Author: Jennifer Brazer

Wikipedia is a famous crowdsourced information platform and is the most visited website worldwide. Wikipedia is generally the first information page to come up on Google’s result page when looking for information and often provides relevant information on a wide variety of subjects.

Wikipedia is not a monetized site, so a user cannot earn money from the platform. However, it is an excellent marketing tool due to its thorough information provision on the subject at hand. It has been used to promote products, movies, actors, and businesses because if a page exists, it is the first result in most search engines.

Because of this result, a business or individual could create a Wikipedia page and provide detailed information and within the page provide links to the product, website, or service. Because users provide all information on Wikipedia, it is not accepted as a cited source for college papers. However, as a marketing tool or general source of information, it is widely and often used.

Marketing

Today Wikipedia is well known for showcasing businesses, products, and services. If you have a company, product, or service, you can use Wikipedia to provide detailed information about it and drive customers to seek out your business. It is free to be a member and provide pages or contribute to articles. Therefore, it is an excellent and low-cost marketing option.

Research

To have a useful Wikipedia article, the subject must be researched to be as accurate and effective as possible. If you are a great researcher or writer, you can make a living writing and researching Wikipedia articles for clients highlighting their business, product(s), and services. There is also the possibility to create multiple pages that are for one company.

Researchers create an archive of information and facts that support the business, product, or service and gives that information to the author. Pay can be reasonably high for a good researcher due to the possibility of research resulting in multiple pages for the client.

Creator

Because Wikipedia is used as a marketing platform today, writers are often hired to write for and create Wikipedia pages for clients. A page creator who provides a service to do so can use research from another person or research and create the page.

This ability to do multiple tasks allows a person to earn money as a creator and a researcher doubling the income from one page. An author has to follow the guidelines of Wikipedia. However, creating it is free and straightforward.

Conclusion

Content is an excellent way of marketing, and writing relevant content related to the topic is the biggest challenge. Many startups and businesses hire a Wikipedia page expert who can elaborate on their brand and their services. When a small business is started, no one knows about the products and services they offer. Since Wikipedia is a free encyclopedia and anyone that agrees to the terms of service can contribute. Because of this, Wikipedia experts are hired to research or create a page for a business, service, or product.

Most marketers use digital marketing strategies such as social media, video platforms, and business websites. Wikipedia is a unique information platform that is another free and effective marketing tool. More companies are using their marketing dollars to hire experts on digital marketing. As a digital marketer, you can have a lucrative business researching and creating Wikipedia pages for clients.

If you are a business owner, Wikipedia can increase your company’s brand recognition and revenue. Though you cannot earn income directly from the site, Wikipedia has a lot of potential for income using it as a tool.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Private mortgage insurance (PMI) is a specific type of insurance policy provided by private insurers to protect a lender against losses if the borrower defaults. Most loan lenders require PMI when a buyer makes an advance of less than 20% of their purchase price of the home or, in terms of the mortgage.

The loan/ value ratio of the mortgage exceeds 80% (the greater the LTV ratio), the higher the risk of the mortgage). Private mortgage loans allow borrowers to obtain financing if they can only pay (or prefer) to pay only 5 to 19.99 percent of the cost of the residence but have extra monthly costs.

Private mortgage loan costs can range between 0.25% and 2% (but usually between 0.5% and 1%) of the loan balance each year. This depends on the size of the mortgage and the down payment—the term of the loan and your credit score.

The higher the risk factors, the greater the rate you pay. Also, since the Private mortgage loan is only a percentage of the loan amount, the more borrowed, the more PMI will pay. There are six essential PMI companies in the US. These companies charge similar rates, which are adjusted annually.

Once the LTV of the mortgage falls to 78%, your initial payment plus the capital of the loan paid is equal to 22% of the house’s purchase price. The lender must cancel PMI automatically as required by Law federal homeowner’s protection, even if the market value of your home has decreased (as long as you are up to date on your mortgage).

Types of PMI

There are three basic types of private mortgage insurance mentioned below:

• PMI Paid by the Borrower (BPMI): You pay a premium each month until your PMI is terminated (when your LTV balance is scheduled to reach 78% of the original value of your home) or when it is canceled at your request. When a borrower has achieved 20% equity in the home, he can notify the lender in writing that it is time to discontinue PMI premiums.

