Mutual funds are one of the most common investing methods for Indians with about 4.91 crore subscribers in systematic investment plans alone, according to 2021 year end data from the Association of Mutual Funds in India (AMFI). Thanks to continuous efforts by AMFI through marketing campaigns studded with stars, more and more people are now aware of mutual fund investments and their benefits.
But for a country that is still breaking the ice on market investments, the fact that investing in mf online is still seen with a doubt attached to it. But are there genuine reasons to worry when you invest in mf online? Let’s take a deeper look at mutual fund investments and see how safe it is to invest in them online.
The popularity of mutual funds
Mutual funds plans are popular for a variety of benefits that they offer to different types of investors. Investing directly in stocks is a time and energy-consuming affair and it requires constant monitoring and intervention. Many Indians, whose favourite investment is still gold and other precious metals, could find this too demanding and that is where a mutual fund can come in handy. You just need to choose a fund based on your investment horizon and it will do the magic for you on its own. Yes, although not regular, monitoring is required to see how well your fund is performing and how it is matching with your investment ideology, goals and risk appetite but it tends to demand a lot less than investing in stocks directly.
Plus, mutual funds are managed by expert fund managers. This makes sure your money is in safe hands. Also, mutual funds in India tend to be much less volatile than investing in stocks directly. All these factors make mutual funds a favourite option for many.
How safe is investing in mutual funds online?
The process is completely safe as long as you avoid scams. All major brokers and asset management companies (AMCs) now provide mutual fund services online and many investors even prefer it because of how hassle-free the whole process is. But there are certain things that you should make sure of so that you can avoid scams. These include –
Checking the authenticity of the website – As the investing technology improves, scammers’ technology sees improvements too. This can make you stumble upon a fake website, which could look exactly like the original website. Here, to make sure you are on the right website, always be thorough with your research. The Internet can tell you what the original company website URL is, and this can help you make sure you are on the right page.
Pay attention to the payment method – Authentic websites will always have an authentic-looking payment method. This page will mostly accept all cards and UPI IDs. But if the payment is routed to a name other than the company name or if there is a UPI ID given when you have to send the money, chances are, you are on a scam website.
Stick to the trusted ones – Depending on trusted brokers and AMCs is one way to make sure you are not duped. Money is a sensitive matter and if these companies are still in business, they must be doing something right.
Conclusion
Investing in mutual funds online is as safe as it gets as long as you avoid spam by following the above steps. Go online and get invested today!
Money can be an awkward subject, particularly when it’s linked to job performance, but it doesn’t have to be a taboo subject. If you’re ready to take your career to the next level, negotiating a salary increase is a good place to start.
Many people have mixed feelings about asking for a pay rise. Negotiation courses will help, but even if you haven’t had any formal negotiation training, you can still walk into that meeting with confidence.
Whether your tendency is to stride in and start talking or to nervously beat around the bush, here are four creative ways to negotiate a pay rise without burning bridges.
Link Your Request to the Company’s Position
Negotiation Experts will teach you to look beyond your own wants. Think about the company’s current commercial challenges. What obstacles are they facing? How could you use your skills to ease the burden? Don’t just look at struggles, but talk to your boss about goals. Do they have plans for growth in which you could get involved?
“Invoke the communal,” says Nega Bagaria, founder and CEO of JobsForHer. She aims this advice at women, as research shows women tend to have more success in salary negotiations if they draw attention to how their work benefits the company as a whole.
If you want your employer to go above and beyond with rewarding you with a higher salary package, show them you’re willing to do what it takes to help the company thrive. Don’t forget, their success is linked to yours.
Research a Little
If you go into the meeting without a plan, it’s going to show. Anticipate the obvious questions. Why do you think you deserve a pay rise? It’ll help if you’ve kept track of tangible accomplishments and can show concrete results. How much are we talking about? Have you researched the current salaries of similar jobs or talked to others in your field? If you walk through that door before you have solid answers ready, even the most in-depth negotiation training will deliver limited results.
As for the wage itself, be specific, down to the hundreds. It shows that you’ve done your homework, and that you haven’t plucked a number from thin air.
