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Simple Passive Income Ideas for Young Professionals

Posted on 20/01/2021 by Hazel McKnight Posted in Investment .
investment growth

Young professionals can earn extra money from passive income sources. With Passive income, an individual is not actively involved, neither are they limited by time nor effort. Therefore passive income sources are suitable for persons who desire to earn an extra coin as they pursue their primary job.

Are you looking for a way to build wealth or enhance your financial stability? Here are some of the ideas you can use to earn from passive income as a young professional.

Build Rental Propertyrental propertt

Rental income is earned from letting residential houses, apartments, office spaces, rooms for commercial purposes, or other property owned. To make rental income a profitable investment, you have to maintain your cashflow. Down the line, you might also consider being creative by offering amenities or services that might help you earn that extra coin.

Rent Out Living Space

Sometimes, there is an unused room or space in the house that can be turned into income. You might consider renting out that extra room by listing it on the Airbnb. Such platforms makes it a lot easy to find tenants who can live by your terms. Additionally, if you are away on business or travel, you might consider renting your entire home while you are away.

Try Affiliate Marketing

Affiliate marketing is another way to get passive income by earning a commission after promoting products online. Moreover, when you own a website or have a YouTube channel with many followers, you can become a social media influencer. Sharing your affiliate links on social media qualifies you to be an affiliate. When a client clicks on the link from social media and makes a purchase from the third-party affiliate, you earn a commission. The more products your prospects buy, the higher the affiliate commission is. Amazon is famously known for the affiliate program.

Buy Stocks stock market

Investing in dividend stocks can be another way to make passive income. Income earned from stocks depends on your shareholding ability in the company. You must do thorough research on the financial statements before you invest in stocks. As long as the company is financial stable or promising, then stocks become a viable investment. However, there is an element of risk involved in stock investments due to the unpredictable nature of some markets.

Tags: passive income .

Basic Accounting Principles

Posted on 04/12/2019 by Hazel McKnight Posted in Accounting .
accounting

Accounting principles are vital rules and concepts that reign over the field of accounting. The principles also guide the accounting process. Whether you’re in a small business of providing cleaning services, selling widgets, or manufacturing industrial equipment, your company operates under these basic principles.

As you learn accounting, it’s essential to understand these basic accounting principles. Don’t just memorize some accounting information just for tests, and then after two days, you forget. The following are the basic principles for quality accounting.

Cost Principle

In this concept, the business should use the historical cost of a product or an item in the books and not the resell cost. The business should record its assets, equity investments, and liabilities only at their usual or original purchase costs. The principle suggests that the business should limit the time to record and amount of research the financial information if the expenses and costs outweigh the benefits.

Accrual Principle

accuracy-accounting

The concept gives the details that accounting transactions are supposed to be recorded in the periods when they actually happened, and not the periods when the cash flows associated with them are there. The preparation of financial statements is essential and should show the actual accounting period.

Conservatism Principle

Here, the concept is that you should record liabilities and expenses as soonest, but record assets and revenues only when you’re sure that they will emerge or occur. Conversely, in this principle, the accounts stay away from overestimating future revenues since they could mislead bookkeeping and financial statement users.

 

Consistency Principle

Once you adopt a method or an accounting principle, you should continue using it until a demonstrably best method or principle comes along. Failure to follow the consistency principle may lead to a continually jumping from one accounting principle to another, hence discerning the long-term financial results become difficult.

Full Disclosure Principle

disclosure of transactions

It requires that the knowledge that would materially impact a financial history user’s decision about an organization must be disclosed in financial statements footnotes. This prevents organizations from hiding material information and facts about contingencies and accounting practices in the future. The accounting standards salute this concept by specifying numerous informational disclosures.

To sum up, accounting principles are important. They help in establishing the framework of how modern financial accounting is reported and recorded on financial statements. If your company follows the rules and framework, the investors, creditors, vendors, and other financial users will it easier to understand the reports. Eventually, the decision making will be exceptional.

Tags: accounting, accounting principles .

Why You Need to Hire a Consultant Service

Posted on 17/11/2018 by Hazel McKnight Posted in Finance .

Every entrepreneur establishes a business with the intention of developing it into a world-class organization. Unfortunately, only a few of such entrepreneurs live to see their dreams come true. There is a possibility that you are also reading this article because you are trying to find reliable means that can help you take your business to the next level. Well, if that is the case, then the information that you will get in this article can help you make your mind.

Not many entrepreneurs think of hiring a consultant firm for their business. One of the reasons that can explain the motive behind that is that many of them do not know that there are many benefits that they can get by taking such moves. There are several reasons why hiring a consultant company for your business is a great idea. You can also click here for more information.

