The Pros and Cons of Cryptocurrency: What You Need to Know

Cryptocurrency pros and cons include significant potential for high returns and decentralized financial freedom versus extreme volatility and complex regulatory challenges that can impact both individual investors and business owners navigating this evolving digital landscape.

As the founder of Complete Controller, I’ve spent over 20 years helping businesses manage their financial complexities. In that time, I’ve watched cryptocurrency transform from a fringe technology to a legitimate asset class that demands serious consideration. With 28% of American adults now owning crypto and Bitcoin surpassing $120,000 in 2025, understanding these trade-offs has become essential for making informed financial decisions. This article breaks down the real advantages and risks, giving you practical insights to determine whether cryptocurrency aligns with your financial goals.

What are the pros and cons of cryptocurrency?

• Cryptocurrency pros and cons encompass benefits like 24/7 market access, potential high returns, and financial independence versus risks including extreme price volatility, security vulnerabilities, and evolving regulations
• Major advantages include lower international transfer fees, inflation hedge potential, and accessible financial services for underbanked populations globally
• Primary disadvantages involve complex tax implications, environmental concerns from mining operations, and permanent loss risks from forgotten passwords or hacks
• Business implications affect cash flow management, accounting practices, and regulatory compliance for companies accepting or investing in digital assets
• Decision factors depend on your risk tolerance, investment timeline, technical knowledge, and specific use case for payments or investment

Understanding Cryptocurrency in the Modern Financial Landscape

Cryptocurrency operates on blockchain technology, a decentralized ledger system that records transactions without central bank control. This independence from traditional financial institutions appeals to investors seeking alternatives to government-managed currencies.

The market has matured significantly since Bitcoin’s 2009 launch. Major banks now offer crypto services, and the Securities and Exchange Commission approved Bitcoin and Ethereum ETFs, bringing institutional credibility to digital assets. According to recent data, approximately 65 million Americans own cryptocurrency, nearly double the ownership rate from 2021.

Cryptocurrency advantages in today’s market

Bitcoin’s acceptance by corporations like Tesla and MicroStrategy signals growing mainstream confidence. The Trump administration’s pro-crypto stance has created regulatory optimism, with 60% of crypto owners expecting better performance under current policies.

Digital currencies now serve practical purposes beyond speculation. Smart contracts automate business processes, while stablecoins provide price stability for international transactions. These developments demonstrate cryptocurrency’s evolution from experimental technology to functional financial infrastructure.

Blockchain technology benefits beyond investment

Ethereum’s smart contract capabilities enable automated agreements that execute without intermediaries. Supply chain companies use blockchain for product tracking and authenticity verification, reducing fraud and improving transparency.

Decentralized finance (DeFi) applications offer lending and borrowing services without traditional banks, often providing better rates through automated protocols. These innovations showcase blockchain’s potential to restructure financial services entirely.

Major Cryptocurrency Advantages Driving Adoption

Digital assets offer compelling benefits that traditional financial systems struggle to match, particularly for international transactions and financial inclusion initiatives.

Financial accessibility and inclusion

Cryptocurrency provides banking services to populations without traditional bank access. Pew Research data shows Asian, Black, and Hispanic Americans adopt crypto at higher rates than White adults, highlighting its role in financial democratization.

International transfers through crypto cost fraction of traditional wire fees. Banks typically charge $15-50 for international wires, while cryptocurrency transfers often cost under $1 regardless of amount or destination.

Potential for significant returns

Bitcoin’s price increased tenfold over five years despite volatility, reaching $124,000 in August 2025. The fixed supply of 21 million Bitcoin creates scarcity value absent in government-printed currencies.

• Bitcoin started 2020 at $7,200
• Crashed to $4,826 during pandemic panic (39% single-day decline)
• Recovered to $28,949 by year-end
• Reached all-time high of $124,000 in 2025

Decentralization and monetary control

No central authority can freeze crypto accounts or reverse transactions, providing financial sovereignty particularly valuable in economically unstable regions. This independence protects against currency devaluation through government money printing.

Staking allows cryptocurrency holders to earn 4-12% annual yields by participating in network validation. These returns often exceed traditional savings accounts while maintaining user control over funds.

Significant Cryptocurrency Disadvantages and Risk Factors

Digital assets present substantial risks that have resulted in billions in losses and continue challenging widespread adoption among conservative investors.

Extreme volatility and market unpredictability

Bitcoin’s 11% single-day drop after hitting record highs demonstrates how quickly wealth can evaporate. This volatility stems from speculation-driven markets where prices depend entirely on buyer sentiment rather than underlying value.

