Articles by "Finance"
Showing posts with label Finance. Show all posts

Hillary at 16:11 78

It is becoming common every day to see smaller exchanges opening physical stores to trade Cryptocurrency as well as gift cards in Nigeria. Nigeria, Africa’s largest economy is recording a high level of progression from the use of crypto. In a country where a lot of people are deemed to be scammers, and in which many of the online scams happen through digital currencies. And yet, people are not deterred. Since the increase in the petrol pump prize, the coronavirus pandemic restrictions, and less demand for Crude Oil Globally, The Nigerian Naira is staggering. There is a massive surge in crypto use cases in Africa according to statistics. People are beginning to exchange their fiats into cryptos.


However, with this level of increase and rising number of users of the crypto, there is fear that the fraud level would increase. The Crypto industry recorded over 24 million USD fraud, during the second half of 2020, with the twitter hack of July being one of the most recent. Although the major problem is that people are being talked into seeing crypto as a means to get rich quick as opposed to a currency.  The Twitter hack was an obvious scam and yet people fell for it globally.

How do we then begin to control the misinformation of crypto in the African space? Crypto scammers key into the hardship and the misinformation of the public to commit their crimes.  So their schemes can easily be identified. Here is the truth, If it is too good to be true, then you shouldn’t trust it in the first place. 

Some people are champions of Regulation, although it is true that it will go a long way to reduce the spread of crypto fraud, it may never stop the ignorance. I think what is needed more is education; seminars and conferences clearing the air of what cryptos are and what they are not. There can never be enough learning.  A lot of wallets are doing a good job with these, but I think the numbers are still lopsided. 

Its no news that Major oil companies are abandoning their rigs and moving into a more futuristic business that causes less environmental pollution. Nigeria whose major source of revenue is through oil export will have to start diversifying.  This is because the naira is still to face one of its biggest devaluations so far.  Consequently, Nigerians are beginning to jump into the crypto space because of the looming uncertainties.
By the end of 2020, We may be witnessing a massive increase in the use of crypto from the continent, and especially from Nigeria giving the large population. Although this is good news for the global crypto community, it is also going to be a challenging transformation for a lot of individuals.

Finally, since exchanges are sprouting up close to our local communities, for safety and to avoid Scam it is better to use physical dealers or trusted apps.  If you are just getting into the crypto community, read up as much as you can. Attend conferences and start planning for the future of currency. Remember, cryptos are just money, learn to treat them like you will your physical fiat, and you will be sure not to be duped.

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Hillary at 17:21 32

Freelancing is a very lucrative way to earn from home. And this involves enlisting your products or skills online so that buyers can seek you out to purchase your services. There wouldn’t be a need for a physical meeting, because the online platform handles that. Your payments are gotten through escrow services that allow you to access it once they buyer verifies that you have fulfilled your own part of the bargain, that is, offering the services you said you do. You are also rated from 1 star to 5 stars, according to how satisfied the customer is towards your service delivery. You will also be moved from a basic level to upper levels as you progress and become popular offering your service.

However, there is a problem. The majority of these Freelancing sites use PayPal, and as such for most African countries especially Nigerians it is difficult to access their money. So it is a bit discouraging. There are some freelancing sites that use another source of payment called Payoneer, and this payment system is compatible in almost all parts of the world. I will be listing a few of these sites so you can harness these services and earn legally.

Upwork

With more than 12 million freelancers, 3 million job postings, and 5 million clients, Upwork is the biggest freelancing site on the internet. Although it is an American company, anyone can work here. Sometimes the works come on contract bases and it very lucrative. The services you can offer in Upwork are limitless. From writing to video editing, web development to computer programming. Although Upwork has a new feature where sellers bid for work using money, it is still very lucrative as most of the contracts will cover the cost of your bid. I have listed upwork here because the good news is that Upwork uses Payoneer, it means you can access your money even when you are not using PayPal.

Fivver

Fiverr is the second-largest freelancing site online. It boasts of millions of users and as well as clients and job postings. They offer almost the same type of services as Upwork, but their bidding/ buyer request services are free. You don’t need to bid with money before getting the job. Also, Fiverr is simple to register and you can start selling immediately after registration, as opposed to Upwork which takes time to get your account approved, and sometimes they don’t approve sellers with preexisting service in the network. Fiverr also uses Payoneer. Payoneer with its visa debit card can pay you in any atm anywhere around the world in your local currency.