Keep Emotions in Check
A heart-on-sleeve approach is never a good idea. Letting your emotions rule the conversation means you’ll find it harder to ask questions and to understand your employer’s position. Thinking about how you can benefit the company — which helps you deserve the pay rise — will be more difficult if you let frustration take over.
Remaining professional is key. Don’t bring up other employees’ performance or work ethic, and try to keep personal circumstances out of it. Focus on your value, and on facts: how your skills and track record are to your employer’s advantage.
If your temperament leans toward showing every emotion, why not take a negotiation course for some coaching and practice?
Be Ok With “No”
Negotiation classes often start with the uncomfortable reality of how to face down the word “no”. Why is this? People are either conflict-averse and don’t want others to lower their opinion of them, or they’re competitive and want to win at any cost. Neither of these approaches will get you very far.
The word “no” can actually be an important negotiation tactic. Letting bosses know that you’re ok with a negative answer will help them be open to what you have to say. Even inviting them to say no shows that you’re rational, flexible, and understanding of their position. Hearing out “no” responses can pave the way for compromise or even a win-win collaboration. So, when it comes to negotiating, remember to keep a cool head, be ok with hearing “no”, and avoid sales mistakes with SNI’s sales enablement.
Even if you’ve participated in a bunch of negotiating training courses, nothing can substitute for real experience. You still might not walk out of that room with the number you wanted, but you’ll know more about your company, your employers and yourself, and you can hold your head high knowing you did your best.
In recent times, there are a lot of new loan options getting popular – BNPL (Buy Now Pay Later), Credit card loan, etc. One conventional loan option that has regained its popularity is gold loans, attended on by a number of benefits, including shorter EMIs, low-interest rates, low documentation, low processing charges, etc. It is thus no surprise that gold loans have become a popular way of raising credit in recent years. One can easily find a gold loan calculator online to calculate the amount of loan one can raise on their gold.
There are several advantages of gold loan calculators. Some of the most important of these advantages include the following:
● They are easily available online.
The first and one of the most important benefits of using gold loan calculators is that several of them are easily available online. Thus, one can easily access them anytime, anywhere in a hassle-free manner, right from one’s smartphone device.
● They are free.
Another excellent benefit of using gold loan calculators is that so many of them are free. They don’t charge anything for the calculations they make and avail all the information without any kind of charges.
● They avail financial information in an easy-to-understand manner.
One of the most valuable benefits of using such gold loan calculators is that they provide the desired financial information in an easy-to-understand manner. To see how they will affect the overall loan amounts, one can enter different amounts.
● They can be used to make smart investment and financing decisions.
A valuable advantage of using gold loan calculators is that they can be used to make smart investment and financing decisions. As the reader can see exactly how much principal is given by any institution and exactly what rate of interest they are charging, they can be sure to go for the institution that offers the best terms and conditions according to their needs and requirements.
● They help one make more confident financially.
The last but not least important advantage of gold loan calculators is that the information they provide can raise the person’s confidence. Once a person learns about the amount of loan that they can so easily raise through their gold assets, they can feel more confident in making bold investments in their business, being confident that their gold can be used to raise loans in case of a crisis.
The Bottom Line
One can easily wrap up the above discussion by concluding that the gold loan calculators are an effective tool if one is trying to raise credit through gold loans or at least considering it. They are also effective if one wants to learn about the amount of credit one may raise through these alternative loan mediums. The reader is highly advised to go for a gold loan rate of interest calculator that considers all the factors affecting the gold loan – the number of gold items, the number of carats of gold per item, etc.
If you’re an entrepreneur, you likely understand the power of a passive income stream. If you haven’t already started to diversify your streams of income, you might be wondering if now is the right time to start. Simply put, passive gigs help you earn more money without putting in any physical or mental effort. While earning a passive income seems like an easy way to make money, you need to invest the time and energy, in the beginning, to get started. Read on for three signs that now is the perfect time to start your journey to passive earnings.
1. You Want More Disposable Income
A passive or inactive income gives you a great way to earn more disposable income. According to SoFi Invest, a passive income gig like creating an online course or renting out a room in your home will help keep your overall lifestyle costs down. Earning extra money without lifting a finger will make it easier to handle your bills and pay off your debts.
