Finance

For those struggling with multiple debts owed to multiple lenders, it can sometimes feel like you are only working to pay back what you owe. Even if you already have two jobs and are taking as many overtime shifts as you can, it can seem like all of your money is being siphoned off to pay back debts. While this can be dispiriting, there is hope.

A debt consolidation loan can be a big help for those with multiple debts of all sizes. Commonly recommended by many financial planners, debt consolidation is a straightforward process that will gradually allow you to pay back your debts in a much simpler and easier way. Taking the stress out of the debt equation will also allow you to get your life back and spend more time focusing on what matters to you.

Let’s look at some specific ways in which a debt consolidation loan can help you deal with your debt.

Helps You Get Organised

If your multiple debts are spread out across several different lenders, then it can be confusing to keep things organised. Some months, you may easily forget what bills have already been paid and what bills remain outstanding. This makes it easier to miss payments which will then damage your credit score and maybe even force you to pay additional penalties on your debts.

However, debt consolidation allows you to pay back all of your debts at once. Afterwards, you will only have a single, albeit larger, debt to worry about. Making payments on this single amount each month makes the process of remembering to pay much easier. If you have problems with organisation, then debt consolidation is worth it for this reason alone.

Provides You With A Lower Interest Rate

Many consumer debts, such as credit card debt, have high-interest rates that will quickly compound the amount of money that you owe. For those in an already precarious position, this can make the situation much worse.

However, with debt consolidation, you can negotiate to have the interest rate of your debt set to a more reasonable level. In the long run, you will have to pay less for the debts that you currently owe. As an alternative, you may even be able to negotiate a longer repayment period to make your monthly payments much lower.

This is perfect for those who are struggling to make ends meet while simultaneously paying back a heavy load of debt. Consult with a professional financial advisor to see what kind of rates you can expect through the process of debt consolidation.

Save Your Credit Rating

Being stuck in debt and missing payments is harmful to your credit score. If and when you need to borrow money again in the future, you might have to accept terrible rates and terms if your credit score is too low. You may even be denied access to funds if you have not been diligent in paying back your debts in the past.

However, debt consolidation is a good way of preventing your credit score from being harmed. As long as you make sure to repay your debt consolidation loan, you can rest assured that your other outstanding debts will be taken care of, and will no longer pose a looming threat to your credit rating.

Get Out Of Debt

For those mired in debt, debt consolidation is one of the best options for gradually pulling yourself out of it. While you will still need to repay this kind of debt over time, it makes the process of doing so much easier and gentler.

 

A Certified Public Accountant, or CPA, is essentially the most important member of any business since it is considered the heavy hitter of the accounting world. Basically, we´re talking about one of the main cornerstones of the money system. The person that is going to analyze the way the money is used by businesses, governments and individuals.

Considering that the duties of a CPA involve a wide variety of accounting tasks and auditing tax, the job of this person consists in ensuring that every business, client or organization work within the limits of the law by properly reporting their income and paying the required taxes.

This way, the CPA analyzes not only the structure and activities of a government or a private company to provide the best tax advice, but also of an individual of nearly any profession, meaning there are CPA services for doctors, entrepreneurs, engineers, and even for attorneys.

Why do you need a CPA?

The reason why we all need  CPAs is essentially because they serve as financial consultants and offer the most useful advice regarding employment benefits, salaries, systems for data processing, protection of assets, and more. Believe it or not, they are such a meaningful element of business that almost every single CPA is often involved in the development of strategic planning meetings, fraud prevention, tax filing and preparation, financial disputes’ resolution and even contracts’ negotiations.

While many people and businesses don’t have a CPA, it’s always better to count with their services since they would always put you in the right path and will make you avoid taking a harmful decision or having a legal issue.

After all, some of the common tasks of a CPA include predicting future expenses and revenues, preparing reports and financial statements, supervising accounts receivable and payable, and even analyzing ledgers. In fact, one of the main duties of every CPA is to monitor the financial activities of a business in a regular manner, meaning that this person will check for any single irregularity and resolve any financial problem in order to prevent a major problem.

If a CPA is important for an individual that works in a company, it is crucial for any kind of business since it will put order in a world where any single mistake can represent a major headache. That’s why running without one of these professionals is an unnecessary risk.