Save Time

Can you imagine having to spend time on a complex task that you have not specialized in? You will end spending a good part of your time and still end up achieving nothing tangible. Most people will spend their time discussing matters affecting their business without considering a professional angle and that is where the problem is. With such undertakings, the chances of making decisions that will hurt your business are very high.

Hiring professional consultant service providers will not only help you save time, but also ensure that you get quality services. Remember that these are the people who have been in the business with the intention of advising entrepreneurs on how to succeed. This should have a positive impact on your business.

Navigate Change

The business world is dynamic and those businesses that refuse to embrace change, will find it hard to compete with their competitors effectively. Having a professional consultant on your side will help to ease things and create a conducive business environment for you. The consultant will advise you on how to face the different changes in the market and get the largest share for you.

Business Growth

If your dream is to have a long-term business that is successful, then business consultant services are very essential. This is because for you to predict the future of your business and therefore be able to prepare for it, you will need accurate information. Reputable consultant firms are in the industry to make sure that you get all the information that you will need to take your business to greater heights.

Tags: consultant services .

Things to consider before choosing a cash card

Posted on 20/08/2018 by Hazel McKnight Posted in Finance .
icon for paying with a credit card

A cash card is very important since you can use it to make payments for all goods that you buy. However, if these cards are used improperly, they can inflict horrendous financial damage you. Therefore, when choosing a cash card company, there are things you need to consider so that you get the best financial services. Here are the things you need to consider.

Your spending habits

cardThe first question that you need to ask yourself before you get a cash card is how you intend to use it. You have to make sure that you will be able to pay off your credit balances at the end of every month. Do you anticipate that you might be unable to settle your balance at the end of every month? Will you use your card to pay for only emergencies or almost everything?

If you can settle your credit balances at the end of every month, then you should not care about the interest rate charged on the card. The best card for you will be one with no annual fees but with a greater grace period so that you don’t get slapped with a finance charge.

Credit limit

This is the maximum amount of money your cash card company is willing to lend you. Your credit history will determine it. You should go for a cash card that offers reasonable credit limit.

Fees and penalties

Cash card companies can slap you with penalties if you go over your credit limit or if you fail to pay your balances in time. When choosing a cash card, you should go for a card that charges reasonable fees. You can go for a card that has no transaction fees and has zero interest rates of the first 12 months.

Incentives

Most cash card companies usually have reward programs to their customers. This is aimed to induce you to use the card. Ensure that your card does not charge extra for the reward programs that it offers. The rewards offered should be redeemable.

Balance computation method

cardHow your lender will charge your balance to come up with the finance charge is very important. Most cash card companies compute the finance charge through average daily balance. You should avoid cash card companies that compute their balances in two billing cycles. This is because when you are charged in two billing cycles, the financing fees is higher as compared to when you are just charged in one.

 

Tags: card, cash, cash card .

Benefits Of A Mortgage

Posted on 10/02/2018 by Hazel McKnight Posted in Mortgage .
beautiful house

When you are repaying and checking the usually endless checks that characterize your bank visits on a monthly basis, the last thing that will ever come into your mind is the advantage that mortgage has to you. The only thing that is in your mind this time is the pain of repayment. But many individuals do not realize that there are several advantages that come with taking up a mortgage.

Advantages of a mortgage

Offers tax break

document

Taking up a mortgage is the biggest opportunity that one can have to experience the tax break that is available. It is possible for one to get deductions on the interest that they pay on the mortgage loan. This particular aspect is very important especially in the early years of the loan repayment process when your loan repayments are added up with interest. It gives you the option to purchase points, which can allow you pay some additional part of your loan upfront for you to get a lower tax interest rate, this will make it possible for you to deduct the purchase price.

Helps one build equity

As one continues making loan repayments each month, it is very normal to develop a feeling that your money is disappearing into a bottomless bit. But in the real sense, you are building equity for yourself. Many will ask how? This is through the ownership stake that you have in the house that you are paying for. As your equity is growing, you can use your house as a source of funding by making your home security to secure funding. The prices you pay for either of them can be tax-free.

Pot of gold

Most individuals hope for a pot of gold at the end of the rainbow. Many years from now when you have completed the loan repayment for your home, you will realize that your home is worth more than the money that you invested in purchasing it. As a result, you will own a very valuable asset, which you can sell to make very big profits or you leave for your kids to inherit after you have passed on.