Moreover, the right side hustle will make it easier to afford life’s little pleasures. From going on vacation to buying your favorite foods, having more money altogether is a huge win. Likewise, as your passive investment grows over time, it will continue to provide valuable side income after you stop working and enter retirement.
2. You Lead a Flexible Lifestyle
Another clear sign it’s time to begin earning an inactive income can be when you want to lead a flexible lifestyle and need more income to match it. Earning a standard salary is a great way to make money, but it takes away your ability to make changes in your life at a moment’s notice. For example, if you lose your job, you need to find another one quickly before your bills pile up. This isn’t the case with passive investments.
Whether your business experiences a falling demand for your product or costs suddenly rise in a way that you can’t handle, these unexpected factors will not force you into a dire situation. With passive earnings, you’d still have time to decide whether or not to move on in search of something else more suitable.
3. You Have a Creative Career
If you are creative and need more time to pursue your craft, this is another sign that a passive gig is right for you. The more inactive income streams you have, the more freedom you have to pursue a non-traditional life. With an inactive income, you’ll enjoy more options for how you want to spend your time and money. However, if you decide to create multiple sources of inactive income, your ability to earn money from different avenues will help you fund your creative endeavors.
A passive side hustle doesn’t require active work but instead relies on passive effort and is a popular alternative to the standard 9 – 5 job. If you’re in search of financial freedom, now is the time to consider earning new forms of income. Keep this guide in mind as you research the best options for diversifying your earnings.
Depending on your situation, you can find a part-time job, seek help from friends and family, or apply for a loan.
Every person from time to time faces unforeseen expenses and additional costs. This can be anything from car repairs to expensive medical treatment, an emergency purchase, paying off an existing debt, and more. However, how to prevent unexpected expenses and plan them? Keep reading for more details.
Why Do We Face Unexpected Costs?
Life is unpredictable, and as much as we love to plan, we can never know what will happen to us tomorrow. Most people face unexpected expenses from time to time, because they cannot know that tomorrow their child will be ill, their car will break down and they are in need of fast car title loan, or they will have to make an urgent purchase. We are faced with expenses that we did not plan, because not everything always happens exactly the way we want. However, now there are a huge number of ways to cope with unexpected expenses and plan them so that they do not bring inconvenience.
How To Plan Unexpected Expenses?
While there is no specific plan to help you avoid unexpected expenses, there are still a few tips you can follow.
Have emergency savings. The easiest and most stress-free way to deal with unexpected expenses is to have emergency savings. Many experts recommend keeping at least 20% of your income as savings. Thus, when an unforeseen situation happens to you and you need money, you do not have to think about where to get it.
Stick to a budget. Those people who are familiar with the basic principles of financial literacy most often stick to a budget, as this helps them gain some confidence in the future. If you plan your income and expenses, it is much easier for you to avoid emergency situations. Sticking to a budget is denying yourself fleeting pleasures in order to have a financially stable life.
Get rid of debt. The more debt you have, the more difficult it will be for you to deal with unexpected expenses when you encounter one. That is why, if at the moment your financial situation is stable, include in your budget the item getting rid of debt. Most likely, you will not be able to cover all the debts in one month, but if you allocate some amount of money from each salary, you can quickly cope with them.
Track your needs. Surely you understand that a car, equipment, things, gadgets, etc. become obsolete over time. Thus, you should pay attention to the status of your items from time to time. Don’t wait until your lawnmower breaks down or your car needs emergency repairs. Instead, monitor their condition from time to time and provide the necessary maintenance and repair when needed. This way you won’t have to deal with unexpected expenses when you least expect it.
Track your expenses. Have you ever experienced thoughts such as “I have no idea where my salary has gone”? If yes, then you need to pay special attention to your expenses. We spend a lot of money on things we don’t really need. Do you have a subscription to Netflix or HBO? Perhaps you regularly spend money on games? How often do you want to go to restaurants and bars with friends? All these things make us feel good in a particular period of time, but do not bring any benefit in the long run. An extra cafe visit or a subscription to a magazine prevents you from saving money in order to have a stable financial future. That is why it is important to track and record your expenses in order to understand what you can cut and how much money you can save per year.
