niche market will enable you to focus and prevent you from doing too many things at the same time. The advantage of focusing on a single niche is that it allows you to use your skills accordingly and work more efficiently.

As time goes on, you can include additional activities when you are ready to take on more challenges. Creating a niche for your business is a good way to achieve sustainability and stand out from the rest of the competition.

Networking

Be ready to work hard and prepare for the responsibility of being your boss. Having your own business is a rewarding experience but you it requires dedication and discipline. Whenever you start a business, it is important to network. Networking helps to promote sales and keep you on track.

Effective networking involves being responsive, reaching out to people in the industry, attending networking events and being accessible.

Maintain Contact with your Customers

Remaining in contact with your customers is essential for retaining customer loyalty. Keeping in touch with customers shows that they are valued. Keep records of their contact details so that you can inform them about new products or promotional offers. The customers that you already have are just as important as the new ones that you want to attract. Read more about debt review here.

All entrepreneurs want to be successful and watch their business concepts turn into reality. Operating a business requires time and effort as well as determination. There are various things that you can do to reach your goals and keep your business running. Check this chart below.

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Three ways to manage your money more productively

 

Managing your personal finances isn’t as easy as it seems. Rising prices and an uncertain economic climate makes the challenges even greater, which is why it’s important that you take steps to get a firm handle on your money needs, assessing your situation, and making the appropriate changes. The key is simplification, and with the right steps, it’s much easier to manage your money more productively and safely. If you’re looking for ways to keep your finances organized, here are the top three tips that might just keep your wallet full and your financial worries at a minimum.

Record your expenditures

It may sound almost redundant in the days of online banking and mobile phone consumerism, but making a note of what and where you are spending your money can be hugely beneficial. Being able to see just where you’re spending your money (and the amounts) will go a long way to giving you a much greater insight into your monthly budget. Budgeting needn’t be a complicated process, and it doesn’t have to mean denying yourself treats either. It’s more a case of simply knowing how much money you have coming in, and how much is going out. It sounds basic perhaps, but far too many people have higher outgoings than income, and that’s where the problems start. Look at your list of purchases over the last month and see if there are any regular buys which are simply not necessary, and make adjustments to ensure that your money coming in is not overshadowed by the money that then goes out over the course of the month.

Use a personal finance advisor

Having a personal financial advisor is essential if you’re looking at investments or are wondering about your future. Depending on your needs, the right financial advisor can help you to manage even the most complicated of situations and is very well-placed to help you make long-term targets. The right financial advisor will start with a fact-finding check that will cover the full scope of your situation and give them a greater insight into your potential financial growth. There are a variety of financial advisor types, and finding the one that best suits your situation is the first step to a better, more stable future. Look for specialists in your area of interest, and browse a dedicated portal like Buffert (Buffert.se) so that you are better able to take advantage of a dedicated level of experience and insider insights. Those insights will not only mean that you gain access to better advice but also give your finances an extra layer of added protection as well.

Balance your rent/buy costs

It can be very tricky to weigh up the cost benefits of either renting or buying goods and services. Buying items is often (but not always) cheaper in the long-term, whether it’s property, a car, or an entertainment system in your living room. Is it worth spending money on a lawnmower if you only use it for two months of the year? That’s where your initial cost analysis will come in handy. Check your expenditures and make sure that you are not paying out for something that you simply don’t need. Taking the lawnmower as an example, it might be much cheaper to rent one from a local garden center (or even a neighbor). Cost analysis is essential when it comes to making a final decision between renting and buying, and the larger the cost value, the more important that decision becomes.

 

Money Matters

When it comes to your money matters, the most important thing is being honest with yourself about your current situation and where you want to be in the coming years. Having the facts will make all of your decisions considerably easier, and you’ll stand a much better chance of being able to build a comfortable bank balance that will protect your future.

 

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