These money and investing tips can help you handle any economic and earnings surprises as the second quarter ends

June 28, 2020 by Leave a Comment

Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, offer ideas about how to manage your financial portfolio when investors are concerned about rising U.S. coronavirus cases, continued business shutdowns, and the potential for unwelcome economic- and corporate earnings news as the second quarter wraps up.

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These 5 giant stocks are driving the U.S. market now, but watch out down the road

Powerful stock-market leaders ultimately take a fall, writes Mark Hulbert.
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Why Facebook, Amazon, Apple and other highfliers now look a lot like the ‘Nifty Fifty’ bubble stocks of the 1970s

Investors who buy regardless of price and valuation inevitably get hit with reality, writes Vitaliy Katsenelson.
Why Facebook, Amazon, Apple and other highfliers now look a lot like the ‘Nifty Fifty’ bubble stocks of the 1970s

The Fed Model is almost always bullish, which makes it a perfect face for this too-good-to-be-true stock market

Today’s low interest rates don’t justify the bulls’ case.
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Day-trading reality check: humans are poor investors and even worse traders

Here’s why you should stay away from “free” digital trading platforms.
Day-trading reality check: humans are poor investors and even worse traders

‘Black Swan’ author says if investors don’t use a ‘tail hedge,’ he recommends ‘not being in the market’—‘We’re facing a huge amount of uncertainty’

Author Nassim Taleb offers the notion that investors should be hedged against so-called tail risk, which refer to extreme events that also have a low probability of happening in a distribution of outcomes.
‘Black Swan’ author says if investors don’t use a ‘tail hedge,’ he recommends ‘not being in the market’—‘We’re facing a huge amount of uncertainty’

Is Robinhood making money off those day-trading millennials? Well, yes. That’s kind of the point.

Brokerages make money by allowing companies called ‘market makers’ to act as middlemen between parties that want to buy and those that want to sell. It’s not nefarious, one long-time industry veteran notes, it’s how financial markets work – and work better.
Is Robinhood making money off those day-trading millennials? Well, yes. That’s kind of the point.

The pandemic is accelerating the racial wealth divide. Here’s how we turn it around

If we want justice, we must help Black families invest in themselves.
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Here’s why a $4.7 trillion record ‘wall of cash’ won’t power the stock market to new heights

Don’t bet on a “wall of cash” to come streaming into the stock market.
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Why there’s so much drama about when to claim Social Security

We’re not entirely rational about using retirement savings.
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Unusual market indicators Wall Street is watching now

From restaurant bookings to searches for driving directions, WSJ’s David Hodari explains the unconventional indicators market watchers are now looking at to understand how the economy is faring during the pandemic.
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How to keep emotions out of your portfolio with systematic investing

Dr. Kathryn Kaminski, Chief Research Strategist at AlphaSimplex, explains how systematic strategies can be used to manage risk in volatile markets.
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How to build your ESG portfolio

ESG refers to investment strategies that consider environmental, social, and governance factors. Here’s what to know and how you can use it to boost your portfolio.
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In your 20s? Master the basics of personal finance today to get yourself on the right track

June 27, 2020 by Leave a Comment

If you’re a young adult just starting out on your own, lots of things are shouting for your attention, from a new job to confusing money concepts.

For instance, why should you save for something 40-plus years away? More than a quarter of Gen Zers think investing for retirement isn’t important, according to the personal finance site Nerdwallet.  

But if you want to actually retire someday, start saving now. It takes decades of planning and investing to get there. 

More from Invest in You:
Not a saver? Learn these skills and end your year with a nice stash
Robo advisor and online broker apps make it easier to crack investing
That FTW you do all the right things except this one crucial one

Learning to manage money may seem like it doesn’t apply to you, but it does. You need the same core principles of financial planning — investing, risk management, estate and tax planning — as someone 10, 20 or 30 years older, says Paul Gaudio, a certified financial planner at Bryn Mawr Trust in Princeton, New Jersey.

Living on a starting salary, you may have to be deliberate in the choices you make so you can meet your monthly bills and get through your days, says Chris Kampitsis, a CFP at the Barnum Financial Group in Elmsford, New York.

“We all have choices to make,” he said. “For some people, it’s living in the suburbs and moving to the city when they get their financial feet under them.”

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Never too young to learn that money matters

June 27, 2020 by Leave a Comment

Knowledge of finances might be the furthest subject from most youngsters’ minds.