The lenders must present the buyer with a written statement at the close notifying how many years and months it will take them to pay 20% of the capital of the mortgage. Still, it could happen earlier, due to the appreciation of the price of the home (verified by an appraisal) or because you have made additional payments on the principal.

The lender has to comply as long as the value of your house has not decreased, you have a history of timely payments, and you certify that you do not have a second mortgage or subordinate lien on the property. You can also request cancellation or when you reach the midpoint of the repayment period (a 30-year loan, for example, would reach the midpoint after 15 years).

• Premium Single PMI: You pay mortgage insurance in advance in one lump sum, eliminating the need for a monthly PMI payment. The single premium can be paid in full at closing or financed on the mortgage. While it requires more than one initial outlay, this option can save money for long-term owners.
• PMI paid by the lender (LPMI): the lender pays the private mortgage insurance on behalf of the borrower. This may result in a lower monthly payment of the mortgage but may end up paying more in interest over the life of the loan, especially since the rates are generally higher for this type of PMI. Mortgage for the life of the loan). Unlike BPMI, you cannot cancel LPMI because it is a permanent part of the loan.

Cancellation of PMI

With BPMI, it is essential to track your mortgage payments and your capital accumulation. That 78% threshold for automatic termination is based on the date that the LTV is programmed to reach 78%, according to its amortization schedule, not on its actual payments.

That means that if you made additional payments and reached the 78% threshold earlier than expected, your lender does not have to complete the PMI until the initially scheduled date, which could leave months, or even years, of unnecessary PMI payments.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Every financially responsible adult should consider savings when they are planning their financial future. Surprisingly, most have a small savings or have not saved at all. When contemplating having savings, you will first need to know what you are saving towards.

Some will save for emergencies or job loss coverage, while others will save for college or large purchases, and still others for their retirement. No matter the reason you are saving, you have to plan to save enough money successfully.

Sadly, even though most know they should have at least one savings account, most have none because they believe they don’t have enough money to save. However, with financial planning and the help of having your savings automated, your savings can build even with a bit of money. Here is everything you need to know about automated savings.

Automated Savings Defined

As its name suggests, automated savings is a fixed savings that are deposited into a person’s savings account automatically, at fixed or specified intervals of time.

An automated savings plan automatically transfers from a bank account to a savings or an investment account after a fixed period. It can also be a fixed amount put directly into a savings account deposited from your payroll check.

How Does Automated Savings Work?

An automated savings plan is simple. An individual sets a fixed amount based on the total income to be deposited into a savings account. The fixed amount is then transferred from the salary account to the linked savings account of that individual. If the fixed savings is coming from your payroll check, you do not have to set regular intervals for the money to be deposited.

It will automatically deposit the set amount every paycheck. However, if your fixed savings is coming from another account, a fixed time interval must be set so that the fixed amount can be transferred at regular intervals. The time intervals can be daily, weekly, monthly, or specific dates.

Advantages of Automated Savings:

Set it, And Forget It

The first and the foremost advantage of automated savings is that once set, the individual can forget about it. It eliminates the need for people to worry about expenses as the amount is automatically transferred to the other account. Soon an individual may get used to the reduced amount and adjust the expenses in that specific amount forgetting about the automated savings.

Prevention of Unnecessary Expenditures

When a fixed amount from the income is cut off at regular intervals, it will help people avoid spending the money on unnecessary stuff. And as a person gets used to it, they will develop a habit of spending the money left on the things they need and not on things that are not required.

Emergency Funds

Life is unpredictable, and an emergency can arise at any time. Having emergency funds can make an emergency less stressful. With these automated savings, people will always have an emergency or backup fund, saving them from the worries of asking for help!

Using the Automated Savings to the Fullest

Automated saving is an intelligent step towards a prosperous and comfortable future. Therefore, an individual opting for this savings technique must plan to use it to its fullest potential. Here are some tips that can help people utilize this technique in the best way possible.