Businesses accepting crypto payments face cash flow challenges when values fluctuate dramatically between transaction and conversion. A payment worth $10,000 today might be worth $8,000 tomorrow, creating operational uncertainty.

Security vulnerabilities and fraud risks of cryptocurrency

Cryptocurrency hackers stole $2.47 billion in the first half of 2025 alone, exceeding 2024’s total losses. Major breaches include:

• Ronin network: $660 million stolen
• Mt. Gox exchange: $460 million lost
• Coincheck: $517 million theft
• Average loss per incident: $7.18 million

Unlike traditional banking, cryptocurrency losses are permanent. Forgotten passwords or successful hacks mean funds disappear forever, with no FDIC insurance or transaction reversal options.

Regulatory uncertainty and legal complexity

Government regulations evolve unpredictably across jurisdictions. Some countries embrace digital assets while others impose restrictions affecting market access and values.

The IRS treats cryptocurrency as property, requiring capital gains calculations for every transaction. This creates complex tax scenarios for businesses, with each coffee purchase potentially triggering reportable events. Companies face penalties for improper compliance, making professional guidance essential.

Environmental impact and cryptocurrency safety concerns

Bitcoin mining consumes 173 terawatt-hours annually in 2025, with each transaction using 1,335 kWh—enough to power an average US household for 45 days. Despite 54% renewable energy usage in Bitcoin mining, the network emits approximately 61 million metric tons of CO₂ annually.

El Salvador’s Bitcoin experiment illustrates implementation challenges. Despite making Bitcoin legal tender in 2021 with $30 giveaways, only 7.5% of the population uses it for transactions by 2024. However, the government’s 6,102 BTC holdings generated $83 million in profits, showing volatility’s double-edged nature.

Making the Right Cryptocurrency Decision

Smart cryptocurrency adoption requires matching technology capabilities with personal or business needs while implementing appropriate risk management strategies.

Portfolio allocation guidelines

Financial advisors recommend limiting crypto exposure to 5-10% of investment portfolios. This allocation acknowledges high-risk, high-reward characteristics similar to venture capital investments.

Dollar-cost averaging—making regular purchases regardless of price—helps smooth volatility impacts. This strategy suits crypto’s 24/7 markets where timing optimal entry points proves impossible.

Business implementation strategies

Public companies now hold 1.02 million BTC valued at $115.5 billion, representing 4.88% of Bitcoin’s total supply. Deloitte’s 2025 survey shows 15% of CFOs expect stablecoin payment acceptance within two years, rising to 24% for companies exceeding $10 billion revenue.

• Develop immediate conversion policies versus holding strategies
• Implement specialized accounting software for transaction tracking
• Establish multi-signature wallets for significant holdings
• Create employee cryptocurrency payment protocols
• Maintain detailed records for tax compliance

Conclusion

Cryptocurrency pros and cons reflect a maturing ecosystem offering legitimate financial innovation alongside persistent risks requiring careful consideration. The technology provides real benefits—24/7 accessibility, lower transfer costs, and financial sovereignty—balanced against volatility, security challenges, and regulatory complexity.

Your cryptocurrency decision depends on honestly assessing risk tolerance, technical capabilities, and specific objectives. Start small, focus on established cryptocurrencies, and prioritize education over speculation. As someone who’s guided thousands of businesses through financial transformations, I’ve learned that successful adoption requires patience, professional guidance, and systematic approaches removing emotion from volatile markets. For expert guidance navigating cryptocurrency’s complexities and integrating digital assets into your financial strategy, contact the professionals at Complete Controller to discuss how these emerging technologies might benefit your specific situation.

Frequently Asked Questions About Cryptocurrency Pros and Cons

What are the main benefits of cryptocurrency for small business owners?

Small businesses benefit from lower transaction fees (often under 1% versus 3-4% for credit cards), instant international payments without bank delays, and access to global customers without currency conversion complications. However, businesses must manage price volatility and implement proper accounting systems for tax compliance.

How much money can I realistically expect to make from cryptocurrency investing?

Cryptocurrency returns vary dramatically—Bitcoin increased tenfold over five years but also experienced 39% single-day drops. Past performance never guarantees future results. Most financial advisors recommend treating crypto as high-risk investments limited to 5-10% of portfolios you can afford to lose entirely.

What security measures protect my cryptocurrency from hackers?

Hardware wallets store crypto offline, protecting against online hacks. Multi-signature wallets require multiple approvals for transactions. Never share private keys or seed phrases, use two-factor authentication on exchanges, and consider insurance options for large holdings. Despite precautions, risks remain—hackers stole $2.47 billion in the first half of 2025.

How does cryptocurrency mining impact the environment compared to traditional banking?

