Canada has always been one of the countries where people want to live and wonder. In this beautiful country where people do not have financial difficulties, people offer many opportunities to make money. In addition, those with the idea of investing money in Canada will never hesitate because of the confidence that the country has given to this issue. Seeing as one of the world’s most comfortable and safe countries, Canada has always been a reliable gateway for investors. However, recent developments have disturbed people. Especially many people think that the New fee-reporting rules will lead to investing industry shakeout. The country’s government is also making efforts to change this negative perception. Until today, Canada has always been one of the leading countries of the world in the economic sense, taking the necessary precautions to protect this title. For this reason, it is aimed to attract foreign investors of the country by providing all kinds of convenience to all investors who have the idea of investing money in Canada. For this reason, the idea of investing in this country has always been seen as an attractive option.
In The pursuit of economic growth, Canada has some work to do. Economic inequality in Canada is very real. Canadians though, seem to be oblivious to the extent of the economic inequality. A recent study asked Canadians how wealth should be distributed and the chart looked pretty much equal all across the board. The middle class of 60% of the population owning about 60% of the wealth. The richest population of about 20% only owning about 3 times more than the poorest group in the bottom 20%. When Canadians were asked how wealth was actually distributed in Canada, the numbers looked much more unequal as you might expect. Canadians think that the richest 20% of the population own 10 times more wealth than the bottom 20% of the population. They also think that the richest 20% own more than 50% of the country’s wealth and that the bottom 20% own just over 5% of the total wealth. Based on that, the 60% of the middle class is still very healthy. Canadians underestimate the actual economic inequality in Canada. In 2012, the richest 20% actually owned nearly 70% of all the wealth in Canada. The poorest 20% in Canada only owned about 1% of the total wealth. And the bottom 10% have more debts than assets. Even more shocking, the bottom 50% of all Canadians own 6% or less of all wealth. Canada’s CEO’s income was also 200 times higher than their average worker.
A family who is economically sound are usually a happier family. There are so many negative effects on health that stems from the stress that comes with financial difficulties, such as sleeping problems. So, how do you create an economic family that can feel secure within their economy, and therefore happier in general? A family budget is one of those things that might seem a bit boring to create, but once it’s done, you will almost immediately see its benefits. Your family will get a clear overview of their incomes and expenditures and also see how much all those small sums mount up to at the end of the month. It is an easy way to cut unnecessary spending, and it also promotes a healthy attitude of saving among all family members. To become an economic family, it is very important to create some backup funds. You can always count a small loan from ferratum.ca in times of need, but it is also good to have some savings to rely on when an accident strikes or another unexpected cost comes up. Start saving, even if it’s just a tiny amount at first. Even a few dollars a month can create a healthy savings account if you keep at it.
Even though you have a well-payed job, you still don’t manage to save anything at the end of the month. If this sounds like you, you’re not the only one; many people cannot control their money. The worst part is knowing that the money you owe is controlling you. The first thing you need to do to take control over the money you owe is to start tracking it to understand where you spend it and where it goes. Fixed expenses are usually easy to follow, so you should focus and take care of the variable costs that you incur. The next step to take is to make sure that you use cash to pay for purchases. Instead of using a card, give yourself an allowance every week and you will notice that you can track your spending much easier. Well, your bank statement will show all the expenditure at the end of the month, but once you spend it, it’s already too late. The last thing to do to save a lot of money is to set up your budget. That might sound a bit scary at first, but once you calculate your expenses, you can set up a budget and leave some savings too. After all, if you get stuck, you can Get a short loan from Ferratum.ca? that offers you fast loans with a simple procedure.
It is a simple fact of life that money makes the world go round. If you want to spend money you have to make money and the same can be said for if you want to save money. This blog aims to outline how to save money fast so you can enjoy your life and be less stressed in your future. One of the easiest ways to save money is to change banks. It is no secret that banks charge fees and have other hidden cost associated with them, find a high-interest account that will let your money work for you.
Once you are set with a good bank you should create yourself a budget that honestly looks at your incoming and outgoing money. Within this budget, you should have a goal that you want to reach each month and/or financial year.
Next, establish some good habits, for example, monitoring your spending, avoiding temptations and rewarding yourself every now and then.
Once you learn how to save money fast you will notice that it is all about scrutinising your spending habits and being really honest with yourself about where your money is going.
Using these simple steps you can pay yourself forward.
Pay yourself forward is best explained by saying that you are doing something today in order to avoid stressing about it in the future.
For example, if I write a ‘To Do’ list before I go home from work on a Monday night, but I complete one of the tasks on the list before I leave. Then I have paid myself forward for the next day. The same can be said for money in your future. If you create savings and good money habits now, you will pay yourself forward in the future.