Guru

This is another popular freelancing site that is easy as Fiverr. Although you have to bid for the works. Bidding is free. It allows clients to find the right freelancers to do their works. Also, you are frequently updated with works which you qualify most for, so as to increase your chances of getting it. Another important factor is that it is easy to withdraw your funds even without Paypal since guru enables Payoneer as a means of receiving your money. 

These three freelancing sites are very easy to access your money. There are other freelancing sites out there, but for the sake of this article, I have concentrated on this list based on my personal experience with them. Give them a try and let us know what you think.

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at 03:53 8

A Wealth Management Firm, also called a financial advisor, works with individuals and organizations to devise and execute a financial plan. An advisor will help individuals and businesses set up a strategy that will enable them to earn a living through investment. This type of professional is an expert in assessing a person's investment needs and goals, as well as advising an individual on which investments will be the best fit for a given situation. In fact, an advisor will take the time to explain all aspects of the financial situation to a client, including risks.

In most cases, Wealth Management is done through a partnership. The primary partner is the firm itself, which will have an account manager and an investment advisor. If an investment is made, the funds are placed in a separate account that is managed by the investment manager. The other partner is referred to as the investment adviser and will usually be responsible for communicating with the client, assisting them with their financial planning, and managing any transactions that come up.


The firm will typically have a registered office, and financial advisors usually reside and work in the office. The firm will usually provide a mailing address and fax number. If an investment is made, it will usually be in the form of a check or some other form of currency. The investment adviser will give the client a signed agreement, which is sent or delivered to the client's account.


The firm is a financial advisor, but this is not the same as an accountant. A financial advisor does not have any specific education or training in accounting, so it is important that the advisor has experience with the accounting laws and procedures. The advisor also has to have the knowledge and skills to effectively communicate with clients, and be able to make sound financial decisions.


The firm will work with a variety of financial experts and will help clients set up a plan to achieve their client's investment objectives. This is usually accomplished through a combination of strategies. 


Some of these include: A Wealth Management Firm is an important part of the financial world, and can be a valuable asset to anyone who wants to maximize his or her investments. Anyone interested in becoming an advisor, or simply needs help with their financial situation, should contact a Wealth Management Firm.

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at 06:31 3
Debt consolidation is a way in which a person can carry out debt refinancing whereby one takes out a loan to pay off many other loans. Through this process, a person will acquire a lower overall interest rate to the entire debt load. It also provides the convenience of servicing a single loan.

Debt consolidation service


Lending institutions offer debt consolidation loans that are secured as a second mortgage or home equity line of credit. The individual is required to put up their home as collateral and the loan is less than the equity available. The consumers enjoy the advantage of an overall lower interest rate. The loans are then spread out over a longer period. Debt consolidation allows the debtors to make a single payment to the debt management agency that then pays all creditors in turn until debts are paid off.

Debt consolidation service is important as it very easy for a person to accrue debt from several creditors. This can lead the person to get overwhelmed trying to keep track of whom to pay what amount and at what time. It thus helps one to get a handle on his finances and avoid an overwhelming debt load. Debt consolidation is a helpful tactic but it may involve extra costs thus making a bad situation even worse. A person requires an expert opinion on their case before they can take out a consolidation loan. A debtor should, however, take caution that they don’t continue to take on new debt. They should focus on getting rid of the existing debt rather than adding onto it. The creditor should also consider the fees they will pay out to the debt consolidation service as they make a decision.

After careful consideration and deliberation, if a creditor ascertains that they will go ahead and take a consolidation loan they need an acceptable credit rating and sufficient income to show that they will manage the debt consolidation loan.

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at 06:26 14
'Forex' is an abbreviation referring to the foreign exchange market. This market is decentralized globally with currencies being traded in it by speculators and investors. Forex market is by far the largest market place in the world with an approximated daily turnover of $5 trillion.The pivotal participants in this market are the big international banks, central banks and insurance companies.These banks and companies operate from major financial centers like Sydney,Tokyo,Hong Kong,London,Singapore and London.These centers are spread in almost all the timezones of the world making the Forex market to be active 24 hours on daily basis except during the weekends.