Bitcoin mining consumes 173 terawatt-hours annually, with each transaction using 1,335 kWh of electricity. However, 54% now comes from renewable sources. Traditional banking also consumes significant energy through data centers, branches, and ATM networks, making direct comparisons complex. Carbon-neutral cryptocurrencies offer environmentally conscious alternatives.

What happens to my cryptocurrency if I forget my password or lose my wallet?

Lost passwords or wallets mean permanent cryptocurrency loss with no recovery options, unlike traditional banks that can reset accounts. Experts estimate 20% of existing Bitcoin is permanently lost. Always maintain secure backups of seed phrases and consider using password managers or bank deposit boxes for critical recovery information.

Sources

• Angel One. (2024). “Advantages and Disadvantages of Cryptocurrency.” https://www.angelone.in/knowledge-center/cryptocurrency/advantages-and-disadvantages-of-cryptocurrency
• AiInvest. (2025, September 25). “Bitcoin as Corporate Treasury: The 2025 Institutional Revolution.” https://www.ainvest.com/news/bitcoin-corporate-treasury-2025-institutional-revolution-2509/
• AiInvest. (2025, August 28). “El Salvador’s Bitcoin Adoption and the Implications for Institutional Exposure.” https://www.ainvest.com/news/el-salvador-bitcoin-adoption-implications-institutional-exposure-2508/
• Bankrate. (2025). “Bitcoin’s Price History With Charts From 2009 To 2025.” https://www.bankrate.com/investing/bitcoin-price-history/
• CoinLaw.io. (2025). “Bitcoin Energy Consumption Statistics 2025: Efficiency, Green Tech.” https://coinlaw.io/bitcoin-energy-consumption-statistics/
• Fidelity. (2024). “Understanding Cryptocurrency: Benefits and Risks.” https://www.fidelity.com/learning-center/trading-investing/crypto/understanding-cryptocurrency
• Infosecurity Magazine. (2025). “Crypto Hack Losses in First Half of 2025 Exceed 2024 Total.” https://www.infosecurity-magazine.com/news/crypto-hack-losses-half-exceed-2024/
• Internal Revenue Service. “Virtual Currencies.” https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies
• Investopedia. “Cryptocurrency Hacks.” https://www.investopedia.com/terms/h/hack.asp
• N26. (2024). “Guide to Cryptocurrency Advantages and Disadvantages.” https://n26.com/en-us/blog/cryptocurrency-advantages-and-disadvantages
• NerdWallet. (2024). “What Is Cryptocurrency? Here’s What You Should Know.” https://www.nerdwallet.com/article/investing/cryptocurrency
• Pew Research Center. (2021). “Cryptocurrency Investment Demographics Study.” https://www.pewresearch.org/
• Security.org. (2025). “2025 Cryptocurrency Adoption and Consumer Sentiment Report.” https://www.security.org/digital-security/cryptocurrency-annual-consumer-report/
• Wikipedia. “Blockchain.” https://en.wikipedia.org/wiki/Blockchain
• ZenLedger. (2024). “Has El Salvador’s Bitcoin Experiment Paid Off in 2024?” https://zenledger.io/blog/update-on-the-el-salvador-bitcoin-experiment/

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 platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO 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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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A financial advisor is a professional that assists you with financial planning. Depending on your needs, a financial advisor can assist you with one financial planning area or many. Most people don’t know what a financial advisor can do and if they need to hire one. To help you understand what a financial advisor does, here are the areas they can help you plan and manage.

Debt

Debt is the deadliest issue in personal finances and is an issue that has to be overcome to be financially healthy and have a strong financial future. A financial advisor can show you the benefits of becoming debt-free and help you make a personal plan to get out of debt. Your advisor can also help you determine how aggressive you can afford to get you out of debt sooner and be on your way to financial freedom.

Budgeting

A financial advisor can help you understand what budgeting changes you need to make to reach short-term and long-term goals.  Most people avoid setting up a budget because it can be a challenging task. With the help of a financial advisor, the challenges can be overcome, and the benefits of a budget made more apparent.

Health and Long-Term Care

A financial advisor can help people prepare ahead of time for health and long-term care. Most healthy people under fifty don’t think in terms of health care needs after sixty. However, planning early for your golden years can lessen the financial burdens healthcare costs can put on you after retirement. A financial advisor can help you choose the best plans to fit your lifestyle and budget that will be comprehensive in your retirement years.

Estate Planning

It can be challenging to think towards end-of-life planning; however, the more you plan this, the easier it will be for the loved ones you leave behind. Estate planning is the best way to ensure your loved ones are cared for, and your wishes are carried out after you’re gone. Financial advisors will help you plan out every detail to ensure nothing in your estate is in question.