And it certainly doesn’t equate to any measure of summer fun.

But armed with this basic understanding, adolescents might find the passage to adulthood a lot easier to navigate.

With that in mind — and in recognition of the limited summer recreational outlets due to coronavirus restrictions — why not give a course in money matters a shot?

Parents, if you’re looking for something for your kids to do, try the Rollstone Bank Trust’s online financial literacy program. It promises to provide a fun way to demonstrate how to properly manage money.

The Fitchburg-based bank, with branches located throughout central Massachusetts, has partnered with Banzai — an interactive, award-winning course that has taught real-world finance to millions of students — to offer free, online financial education to people of all ages.

From articles to calculators to games and activities, Banzai helps kids, teens and adults help take control of their finances.

Although Massachusetts is generally acknowledged to be the most highly educated state in the nation, it received a failing grade when it comes to imparting knowledge of finances to its public-school students. The Champlain College Center for Financial Literacy as recently as 2017 gave the state an “F” in regards to the frequency and quality of financial-education programs offered in high schools.

The state has made efforts to fill that finance-education gap.

A law Gov. Charlie Baker signed in January 2019 helped give Massachusetts students the tools they need to guide their financial futures.

The legislation allowed state education officials to establish standards around financial literacy, which schools could incorporate into their existing curricula in subjects like math, business and social sciences.

Topics including loans, interest, online commerce, renting, planning for higher education, balancing a checkbook, state and federal taxes, charitable giving, and “the role of banking and financial services,” would be covered.

At the time of its passage, state Sen. Sen. Jamie Eldridge, an Acton Democrat who sponsored an original Senate version of the bill, said such legislation was long overdue.

Eldridge told the State House News Service that he hoped the new law will encourage more schools to offer financial literacy education, so that young people could protect themselves from scams and predatory practices.

We’re not sure how many school districts introduced finance ed into their curriculum, which couldn’t have occurred until the 2019-20 school year. And we know traditional education came to an abrupt halt in March, when the coronavirus forced schools into virtual classrooms.

All of which means that most students probably have yet to receive any benefit from that law.

So, in the interim, Rollstone has offered its services. “We want to play a leading role in changing that (“F” grade) designation,” said Martin F. Connors Jr., president of Rollstone Bank Trust.

Articles, calculators and coaches are available in the Wellness Center, while lifelike simulations are offered as part of Banzai. Both links can be found on the bank’s website at rollstonebank.learnbanzai.com/wellness.

Courses are available for juniors (ages 8-12), teens (13-18) and adults.

It may not be any youngsters’ idea of a fun way to spend part of their summer vacation, but the bank’s online literacy program could pay future financial dividends.

Common sense about dollars and cents — that’s these courses’ bottom line.

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Never too young to learn that money matters

June 27, 2020 by Leave a Comment

Knowledge of finances might be the furthest subject from most youngsters’ minds.

And it certainly doesn’t equate to any measure of summer fun.

But armed with this basic understanding, adolescents might find the passage to adulthood a lot easier to navigate.

With that in mind — and in recognition of the limited summer recreational outlets due to coronavirus restrictions — why not give a course in money matters a shot?

Parents, if you’re looking for something for your kids to do, try the Rollstone Bank Trust’s online financial literacy program. It promises to provide a fun way to demonstrate how to properly manage money.

The Fitchburg-based bank, with branches located throughout central Massachusetts, has partnered with Banzai — an interactive, award-winning course that has taught real-world finance to millions of students — to offer free, online financial education to people of all ages.

From articles to calculators to games and activities, Banzai helps kids, teens and adults help take control of their finances.

Although Massachusetts is generally acknowledged to be the most highly educated state in the nation, it received a failing grade when it comes to imparting knowledge of finances to its public-school students. The Champlain College Center for Financial Literacy as recently as 2017 gave the state an “F” in regards to the frequency and quality of financial-education programs offered in high schools.

The state has made efforts to fill that finance-education gap.

A law Gov. Charlie Baker signed in January 2019 helped give Massachusetts students the tools they need to guide their financial futures.

The legislation allowed state education officials to establish standards around financial literacy, which schools could incorporate into their existing curricula in subjects like math, business and social sciences.

Topics including loans, interest, online commerce, renting, planning for higher education, balancing a checkbook, state and federal taxes, charitable giving, and “the role of banking and financial services,” would be covered.