If you don’t know if it’s really helpful to count with CPA services, you should always remember that the most significant element you must take into consideration, whether you’re an employee or a business owner, is how to plan for the future. After all, we’re talking about seeing through the unpredictable and being able to get ahead of the circumstances that will always get in your way.

In order to make this happen in the most efficient way, you need to have a CPA with you. This is the person that has the ability and knowledge to take a step back and objectively look at the big picture in order to find the best way to guarantee the longevity of your business and the improvement of your professional career.

 

Handling debt can overwhelm a person of any age. It seems like no matter what is thrown their way, it can seem like an impossible task to climb out of a huge hole.

The good news is that there are ways to get back on track. It might seem like there is no end in sight, but companies like F.H. Cann & Associates can help. In fact, they offer debt management for individuals who don’t feel like they can handle it all on their own. They simplify the process so that it never seems like an overwhelming task.

Keeping things simple

At its core, getting out of debt is a pretty easy task. It’s a great plan is put in place. The goal is to focus on putting as much money towards debt per month as possible. A well thought out plan is the best way to go.

The company works directly with each individual to figure out where they can save money and put towards the repayment process. Everyone spends money on things they can cut back on, so it’s a great starting point.

Reducing rates and other benefits

One advantage of working with a company instead of doing things alone is that they know all the tricks to reduce rates, or even receive forgiveness. This is a huge boost for any person who is facing thousands and thousands of dollars of debt.

A lot of people don’t realize that some creditors are more than willing to work with each individual to figure out a faster repayment plan. It benefits them in the end as well, so it’s a true win-win situation.

Fast customer service

No one should feel as though they are overlooked. It can be an extremely frustrating experience if a person is working with a company and not getting the help they are seeking.

There are always opportunities for people to get the help they need, whenever they need it. At most, it takes one business day for the company to get back to individuals, and that is very convenient for someone who is trying to stay on target with fixing their debt issues.

If something can’t be fixed, some people will step in and assist as well. The staff has experts in many different fields and scenarios, so it never seems like people are in over their heads.

Affordably priced

People dealing with debt don’t have time or money to waste additional funds along the way. Unfortunately, there are a lot of companies that try to take advantage of the most vulnerable people out there.

F.H. Cann & Associates provides a very affordable solution for people who are on a strict budget. Since the focus is always on speedy results, that also helps out quite a bit. It’s always going to cost less to pay for a service for half the time so that a person can move on with their life and finally climb out of debt.

 

Cryptocurrency trading continues to spark an increasing interest among regular traders and some of them believe that there are some special strategies that should be used for digital assets. That’s not the case, luckily, and we would like to prove it by showing two basic strategies that work well on cryptocurrencies.

If you already know how cryptocurrency works and you would like to learn some simple strategies to trade them, keep reading and analyze what we have to say. Don’t forget to test both strategies on a demo or a small live account trading, before you actually trade as you do regularly.

Price action

For the current material, we don’t want to get into technical indicators and instead we would like to show two setups without oscillators, moving averages or other stuff. There’s no need for this since price action can do all the work.

Price action is basically the movement of price over time and although some traders think naked charts don’t show anything, in reality, they do show a lot. The price movement actually communicates a lot about the underlying order flow, how the majority of market players are positioned, and which side (bears or bulls) are in control. If you would like to dig deeper into price action learning, there are tones of material online.

The breakout strategy

Breakout strategies are one of the most used by professional traders, simply because it is one that enables them to enter the market in the direction of the dominant order flow. There are many ways to trade breakouts, but since we’ve already emphasized that these strategies are simple, let’s get into an actual example from a chart.

We’ll use the BTCUSD price to show you how breakouts work. Looking above, we’ve drawn the $11,250 line on the chart, since it acted as support three times. The first time the price hit the support, the bounce had been significant, but the second and third had been very weak, suggesting the buyers were paying less attention to the level.

After three days of weak consolidation, the price headed impulsively lower towards the level and broke below it. What happened next? Bitcoin plunged $1,700 in less than two days. Several hints must be mentioned in order to use this setup accurately.