Retirement

Retirement is the goal of every working person, and how you spend that retirement requires financial planning. A financial advisor can help you decide on and set your retirement goals and design and implement a plan to help you reach those goals before you retire.

Tax Planning

Financial advisors can help with tax planning. Unlike a tax preparation professional who you hire to prepare your taxes,  a financial advisor will help you plan how to save on taxes and give you comprehensive ways to pay less in taxes and keep more of your hard-earned money in your bank account or savings.

Investment Planning

Financial advisors can be crucial when it comes to investment planning. They can not only advise you on where to invest your money best but how to budget to raise capital to invest. Investing can be stressful, but it can be stress-free with the help of a professional financial advisor.

Conclusion

Most people have no idea what a financial advisor does, let alone whether hiring one will benefit them financially. Understanding what areas of finances they can assist with and what they do can help you decide if hiring a financial advisor is worth the cost. Before hiring one, please do some research and make sure it is right for you, and that you choose the right one as your financial future will be in their hands. 

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.

Most business owners realize that social media is an integral part of marketing. The top social media sites for marketing are Facebook, Instagram, and Twitter, followed by Pinterest and Snapchat. Many businesses don’t perform well on social media because of a lack of time investment or making vital mistakes. Here are the most common mistakes businesses make on social media.

Pushy Sales Tactics

Even if you offer a great product or service, if you flood your social media platforms with endless sales pitches, this could be irritating to your followers, and they may stop following you. Even if people follow you to learn about the product or service you offer, you have to balance your posts to be something other than pushy sales tactics. You should also avoid bombarding direct messages with sales pitches instead of genuine interactive messages.

Posting Too Much

Even if your posts aren’t pushy sales pitches, there is such a thing as posting too much. This type of posting can have a similar effect on annoying followers and potential customers to going elsewhere. Posting great and engaging content in reasonable amounts can have a strong positive impact on your business. The occasional solicitation of business won’t be rejected and may even be shared by followers if they think your product or service brings value. Be thoughtful about what you post and how much you post.

No Activity

Some businesses create a social media presence then go silent after gathering followers. Though overposting and being pushy is frowned upon, your business’s followers expect to see some activity. As a business owner, you have to find the balance between too much and too little. Make it a point in your workday to carve out time to post or do a quick and valuable live video. Even sharing a pic about what you are doing that day can keep your audience engaged and sticking with you as a follower and potential customer.

Bad Customer Service

Often customers will use your social media presence to post comments or questions about your business. These comments or questions must be addressed and promptly. Many times other potential customers are waiting to see your response as much as the person who posted the original comment or question. When you respond, even if the person you were addressing was negative, keep your response positive and professional even if the person had a bad experience. If your answer is timely and professional, that customer can be turned around.

Neglecting Your Followers

Always engage your followers. Don’t treat social media as a one way street of you posting and expecting your followers to respond without reciprocation. Visit your follower’s profiles and make comments or throw some likes on their posts. It won’t go unnoticed that you are paying attention to your followers, which can significantly impact your business.

Being Too Formal

People on social media know when they see posts that are canned or formal. Your followers want you to be real and warm; posts that sound robotic or stiff will quickly lose you, followers. Using a casual tone and engaging with your followers will go a long way to retaining them and turning them into potential customers. Also, using humor goes a long way towards engaging your followers; everyone likes to laugh.

Poor Grammar and Bad Taste

Always thoroughly check your posts for errors, and even after you post, correct it if you catch a mistake. A few typos on occasion won’t kill your business, but consistently posting content with errors will quickly lose you customers and potentially kill your business. Also, your business posts are not the place for controversy or complaint. Though you are encouraged to keep it casual, the taste level must always remain high.

Conclusion

Proper use of social media for your business can have a significant and positive impact on sales and loyal customers. Avoid these common mistakes, and your social media presence will equal business success!

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.

Buying a car can be one of the most exciting purchases we make in our lives. A car is more than transportation. It says something about us without words. When deciding to buy a car, you must consider more than comfort, looks, and style. It would help if you contemplated the most important factor in car buying, the financial impact. Here are 5 steps to purchasing a car that will save you money without sacrificing quality and style.

1. Research

The first stage of buying a car will always be research. A car purchase should never be an impulse buy. It should be well thought out and researched heavily before another step is taken in the process. The two main sources for thorough research are the internet and personal relationships. While the internet can provide the most information on specifics such as safety, features, reviews, and cost, word of mouth can be the most valuable source of information on what car is best for you. During this initial step, you will also begin research on the next step, financing.