Alternative Ways to Cope with Unforeseen Expenses
Apply for payday loan. In a difficult life situation, it can be quite hard to find a suitable source of financing, especially if you do not have emergency savings. In such a case, a loan may be the easiest and safest option for you. However, you must pay attention to interest rates and credit conditions in order not to end up in a debt hole from which it will be quite difficult to get out.
Sell things you don’t need. Almost every one of us has such unnecessary things in the house as an old bicycle, lawn mower, laptop or other electronics, as well as items of clothing or jewelry and so on. So you can host a garage sale and get some extra money to deal with unexpected expenses.
Ask for an advance at work. If the situation is desperate and your family and friends cannot help you, then you can explain your situation to your boss and ask him to give you an advance in order to meet your needs.
Anywhere in the US, if you’re looking for the services of a Personal Tax Accountant near you or in your city, it has been made easy with the professional services of agencies like “Ageras”, which help find and provide quotes of accounting & taxation services firms, by precisely matching your business or company profile. Yes, this is what one such expert agency does. It carefully matches your job profile requirement with that of some of the top-notch accountants and accountancy firms near you, through its vast network of CPAs, personal tax accountants, tax preparers, bookkeepers, auditors, financial consultants and special purpose accountants.
Once the best match is found for you, they send the quotes for you to compare. It is absolutely FREE and no-obligation quotes. So, within a couple of days, you can find the perfect accounting professional for your small business or company that can manage and keep a track of all your books, records, bills, financial statements, payroll, monetary transactions, taxes, audits, etc. helping you concentrate in your core business activities. Here, the services of a personal tax accountant is usually required when it comes to filing of yearly Income Tax (IT) returns by preparing flawless tax files.
Who is a Personal Tax Accountant?
An accounting professional or an accountancy firm that prepares financial records, offers financial consultancy, provides budgeting advice, assists with filing taxes, preparing annual reports, and more. Whether it is services related to corporate accounting or filing of personal income tax returns, an accountant can be of great help. It can be a cost accountant or a personal tax accountant, handling every aspect of tax files. One such certified accountancy firm can also identify the growth trajectory for your business and help in tax preparation, thus saving a lot of money and effort, which can rather be utilized in core business activities.
A tax accountant can assist all small to midsize organizations, companies, firms & entities, effectively manage, track and record their finances. It can be maintaining a detailed record of cash dealings, financial statements and monetary transactions. In fact, one such personal accountant is also proficient in yearly tax preparation just before the annual tax season, bookkeeping, accounting advice, finance & budget planning. As a matter of fact, they help manage your finances well, thus reducing your tax obligations to a certain extent. What’s more, a personal tax accountant also offers services like internal tax audit that help prepare for an IRS audit, analyze your financial statements, cash transactions and offer professional advice on profitable investments & debt management. Basically, a professional accountant overviews your financial situation and thereby offers expert consultancy.
Well, there are different types of accountants for specific business needs. You can now hire staff accountants, forensic accountants, Certified Public Accountants (CPAs), cost accountants, project accountants, investment accountants, management accountants, auditors, financial advisors and business consultants. As a company or an individual, you need to handpick a professional accountancy firm near you that precisely meets your specific job role requirements. And, this is exactly where accounting service finding agencies like “Ageras” can help.
How “Ageras” Helps in Finding a Personal Tax Accountant?
The overall process is very simple, yet highly effective. So, if you’re wondering and asking the question to yourself, as to how to find personal tax accountants near me, the answer lies with “Ageras”. You simply need to visit their website, fill up an online application form by mentioning in detail all your job role related requirements and also about your company profile and their profession also help find a perfect match. Within 24 hours of submitting the online application, you receive 3 non-binding quotes of personal tax accountants near you to compare. The quotes offered to you are absolutely FREE.
There’s no obligation of selecting from the three quotes provided to you. But, it is their accurate profile matching and also job role profiling that leaves little room or scope for errors. You’re bound to get the perfect match for your company or business in those three competitive quotes. It’s so easy and simple! Well, the cost of hiring one such personal accountant is obviously the standard rates, as charged by the accounting service provider or firm, either on an hourly basis, which normally all accounting firms do, else on a project basis or contract basis.