As you may have noticed, we’ve first talked about the price action context. We had a clear support area and a change in the way market participants were relating to it (buyers reacted weaker when the price hit the support).

Second of all, close to the breakout, we can see sellers had been gaining the upper hand since the candles closed close to the lows and there were no wicks as seen highlighted on the chart.

This setup can be traded in an aggressive or conservative way. Traders who want to get in at a better price could enter the market when they see the price action is already weakening. Conservative traders should wait for the breakout candle to close, enter the market and place their stop loss above a recent swing high.

The false breakout strategy

You should already know that the cryptocurrency market is not as liquid as other popular ones (forex, stocks, commodities) and this means there is less capital behind each price move, making it easier for counter-trend players to reserve the course. That’s also the reason why we would usually see choppiness in how the price performs, which could make the breakout strategy inefficient.

This leads us to the second strategy we want to talk about- the false breakout strategy. Let’s take a look at an example from the ETHUSD price, which took place in mid-September 2019.

As you can see, ETHUSD made a swing high ($178.3) on September 6^th, followed by a brief selloff. Buyers resumed and managed to drive the price above the level, but what happened afterward is the interesting part. Three days of consolidation in a relatively-small range following the breakout above $178.3 should have communicated that buyers will defend the level successfully.

That did not happen and the price broke below the level, probably trapping sellers who jumped into the market. After a few candles below the level, the buyers resumed and drove the price impulsively higher. You can notice how choppy was the price around the level, which is something you’ll notice very often with most of the cryptocurrencies.

Risk management and conclusion

Although these setups can work consistently, don’t forget that risk management plays an important role. Risk a small percentage of your account, use stop losses, and always target for at least a 2:1 reward to risk ratio. There’s no way you could make money 100% of the time, which is why you must also learn to manage risk, not just the strategy.

 

Money isn’t everything. Money can’t buy happiness. But let’s face it: If you don’t have much money, life can be pretty miserable. If you want to achieve the retirement that you’ve been dreaming of, then you’re going to have to find a way to increase how much money that you take home, save, and accrue over the years. You don’t have to be materialistic or miserly to realize that it’s vital to increase your income and increase your net worth.

That’s easier said than done, though, which is why we’re here with some ideas.

Bulk up your resume with skills and degrees

If you’re going to grow your net worth, then you need to save money. Without decent earnings and careful saving, you won’t have any money to use in our next couple of basic strategies. But what can you do if your career is stalling?

Well, the experts at Excelsior College say, you could seek to improve your employability and earning power by pursuing a new degree. A new degree could make you more employable in your current profession, or if could help you change gears entirely. Excelsior College is known for its Excelsior Nursing program, a great example of a degree program that can open doors. Nursing can be a lucrative career, but it’s not an option unless you hold the degree that qualifies you for nursing positions. Get a degree like that, and your earning power could increase quite a bit.

A new degree isn’t the only option. You could also opt for certificate programs and professional certifications — or even just a course or personal study that adds a skill to your resume. The more you learn (and, ideally, document that learning), the more employers will want to hire you — and pay you what you deserve.

Invest what you save

The beginnings of your retirement strategy are pretty simple: You spend less than you earn, and you save the difference. But what then? If you keep saving under your mattress (or even in bank accounts), your net worth growth will be painfully slow. Inflation will be working against you, and you’ll only get what you save each year. But if you invest some of your savings, it’s a different story.

Over time, the power of compound interest can help you grow your nest egg exponentially. That’s why a dollar saved in your 20s can be worth up to 10 times more than a dollar saved in your 50s.

You’ll need a sound trading method, of course. For most people, a sensible strategy will be conservative and will emphasize buy-and-hold tactics. Index funds and blue chips, plus a lot of time, will add up to a decent return. Of course, plenty more advanced trading strategies are out there. You may decide to put some of your money into a more aggressive trading strategy. It’s up to you.

Buy your home (if it makes sense for you)

Buying a home is generally considered a smart financial move, and with good reason. You’ll be paying every month to live somewhere whether you rent or buy, and buying will ensure that your payments are at least going toward something more (your ownership of a valuable property).

