Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
Category Archives: Personal Finance
How To Make Sure You Get A Good Deal While Car-Shopping
Nov 10, 2022
Image: Unsplash/Ivan Kazlouskij
A person's car is one of the most important investments they will make in their lifetime, and it can significantly impact their quality of life. Whether buying your first car or planning to upgrade to a newer model, knowing how to get the best deal is essential to ensure you get the most value out of your investment. This guide will provide a few tips to help you make sure you get the best deal while car shopping.
1. Consider Your Budget
When buying a new car, your budget is one of the most important things to consider. Not only do you need to think about how much you can afford to spend, but you also need to be aware of the ongoing costs of owning a car.
If you're on a tight budget, consider buying used. Not only can you get a good deal on a gently used car in Minnesota, but you'll also save money on the initial purchase price. If you need the cash to pay for your vehicle upfront, look into various available auto financing options. This will help you keep your monthly payment low and ensure you get the best deal possible.
2. Decide What Type of Car You Want
When shopping for a new car, one of the most important decisions you'll make is what type of car to buy. Not only do you need to think about your needs and budget, but you also need to choose a car that will fit your lifestyle.
Image: Unsplash/Obi - @pixel6propix
For example, if you have a large family, you'll need a vehicle with plenty of seating and storage space. You'll need a car with good gas mileage if you commute long distances daily. And if you like to take weekend road trips, you'll want something that has room for all your luggage.
3. Get a Vehicle History Report
One of the most important things to do when shopping for a new car is to get a vehicle history report. A vehicle history report will tell you everything you need to know about a car's past, including how many owners it has had, whether it has been in any accidents, and whether it has been recalled.
Most dealers will offer three different types of reports: basic, which includes information on the car's ownership and accident history; extended, which includes additional information like service records and lien data; and premium, which includes all of the information from the basic and extended reports plus historical data on how much the car has been worth over time. This last type of report is typically only available through third-party vendors, so make sure you shop around to find the best price.
4. Negotiate a Fair Price
One of the most important things to do when buying a new car is negotiating a fair price. Remember, car prices are not set in stone. So if you're willing to play hardball, there's no reason you can't get the best deal possible on your next car.
Start by finding out what other dealers are charging for the same car you're interested in, and make sure to get a sense of the overall market conditions. This will give you a better idea of how much room there is to negotiate on price. When negotiating a price, it's important to be firm and stick to your guns. It may help to have a set maximum price in mind that you won't go over under any circumstances.
5. Check the Car Before You Buy
Sometimes what looks like a great deal online or in a classified ad will turn out to be less than perfect once you inspect it. It's always a good idea to have a mechanic check out your potential purchase before you buy, especially if you're buying from an individual.
Most dealerships also offer this service; some will even let you bring your mechanic in to look over the car. This is a great way to ensure your purchase will only cost what you bargained for.
6. Consider Buying an Extended Warranty
If you want the most value from your new car, consider buying an extended warranty. These warranties help protect you if anything goes wrong with your car after the manufacturer's warranty expires. You can either purchase this type of coverage from the dealership, or you may be able to find a third-party vendor that offers better deals. Just do your research first and shop around to find the best price.
See: Auto Transport Guide For The Business Owner
Shopping for a new car can be both exciting and stressful. But by following these tips, you can get the best possible deal on the perfect vehicle for your needs and budget. Remember, it probably is if the price seems too good to be true. Do your research and always be willing to negotiate, and you're sure to get a great deal on your next car.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Top 5 Crypto-Tax Haven Countries for 2023
Guest Post | Nov 9, 2022
There is a steady rise in the use of cryptocurrency in trading, investment, and as a mode of payment. Currently, some online freelancers accept bitcoin and other cryptocurrencies as a form of payment in their business.
However, one chief reason investors of cryptocurrency and other digital assets worry about is tax liability.
Despite several nations applying levies on taxes on income and capital gains from bitcoin transactions and putting pressure on investors, some approach this differently, intending to innovate and adopt the crypto industry.
These nations have implemented laws allowing investors to engage with digital assets without tax liability. If you’re ready to join the surge of new crypto investors, Bitcoin Profit trading platform offers a reliable and user-friendly experience, especially for crypto beginners who are new to the industry.
Now let’s visit the countries with the most crypto-friendly laws.
Germany
Germany categorises cryptocurrency as neither a commodity nor a digital currency. Instead, German law calls this ‘Private money’, implying that VAT on sales and purchases will not be applied to them.
In addition, Bitcoin and other cryptocurrencies are also spared from the long-term capital gains tax. This means that if a cryptocurrency is held for more than a year before selling, the investment earnings from this sale will not be taxed regardless of the amount.
For short-term capital gains tax, which would be the sale of Bitcoin within a year or less, it would only be applicable if the amount is more significant than 600 euros.