• Reviewing the plan at regular intervals to see if the fixed amount can be increased
• Having clarity by setting up clear short-term and long-term goals for automatic savings
• Opting for a savings account that features a high yield ensures earning of the best APY on the money being saved
• Avoiding the use of these savings until it’s the only option left

For people who wish to save but cannot draw a proper financial plan, these automated savings are the perfect way to go for it. Individuals must make sure that they are doing enough to secure their future, as life is unpredictable, and one must always be prepared for the worst! Therefore, think wisely and opt for automated savings.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

While money and wealth are essential, they can lead to our destruction if it becomes an obsession or leads us down an unhealthy path. People must understand the psychology of making money to combat the challenges earning money can bring to your life.

Money is positive reinforcement for many people in the short term. That reinforcement fuels obsessive thoughts about accumulating more and more. That obsessiveness can be fueled by greed or pressures to keep up with those around us.

Having more money is intimately related to success and success in our society, to be more or less valuable as a person. The need for approval is so great that these people must make great efforts to show wealth and success worthy of admiration. This obsession can lead to crime or excessive borrowing to keep up appearances of success.

Money Leads to Higher Social Status

Psychologically and in reality, having more money, wealth, and possessions puts a higher social status. This rise to the top of the social food chain can be dangerous to the psyche of a person obsessed with money, wealth, and status.

As in any case in which short-term hedonism gains prominence, these people end up losing their values ​​and their more internal commitments. Nothing has value for them, but in turn, no amount, possession, or achievement is enough. In addition, they lose their friendships in the long run, they can destroy their family, and they end up alone.

That obsessive need to be accepted and approved by others, since they cannot do it for themselves, leads directly to the situation they fear most. Thanks to their self-fulfilling prophecy, they remain alone and without the approval for which they have sacrificed everything.

The mental need they harbor is never completely satisfied. Therefore, the solution to their emptiness is not something as superficial as having more or less money, property, or assets. The solution is to review their values ​​and realize that everything they need is not related to money but something more profound.

The truth is that there are people so empty inside that they need something external to cover those shortcomings. What can lead these people to demand more than they already have? What kind of life do they want to make?

These questions lead us to consider that more than money to get interested in the image they think money projects. In them, there is a need for recognition, to be valuable and mighty in front of others, in addition to the excitement that can involve carrying out clandestine or prohibited actions.

The Need for Approval

The need for approval has motivated a large number of behaviors throughout history. In prehistoric times, the group did not accept staying out of the cave, with all the dangers that this entailed. The death was much closer if our community did not accept us. Everything comes from here. It seems that this need continues to haunt us somehow, although we are aware that we will survive regardless of the acceptance of others.

A Healthy Relationship with Money

To combat the effects of an obsession with money and wealth is to have a healthy relationship with it. We have to decline the concept that money equals value. We cannot tie our self-worth in with money and possessions, or we will never be satisfied.

Having an unhealthy relationship with money breeds greed, and greed can lead to extreme actions such as committing crimes. Before the obsession with money takes you down a moral path, you may live to regret it. You must find a way to let go of the obsession with making money.

You also have to maintain a balance because you have to have the drive and some level of ambition to succeed in business and earn money. The point is, it is not suggested you give up the pursuit of wealth but rather pursue it healthily.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Finding new sources of income is essential for anyone who wants to have financial freedom. Currently, there are many ways to generate new sources of income. However, the simplest is to acquire assets, which generate passive income, as it is a way to generate income with little effort.

A financial asset is a resource that allows its owner to obtain future income and is usually issued by economic entities, whether companies, government, or others. Financial assets can be obtained through investments or businesses.

Basic Principles of a Financial Asset

The assets have several standard features related to each other; these characteristics are profitability, liquidity, and risk.

Cost-effectiveness

Cost-effectiveness represents the acceptance and interest that investors have in the asset. This will be affected by the benefits that can be obtained from the investment. This concept is the most relevant of a business because it will be possible to know the success that will be obtained from it.

Risk

Risk refers to the guarantee offered by the asset. This principle affects the return of the asset. Generally, the assets with a high level of risk do not insure the investment or capital of the individual. This higher risk is because the value of the said asset is volatile and can generate future losses.