Other Specific Roles of a Personal Tax Accountant
Firstly, one such professional accountant can provide an overall review of your financial records and statements. They analyze your financial statements and thereafter provide a neutral review of your company’s accounts and books. Thus, offering the most appropriate guidance on finance and tax related matters. When you have a proper and extensive review of your finances, it can definitely prove to be beneficial, when it comes to making investment decisions. Secondly, a tax accountant also assists in financial planning and offers professional advice on staffing, as well as investment. An accountant assists in filing your yearly taxes, be it personal or corporate tax files.
They ensure that the annual tax returns are filed accurately, without any flaws or errors and on-time. Last but not the least, a certified tax accountant or an accountancy firm ensures that the company’s financial statements are ready and accurate for an external IRS tax audit. They help in preparing for an IRS audit, by making you aware of the questions that might be asked when an external audit takes place. Basically, their role is to help ease the auditing process for your small business or firm, so that you can concentrate on the core service deliverable area. This is precisely the role played or performed by an accountant.
Final Words
Well, finding an affordable, yet a professional tax accountant for your individual business needs or for your organization & company is now made easy with the help of an agency like “Ageras” that helps in finding a certified accounting professional or firm near you. As a personal accountant is required for a variety of roles, it becomes imperative to hire the services of a certified tax accountant that can effectively manage all your financial transactions and keep an accurate record of all the statements, bills, invoices, receipts and the final accounts book, apart from overviewing the payroll and assisting in tax filing & internal audits. This is why hiring the services of an accountancy firm becomes so important for efficiently managing and keeping a track of all your daily financial woes.
Bookkeeping is the practice of keeping track of financial reality. The term “bookkeeping” can refer to the entire process, which involves records, databases, and accounting software. Regardless of its types, the primary objective remains the same: keeping track of financial reality. It is essential for any business, big or small, or any industry sector. It plays a crucial role in ensuring that all the necessary cash flows are accounted for. It’s essential to have a solid and effective system so that the bookkeeping department can manage its books and report to the appropriate parties.
You should set up a business’s bookkeeping system so that it can handle all the different types of accounting and financial reporting. A secure and reliable bookkeeping system is the best way to ensure that all the necessary information is accessible. In this article, we go over what Bookkeeping is, the most critical tasks involved in setting up your bookkeeping department, and the top 5 considerations to consider when setting up bookkeeping procedures.
Why is Bookkeeping essential?
Without a solid and compelling business bookkeeping department, your company’s financial information would be incomplete and inaccurate. Thus, your business’s financial health would be significantly affected. Furthermore, tax authorities and regulatory bodies would have a much harder time collecting taxes due on your company’s behalf. And last but not least, customers would have a much harder time understanding and complying with your company’s rules and regulations when dealing with an inaccurate and incomplete tax bill.
Set Up Your own Bookkeeping Department
When you’re just starting, likely, your business doesn’t have the funds to set up a full-blown Bookkeeping department. Instead, you’ll need to rely on your team members to keep track of the company’s finances. That’s where a simple bookkeeping system comes into play. To set up your bookkeeping department, begin by purchasing essential accounting software. Be sure to thoroughly familiarize yourself with the software’s features so that you can track your company’s finances efficiently. Next, ensure that your Bookkeeping department has access to the same software. You have the same software across the office allows for seamless data entry and provides a shared understanding of the company’s finances.
Most Important Tasks in setting up your bookkeeping department
These are the most critical tasks that any business bookkeeper should be responsible for. – Create a cash flow forecast for your company. Knowing when and how much cash will be available to your business is essential to ensure that all necessary expenses are covered. – Keep track of all the company expenses. It’s essential to keep track of all your organization’s expenses. This will allow you to know when and why certain expenses occur. – Estimate the company’s income. It’s essential to have a clear understanding of how much income your business brings in to properly account for all expenses and make necessary changes to the business’s operation. – Set up an income and expense balance sheet for your company. Having the details of your company’s income and expenses at your fingertips will allow you to manage your business effectively and productively.
Keeping track of your business money management
It cannot be easy to balance your business’ money management if you don’t have Bookkeeping. That’s where Bookkeepers Vancouver comes in! They can help you manage your Bookkeeping while maintaining the necessary records and records keepers to handle your e-commerce businesses.