At the time of its passage, state Sen. Sen. Jamie Eldridge, an Acton Democrat who sponsored an original Senate version of the bill, said such legislation was long overdue.

Eldridge told the State House News Service that he hoped the new law will encourage more schools to offer financial literacy education, so that young people could protect themselves from scams and predatory practices.

We’re not sure how many school districts introduced finance ed into their curriculum, which couldn’t have occurred until the 2019-20 school year. And we know traditional education came to an abrupt halt in March, when the coronavirus forced schools into virtual classrooms.

All of which means that most students probably have yet to receive any benefit from that law.

So, in the interim, Rollstone has offered its services. “We want to play a leading role in changing that (“F” grade) designation,” said Martin F. Connors Jr., president of Rollstone Bank Trust.

Articles, calculators and coaches are available in the Wellness Center, while lifelike simulations are offered as part of Banzai. Both links can be found on the bank’s website at rollstonebank.learnbanzai.com/wellness.

Courses are available for juniors (ages 8-12), teens (13-18) and adults.

It may not be any youngsters’ idea of a fun way to spend part of their summer vacation, but the bank’s online literacy program could pay future financial dividends.

Common sense about dollars and cents — that’s these courses’ bottom line.

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5 ways to bank and manage your money online safely

June 27, 2020 by Leave a Comment

Somewhere in the world right now, someone is working tirelessly to break into your accounts and steal your money, your identity and your data. How do we know? Cybercriminals take new victims in record numbers year after year. Losses are expected to hit $6 trillion by 2021.

Scammers know to go where the people are. Fidelity National Information Services reported a 200% spike in mobile banking signups recently, and the FBI is sounding the alarm: Criminals are waiting in the wings to take advantage.

Maybe you’ve taken precautions such as installing security software. If you haven’t, tap or click here for three free downloads for optimum Windows security.

But even after you do that, you’re far from done. Unless you make secure online banking a part of your daily routine, your financials will still be at risk. Here are five simple ways you can bank smarter using your digital devices.

A brief note on passwords

Setting up stronger passwords may seem like an obvious first step, but its importance can’t be ignored. You need a strong password to keep hackers from accessing your private financial data information, and millions of people are sitting ducks because of insecure options like 12345678 or Password.

You’re even worse off if you share your passwords across multiple websites and platforms.

To protect your accounts, here are some ground rules for stronger passwords:

  1. Strong passwords must contain a random collection of letters (uppercase and lowercase), numbers and symbols.
  2. Strong passwords must be eight characters or longer.
  3. You must use unique passwords for every single account. If a password is ever cracked and is used across multiple websites, you’re putting yourself in harm’s way.

That may sound like a tall order, but it’s fairly easy to come up with unique, strong passwords if you have a plan in mind. Let’s use a strong password as an example: T/Vho2nnL. It comes from a random sentence — in this case, a Metallica lyric. “Take my hand, off to never-never land.”

We took the first character from each word to get “tmhotnnl.” Next, we added some symbols in place of similar letters. M becomes /V, the “to” from the original lyric becomes 2. Then, we capitalized a few of the letters to make a strong password that’s easy to remember: “T/Vho2nnL”.

Once you create a password this way, you can tweak it for multiple accounts. For Facebook, you could make it “T/Vho2nnLFB.” Amazon can be “AmzT/Vho2nnL.” This helps create a consistent scheme for your memory without sacrificing security. Tap or click here for more help creating stronger passwords.

1. Try this free fraud protection from IBM

Phishing and website hijacking are some of the primary ways criminals can get your information to carry out identity theft and bank fraud. To protect yourself, fraud prevention software should be your first line of defense. Tap or click here to see why magecart attacks are so dangerous.

We recommend trying out Trusteer, a free cybersecurity extension from IBM. This browser extension is compatible with Windows and Mac on nearly all of the top browsers including Chrome, Firefox, Edge and Safari.

Once installed, it adds an additional layer of defense beyond your antivirus software and blocks phishing attempts, website redirects and malicious code from executing within your browser. Download and install this extension before you visit your bank’s website. You never know what might be lurking in the background.

2. Use two-factor authentication to secure your accounts

Most major banks offer two-factor authentication to prevent unauthorized logins. When 2FA is set up, you will need to enter a login code sent straight to your phone or inbox. Unless a hacker has access to your physical device, they won’t be able to log in. Here’s how you can set up 2FA for some of the biggest banks in the country.