Liquidity

Liquidity is the asset’s ability to transform into money without causing losses, while an asset that is more liquid will obtain greater profitability, thus becoming a risk-free asset. In this way, the relationship between the principles of assets is fulfilled.

What is Passive Income?

Passive income is the earnings generated without excessive work; if an investment generates income, indifferently from the amount of time its owner invests. Each amount generated as profit is known as passive income.

There are many ways to generate passive income. However, the fastest way is acquiring financial assets that generate passive income over time. However, these assets have a risk because there is the possibility of losing the investment made. It is fundamental to learn about the state of the asset that you intend to acquire since it is not something that should be taken lightly.

What are the most profitable assets to generate passive income?

Thanks to technological advances, it is increasingly easy for anyone with considerable capital to invest in assets that generate passive income. However, it is necessary to know the means of income that will be used. Currently, the most popular are the following:

Investment in Cryptocurrencies

Undoubtedly, cryptocurrencies are one of the most popular assets of today. This popularity is due to the exponential increase in profitability demonstrated by multiple cryptocurrencies in recent years. However, most cryptocurrencies have a relatively unstable value, leading an investor to earn a lot of money or vice versa; It can lead to losing everything.

The key to cryptocurrencies is to know when to buy them and wait for the right time to sell them. In addition, it must be borne in mind that it may be difficult to predict the value of the asset in this market due to the aforementioned instability.

Investment in Stock Shares

The shares are the first known financial assets. They represent a fraction of the capital stock, where the asset gives the holders or investors participation rights and income, depending on the state of the organization, the relation to the profits and losses.

To begin generating this asset, the company must study the total value of its organization. The value obtained is divided into equal units, and the result of that division is known as the shares, securities, or securities.

According to the fluctuation of the company’s value, investors and owners will obtain profits or losses, generally to generate significant passive income, concerning the shares of a company; it is necessary to study it since, after a specific time, the state of the company is maintained. That is why the best strategy will be to invest capital in shares of a company with potential and is relatively new in the market.

Aspects to Consider When investing in Financial Assets

The level of risk will be affected by the profitability of the assets, which is why it is necessary to study the asset in which it is expected to invest. Since there is an excellent variety of these, cryptocurrencies have greater acceptance because they are decentralized, net, and proportional to their investment.

On the other hand, the world of actions is broader than the crypto world. This broadness is due to the number of intermediaries that exist. To ensure the success of an investment in shares, it is necessary to seek advice, so business will be done with greater security, which generates additional costs apart from the investment.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Before 1911, the working conditions of employees in the United States of America were not very impressive. Things were worse for workers employed under powerful employers. During this era, employers did not offer any compensations for injuries incurred by an employee within the scope of performing a job.

The employees had to legally file a lawsuit against their employers, which was a rare case. A very few employees could file a lawsuit because of the expense. The chances of them winning the case were not that strong. The employers used strong defenses such as Contributory negligence, assumption of risks, or fellow employee negligence, which were very difficult to overcome.

Workers’ Compensation Insurance

Workers’ Compensation laws, referred to as the Grand Bargain, were introduced in 1911. It was after these laws the workers began to receive their due rights. The workers’ compensation insurance is a bargain between the employers and the employees. An employer provides the workers the benefits if they get injured, fall ill or die while on the job, and in return, the employers are safe from a legal lawsuit.

Types of Workers’ Compensation Insurance

There are different types of workers’ compensation insurance, including;

Medical Treatment

For injuries that need medical treatment, an employer is expected to pay for all the medical treatments required. If the recovery time exceeds the waiting period, an employer must also pay cash benefits for the time an employee misses the work. It is to cover up the lost income while an employee is unable to work. An employee who recovers within the waiting time gets medical treatment benefits only.

Rehabilitation

There are injuries when simply treating them with medical treatments is not enough. Sometimes for recovery, along with medical treatment, some rehabilitative services are required. In this case, an employee will have to cover the cost of all the rehabilitative therapies. Also, suppose the injury has caused an individual to be unable to return to the pre-injury job. In that case, workers’ compensation will provide benefits so that the individual can train for another position.