2. Financing

While ideally, a car purchase could be made with cash, often that is not the case. Most often, cars are purchased through financing via loans. Before you shop for your vehicle beyond research, knowing how you will secure money for the car purchase will be important. Financing should not be decided when you are sitting in front of an eager salesman looking to make a commission. It must be established before you even walk in the door of a dealership or meet with a seller. You should know your buying power, credit score, financing options, and what you can afford. In some cases, you can even go to your bank or other financial institution and get pre-approved for a loan you have negotiated before you shop. This option would let you know how much you can spend and inform your choices.

3. Shopping

This step is beyond the research stage. At this point, you should be aware of your preferences and have some options based on desires, financial capabilities, and practicality. It would help if you had all the power in your car-buying decisions, not the salesperson or seller. With the internet, you can often even shop specific cars, dealerships, or private owners without total in-person interaction. This is about retaining the power in your purchase.

4. Negotiation

Though you should have made all the decisions before meeting with a salesperson or seller, you can leave room for negotiation. Keep the following in mind during the negotiation:

• Do not buy outside your means or buying power
• Remain in control of the process
• Negotiate the total purchase price, not the monthly payment
• Be aware of the interest rate and negotiate it to the lowest rate possible

Negotiation is often the point where buyers end up paying more for their car than they should. The salesperson or seller has a common goal of getting the highest amount they can. We can’t fault them for this, but we also cannot allow it to cost us money we could have saved.

5. Closing

Once you make your final decision and have negotiated the best deal, its time to close. The following are what you need to close:

• Funding for the down payment (if there is one) and tax, title, and license
• Purchasing car insurance
• Ensuring all negotiated points are in the contract
• All documents needed to close

Next to buying a house, car purchases are the most expensive purchase we make. This should not be something we do with light consideration. Follow the 5 steps, and you should be driving away in the car you desire with the best deal you available.

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.

Textbooks

Textbooks are one of the largest expenses when attending school (outside of tuition and housing.) To save money on textbooks and required reading, here are a few options.

• Check availability at the school or local library
• Search for websites and apps that offer free ebook books and textbooks
• Share costs with other students taking the same classes
• Check with the school; some have textbook and book exchange programs
• Check used book sites and stores to get the books and textbooks at discounted prices
• Search for sites or stores that rent books and textbooks

Student Discounts

Student discounts are available for everything, from laptops to entertainment. While student discounts are widely available, they aren’t always advertised. Some websites and apps help identify where discounts are offered that you can access before you even leave your dorm. Some stores, restaurants, and theaters will have signs to indicate discounts are offered. But if all those fail, make sure you have your student ID on you wherever you go and do things the old fashioned way and ASK! Please don’t be shy, the worst thing they can do is say no, but the best thing they can do is save you money.

Eating In

It doesn’t take a physics major to know it is cheaper to eat in than to eat out, but it is worth the reminder. Even if you don’t like to cook, there are quick and easily ready to go meals you can heat and eat in minutes. Plus, it can be healthier than most restaurant choices. Or if healthy isn’t your cup o’ ramen, junk food is way cheaper store-bought than from a menu. If you can’t resist going out on occasion, remember to grab your student ID and try for a discount!

Save on Housing

Living at home is by far the least expensive housing option, plus home-cooked meals and possibly getting your laundry done by mom are other advantages of living at home while in school. But, if college is not only for the educational value but also the chance to get away from your crazy family, choosing the dorm over an off-campus rental will save you big bucks. If the dorm is not for you, get a roommate you can stand, to save you money by splitting the cost of rent and utilities.

Use Public Transportation

Payments, gas, parking, insurance, and maintenance make having a car expensive. Using a bus pass or other means of transportation that are low cost or free will save you lots of money.  If you can’t live without a car, there are a few ways you can cut costs. You can use your vehicle to side-hustle delivering or being a rideshare driver. You can also share a car and expenses with a friend and work out a usage schedule.

Limit Credit Card Usage

Many students get credit card offers as soon as they apply for college. While it would be best to resist the offers and be credit card free, most students can’t resist getting a card. If you have one, limit the use to emergency needs only. Suppose you decide to make a purchase or use if for an emergency, pay off the balance immediately. This quick turnaround will prevent a large amount of interest. Avoid the habit of using a credit card for wants rather than needs.

Conclusion

It is easy to save money while you’re in college if you make simple adjustments and use discounts and shared costs to your financial advantage. Stick to these money-saving tips, and you won’t leave college up to your ears in debt.

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.

If you want to take the step and buy your first home before age 35, you will have a lot of doubts. What suits me best, apartment, or house? What area do I want to live in? What are the mortgage conditions? Do I sign alone or with my partner? These are common questions about housing for young people.