Forex



This market is different from other types of markets because;


-It is continuous for 24 hours on the daily basis except during the weekends.


-It has very large trade volumes which represent the biggest class of assets resulting in huge liquidity.


-It involves leverage to boost loss and profit margins with regards to the size of the account.


-It has relatively lower profit margins in comparison to other markets which involve fixed income.


-It has numerous factors which affect the currency pairs exchange rates.


-It is widespread all over the world unlike other forms of markets which are centralized and localized to specific areas.


Risk and Money Management


To become a long term successful Forex trader, you must be able to minimize your risks and maximize your rewards.Proper money management skills and strategies are required to achieve this kind of success.Successful risk management is whats differentiates professional traders from the gamblers who in most cases end up losing all their investments unlike the professionals who keep maximizing their rewards.To minimize the risk, you should ensure that you do not risk more than 2% on every trade you execute. This limits the rate at which you lose money in case you execute a trade which ends up going against your judgement. To add on this, always trade with a stop loss, This is a predetermined amount which in case is lost will not destabilize your account hence you are comfortable when making a decision to execute a trade position and can easily recover the amount with execution of your other winning trades.


Forex currencies trading is the major form of trading in Forex which is way much more preferred by traders than trading in futures. It majorly involves pairing of two different currencies and the profits are obtained by executing trade positions with regard to the constant changes in the rates of exchange between the two currencies.Trading is done spot on and when a currency weakens, it is sold off to make profits and when it strengthens it is bought.Pairing a strong currency and a weak one is the best way to trade because they are highly volatile in their rates of exchange creating numerous opportunities to gain the rewards.Even though reward opportunities are not easily predictable, the risky opportunities can be predetermined by studying the different factors which affect the market directions.Political conditions and atmospheres,economic factors and market psychology tend to highly influence the rate of exchange and strength of any particular currency.


Different economic factors affect the exchange rate which is the pivotal aspect of Forex trading. These are; economic conditions given by various economic reports and indicators as well as governments and central banks economic policies.Government monetary and fiscal policies are projected and represented by interest rates levels.Other economic factors are the trends and levels of inflation; with high inflation making the concerned currency to lose value as the inflation deflates the purchasing power of that particular currency. Although that is the case, at times the value of the currency may strengthen in rising inflation conditions with speculations and hopes that the central bank will raise interest rates in the short-term to neutralize the rise in inflation.Increment in the productivity of an economy and growth in the economic and health sectors also lead to the strengthening of the currency making it to exchange at a higher rate in comparison to its trade partners.


Psychology of Trading


The perceptions of traders and the psychology of the market tend to influence Forex trading in certain ways too; economic numbers often have immediate short-term market trend impacts; business cycles, due to political and economic factors, lead to formation of long-term market trends.Flight-to-quality strengthens the "safe haven' currencies in relation to their trade partners resulting in a dynamic market due to variant exchange rates.A market truism"buy the rumor,sell the fact" also affects the exchange rate when the currency market prices represent the sentiment of a certain action before it occurs, and after the much anticipated event occurs the market reacts at exactly the opposite manner and direction.


Political instability leads to the weakening of a currency while political prosperity and stability strengthens the currency hence affecting the exchange rates significantly.Currencies are undoubtedly the best to trade in when Forex trading is involved.This is due to the facts that; -there is never any discrimination going between long or short trades


-there is a lot of information to base your trading strategies and decisions on


-you can use liquidity of up to $20 million to trade 24 hours a day


-it is impossible to lose more capital than you first invested in


-You are free to trade in any style


-Lot sizes and leverage can be customized hence you may be as aggressive or as conservative as you wish


-you are able to collect the interests you make on your trades on daily and even hourly basis.


All these facts and information undoubtedly make Forex trading the most lucrative market in the world.As long as you have the right strategies for money and risk management, you can gain profits any hour of any day in the week.This clearly is a great investment opportunity.
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at 18:15 13
Running a business and keeping your finances and team in order is intense and can be time consuming. As the world is fast changing, you need some simple tools and business Apps that reduce your workload and increase your productivity.
Business and Finance Apps
Apps are quickly transforming the business world and making the lives of business owners together with their team much easier. With a simple touch of a button, you can keep your business running fast and smooth. Let's take a look at some of the best mobile apps for Apple and Android for business owners.