Disability

Four types of disabilities lie under workers’ compensation insurance. These four types include; temporary partial disability, temporary total disability, permanent partial disability, and permanent total disability, and based on these, the employer provides the benefits.

Temporary partial disability is when an employee cannot perform some tasks of the job for a specified period, temporary total disability is when the injury restricts a worker from doing the total job for a limited time. The permanent partial disability restricts a worker from doing some job tasks forever. In contrast, the permanent total disability means that an employee is no more capable of the pre-injury job.

The benefits paid to depend upon the income that the employee received before the injury. Generally, the amount is equal to two-thirds of the wage. An employee is not expected to pay tax over this income.

Death

If an employee dies during work in an unfortunate situation, a company is expected to pay death benefits to the deceased employee’s family. Spouse, children, parents, or siblings are the expected beneficiaries of these benefits. Some states also cover the funeral and burial costs. The total cost of these benefits depends upon how much a deceased employee contributed to the lives of their dependents.

These are the four basic types of insurance. The provisions of each of these types differ in every state. As the state is the body that sets the laws, all the states have different policies. Even though injuries are unexpected, an employer reserves the right to terminate an individual if they do not return to work for a long time.

In Georgia, it is a legal step to fire an injured employee. Therefore, both the entities, the employer, and the employees must know about their rights and responsibilities when it comes to workers’ compensation.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Before you can save money in your company, you have to understand why you are in business and your objectives. Most people start a business out of necessity or a desire to run their own business in the industry of choice. However, the main objective of any business is to earn money.

Part of your money-saving plan for your company will have to include the evaluation of expenses. Many businesses that get in trouble are due to the owner having difficulty handling expenses properly.  And this is a problem since it is critical to earn and save money.  

To save money for your company, you need to understand all of your expenses and handle them. Ultimately, saving money in your company is more about money management and controlling costs than it has to do with how much your company generates in income.

While you want to continuously bring revenue into the company, you should be equally focused on saving money and controlling expenses. Many companies have a department dedicated to expenses within the company and recommend ways to save money.

There are different types of expenses within a company. Those costs that are the same month after month, such as a lease, are considered fixed costs because they will be constant and often the same. Fixed costs can include electricity, water, internet, rent, and payroll.

What can you do to save money here in fixed costs? The answer is almost nothing because most of the fixed costs are or commodities that have a low cost and resources on which your business depends and that if they are not well maintained, can affect your operation.

Therefore, you will need to find other ways to save money within these costs.

1. You can save some money on services, such as water and electricity, if it does not take a long time or affect your service quality and operations. Either way, this will bring small savings for you.
2. Try to reduce rental income only if your business does not depend on the location, as in restaurants, stores, or personal assistance services.
3. Try to reduce the total cost of fixed employees. Here, the key is that you learn to differentiate which roles of your company are fundamental for your organization and which can become a variable cost, which you can hire through services to freelancers.

Other operations costs can also be looked at to save the company money. These are the necessary expenses directly associated with the product or service, and that can go up and down according to the production demand, your sales, or projects.

You can save by doing the following.

1. Get discounts or suppliers that allow you a percentage of savings in raw material.
2. Change one expensive material for another, as long as it does not affect the quality of the product.
3. Have better inventory management, decreasing the number of products that can be cold in your stock.
4. Outsource services such as customer service or for specific activities that are demanded according to sales.

Saving money in your company and how you do it is not the same for every type of company. Some companies will find it more difficult. However, all companies can look at ways to save, such as through opportunity costs.

The opportunity cost is a way of measuring if we are doing what interests us. Measure what we could be doing instead of what we do (opportunities).

For example: if I have a women’s clothing store brand A, I lose the opportunity to sell brand B clothes. If I have my employees in a project, I lose the opportunity to work in another. 

This can confuse the cost of execution, but the opportunity cost tells you that you are doing your best with your resources.