Conclusion
The most important thing that you can do for your business is to have a solid financial management system. This will allow you to track your finances, ensure that all the necessary cash flows are accounted for, and report your financial outcomes transparently and accurately without a solid financial management system.
The FinTech market is booming now, as it combines technological innovation with finance. Fintech software is thus gaining popularity daily, offering automated and secure financial transactions and seamless omnichannel user experiences. The digital transition of financial operations also fuels the FinTech market’s growth, estimated to continue at a CAGR of 23%+ until 2025 at the very least.
Thus, every startup wishing to integrate robust and secure financial solutions for its users should consider financial custom software development. Here is a guide to the types of custom Fintech tools and solutions you can pick for your business startup’s smooth market entry and effective customer service.
FinTech App Types for Startups
First, it’s vital to note that any custom software you develop for your business architecture should target specific user needs. FinTech solutions for numerous financial aspects, such as p2p payments, invoicing, payroll, lending/borrowing platforms, etc., are available for all business types. Here is the product range from which you can choose.
Money management
Online banking
Trading and investment
Accounting
Lending and borrowing
FinTech Product Trends in 2024
The FinTech market progresses quickly, keeping pace with broader tech trends in the digital market. So, to develop a relevant solution, you need to embrace these trends in software development.
#1 Web 3.0
The modern drive for decentralization and user control over personal finance has given rise to the advent of Web 3.0. It is a new, decentralized Internet concept devoid of single controlling authority, allowing peer-to-peer transactions based on self-executing contract mechanisms. Thus, you can appeal to larger numbers of users by incorporating decentralized payment solutions into your business platform.
#2 Wealth management
The number of retail investors has risen tremendously over the past few years. The trend was associated with the COVID-19 pandemic and greater availability of treading and investment tutorials to help individuals enter the stock or crypto market. Thus, wealth management apps for investment, trading, stock analysis, staking/farming, and the like have become popular among users.
#3 RegTech
FinTech and blockchain have posed numerous challenges to conventional financial regulations. Their digital-only, decentralized nature has made it hard to oversee financial operations and ensure safety. Thus, new RegTech software emerges in the FinTech sector to provide risk management, legal counseling, and robust regulation.
#Chimney: Home Value Integration
Chimney is a tool that helps engage homeowners by integrating home value and home equity within online banking. Financial institutions can generate revenue by providing personalized loan and deposit offers and partnering with a digital marketing agency for FinTech to effectively promote these offers to their customers. It also provides access to property data that accelerates loan approvals and enhances the banking experience.
#Robinhood X1 Credit Card: Challenging Apple Card
Robinhood launched a Gold Card, challenging the Apple Card with features like cash-back that can be invested, no annual or foreign transaction fees, family member cards, virtual card creation, and a new app. It’s exclusive to Robinhood Gold members and includes numberless physical cards for security.
Banks and credit unions offer HSAs, a popular tax-advantaged way to save for healthcare costs in the United States. Financial institutions should consider HSAs to attract customers, enhance loyalty, expand their financial product offerings, grow deposits, and earn fee revenue.
#MoneyLion WOW: Premium Subscription and AI Search
MoneyLion introduced a premium subscription and AI-powered search to its financial management platform. These additions support customer growth, enhance user engagement, and improve financial decision-making. The premium service costs $9.99 per month.
#Chime Deals: Cash-Back Feature
Chime launched a cash-back feature in partnership with Upside for its debit and credit cards. This feature offers fee-free cash back on everyday purchases like gas and groceries at over 30,000 locations. Members can activate deals through the Chime app and receive cash back directly into their Chime checking account within ten days.
Credit: Valere.io
The Cost of Custom FinTech Solutions
Once you decide to create a custom FinTech software product for your startup, you need to consider several factors that affect the price of the project.
Determine your budget for the needed software and, based on your resources, choose a freelancer, outsourcing company, or local agency that provides turnkey solutions.
Take into account the price differences in different regions. For instance, using local developers’ services may be too costly if you own a startup in North America or Western Europe. You can opt for outsourced services in Eastern Europe, Asia, or Latin America.
Share the details of your project with the chosen outsourced provider to get the final quote. While a basic FinTech app with minimal features can cost around $50,000, adding sophisticated features and a complex architecture will inevitably increase the project’s price.