Chase: Chase automatically enables 2FA (referred to as multi-factor authentication) by default. When you sign in to your account from a new device, you’ll automatically be required to verify your identity via a text or email code. If you don’t have a phone number or email address on file and cannot complete the process, call the support number on the back of your card.

Wells Fargo: Visit the tab labeled Your Security Center on the Wells Fargo app or website, or tap or click here to activate 2FA for your account. You’ll be instructed to provide a phone number so you can receive the security code. Once you’ve verified your code, 2FA will be active any time you log in.

Bank of America: Select Profile Settings in the top left-hand corner of the BoA website and click Manage SafePass. You can then add one or more phone numbers to receive your security codes. Once you’re finished, you must verify your debit or credit card details, so keep your card handy until the process is complete.

Citibank: Citibank automatically enables 2FA by default. When you sign in to your account from a new device, you’re required to verify your identity via a text or email code. If you don’t have a phone number or email address on file, call the support number on the back of your card.

If you don’t see your bank listed here, you might be able to set up 2FA under your bank’s account settings or security settings where you have the option to change your password. If you still cannot find it, dial the support number on the back of your card and ask the agent to walk you through your account security options.

3. Set up alerts to stay informed

Each week, Kim gets a message with her account balances. If anything seems amiss, she can contact her bank right away.

Ignoring your accounts means you won’t see problems until it’s too late. Downloading your bank’s official app and enabling notifications there and or through your bank’s website is an easy way to stay in the know.

You can also get alerts if you hit a low balance, your bank detects unusual activity on your account and much more. You can receive these as text messages, app alerts or emails — or some combination.

Here’s how to start receiving alerts from some of the major national banks. If your bank isn’t on this list, download the official app and look for Alerts on the menu. You can also search your bank’s website for instructions or call or chat with a bank representative to get help. When in doubt, call the number on the back of your card.

Chase

  • Sign in to Chase from your mobile browser or download the Chase mobile app.
  • Select “Alerts” from the menu and follow the instructions to set up alerts and choose your preferred delivery.

Wells Fargo

  • Sign in to the Wells Fargo website, and choose the account for which you want to add or edit alerts.
  • Choose the alerts you want to receive and customize them. Save your edits.
  • To get text alerts, enroll your mobile number for text messages. You can do so by signing into your account and updating your contact information.
  • Check the box labeled Allow Mobile Texts and accept the Consent to Receive Text Messages.
  • Reply YES ENROLL to the text message you receive. Go to Manage Alerts to subscribe to the optional text alerts you want to receive.

Bank of America

  • Download the Bank of American mobile app. Use this link to select your device and get the download link sent directly to your smartphone or tablet.
  • You can also sign in to your account from a browser to set up online banking alerts.

Citibank

4. Download a strong cybersecurity suite and watch your settings

Antivirus software is essential for your everyday browsing, but it’s even more important when it comes to online banking. That’s why some banks offer security software to customers.

If you use Bank of America, you can download McAfee LiveSafe virus, malware and phishing detection for 12 months. Ally Bank gives users access to free Webroot SecureAnywhere Antivirus software on up to three devices.

But even if your bank doesn’t offer a free option, you can still download powerful antivirus software without having to pay a cent. Microsoft users can get the latest updates for Windows Defender to keep their systems safe from harm. Mac users can rely on Malwarebytes to provide the latest malware, virus and ransomware definitions.

In addition to performing background scans, Windows Defender automatically scans downloads, open programs and installs new malware definitions so you can stay on top of spreading threats. Make sure you’re using the latest version. Tap or click here from your PC to update Windows Defender.

Malwarebytes is designed for speed and can scan your entire computer in as little as 30 seconds. It identifies and removes malicious files for you once the scan is complete — no extra work required on your end.

To get started, click the link below and select Free Download. The installer file will appear in your Downloads folder in the bottom right corner of your dock where all your program icons are found. Click the file to open it, and follow the directions that appear on-screen.

Beyond installing antivirus software, there are still steps you can take to protect yourself through your device’s settings. Always turn off Wi-Fi and Bluetooth services when you’re not using them, and avoid using public Wi-Fi for financial transactions unless you use a secure, private connection, like VPN software.

Tap or click here to learn more about ExpressVPN, the only VPN software Kim trusts.