In this case, there are no specific tips. The director of the company has some practices to help him make decisions:

1. Purchasing policy based on turnover based on sales
2. Make decisions based on market share and product or service potential 
3. Management of human resources, considering the specialization and alternatives of outsourcing

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Often the wedding is the first significant financial strain of a couple starting together. Therefore, when planning a wedding, finances should be considered, and planning should be within the means of the couple and whoever else is springing for the wedding.

With the awareness of the importance of getting off to a good start, here is some excellent advice from Melissa Morales, general manager of Argentarium, inspired by the lessons learned from the planning of her ceremony.

1. The wedding is only one day. The first and most crucial task is defining the household budget and short-, long- and medium-term goals with your partner. After you get married, you will have many more financial responsibilities. If you plan your household finances before the union occurs, it will be easier to know how much money you can spend on the wedding.
2. Before planning your wedding, you must make a detailed budget with what you can spend in this event and commit to being rigorous with its compliance. As it is an event that we plan with much emotion, we are often tempted to do the opposite: plan and then look for the money. This would be a mistake with essential effects on the marriage pocket. Remember: first determine how much you can spend and, from there, make plans.
3. Define priorities. Some things may not be so essential for your wedding. Do you need an orchestra or stage that acts as a dance floor? It is convenient to define, from the beginning, which things are so vital that they are not negotiable and then several levels of priority so that it is easier to make cuts in case the quotations exceed the budget.
4. Do not pond with the opinion of a single supplier. Look for several opinions and compare until you find what best fits your budget. Some experts recommend analyzing between three and six quotes, at least in the most expensive services.
5. Selecting services well in advance will help you find a better price. In addition, in some cases, you have the option of paying in installments as the wedding approaches, or you get discounts for paying in advance.
6. Eye with this. Never think about financing your wedding! If you do not have enough money to make an expensive event, you can choose to do something familiar and straightforward and postpone the celebration “in style” or be open to more guests.
7. If you buy something or hire a service, it must be because you want it, and you need it. During the planning, many will think and tell you that this or that thing is a good option, that it is at a reasonable price, that it was incredibly good at the wedding of The Mangano’s. Avoid falling into the temptation of incorporating elements that, initially, you were not interested in including in your link ceremony.
8. Look for the opinions of friends who have already been married. They are great experts, especially if they have recently remarried. Take into account the initial budgets they had better if they are like yours. They will guide you on almost everything you need.
9. Be careful with the guest list. This is one of the most challenging parts of organizing a wedding. On the one hand, you have a limited budget and, on the other hand, many people that you would like to invite to the celebration or with which you feel committed.

In this case, it also turns out to establish categories: first the guests and essential guests that you want to be present at your wedding; then, those with whom you and your partner feel that they must “look good” and, finally, those with whom your parents, uncles, brothers, brothers-in-law, and cousins ​​think that you must “look good.” It will never be easy to cut out invitations, but at least you will know where to start.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The process of buying a car involves a few crucial steps. But some critical steps must be completed pre-purchase. The steps that one needs to complete before the purchase include the following:

• Analysis of the financial situation
• The setting of a budget
• Listing down of required specifications
• Payment Methods

These are the four most essential steps that must be completed before a car is purchased. All these contribute to making the process of buying a car simple and stress-free. Analysis of the financial situation helps in deciding the amount that a buyer can spare for the car. Having a strict budget and listen to requirements provides the buyer with an upper hand in the price negotiations with the car dealer.

After all, this has been done, the most significant decision has to be made, the payment method. Selecting the method of payment varies with the type of car one wishes to purchase. Here are three ways to pay when buying a car and their advantages and disadvantages.

Paying Cash

Out of the three payment methods for buying a car, paying through cash is the most straightforward one. To make it simple to understand, it is just like buying shoes or a burger. A customer pays and gets the item without any stress or difficulties.

Advantages

The main advantage is that people save themselves from monthly payments through this method, freeing themselves from the liabilities attached. It does not affect their monthly responsibilities, and their lives stay balanced.

Secondly, they have to pay the exact amount, free of any interest. The addition of interests reduces the chances of reselling the car in profit. In addition to this, the reselling of the car becomes more accessible and more straightforward. The chances of earning profits are higher in this case. 