Mint
Business owners sometimes spend anyhow without recognizing how much funds they are throwing away. But with Mint, your bills and money are together in one place and easier than ever to manage. Mint allows you to keep all of your financial information in one safe place and provides an informative visual that helps users easily understand their spending habits. With Mint, you can link all of the cards, bills and accounts that you’d like, allowing you to compare what you have and what you owe.

Slack
Slack is a mobile app which brings team communication and collaboration into one place so you can get more work done, whether you belong to a large enterprise or a small business. It is a great app for internal communication. The big difference between Slack and email is that in Slack, most conversations are optional whilst with email, the assumption is that participation is required of all recipient.

Slack works well as a collaboration tool in business because of its customizable notifications, audio and video calls. Slack also integrates with other apps you already use including Google Drive, Salesforce, Dropbox, Asana, Twitter, Zendesk, and more, making it even easier to track projects.

Buffer
You're losing a lot if your business is not on social media. Even though social media is time consuming, it’s actually worth using it for your business, but thankfully, there are mobile apps to help you. Buffer is the best software for managing your social media platforms. With buffer on your smartphone, you can schedule your posts automatically so you never have to worry about setting a time and date.

You can share to multiple platforms such as Twitter, Facebook, Instagram, Google+, LinkedIn and Pinterest boards from one place and gives you analytics for each update you share: Clicks, Retweets, Repins, Likes, Shares, Mentions and more. Buffer tracks your follower activity and determines the perfect moment to schedule tweets to maximize your exposure.

Rescue Time
Need an app to manage your digital life? Rescue Time is here to rescue you from wasting your time and eliminate bad habits. This brilliant app automatically tracks time you’ve spent on applications and websites and sends you detailed reports based on your activity, giving you an accurate picture of how you spent your day.

MailChimp
Are you using email marketing to drive your business? According to The Radicati Group email statistics report, over one-third of the worldwide population will be using email by year-end 2019. This is a big opportunity your business can take advantage of. The best tool or mobile app that can boost your email marketing is MailChimp.

This email marketing tool helps you build and manage your mailing lists, and easily create and send newsletters. You can also build and customize email templates and view performance reports about your emails. This information can help you send your customers more relevant emails.

“Email marketing is by far the best business model" - Anik Singal.

Evernote
If you always get frustrated after losing an important document or wish for a more effective way to take notes at meetings, organize your thoughts, and plan your content, Evernote mobile App is here to help.

This digital notebook lets you write, collect and capture ideas as searchable notes, notebooks, checklists and to-do lists. You can also take notes in a variety of formats, including text, sketches, photos, audio, video, PDFs, web clippings and more.

TripIt
If you have your business in multiple countries or you're the frequent traveler, you need TripIt app on your smartphone. TripIt is a travel organizer that instantly organizes all your travel plans in one place by simply creating master itineraries including check-in times, with step-by-step directions and maps, all of which are available offline, for each of your trips. TripIt is a real lifesaver for frazzled travelers searching for Wi-Fi and recommended by The New York Times, Forbes and CNET, Inc.

QuickTapSurvey
Are you getting feedback from your customers? Customer feedback provides you with insight that you can use to improve your business, products and overall customer experience. Use QuickTapSurvey mobile app to collect customer feedback, hold contests, conduct research and assess your business. QuickTapSurvey lets you capture data anywhere, even offline. It’s the perfect solution for customer feedback, research, lead capture, audits and interactive kiosks.

QuickBooks
QuickBooks is the #1 rated accounting software used by professionals and works for any kind of business. With QuickBooks, you can track income and expenses, create estimates and invoices, sync bank accounts and apps, manage and pay bills, create instant sale and profit reports or even pay employees online.

Boxmeup
If your business deals with shipping, then you’re in luck, Boxmeup is here. Boxmeup is a mobile application designed to organize your containers, boxes, and other bulk storage items.

With Boxmeup you'll be able to print QR code labels to put onto your containers, which allow you to scan and pull up a list of items in the container on your phone. It also allows you to search all of your containers to find a specific item and Boxmeup tells you where it is. This app is not available on iPhone, but you can access Boxmeup’s mobile website using an iPhone.

About the author
Eriq Elikplim is a young passionate blogger and content manager at Swiftfoxx who loves writing about online marketing and topics that help business owners succeed online.
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