Adults under thirty-five rarely have the money or the ability to buy housing and generally give up on the dream of homeownership. Here are some essential tips if you are young and want to buy a house.

Housing for young people: what you should know

TIP NO 1. The first thing you should do is calculate, calculate, and calculate. How do you read it? Do not be discouraged if you are of letters. Since you most likely need a mortgage, make your accounts of how much you can pay for a mortgage based on your salary.

A good measure is that your monthly mortgage payment does not exceed 30% of your salary. For example, if your net pay is $ 1,900, it is advisable to think about a mortgage of about $ 570 per month. This is called economic effort.

TIP NO. 2. The second calculation concerning youth housing has to do with the savings you need to apply for a mortgage. Remember that banks usually finance a maximum of 80% of the appraised value of a house. The remaining 20% ​​will have to put it in advance and face certain expenses for the purchase of housing such as taxes, notary, registration, and management.

For example, if you want an apartment on the outskirts of Madrid priced at $150,000, you could ask your bank for a maximum of $ 125,000. At the beginning of signing the mortgage, you should contribute $30,000, not financed plus about $11,166.67 of expenses.

TIP NO. 3. The third calculation to take into account is the so-called maintenance costs and recurring expenses. Independence is a beautiful feeling and having your own home a plus of security, but it costs a lot.

Think about all the expenses of living alone or as a couple and do your calculations well. You could create a spreadsheet or write everything in the same document. Keep in mind taxes, electricity, water, gas, community, transportation, and food bills. It is a good base from which to start.

TIP NO. 4. Once you have made your accounts and want to start seeing the world, choose the area in which you want to live. Remember that you will settle here for many years. Do you like the neighborhood? Does it fit the lifestyle you would like to have in a decade? And in two?

TIP NO. 5. Before buying a home when you are young, pay attention to services such as schools, parking areas, shops, supermarkets, public transport connections, parks, and sports areas. In the end, everything counts and involves a major or minor expense that you should consider before choosing. A trendy area may be fine to go out at night or pretend, but settling is much more than that.

TIP NO. 6 Meditate on what type of housing you need. In other words, the space you need now, and you will need in the future. For the moment, a one-bedroom apartment may be sufficient. However, if you want to start a family, you will need an extra bedroom. Each change of home costs a lot.

On the contrary, it is more important than you think: buying a home for young people that is too big for your future needs will only mean more expenses for both acquisition and maintenance. 

We hope that you can jump into the home of your dreams with more peace of mind with these tips. 

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.

Annuities are considered hot products, especially when it comes to retiring. Millions of annuities are being sold each year, and the insurance companies that sell these annuities are earning billions of dollars every year. There is no doubt that annuities are good for insurance companies, but are they good for people? Even though annuities can play a vital role in a person’s retirement plans, they are not beneficial for everyone. Below are a few reasons why a person should think twice before buying an annuity.

1. Never buy an annuity if you are successfully able to manage your own money

When a person buys an annuity, they request an insurance company to take over their finances and manage their retirement assets while providing them with a limited monthly income. Insurance companies are more than willing to assist their clients with this, but, of course, the client will be charged an ongoing fee for this service. So, if a person successfully manages their funds without any external help, they should avoid buying an annuity.

2. No need to buy an annuity if you have enough money to cover your income needs during retirement (regardless of how long you may live)

Accumulating adequate retirement savings can take a lot of time and hard work. However, a person should invest these assets to produce the necessary income needed during retirement. For example, a person can easily invest their assets in mutual funds and pull out a certain amount of money every month to cover the costs of living. As long as a person has enough funds and is not concerned with the unreliable changes in the stock market, they will have a reliable income, so there is no need to buy an annuity.

A significant benefit of getting an annuity is that the insurance companies will guarantee that they will continue to get a revenue, regardless of how the stock market is doing or how long a person will live. However, the insurance company will be charging a large fee to assure this guarantee and even keep the remaining funds if the client dies before the amount left is fully paid out.

3. There is no need to buy an annuity if your spouse can manage the remaining assets after your death

An annuity also has a “joint-and-survivor” income option that a client can take. According to this, when the main client dies, the living significant other will get a share. Nevertheless, obtaining an annuity with such a feature will significantly decrease the initial amount of revenue, which can be less than a person’s needs during retirement. If a couple feels that both spouses can manage the money without assistance, there is no need to buy an annuity.