Disadvantages

There are downsides to everything and even paying for a car directly with cash has its disadvantages. Cars are not cheap. A person needs to work tirelessly for a long time to gather such a vast amount. Paying fully in cash takes a massive chunk of money from the savings, exposing an individual to the stress of emergencies.

A car’s value depreciates every year, and it is not a good investment option. After four years, the price of a car drops to half of its original price, which comes as a massive blow to the car owners at the time of resale.

Financing

The most common payment method in car purchases in America is getting the car financed by a third party. An external party, i.e., banks, financial companies, and credit unions, pays off the car dealer. It is a feasible method for many. Due to this payment method, a lot of middle-class Americans have been able to get a car.

Advantages

There are some fantastic benefits of getting a car financed. As a buyer uses someone else’s money to pay the car dealer, the financial balance is not significantly affected. It helps in maintaining the lifestyle as only monthly payments have to be made.

Cutting out only a few expenses helps people pay off their monthly payments. Once the payments have been successfully paid, the buyer becomes the owner of the car. People who have a good credit score can enjoy loans with lower interest rates. It gets easier for them to get loans on acceptable terms.

Disadvantages

Besides great benefits, there are some non-negligible disadvantages of getting a car financed. The very first drawback of this payment method is the interest rates. With financing plans, a buyer is liable for monthly payments and ends up paying way more than a car costs.

It is true that after ultimately paying off the loan, a buyer becomes its owner. But by the time these payments are completed, the car’s value drops to 50% of its original value. When it comes to reselling the car, there are negligible chances of earning any profits. Things are worse for people with a bad credit score. They are unable to get feasible financial plans. Either they end up paying high-interest rates, or the payments are too large.

Leasing

The last payment option is the leasing of the car. It is a highly unpopular payment method in the United States. Its unpopularity is because a person cannot buy a car; instead, they are forced to rent it.

It is somewhat similar to financing as it also requires payment of a down payment followed by fixed monthly payments. Unlike financing, after the payments are completed, the buyer must return the car to the dealer or replace it.

An individual is not asked to pay the whole loan instead of only the depreciated value. This means that if a lease is five years and the cost of the car after five years equals 40% of the original cost, the buyer will have to cover only 60% of the original price.

Advantages

In getting a car on a lease, a buyer does not have to pay the whole loan but only the depreciated value. It makes this method one of the most affordable options. Also, the amount of monthly payments is much lower than in the case of a financed car. When the payments are completed, an individual does not have to stress about selling it off. They can return it to the dealer or get it replaced.

Disadvantages

As compared to other payment options, leasing a car is attached to the minor disadvantages. The permitted period to keep a car by a lender is not more than three years, which forces an individual to change their rides. A significant downside to getting a car on a lease is that the annual mileage is limited, restricting a driver’s driving habits. If a driver goes over the limit, a high cost is imposed on them.

Making the Right Choice

The payment option depends entirely upon a car buyer’s budget, financial situation, and preferences. Not any people can afford to pay with cash as it will eat a significant portion of the total savings, making the financial situation unstable. But it depends on the buying capacity and the mindset of the buyer.

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Daily, workers perceive that their gross salary, before taxes, and net salary, after IRPF and contributions, reflect the total compensation their company provides each month. However, other contributions by the company are not necessarily reflected on a pay stub. Other contributions make up what is the total compensation to the worker for the company. These costs are divided into the following categories:

1. Common contingencies (social security and pensions)
2. Professional contingencies for unemployment (unemployment insurance)
3. Vocational training (courses that the worker must receive to be up to date in their profession)
4. The Wage Guarantee Fund (coverage of dismissals of companies in bankruptcy)

The companies share these costs distinguishing between the company’s contribution and the worker’s contribution when it comes to the total compensation to the worker. And this difference is reflected in the payrolls, where only the second one is reflected.

Specifically, the gross salary reflected in the payroll is deducted from the IRPF and the items contributed by the workers in the form of contributions for common contingencies (4.7%), unemployment in fixed contracts (1.5%), unemployment in temporary contracts (1.6%) and professional training (0.1%).