Development Challenges to Overcome
FinTech software creation involves numerous issues that you need to monitor throughout the development process. By checking all these points off the list, you can be sure your app will be a safe and functional product.
Legal compliance
Though FinTech software is digital-only, it still needs to comply with local or international legal regulations for financial transactions. Failure to do so is very costly for the startup, so the development process should be guided by an understanding of binding regulations.
Anti-fraud measures
The major flaw of digital apps is that they have a different user verification process that doesn’t require a physical presence in a banking institution or office. Thus, FinTech apps are considered more vulnerable to financial fraud schemes, which rigorous authentication and authorization procedures can prevent.
Security
Data security is key for all clients, as they risk personal and banking details in case of the app’s hack. Besides, the app’s owners can be subjected to enormous fines in case of improper customer data storage and protection. Thus, it is critical to guarantee customer data security by encrypted coding and rigorous security audit of the app before its launch.
Safe APIs
Modern FinTech apps rarely exist in a vacuum. Most of them integrate with other software in the Web 3.0 ecosystem to ensure seamless user experiences. However, the API bridges between apps typically become their most vulnerable spots prone to hacker attacks. Thus, your provider’s task is to ensure the end-to-end security of your app’s API connection and data transfer via payment gateways, cloud servers, etc.
FinTech Is the Future of Business
As we’ve just seen, FinTech is a massive trend in the modern business landscape. So, startups wishing to win a fair share of the highly competitive digital market should provide safe and user-friendly FinTech solutions to their demanding clientele.
Opting for custom software development is a better option. It guarantees ownership and scalability of your product, better security, and other advantages that plug-and-play solutions don’t give. So, keep the recommendations from this article in mind and embrace the 2024 trends to enter the market with a splash.
Are you looking for new ways to invest your money? Do you have an excess amount of cash you’d like to use? Or are you just looking for ways to make money without taking on a huge risk?
Regardless of your reason for investing, undoubtedly, investing your money can have many benefits. From a purely financial standpoint, investing money can help you earn higher interest rates and see your money grow over time. And beyond economic benefits, investing your money can also help you improve your financial habits and build a long-term financial plan.
Investing your money in suitable investments can help you achieve your goals and get the most out of your savings. Even if you have limited funds and don’t have much time to invest, you can still invest in various investment apps.
What is an Investment App?
Investment apps are one of the best ways to grow your capital. They are essentially applications that can help you invest your money in different funds to make it grow. Investment apps allow you to invest your money in other stocks, mutual funds, ETFs, and cryptocurrencies.
Let’s break them down in further detail below.
Types of Investments
Invest in Stocks
One of the most popular types of investment is investing in stocks. Stocks are also known as equity shares that you can buy on a stock exchange. Stock exchanges like NASDAQ, NYSE, and Toronto Stock Exchange offer stocks to buy.
To buy stocks, you will need money called “equity.” Equity is the monetary value of your stock holdings in a company.
Mutual Funds
Mutual funds are investments made by a group of people with similar financial goals. They invest their money into different types of assets. Mutual funds make it easy for people who don’t have time or knowledge to follow the market closely but still want to grow their money fast.
You can choose from a wide range of mutual funds that invest in stocks, bonds, real estate, or other assets.
The upside is they have professional managers who manage your investment and try to get you the best return possible from your investment. But the downside is that if an investor withdraws before a certain period ends (usually 1-3 years), then there are penalties imposed for early withdrawal on top of lower returns on your investment.
ETFs (Exchange-traded Funds)
ETFs fall in between stocks and mutual funds as it has some benefits from both worlds.
ETFs are like traditional mutual funds that invest in stocks, bonds, real estate, or other assets. ETFs trade like stocks, so you can buy them and sell them anytime during the trading day, just like buying and marketing work for any share of stock listed on an exchange.
Cryptocurrency
Cryptocurrencies are increasing in popularity. If you have heard about Bitcoin, you know what’s going on. Other cryptocurrencies have become popular, too, like Ethereum and Litecoin. So, if you would like to invest in cryptocurrency, then the best way to do it is through an investment app specializing in cryptocurrency.
The app will help you buy or sell different cryptocurrencies as per your requirement and give you a valuable return on your investment within a short period.