4. If your retirement plans may change

A big marketing point for a secure annuity is an insurance agreement based on guarantees made by the insurance company. Unlike investing in a business, when a person puts their money in an annuity, the insurance company assures them that they will not lose their money. Once they start to pull down income in retirement, these insurance companies guarantee that the client’s revenue will never decrease or stop.

When it comes to retirement, guarantees are good, but with the secure income comes inflexibility. Once a client puts their funds in an annuity and starts to get revenue, they lose control of their assets to the insurance company. Even if their situation changes radically or they get sick. Sadly, there are limited and expensive options available to respond to those changes. This is a significant reason a person should consider all options before buying an annuity.

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.

Social media has become the primary focus of advertising and marketing campaigns. As more people are getting their entertainment from streaming platforms with little to no commercials, social media is receiving a larger share of advertising and marketing targets. Social media platforms are also implementing algorithms that will tailor ads to the individual user’s likes and posts. Here are popular social media networks and the most effective ways to advertise and market services and products.

1. Facebook

Facebook is the largest social media platform currently in use and is worldwide in popularity and use. To date, it has approximately 2.7 billion active users and is expected to continue to grow year over year. With this amount of active users compared to other platforms, Facebook has the potential for the most benefit to advertisers and businesses. Where advertising on television or through print ads, limited products, and services to the locality, Facebook is a worldwide platform that allows some companies to expand their reach.

Facebook gives users the ability to have a business page as an extension of their profile. There is no limit to the number of business pages an individual can have; therefore, if a person has more than one business, they can make a business page for each product or business.

One of the best features Facebook provides to business pages is advertising through it. Using Facebook to advertise makes several options available with different pricing. It provides pages with a “post boosting” option, which allows the owner to choose target audience parameters.  It means that Facebook lets the business select their target audience, with just three to four clicks; the post reaches the specified audiences. Promotion or boosts slide according to the parameters set for the target audience. This gives the user control over how much they want to spend on advertising while having the business page is free.

2. Instagram

The second tool that can be used to advertise the business is Instagram. Instagram is also owned by Facebook and also has a large user base and broad audience. According to a study, only 6% of the total content is read by users on social media platforms, while it suggests that 80% of people remember what they see rather than what they read. Instagram allows businesses to use visual promotion.  Businesses can advertise through visuals using hashtags to gain new followers and interest in the business or product.

3. Twitter

With almost 330 million active users per month, Twitter is the third-largest social media platform. Twitter limits the number of written characters, so it is recommended to use an image that describes the offer or product as accurately as words would. An average Twitter user spends $162 extra on shopping. A study found that half of the females using Twitter get to know about offers and products through the platform. You can drive traffic to your business or products through hashtags. Twitter costs nothing to advertise, so the potential to gain new customers with no cost is excellent. Since you can’t sell the products on Twitter, you must attach a link to your website or business page on other platforms to get more detail and make purchases.  

4. Pinterest

Number four is Pinterest, with 175 million users using it each month. It is all images; as a result, it engages the audience as effectively as Instagram does. Pinterest is the best platform to boost online shopping stores related to women because it has 81%, female users. It is best suited for promoting blogs and websites through advertising at no cost. The key to success is the use of eye-catching and engaging content.

For businesses, advertising is essential to success. Social media has become the most effective advertising tool, often for little cost to free. The competition is high because of these factors, so use smart and eye-catching content and well-placed hashtags and setting parameters to capture your target audiences where you can.

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.

People are continually looking to make their work easier and faster, and technology has always played a massive role in helping us out with our problems. Freelancing used to be considered a part-time job for people studying or working someplace with less wage. Freelance was always believed as another way of making easy money. Today, we will talk about freelance and its taking over traditional employment, why people prefer it, and its pros.

The freelance economy offers an unmatched opportunity for growth. Freelancers from every corner of the world are empowered to obtain work, market their skills, set their wages, and get paid how they want and when they want.

What is the Future of Freelancing?

Last year in October, Forbes reported an 8.1% increase in those who would undertake freelance work in the U.S., in three years, a total number of 57.3 million. If that trend continues, that will make more than 50% of the U.S. workforce freelancing by 2027.

With so many people struggling to balance work-life and their studies, look for flexibility in their schedules. Most students prefer freelancing since they get the chance to work whenever they want and complete their education. While there are people who take freelance as a part-time job, you will come across people who have freelance has the primary and only source of income.

The Future of Work Is Here

Freelancers characteristically have more than one job at one time. The best part of self-employment is that you can work for more than one customer or client. Any qualified freelancer will tell you that having many clients makes it easier to sway work and keep the dollars coming through numerous income streams.

Take this as a way forward because through freelancing, you can make money without being physically available somewhere; plus, you can work for companies and clients that are not even in your country. This allows you to spend less from your end and generate more profit.