Take note that these guidelines are suitable for resident individual investors only. Businesses that engage in cryptocurrency trading are not exempted from corporate income tax like other assets.
As a result, cryptocurrency investing would be an intelligent move for online freelancers and workers who live in Germany as they have better taxation requirements than other countries.
However, if the German business accepts bitcoins and other cryptos as payments, this will be subject to corporate income tax.
Singapore
Singapore is a crypto tax haven as there are no capital gains taxes. A cryptocurrency holder does not have to pay capital gains tax, whether an individual or an entity, as crypto, is intangible property.
However, businesses that engage in cryptocurrency trading will pay taxes for the revenues they generate. In addition, companies will pay income tax if they accept cryptocurrency as a form of payment for services and products.
Singapore is preferable for businesses independent from a location as tax residency is based on the site of business operations. Thus, companies would be attracted to Singapore to register their business there.
Portugal
Portugal is acknowledged as one of the most crypto-friendly countries as its government declares crypto trading and all transactions to be nontaxable for individuals.
Individuals who exchange crypto for regular currency will not be taxed as there is no capital gains tax or income tax on revenues generated from crypto trading.
Furthermore, the sale and purchase of cryptocurrency will not be VATable, which means individuals who engage in these will be tax-free.
Portugal is also favourable for digital nomads as it has an easy tax residency process.
However, this privilege is given to individuals only as entities that accept digital currencies as payments have to pay income tax and VAT from these sales.
Belarus
Belarus has exempted crypto mining, buying, and selling from tax for both individuals and entities until 2023, as per the Presidential Decree on the development of the digital economy of 2018.
Special economic zones house high technology parks to mobilise innovation in digital financial technologies. No taxes will be applicable in any crypto-related activities in these zones, excluding the 1% turnover tax.
There is now ease in obtaining a residential status in Belarus, and places like Minsk are perfect for digital nomads.
Slovenia
Another nation that does exempt individuals from capital gains tax in cryptocurrency transactions is Slovenia. However, businesses pay income or corporate tax if they accept payments in crypto.
See: Canada: Release Of Draft Tax Legislation For Consultation including GST/HST for Crypto Mining
This article only informs the reader about cryptocurrency trading and does not serve as a financial guide.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Can Canada go Cashless?
Global News | Alley Wilson & Anne Gaviola | Oct 29, 2022
Whether you pay by debit, credit, mobile wallet or smartwatch, speed and convenience are driving the way Canadians are choosing to pay, but it all comes with a price — cash as a payment option is steadily declining.
- Cashless is Trending
- Pandemic: The spike in digital adoption was fuelled in part by the pandemic, as Canadians turned to virtual, mobile and online payment transactions in record numbers.
- Payment options: In Canada, credit cards remained the top method of payment followed by debit, with Canadians reiterating ease, speed and convenience as the reasons they opt for plastic over cash, according to Payments Canada’s most recent report.
See: Cashless society: We need to take digital jail seriously
- With Canadians opting for more contactless, digital forms of payments, more doors open for newer, more futuristic in-store shopping experiences, like Aisle 24. “We have people coming into our stores with nothing but their phones or nothing but their watches because that’s the trend,” says Yong, adding that most customers are in and out of Aisle 24 within five minutes.
- Trust: "Part of Canada’s success with switching to contactless forms of payment is that we trust the technology" - Mark Hayward, Associate professor at York University
- A recent Global Payments Report projects that by 2025, cash will only make up three per cent of all point-of-sales transactions in Canada — one of the lowest cash payment rates in the world.
- We need to think about equal access to services: Hayward says a cashless society isn’t just about the selling and purchasing of items, but it’s a much broader question about caring for everyone around us and making sure everyone has equal access to services.
- “We can think about this in terms of older users who don’t want to use new technology. We can think about this in terms of unhoused people who may not have bank accounts for whom access to digital commerce may be very difficult.”
- There are still a lot of businesses that rely on cold, hard cash. “The cafe down the street is still cash only. The liquor and lounge across the street, they’re cash only. The barber shop where I get my haircut, she’s cash only,” she says. “There are a lot of cash-only places.”
See: Card Usage is Declining to Digital Wallets: Fee Structure is Unsupportable and Facing Competition
- In a report, Nye wrote that even though cash transactions are declining, demand for cash was at its highest level in 60 years. Nye adds the reason why Canadians stash cash during tumultuous times is because it provides a sense of comfort and security. “It protects against things like cyber vulnerabilities, potential power outages, telecom outages like we saw this summer. There’s some safety that’s afforded by having access to physical cash.”