5. Use a separate computer only for banking

It’s almost impossible not run into cybersecurity issues like malware, viruses or phishing sites at some point online. Instead of using one computer for all your web activities, setting up a separate device for online banking will help keep your most sensitive data secure.

Use this machine for one thing and one thing only: Accessing your financial accounts. No email, no downloads, no browsing.

We recommend picking up a Chromebook. These inexpensive laptops use Google’s Chrome OS, which is essentially a glorified web browser. You won’t be able to download games or run Photoshop on a Chromebook, but you can easily do all your online banking on one without running into trouble. In fact, it’s good that Chromebooks are relatively limited for this purpose.

Tap or click here to see Kim’s guide to setting up a financial Chromebook.

Bonus: Need to send money? Try a peer-to-peer payment app

Many online banking apps rely on a service called Zelle for sending quick and easy payments from person to person. Zelle is a type of peer-to-peer payment app that relies on encrypted communications to securely send and receive money.

Peer-to-peer apps making sending and receiving money easy, and they use security measures like two-factor authentication to protect your logins and transactions. You can also set up alerts for new payees, password changes and other suspicious activities. You’re also not responsible for unauthorized transfers like some of those other peer-to-peer apps.

Tap or click here to see our picks for the best peer-to-peer payment apps.

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Don’t shame people for how they manage their money — we all make mistakes

June 27, 2020 by Leave a Comment

There’s a particular sinking feeling you get when you realise you’ve just made a mistake that has cost you money. Buying the wrong train ticket, losing your key, accidentally triple-ordering the same chair from the Ikea website (guilty) – the worst part of all these is that, even when it’s possible to rectify the error, it is at least partly your own fault.

I am currently dealing with one of these situations. I didn’t keep a close enough eye on my broadband contract and as a result have been paying double my old price for a few months since the deal expired. My first instinct when I realised what happened was to feel like a failure.

Good money management isn’t just ‘common sense’

But the whole experience got me thinking about how difficult it can be to keep on top of our finances, and how much shame is attached to not managing them. When something goes wrong, it can make us feel stupid or weak-willed, especially when so much finance advice is framed as common sense.

To an extent, it is true that there are some basic elements which are easy to put into practice. But it is also true that this work is boring and difficult. It is also the case that most companies want as much of our money as they can get. It is exhausting being vigilant to ways we might be getting ripped off.

It is easy to keep telling yourself you are bad at money when that’s the message you’re getting from the world. In fact, it is this lack of confidence that scammers prey on, with many victims of fake phone calls reporting feelings of embarrassment as a factor in handing over information. To combat that feeling, we need to destigmatise money mistakes.

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Emergency coronavirus support on credit card payments and overdrafts set to be extended by another three months

It’s never too late to get started

Personal finance is a lot like exercise. If you want to be in the Olympics – which in this analogy is full financial independence for the rest of your life – then of course you must have a detailed plan and check in on how you’re doing every day.

But if you’re just trying to get a little healthier, then all you need is to build good habits where you can and not beat yourself up when you have an off-day. As with fitness it’s never too late to get started, and we shouldn’t shame anyone who falls out of the habit – experience tells us that is almost never an effective way to encourage people to keep going.

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Track and Manage Subscriptions With These Apps | Saving and Budgeting | US News

June 26, 2020 by Leave a Comment

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7 Smart Spending Strategies in a Tough Economy | Personal Finance | US News

June 25, 2020 by Leave a Comment

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Snoop review: the app that offers personalised money management tips

June 25, 2020 by Leave a Comment

Snoop promises to provide specific money-saving tips based on your spending history, from cheaper energy deals to saving on your next Amazon shop. Could it save you money? We take a closer look at this new app.

The last couple of years have seen all sorts of different money management apps launch, aimed at helping you make your money go further by keeping you informed on precisely where you’re spending your cash, and pointing you in the direction of ways to save some.

One of the newest names on the block is the Snoop app, which promises to keep its beady eyes on who you are paying and work out whether they are ripping you off.

It then goes a step further and actively helps you find ways to save.

Honey review: can a browser plug-in help you save on shopping?

How it works

After downloading the app, you can add your various bank and credit card accounts to your profile. You do this through Open Banking ‒ you aren’t handing over any usernames and passwords.

Snoop then looks at where you’re spending money ‒ such as on your energy bill, mobile and insurance ‒ and the app will come up with personalised ‘Snoops’.

These are tips specifically for you on how you could save a few quid.