Benefits of Investment Apps
If anything has been made clear so far, investing in different asset classes has been made easier than ever. Now, investors don’t need a financial professional to make investments.
As a beginner investor, an app might be the best choice for you in that there are plenty of apps that will make investment simple. Some will do it automatically, while others will provide insight and guidance on investing that you can find incredibly valuable.
Another benefit is that they are pretty affordable compared to hiring an investment professional. Investment apps charge low or no fees, making it convenient for low-income people to still make some money from investing.
There are also investment apps in different languages. You can find an investment app in Spanish, French, Portuguese, and German. So, whatever your preferred choice of language, rest assured that there is something out there for you.
How to Choose the Right Investment App for You?
There are so many different investment apps available for you to invest your money. However, there is no one investment app that will be perfect for everyone. It all depends on your needs and requirements. Before choosing the right investment app, it is essential to know what you should look out for.
The first thing you should do is identify your financial goals. Do you want to grow your money fast? Or do you want a steady growth that can help you as an emergency fund? Once you have identified your goals, this will help narrow down the type of investment app that would work best for your needs.
It is also essential to understand how much risk you are willing to take with your investments. You should also consider the time frame in which you would like the returns to happen. However, the most important thing is identifying what makes sense for your financial situation and understanding what type of investment suits it best!
The Final Word
Today, there are hundreds of online investment app platforms that allow you to invest in various stock markets and various asset classes. These platforms are convenient and user-friendly, making it easy for anyone to invest. However, not all investment apps are created equal. Each of these investment apps has pros and cons to them.
If you are planning to start investing, it’s essential that you know the difference between good and bad apps before you choose one. Another thing to note is that before investing your money in any app or company, ensure that it is licensed and registered with the Securities Exchange Commission (SEC). If you invest your money in a legally recognized fund, then you will be able to get a better return on your investment
Keeping track of money has become quite a challenge in the fast-moving world. With the advent of digital money transfer, transacting has become a work of the left hand. However, keeping track of our expenses and savings cannot be stressed more. They are of utmost importance; we cannot leave our funds hanging and not create better and stable financial health for ourselves. We have developed some of the best and most feasible plans for tracking your expenses to help you not overspend your money in the long run. Follow the tips and tricks and save that extra note in your wallet.
Create Budget
Having a budget is a must when tracking expenses. By clicking on buttons, we can transfer money from one person to another, shop for our favorite stuff, and buy tickets to a movie show; managing money is not easy, so having a budget will be handy.
List Your Income
Have a list of all your sources of income. Also, note down your partner’s income if your plan is to save money together. Salary, profits earned in a business, and profits earned through investments can all be considered income.
List Your Expenses
Another is to list your expenses. Know your needs and your luxuries. Create a proper budget for how much you need to spend in a month, including your rent, EMI’s transport, food, and more.
Subtract your expenses from your income.
Now that you have cleared out both your income and expenses, all you must do is subtract both from each other, and that will be the amount you save over time. This amount can be used as an investment fund, a savings account for something that sits as your big dream.
Categorize Your Expenses
Expenses must be categorized into two major sections to allocate the funds between the two in the required ratio. The two major sections are needs and luxuries. The expenses under requirements can be rent, EMI’s, transport, food, school fees, electricity charges, etc. The expenses that fall under luxuries are shopping, movie tickets, dining out, and more. While you keep track of the same, you will better understand where to cut off the expenses and save some cash.
Check your account statements.
Checking your account statements from time to time will help you visualize how much and where you are spending your funds. Open a zero-balance account online to track your expenditures and for added benefits like no maintenance fees on using the last penny in the account. Keep track of your account each week so that you understand your spending and saving capacity accordingly.
Use an Expenses-Tracking App
Various expense-tracking apps are available in the market that can also track a person’s or group’s savings, income, and expenditures. Add your details to such apps and save yourself from all the pressure you might endure while looking after your funds.
Set a Regular Rhythm for Tracking
Tracking your expenses is not a one-day game; it must become your daily habit in the long run for sustainable results while creating financial management for yourself. We suggest you set a regular rhythm for tracking your expenses and income, as that gives the best picture of how to manage your finances in the best possible way.