One of the most important things for starting your own business is finding out the best way to save money. After all, at the beginning it can be quite scary to only see money flowing out and yet nothing coming in. The absolute best way to save money is to save costs on your office space. If you know that the vast majority of your company exists on working online or by telephone, you will not need an expensive money pit that you call an office. Instead invest in a comfortable workstation at home. Any time otherwise lost in traffic can now be used as productive hours. And since you will no longer need to be getting up before dawn to get to the workplace in time, you will see your overall productivity grow. The few times that you do need to meet a client face-to-face you can use a nice coffeehouse or rent an office space for a day.
Marketing is one of the core entities in a business. For any business to grow it has to attract and retain clients. That is where a marketing campaign comes in. As you budget for a new financial year, allocate enough money for marketing. Don’t sit back and assume that your business will scale naturally.
A successful marketing campaign should have a target on what you need to achieve at the end of a marketing campaign. Question to ask include:-
1. What are my target groups?
Is your marketing campaign targeting a certain age group, nationality or location? Best adverts are target oriented.
2. What is my budget?
Each marketing platform is priced differently. Having a budget will help you choose what you can afford. You can choose conventional marketing like printing flyers, banners or booking space on print and electronic media. You also have the option of going online. Compared to conventional marketing, online marketing is a bit cheaper and if planned well, it can reach more relevant and potential clients.
The other important thing to have is an estimate projection of new clients you intend to attract. This is not the number of people you reach, but those who will be your clients. Have a time frame to achieve this. Divide the marketing campaign in two or three time frames. If for example you intend to carry out the campaign for three months, then have three time frames, each taking one month. Have a projected number for each time frame. After one month, see if you have achieved your goals. If not, try to understand why and what you need to add, remove or change to make the marketing campaign better.
Profit is the thing every business is done for. If a transaction is done not for profit it is not business, rather it is something else. Knowing how to make profit before starting a business is very essential to success of business. The age-old techniques of maximizing sales and minimising costs are there, but is not working in the present world. There is a limit to maximizing revenue and a limit to cutting costs. Beyond a point they will cease to give the desired results. So what should we do? Well here are some secrets:
- Identify and nurture Key Clients – Every business will have some clients that give regular work and keep on giving more work. Concentrate on these key clients. Make processes which makes it easy to do delivery for them. This will help to improve your earnings and bring stability to cash inflow which eventually converts in profit.
- Start Consulting – Any business you are in you will have strengths. For instance if you are in online business and know how to manage social media, start a consultancy for social media management. It brings out the creativity and also will give you cash inflows.
- Network Continuously – In the past 5 years of my business I have got more clients from my known people(Networks) than by active marketing. So always meet new people and hone your networking skills. They are critical for success.
There are more secrets to making profit which I will be unveiling in the next post. Meanwhile just follow these, they are simple but sure ways of making profit.
When I talk to my clients about reading financial statements they will always say – Hey I do not understand numbers. I was not good at maths. So how do I understand financial statements? I too am not trained in Finance, but understand it.This is a myth that always is present. You do not need to be a maths expert to understand finance and financial statements. You just need to understand basic numbers. Now let us take an example to make it more clear.
Can you read the football score sheet in the adjacent picture? Well I believe you can. If you can read the score sheet of a soccer game you can well understand to read financial statements. It is so simple. The numbers we use in business are very basic. Almost everyone knows to count money and add and subtract. That is the maths we require nothing more.
If it is still not clear let us take another example. It is more financial in nature. Let us take a first look at a Balance Sheet. Can you read the numbers now on the Balance Sheet. You sure can. Only you will not be able to understand the terms. Well we will understand the terms in the Balance Sheet. Going slow will be the key to learning quick.
Finance is used in daily life. When we go out to buy Grocery we are making a transaction which is a financial transaction. Getting paid for the service we render or the product we sell is also a financial transaction. My endeavor will be to start with understanding some basic financial terms.
- Financial Transaction – We do many transactions in our life, and most of them involve money. The transaction which involves direct or indirect exchange of money is called financial transaction.
- Bottom Line – The net income is called bottom line in finance. Do not get confused by the terminology. I will be using this term very much in the coming posts. It simply means profit.
- Costs (Fixed and variable) – Every thing has a value attached to it. When this value is expressed in terms of money it is called cost. In business costs can be fixed( For one time) and variable (continuous). You can look at this example from Canadian electricity association to understand them.
- Equity and Debt – Equity means the money from investors. The investors will have share in the profit or loss. Debt is loan from individuals or financial institutions which carry a fixed interest.
- Resources – The things used to produce product or provide services. They are commonly known as land, labor and capital.
This was a brief on some very basic terms used in finance. We will continue with some more basic understanding about finance before plunging into serious stuff. Do not worry I will make it all simple.