Sign of stability

homeWhen you own a home, an act that is made possible by taking up a home mortgage, it is a sign that you are stable and it can bring about some other advantages. If for instance, you will need to secure funding for other reasons, for example, you want to buy a car or another large business investment, the first thing that lenders will look at is if you have or have had a mortgage and you are or have serviced it appropriately. This will be the clearest indication to them that you can handle credit responsibly and hence they will grant you your request without so much scrutiny.

Tags: Mortgage .

Oil And Gas Investments – Incentives And Benefits

Posted on 05/10/2017 by Hazel McKnight Posted in Investment .
green container drums

Investing in various oil and gas opportunities offered by some of the most reputable and reliable oil and gas companies is an excellent way of beating the stock market nowadays. However, in order to make the most out of your investments, you will have to work with the best companies, ones that are perfectly knowledgeable of the risks as well as the advantages of drilling for oil and gas.

Strong incentives

Now, while you will have no issues finding such a company, you might find yourself hesitant to invest in the first place, mainly due to the risks involved. However, you should know that today, there are plenty of incentives for those that opt to invest in a variety of projects, such as the Alpha Seven Energy – Oil Investing Blueprint. If you are not familiar with these incentives, you should keep reading this article, as we will cover them in greater detail.

Tax incentives

For starters, you should know that the government offers small producers as well as oil and gas investors some of the best and most attractive incentives available in the tax code. These incentives are pretty much unmatched in any other field or industry. Therefore, if you are planning to invest yourself, know that this is the best time to do it.

tax

Special credits

To encourage investors and small oil and gas producers, the government and the financial sector have introduced a new type of credit, which is based on the percentage depletion allowance. This credit is based on the deduction, which can be used only by those that possess domestic gas and oil holdings. This deduction allows for up to 15% of all the gross income from gas and oil wells to not be included in taxation. With it, investors and small oil and gas producers can claim this deduction for as long as their projects and wells are generating any income.

Cost deductions

Aside from the special credits, you should also know that there is also the benefit of tangible drilling cost reductions as well. According to these, the full amount of dollars invested in the drilling equipment is 100% tax deductible. This amount can be deducted as depreciation within a time period of 7 years.

Keep in mind that these drilling costs cover everything on a project, with the exception of actual drilling equipment, which includes supplies, labor, as well as other drilling items. These are actually considered intangible. These costs deductions, which make up almost 80% of the total drilling costs, can be taken at 100% deduction too. However, that can be done only within the year they incurred.

The lease costs

costAnother benefit of investing in oil and gas projects involves the lease costs. These include all kinds of legal expenses, sales expenses, Lease operating costs, administrative accounting, and purchase of minerals. Through cost depletion, these are 100% deductible as well.

This type of protection implies that oil and gas investments are not only a great strategy for ensuring long-term investing security but also a reliable safety coverage for long-term financial stability.

In the end, keep in mind that these incentives are not some loopholes in the law. On the contrary, they were intentionally placed by the government, with the aim of boosting the oil and gas production and making it easier for investors to seek tax relief.

Tags: investment, oil, oil investment .

Comparing The Trust Deed With Other Forms Of Credit Relief

Posted on 07/09/2017 by Hazel McKnight Posted in Finance .
two people asking for help

Introduction

A Trust Deed is something that any Scottish in debt of over £5,000 will be interested in. This is an agreement which is administered by an Insolvency practitioner, who is the trustee. It allows people with unsecured loans with various creditors to repay their loans in 4 years or more without much hassle.

Who should apply for a Trust Deed?

writeYou must have lived in Scotland for a year before you apply for a Trust deed. You should also have a cumulative debt of not less than £5,000 to be eligible for a Trust Deed. You should also have a monthly income, from which you can pay a certain agreed single amount per month towards the payment of your loans. Obviously, you should also be insolvent. It should be clear that the liabilities of your loans are overwhelming, given your income and assets. Your assets such as property, motor vehicles, pension, and savings are factored in when determining your financial position.

How does the Trust Deed work?

A trust deed is drawn after a lengthy discussion between the Insolvency practitioner and the client. Here, the Insolvency Practitioner sets the terms of the deed by considering your financial position Vis-a Vis you’re the liabilities of your unsecured loans. Personal loans, overdrafts, Pay day loans, and credit cards are some of the major forms of unsecured borrowing that can be covered by a Trust Deed. Mortgages and student loans are also covered. Joint debts are allowed too, but a Trust Deed covers a single individual, not a group. Whichever unsecured loans you have, your Insolvency Practitioner calculates the amount of a single monthly installment that you can afford to pay comfortably. The draft of the deed is then forward to the listed creditors for approval. Once it is approved, a Trust Deed protects the interests of the borrower by law. It prevents creditors from taking a legal action, freezes interest charges and safeguards your assets. It gives you peace of mind in knowing that you can pay your loan slowly for four years or more. However, creditors must not accept the Trust Deed proposal. They have a right to reject it. If it is rejected, you can consider the Debt Arrangement Scheme (DAS) or sequestrat6ion possible alternatives.