- Although experts like Nye believe Canada is still a long way from becoming a truly cashless society, there’s still talk of new currencies and services, such as micro-payments, buy now pay later, crypto or even central bank digital currencies, which our central bank, the Bank of Canada, is studying.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Opinion: Crypto and Financial Inclusion – Dispelling Narratives
Brookings | Tonantzin Carmona | Oct 26, 2022
Conclusion
Before embracing cryptocurrencies or overstating their potential, policymakers should first clarify the problems they are trying to solve, and more importantly, why they are trying to solve them.[87] When it comes to crypto and financial inclusion, there are fluctuating and contested terms and narratives. Thus, it may be difficult to discern what groups, problems, or pain points we are striving to address.
When examined closely, crypto’s current capabilities do not match the needs of the groups it purports to serve, and it carries a host of risks and drawbacks that undermine its benefits. More alarming, we can observe parallels between crypto and other predatory products, which highlights crypto’s potential to exacerbate unequal financial services to historically excluded groups.
See:
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BIS Report: Can CBDCs be designed to help financial inclusion?
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So what is financial exclusion in the era of Open Finance?
Considering this reality, we can either encourage inequitable and exclusionary banking systems to persist by enabling others to profit from the inequities, or we can develop the courage to ensure that banking is truly inclusive. For these reasons, rather than endorse crypto as a tool for equity, we should instead promote and explore policy solutions that can more directly and impactfully achieve and bolster financial inclusion.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
McKinsey: Reshaping Retail Banks for the Digital Battlefield
McKinsey & Company | Oct 18, 2022
The current model of universal retail banking is unsustainable over the long term. To thrive, banks need to reinvent themselves, focusing on businesses where they can achieve and extend market leadership in the new digital world.
- Banks face severe challenges and key trends:
- shifting in scale advantages from branches to innovation
- digital attackers taking the first significant bites out of traditional banks’ revenue streams
- consumers wanting more digital offerings and superior experiences
See: HSF: 6th Global Bank Review 2022 | Banking on People
- Digital battlefield: The fight for customer relationships has moved to new terrain unfamiliar to banks, and many incumbents are ill-equipped to defend market share on the digital battlefield. This is a battle banks cannot afford to lose, and they will need to fortify themselves with new, reimagined, fit-for-purpose value propositions and business models.
- Update value proposition
- The daily banking platform would focus on simplifying daily shopping activities by embedding transactions seamlessly (and often invisibly) within customer journeys and giving customers fast, convenient access to diverse retailers and service providers.
- The home and life events (or complex lending) platform would increase customer value through ecosystem partnerships supporting end-to-end journeys for major life undertakings, from search and selection to financing and ongoing management and maintenance.
- The platform for wealth and protection services would compete on the appropriate use of customer data to deliver hyperpersonalized advisory support, enabling investors to make well-informed decisions about increasing and protecting wealth over decades.
See:
Deloitte: 2023 Banking and Capital Markets Outlook | ‘A new global economic order seems imminent’
FCA review finds evidence of growing competition in retail banking
- Operate like a tech company:
- Leveraging data for personalization and stronger customer engagement
- A cutting-edge technology stack to reduce costs and speed up innovation
- An agile operating model to respond to fast-changing markets
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
6 Finance Apps You Need To Know About
Oct 30, 2022
Image: Pixabay/sergeitokmakov
Like most people, you're always looking for ways to save money. Well, look no further! Several fantastic finance apps can help you organize your finances and keep more money in your wallet. This blog post will list six of the best finance apps available today. So whether you're looking to budget your expenses, track your net worth, or simply find better deals on groceries, there's an app for that. Keep reading to learn more.
Credit builder apps
These days, you need to have good credit for various reasons. A strong credit score can help you qualify for loans, get lower interest rates, and even get a job. But with bad credit, it can be challenging to improve your score. That's where credit builder apps come in. These apps help you build credit by giving you access to credits that you can use to make small purchases and then pay back over time. As you make on-time payments, your credit score will gradually improve. When you research the internet, you may come across a MoneyLion credit builder loan app that can be a great resource. It features a 5.99% APR and requires no collateral, so it's an excellent option for those with bad credit.
Budgeting apps
Budgeting is another important aspect of personal finance. But if you're being honest, it's not always the most fun thing to do. Fortunately, there are several budgeting apps out there that can make the process easier. These apps help track your income. They can also help you monitor your expenses. This way, you will see where your money goes each month. They also typically offer spending alerts, budget templates, and goal-setting tools to help you stay on track. Spending alerts can be beneficial if you avoid overspending in certain areas. Some popular budgeting apps include Mint, You Need a Budget (YNAB), and EveryDollar.
Grocery apps
You may not think of grocery shopping as a personal finance issue, but it can significantly impact your budget. If you're not careful, you can overspend at the grocery store easily. Fortunately, there are several grocery apps out there that can help you save money on your groceries. These apps offer features like coupons, cashback rewards, and price comparisons. They can also help you find deals on specific items that you're looking for. For instance, if you need to buy laundry detergent, you can use an app like Flipp to compare prices at different stores and find the best deal.