So it might be that your energy bill looks a little on the high side. Not only will it give you a nudge about this, but it also allows you to compare and switch to a new tariff within the app.

It has a whole host of ‘skills’ ‒ areas that the app will monitor on your behalf, and make recommendations. These include: 

  • A mobile monitor (just SIM currently, but with handsets to follow later);
  • A reward miles monitor, which tracks what reward schemes you’re using and spots opportunities to earn more;
  • Highlighting energy switching opportunities;
  • An annual insurance checker;
  • Voucher code spotters;
  • Highlighting benefits of your subscriptions.

Snoop review: can the app save you money? (Image: Shutterstock)

My Snoops

To put Snoop to the test I downloaded the app and added my main bank account, to see what it came up with for its personalised Snoops.

The first was related to my mobile bill, noting that I’m spending about the same as the average O2 customer, but steering me towards comparing it with rival deals.

It did highlight the fact that it’s important to check what sort of exit fees might be involved.

There was a second Snoop, touching on my broadband bill.

While it said that my bill is “actually pretty low” compared to other Virgin Media customers, that doesn’t mean I can’t make a saving, and steered me towards a section allowing me to compare broadband deals. 

And a third Snoop highlighted the fact that as a subscriber to The Times, I qualify for all sorts of rewards, encouraging me to take advantage of them.

This latter point is a good one for me ‒ I’m absolutely useless at cashing in those rewards.

Overall, nothing too life-changing there. But I definitely see how the Snoops would be helpful ‒ and mean decent money-saving ‒ for others.

How does Snoop make money?

Snoop is a free app to download and use, which brings us to the obvious question of how it makes money. 

There are three income streams for the app.

The first is by flagging up alternate accounts for you to switch to, whether that’s your bank, your mobile provider, or whoever.

In some cases, it will be paid a commission for that switch, though the firm says it’s always made very clear to users when this will happen.

The app also sells on insights it gains about consumer spending trends based on your activity to other businesses.

It’s not personal data though ‒ the transaction data is pooled and anonymised, so businesses can’t identify you from it. 

Finally, users are invited to give Snoop a ‘tip’ as a thank you if they feel the app has helped them, which you can do through PayPal.

How to make money online: from filling in surveys to watching videos

General tips and info

While the selling point of Snoop is the personalised help it can provide you, in terms of finding more competitive deals, there’s a host of other more generalised snippets of content on there too.

For example, there’s a section on how to save money on Amazon, recommending that you look at the website’s voucher section.

There’s a tip on how to save money on your fuel bill (check petrolprices.com) and the recommendation that you save VoucherCodes.com on your browser so that it’s easy to spot vouchers in future when shopping online.

Obviously, these are all just nibbles of advice ‒ simple little tips and tricks that might help you save a few quid here and there, rather than comprehensive guides.

So while they may seem a little obvious to people who are particularly engaged with managing their money, the fact they are so easily digestible means I think they will be pretty effective in steering people who perhaps aren’t so confident with their cash into making better decisions.

Verdict: is Snoop any good?

Having played around with Snoop, I quite like it.

One of the big benefits of Open Banking is that these apps can provide a better picture of how we manage our money, and therefore make personalised tips on how to save cash, and Snoop does that.

Quite a few apps merely highlight where you’re going wrong, so the fact that Snoop actively tries to help you save money is a nice feature.

I also like the small tips ‒ while they aren’t anything out of the ordinary for me, I write about money management for a living.

Most people, understandably, spend far less time and energy on this issue, and so giving them a quick, easy to understand hint here and there strikes me as an effective tactic.

For those who are particularly on the ball with how they manage their cash, Snoop is unlikely to offer much out of the ordinary other than time-saving. But I’m confident that plenty of people will benefit from at least giving it a go.

What do you think? Would you benefit from an app that tries to spot your spending mistakes, or are you uncomfortable using any app that monitors your transactions? Let us know in the comments section below.

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4 Money Management Tips for Entrepreneurs

June 25, 2020 by Leave a Comment


Entrepreneurs are facing unprecedented levels of economic anxiety threatening to imperil their company’s financial stability. Numerous businesses around the world have shut down due to social distancing measures, with many likely to close permanently. Entrepreneurs and prospective startup owners seeking to avoid this fate need to manage their money carefully, as failing to carefully steward finances right now is a one-way ticket to bankruptcy.