Over time, this can really increase your net worth. But be careful, because it’s also possible to lose money by purchasing a house. Thanks to closing costs and other expenses, it doesn’t usually make financial sense to buy a home that you don’t plan to stay in for some time. Be smart, and always do the math to make sure that your housing situation is as good for your net worth as possible.

 

By 2020, the losses that stem from credit card fraud cases in the US could exceed $12 billion. Who will be the greatest losers? When credit card data breaches happen, all stakeholders end up being losers. First, customers risk identity theft as well as getting into financial disasters. Second, businesses that are primarily affected by these breaches get their reputation damaged, not to mention, the financial effort it takes to survive such disasters.

Last, the credit card companies that offer their financial services might experience the loss of customers. With the interest of these and more stakeholders at heart, the top credit card brands came together to create the PCI DSS (Payment Card Industry Data Security Standard). The standard outline standardized security practices for protecting sensitive cardholder and credit card data.

Here is some more information as to why compliance with the standards is essential:

Who Needs To Comply With The Regulations?

Do you need PCI compliance? Well, you do, as long as you accept, process or store credit card data. This includes e-commerce merchants, retail stores, and even service providers. It also spreads to your vendors, especially if they have access to your payment information.

Ideally, firms need to achieve 281 directives and 12 objectives to be compliant. While it might seem like 281 directives are too many, your organization might not need to follow each, and it all depends on the compliance level you are placed. Under the standard, you are placed in level 1, 2, 3, or 4, depending on the number of credit card transactions that you deal with each year. Furthermore, there are some security controls that you can implement, which will stand for more than one directive.

PCI Compliance Can Build Customer Loyalty

In an age rife with data breach cases, customers have learned to be conscious about the security posture of any business that they work with. In fact, two-thirds of US adults will cut ties with your business after a data breach. As a result, showing that you care about data security will give you a competitive advantage.

Customers can trust you with their personal and credit card data more. While compliance might be relatively expensive, the ROI that comes from it is unmatched.

Avoid Costly Fines

In case an audit proves that you are non-complaint to the PCI DSS, you risk getting fined. Not only can these fines have substantial financial repercussions, but they can also portray you in the wrong way to customers. For businesses that manage to escape the radar of non-compliance fines, data breaches can have adverse effects.

A great example if the situation of the Wyndham Hotel, which was sued by the FTC after they experienced three data breaches. While the lawsuit ended in a settlement, the damage it caused to their reputation was irreparable. Even worse, you risk customer lawsuits, government fines, third-party lawsuits, and card brand fines. Compliance helps evade such issues.

PCI DSS Provides a Security Blueprint

Without the PCI compliance guidelines, businesses would have to guess what needs to be done for a healthy security posture. Although others will get it right the first time, it can be quite easy to leave gaping security holes as you try to protect the sensitive data. Luckily, the guideline offers enough information to ensure that your business can remain secure enough.

It offers information on security tools and strategies to implement, such as data masking. Businesses also learn how to handle PR nightmares that follow data breaches. Most importantly, it offers a guideline to continuously monitor your security controls, since compliance isn’t a one-time deal.

Attract the Right Investors

Investors have the most significant interest in the success of your business. Since they are pouring their sweat into it and betting on a business’ success, it only makes sense to invest in a business that shows the highest chance of success. For most investors, having a strong cyber-security posture is a necessity.

The last thing on their list of expectations is to lose their investments to a data breach. As a result, focusing on PCI compliance is a sure way to attract the right type of investors. It ensures that you can build a history that proves to the future investors that you can indeed take care of their interests.

The Power of Accountability in Compliance

Most businesses implement the security controls for compliance and leave it at that. Sadly, when the PCI guidelines are updated, or one of their security controls fails, the chances are that they go unnoticed. In turn, this increases the chances of non-compliance and the occurrence of a data breach.

To avoid this, your business should offer the compliance monitoring role to specific individuals, a compliance officer to be specific. Their role will be to be accountable for compliance updates and security controls. As a result, it becomes easy to act quickly to changes in your security posture, both due to updates in the regulations and the failure of security controls.

PCI compliance ensures the happiness of all stakeholders. Even better, it only takes a few steps to achieve compliance. Focus on maintaining compliance to fortify the future of your business.