Advantages of Trust Deeds as compared to other debt relief alternatives

moneyThe Trust Deed offers a fixed payment term of 4 years. You can, however, negotiate for a longer repayment period. One of the greatest advantages of the Trust Deed over the DAS is that with the Trust Deed, any outstanding debt amount after the last installment is written off. With the DAS, you have to continue paying your loan until the last penny is paid. Additionally, while the DAS, Trust Deed and Sequestration all stop creditors from taking a legal action against the borrower, you should have a minimum debt of £5,000 to be eligible for a trust deed. You are also not required to pay an application fee for the Trust Deed like it is with the DAS. Overall, the Trust Deed is a cheaper and convenient way of clearing your debt and regaining financial stability.

Tags: Compare, Credit Relief, Trusted Deed .

How Can Businesses And Customers Benefit From The Direct Debit Payment Method?

Posted on 02/09/2017 by Hazel McKnight Posted in Finance .
credit card reader

Introduction

While most people are familiar with how Direct Debit method works, they are not quite familiar as to how business and themselves can benefit from it. At the moment, direct debit is definitely among the most popular payment methods. It is preferred by many businesses and individuals all across the world. Now, if you are one of those who doesn’t exactly understand the benefits of this method, we will try to clear things up by outlining the most notable advantages.

For the businesses

An improved cash flow

keybordIf you are a business owner, with the direct debit solution, you will always know exactly then the funds will be cleared and transferred to your account in advance. This will greatly reduce the possibility of errors and oversights, as well as any cash flow issues. This will also greatly help your business’ staff members, especially the accountants. Since your customers will set up their Debits to ensure timely and regular payments, your accountants will have a much easier time chasing late payments and sending out reminders.

Retention and improved customer loyalty

If you are looking for cheap and reliable ways of increasing your customers’ retention and loyalty, the Direct Debit payment method will surely help. Once you finish setting up the payment method and once the payment front becomes transparent and calm, your customers will certainly become happy and willing to stick with your business. They will also feel much less inclined to abandon you and switch to your direct competitor. Simply put, they will always prefer to stay with a certain company and continue using its services if they are familiar with it and trust its payment method. Also, keep in mind that the Direct Debit is designed to protect both the businesses and the customers. Therefore, if there are problems, both will be protected.

Environment friendly

If you are concerned about the environment and your business ethos include environmental considerations, then using the Direct Debit method is a no brainer. Given that this method completely functions on a digital level, you will have no need to deal with tons of papers and physical documents, which will greatly benefit the environment.

What about the customers?

We have seen how a business can benefit from the Direct Debit method, but, what about the customers? Well, their benefits are much less subtle. However, there is still one major benefit, and it comes in the form of a Direct Benefit Guarantee Scheme. So, what are the direct debit guarantee scheme rules and how can you benefit from them as a customer?

Advance notice

moneyWith this type of coverage, you will be told about any changes to the date, frequency, or the amount of a payment well in advance. You will also be in a position to agree or disagree with the proposed notice period as well. However, keep in mind that if there is no agreed period, a financial institution will implement ten working days.

Prompt cancellations

If you want, you are allowed to cancel a payment at any time before the payment is supposed to be made. If you have made a cancellation, but the payment was still made, you will be entitled to a refund.

Refund

If there are any payment errors or irregularities, you will be entitled to an immediate refund from your financial institution.

Tags: Direct Debit, Method, Payment .

Important Questions To Ask Before Purchasing A Auto Car Insurance Policy

Posted on 31/07/2017 by Hazel McKnight Posted in Insurance .

Car InsuranceCars are no longer luxury goods, they have become part and parcel of families and our life. This is why you and your car represent a unique combination. That is why it is very important that you shop for the right insurance policy that will perfectly meet your needs. The car policy that you go for should represent your needs, budget and the priorities that you have. It is important that you evaluate the way you use your car, the risks that face it and the options that you have on the insurance policy that you want to take.

For instance, when looking for an auto insurance, it is very important that you put into consideration the following questions before you venture out shopping for an auto insurance policy.

How much do you love your car?

This question may sound absurd more especially since a car is not a family member nor is it a person, but as you can tell you have a special attachment to it. So if you want it fixed properly or replaced with another one that is the same in the event of anything, it is advisable that you go for a full range insurance policy. This will ensure that whatever happens to your car it will be catered for.