Don’t sit around and wait for financial salvation to miraculously appear. Instead, be proactive and take these steps to protect your company’s future.

1. Take advantage of tax breaks.

Few people hate taxes as much as entrepreneurs who are forced to pay steep fees over and over again. High tax rates diminish commercial growth by limiting the size of a company’s workforce, discouraging renovations and the physical expansion of businesses, and burdening companies with payments that are difficult to shoulder during trying economic times. Avoid paying more than you have to by taking advantage of as many tax breaks as possible, which is achievable if you identify the tax breaks worth pursuing.

Be aware that certain tax breaks can help you hire and retain qualified employees while also reducing your tax burden. Small businesses that hire individuals with disabilities receive tax benefits, for instance. Ensuring your workplace is accessible and welcoming to the disabled isn’t only ethical but also financially prudent. Install ramps and other accessibility infrastructure wherever possible.

The IRS offers tax benefits to employers of military veterans and other classes of workers. There are plenty of reasons to hire veterans, so consider the tax benefits of doing so.

2. Embrace tech without overspending.

Business owners constantly hear that they need to embrace digital technology if they are to stay in business for very long. But many digital gadgets and software services aren’t worth investing in. Stuck between the imperative to digitize operations and an inability to do so in a cost-effective manner, some entrepreneurs do nothing. Rather than dismissing technology altogether, learn how to embrace tech without overspending in such a way as to harm your future profitability.

Related: 6 Money Management Tips for First-Time Entrepreneurs

While buying tech for tech’s sake should be avoided, there is technology that can save you money long-term. If you lack the expertise to make complex decisions about which IT equipment to invest in, bring on a team member focused on your company’s digital operations.

3. Invest in your future.

Individuals who want to solidify their financial status are frequently told to invest in the stock market. There’s no way to ensure your long-term financial future without holding a diverse portfolio of assets, they’re told. Entrepreneurs, however, are seldom if ever encouraged to invest in their future via the marketplace. Business owners are often too busy to follow the stock market’s goings-on closely, but savvy entrepreneurs who invest in certain assets reap the rewards in the long run.

Platforms like LCMS Traders have made it easy to learn about and partake in the international marketplace. Reinvesting your profits into assets can generate long-term gains — so learn how with these resources.

Your duty as a business owner is to achieve commercial prosperity. The only surefire way to do this is by generating a diverse portfolio of assets that will help your business remain on its own two feet during times of economic turmoil. Advice from LCMS Traders: “In the New Economy, investments are your best friends. If you put your money in the right place at the right time, it will bloom and grow together with your business.”

Related: 4 Apps and Platforms That Will Help You Get Your Business Expenses Under Control

Stocks and bonds aren’t the only things you should be investing in, either. Maintain the long-term profitability of your company by investing in your workers. This means workplace training, which many entrepreneurs are familiar with, but also entails looking out for the personal well-being of your workers so they grow along with your company. Over time, this investment will ensure you have a reliable supply of human capital, the most important asset of any business.

4. Monetize your digital presence.

Consider that your business’s digital presence could be monetized, given the right circumstances. If you have a popular website that people flock to, you could be generating ad revenue. Well-followed social media accounts can also be turned into marketing tools that increase both ecommerce sales and in-person foot traffic. Entrepreneurs who aren’t regularly reassessing their digital presence to ascertain how they can monetize it are making a money management mistake.

There are many different techniques for monetizing a website, as no business can directly copy the model of another. Ad revenue is alluring, but starting an email list to build long-term brand engagement with your customers is usually more profitable. Sometimes, membership sites that require an account to access can offer selective content to users for a price. If your company possesses unique expertise that the marketplace is seeking out, monetize it with a membership-only website to ensure you aren’t spilling your secrets for free.

Related: 4 Steps to Monetize Your Social Media Following

None of these monetization techniques will impede your digital marketing efforts. In many cases, monetization may improve your digital outreach efforts. Accessible websites that are free to access may get more traffic, but membership-only sites can generate revenue from a small pool of users and ultimately turn out to be more profitable.

Besides monetizing your digital presence, you should strive to maintain a clean image on the internet. Modern scandals spread across the web like wildfire, so ensure your company’s social media accounts are in good hands. Similarly, maintain an exemplary personal web presence, as the public face of any business misbehaving on any popular social media platform can reflect poorly on the entire company. Make sure every employee is well-behaved online, though never collect worker or user data without proper notification ahead of time.

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