Bills payment apps
For many people, paying bills is one of the most stressful aspects of personal finance. There's always the risk of forgetting to pay a bill on time or getting hit with late fees. But there are many bill payment apps out there that can help you stay on top of your accounts and avoid late payments. These apps typically allow you to set up automatic bill payments, so you don't have to worry about forgetting to pay a bill. They also usually offer features like bill reminders and payment history tracking. Bill reminders can be beneficial if you have a lot of accounts to keep track of, while payment history tracking can help you spot any errors or discrepancies on your bills.
Investment apps
Investing is an excellent option if you're looking to grow your money. But it can be challenging to get started if you don't have much experience. That's where investment apps come in. These apps offer a simple way to start investing with little money. They typically have low minimum deposit requirements and offer various investment options, such as stocks, bonds, and ETFs. Many apps also provide educational resources and customer support to help you grow as an investor. Some popular investment apps include Acorns, Robinhood, and Stash. Many people are looking for investment apps like Robinhood because it has no commission fees.
Net worth trackers
Tracking your net worth can be a great way to stay motivated as you work towards financial goals. And there are several apps out there that make it easy to track your assets and liabilities. These apps typically allow you to link your bank accounts, investment accounts, and other financial support to see your net worth in one place. They also usually offer charts and graphs to help you visualize your progress over time. Charts and graphs can be constructive if you're trying to repay debt or build up your savings. Some popular net worth tracking apps even features gamification elements to make the process fun. Wealthfront and Personal Capital are two excellent options worth checking out.
See: Bain & Co Embedded Finance Report: What It Takes to Prosper in the New Value Chain
Image: Pixabay/Firmbee
These are just some finance apps that can help you manage your money. So look around and see which ones might be a good fit for you. And don't forget to read the reviews before downloading anything. Rest assured that with some research, you'll be able to find the perfect app to help you with your personal finance needs.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
Smart Investing Tips While Working a 9-5
Roni Davis | Oct 29, 2022
Image: Pexels/Ann H
Do you hope to get away from the 9-5 lifestyle sooner rather than later? If you dream of having control over your schedule and the financial freedom to not be tied to a traditional working schedule, investing your money to build your wealth is a great way to guarantee more financial freedom in your future. Here are some essential steps you’ll want to take to get started on your investing strategies while still working a 9-5 job.
Increase Your Salary
While this may seem obvious, working towards increasing your salary is one thing you should always be focusing on if you want to invest while working a 9-5. It can be easy to get comfortable at a job and have no desire to go anywhere else, but by doing so you may be hindering yourself from making more money. When you switch companies within your industry you can usually ask for more money than you were making before. In some industries this can be the best way to increase your salary over time.
If you do enjoy working for a company and you know that there is sufficient room for growth, you can do a few things to ensure that a raise comes your way. One very important part is to show up each day and do a good job. You need to show that you are a reliable and valuable employee for their company. This way you can ask for raises and promotions when the time is right and have evidence to back up why you deserve one.
Once you have a high enough salary to cover your expenses and bills, you can begin investing your money and building your wealth for the future.
Manage Your Spending
The more money that you invest, the more money you are going to earn back, so it is important to make limiting your spending a priority. One of the best ways to do this is to set money aside in a savings account when you first get your paycheck, this way you won’t be tempted to spend that money on extra purchases. To determine how much you should save and how much you can spend on entertainment, leisure, and other luxuries, you need to create a budget.
See: 6 Finance Apps You Need To Know About
First, figure out how much you make each month, and then decide how much of that needs to go towards necessary bills like rent, utilities, insurance, and more. You will be left with your disposable income, which can either be spent or saved. How much you save and how much you invest will depend on your specific goals, but you need to make a distinction between the two in your budget. Now you have a more clear idea of how much you can spend on the extra stuff.
Pay Off Your Loans and Debt
If you have student loans or credit card debt, paying these off before you begin investing should be a priority. This way you are starting off your investment journey with a clean slate and no debt hanging over your head. There are a few ways that you can go about paying your debt efficiently. One way is to pay all the minimum payments for each account, then put as much as you can each month towards the account with the highest interest.
You can also pay off the one with the highest balance first, but make sure whichever way you decide to pay your loans and the debt you are still paying the minimum amount due for all of them. By paying the minimum for each account you are ensuring that you do not collect more late fees, and damage your credit score. Having a bad credit score may poorly influence your investment plan, so it is important to make sure your debt is clear and your credit score is good.
About the Author
Roni Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She writes for a bankruptcy lawyer in Philadelphia.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Support NCFA by Following us on Twitter!Follow @NCFACanada |