Why is Freelancing the Future?

There is more money than you can make in freelancing than ever before. These constructive incentives for businesses to hire momentary workers prove that freelancers are in higher value and the demand is growing faster as each year passes. With abundant work available, it’s easier to make a living as a freelancer than ever before.

In the year 2017, 57.3 million citizens, on behalf of 36% of the nation’s workforce, contributed to the economy and contributed $1.4 trillion to the U.S. economy.

The study found that 63% freelance by choice, instead due to necessity, and enjoy this way of work. Freelancers started feeling positive about their work, and 79% preferred freelancing over traditional employments. They are more likely than traditionally employed workers to feel empowered, respected, and engaged in our working environment.

What Needs to Be Looked Into

Time and money impact the choice of freelance. Elasticity is considered a unique benefit and is favored by 60% of freelancers. Furthermore, more than 50% of workforces who left permanent hire to freelance could make more money within the first year of freelancing than earned in traditional employment. In 2017 46% elevated their project fees and hourly rates, and 54% said that they planned to do so in 2018.

As traditional full-time employment continues to fade, freelance advisors’ ranks can only rise, making a fast-growing part of the American workforce. Unfortunately, our government leaders are not attentive to the self-employed community’s unique situations or voting-bloc latent.

Freelancers do not receive any paid sick days, vacations, or holiday time. They don’t receive co-sponsored health insurance or any retirement benefits. Billable hours can have variations that cause chaos on their cash-flow and meet critical financial requirements. The 57.3 million freelance consulting specialists in the U.S. dreadfully need political representation, supporters, and activism.

All in All

Freelance is an excellent way to make a lot of money in a short time, without having to use a lot of resources from your end. However, vital issues need to be raised, and some active support and political representation to value the job and the freelancers.

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.

Prior research helps add solidarity and credibility to a business plan as it shows investors and stakeholders a thorough analysis of what can be expected in the coming years. The research conducted should give relevant data on the business model and a fair representation of how the business is going to be received by the market.

The type of research one needs to undergo when preparing a business plan largely depends on what kind of business one is looking for a startup. An online business would require different types of research compared to a business plan involving a retail shop. For example, an online business or e-commerce business plan would typically include research relating to top-ranked keywords, domain and hosting solutions, and other technical and market-related research. Whereas, a retail store would require research about the location, rental fees, customer density, etc. The type of research needed when creating a business plan depends on your business. However, research remains consistent regardless of what type of business designation on which a business plan may be based. 

SWOT Analysis

A key part of any business plan is well thought of SWOT analysis. SWOT stands for strength, weakness, opportunity, and threats, and these needs are to be highlighted in any business plan, no matter the type of business or industry. This form of analysis looks at both internal and external factors that could affect the business operations in both the long and short-run. When researching SWOT, a good practice is to utilize data from established businesses in that industry. Using a well-reputed company as a benchmark showcases two things; it proves the model is successful and demonstrates that you have studied your competitors well. 

Competitor Analysis

Understanding your competition before the start of your business can be a huge advantage. Competitor analysis helps identify key competitors in the industry and highlights just how successful the business model can be when executed effectively. Having a well-compiled competitor analysis can also differentiate yourself from the rest of the competitors by stressing the competitive advantage your business model would have compared to the rest of the competition.

Market Analysis

Possibly the most critical component of a business plan is market research. Any successful business needs to have a thorough understanding of its desired target audience. Before starting on compiling a business plan, appropriate market research needs to be conducted that helps identify and answer questions such as; who would be the business’s potential customer base (demographics)? What would be the desired market share?  What type of demand exists for the product, and at what price? These are but a few of the questions that would require answering before starting a business plan. The better a business understands the market in which it operates, the more successful it is likely to become.

Financial Analysis

This type of research can be conducted by studying competitors’ financial statements. Finance is the heart of any business. Ensuring that all financial components are thoroughly researched makes for a well presented and realistic business plan that is likely to generate interest from investors. Financial ratios are a quick and easy way to form an idea about a particular business or industry. Preparing realistic and credible financial forecasts for the business can add a lot of weights to your business plan as numbers are much better when it comes to presenting a business opportunity than words. Facts and figures make up the lifeblood of any business plan. Financial discipline and proper research can help in compiling forecasted financial statements that are realistic and attainable, making it a worthwhile investment to most.

Conclusion

Starting up a business is like buying a house or a car; only a million times harder. One needs to research to figure out the best available deals in the market and attain knowledge regarding all the different options available. A well-articulated decision can only be made when all necessary and relevant information is brought forth, and this is no different when it comes to formulating a business plan. 

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.