However, there are other costs that payroll does not reflect, and that are contributions by the company to the worker, such as common contingencies (23.6%), professional contingencies for unemployment in fixed contracts (5.5%), for unemployment in temporary contracts (6.7%), by professional training (0.6%) and by the Wage Guarantee Fund (0.2%).

Or, put another way, workers’ compensation is usually around 30% higher than their gross salary before taxes and contributions reflect their payroll. The OECD, the United Nations System of National Accounts, and the National Institute of Statistics (INE), define workers’ compensation as the sum of the salary or profit reflected in their payroll (and where personal income tax and contributions are deducted). Part of the worker), and social contributions by the company.

Regarding this second item, it is essential to highlight that social contribution for workers made to the public treasury is included and differentiated, such as, for example, Social Security contributions for public pensions and contributions made to private social insurance programs. as can be private pension funds.

On the other hand, the European statistical office defines wage compensation as labor cost, this being the sum of three items: the compensation of employees (including salaries and wages in cash and in-kind and employer contributions to the social security), the costs of professional training, and other expenses.

As can be seen, the most critical organizations define similarly what is salaried compensation, also called labor cost or salary remuneration, differentiating, on the one hand, the gross wages and salaries received by a worker on the payroll, and on the other the social contributions for pensions or public unemployment contributed by the company.

The critical question to answer is: can wage compensations be considered salaries in their broadest sense? Can this labor cost be modeled as a wage income? To answer this hypothesis, the following arguments are proposed.

One of the arguments against this hypothesis is that Social Security contributions, both by the employer and the worker, are made in different items, subject to different tariff and rebate policies. Therefore, they cannot be interpreted as the same.

However, all this is an accounting device, since in the fictitious assumption that the Ministry of Labor changed the law. The company was obliged to provide the entire taxable base to the worker. No significant change would be appreciated if this should now provide, for example, 28.30% of common contingencies (4.7% + 23.6%). As will be seen below, there are countries where their labor model works similarly.

Secondly, it is argued that social contributions are contributions, and therefore cannot be considered salaries. And although it is technically correct, that is, it is a future income that is not enjoyed in the present (it cannot be used for consumption), it does constitute a contribution in the worker’s name to receive rights in the form of future contributory benefits, equivalent to payment in kind.

For example, many companies provide part of the salary in food vouchers, gasoline for transportation, schooling of children, etc. Instead of providing liquid money, payment is provided on future goods and services equivalent to liquid money that is not perceived.

Thirdly, countries where the standardized methodology for measuring compensation do not include social contributions to public social security, either because it does not exist or because it is collected through other channels.

The first case is proposed as an example to the United States, a country where there are no universal public pensions. The company contributes no social contributions for this public insurance. Private pension funds are negotiated and included as “benefit” and other items, such as health insurance (private) or benefits in the form of company shares, to cite three examples.

On the other hand, there are paradigmatic countries such as Denmark whose model work model does not include contributions from the company (“Employer SSC”) to Social Security. The following graph shows the percentage represented by Income Tax (“income tax”), the contribution to social security by the employee (“Employee SSC”), and the contribution by the company (“Employer SSC”), concerning the total cost of the worker, also called total remuneration of the employee, for different countries of the European Union.

This phenomenon is that in Denmark, social services and benefits are financed mainly through IRPF, so this item absorbs the other two. Or, put another way, unlike the payrolls of workers in the United States in which only salaries and salaries can be verified (and their corresponding contributions by IRPF and common contingencies), Danish workers’ payroll would be reflected all the remuneration salary.

Finally, some countries implement specific quotes in a radically different way than in the United States. In our country, the contingencies for unemployment are contributed directly to the public insurance of Social Security, where the worker contributes a part, and another contributed by the company.

However, in countries such as Austria, they are implemented in the form of an Austrian backpack. The difference between one and the other is that the first contributes to an unemployment benefit only in being unemployed.

In the second case, the employee receives from the entrepreneur an annual contribution in a capitalization fund throughout their working life, becoming a de facto equity in his name that can be incorporated in the form of income when he deems it appropriate. In other words, unlike public insurance, the Austrian backpack works as a “piggy bank” that can be accumulated throughout the working life on behalf of the worker.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.