How often do you drive?

Do you use your car on a daily basis, for example, to work? Or do you use it for convenience and thus you may not want to use it at times. What is the distance that you travel on a regular basis? Ensure that the distance you drive daily is reflected in the policy. If you do not drive a lot, it is important that you go for a mileage-based insurance.

What tasks will you be using your car for?

If you use your car for other things other than commuting to work alone, then the best insurance policy to go for is the commercial auto insurance. If you go for a personal insurance policy, the policy will not be able to cover any other activities that you will use the car for.Car Insurance

What type of car do you drive?

With the advanced technologies and the interconnections of agencies, insurers have a lot of data, and they exactly know and have details of what makes and models of cars are most likely to have claimed. For instance, if you have a flashy sports car there is a likelihood that it will be exposed to many hazards. Hence your insurance premiums will be high.

Some of the other questions that you will need to ask yourself are where you live and park your car, and even who else will be driving your car beside you.

Ask yourself this questions, and you will know the best insurance policy for you.

How To Embrace Saving Habits In A Family

Posted on 06/07/2017 by Hazel McKnight Posted in Management .

Albert Einstein once said that an individual cannot solve a problem by applying the same level of thinking that created that problem. This is why it is very important that one has to make substantial changes so that they can shift to the good habits. As an individual thinks and operates so does the family. Let us look at some of the habits that a family can embrace so that they can cultivate a healthy saving habit of saving:

Ways to embrace health saving habits

Formulate and embrace change

coinThe first thing that one should do Is mark out their priorities clearly and make a decision that the priorities need change and hence strive to embrace that change. Know and establish what matters. Things will not be easy at first, but both of you need to embrace that change. Acceptance will also play a big role. You should know that what works for other families, may not automatically work for you. Look at your family and determine based on your unique case what works for you and what does not work. For instance, one family might be living extravagantly, but you can just not afford to do the same. It is normal to want to live in the same way. But when you are tempted to spend out of your priorities remember to visit your what matters list.

Communicate

Make sure that you define between needs and wants. It is important that you maintain lively communication as what matters to you can be completely different from what does for your partner. Including your kids. All the income that comes into the family should be treated as ours, not yours. You should always talk about our expenses, our income, and our budget. Ensure that in every payday you are on the same page on matters planning and budgeting.

Set goals

Here you can have different categories of goals: long-term goals like saving for investment, and short-term goals like saving for short term house expenses. Set the goals clearly and make sure that you write them in the family planner. Remember to make a checklist as this will enable you to compare the far you have gone as far as attaining them is concerned.

Budget

This is among the most important aspects. There are some budgeting tools online that can help you plan. Formulate your way of dealing with your bills. All you need to do is sit down, list all the expenses that you have and decide which one you can live without and which type of lifestyle that you should adopt.

Use cash

To ensure maximum family savings, it is important that you stop using credit cards completely. This is because it is a disaster in the making. Many people take the ownership of a credit card as a form of a symbol, what they don’t know is that they are just piling debts on themselves. Just stick to cash, it is the best option.coin

Be smart while shopping

Ensure that you plan before you shop. This will take a bit of your time, but it is worth it. Always ensure that whatever you purchase, you have the best deal.

By adhering to the above expenditure habits, you will surely make good savings for your family.

Conto Contento

Posted on 05/01/2017 by Hazel McKnight Posted in Finance .

Utile, semplice, conveniente: � nato Conto Contento, il nuovo servzio di conto corrente che la Banca Popolare di Vicenza dedica alle famiglie.graph

Conto contento � utile perch� prevede la carta bancomat per gli acquisti, i servizi di multicanalit� per controllare il conto via Internet o al telefono, l�accredito dello stipendio ed il pagamento delle bollette.

Conto Contento � semplice perch� offre e fa pagare solo gli strumenti che servono. Una sola formula a canone trimestrale e nessuna sorpresa; in pi� � possibile personalizzare, rispetto alle proprie esigenze, il numero di operazioni comprese nel canone.

Conto Contento � conveniente perch� lo si pu� avere a poco pi� di tre euro al mese.

Scopri tutti i vantaggi di Conto Contento all�indirizzo Internet: http://www.contocontento.it.Conto Contento � essenziale, come il pane.

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Last Posts

  • Simple Passive Income Ideas for Young Professionals
  • Basic Accounting Principles
  • Why You Need to Hire a Consultant Service
  • Things to consider before choosing a cash card
  • Benefits Of A Mortgage
  • Oil And Gas Investments – Incentives And Benefits
  • Comparing The Trust Deed With Other Forms Of Credit Relief

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