Category Archives: Finance

5 Ways FinTech Is Driving Advances In Insurance

We are now living in a tech-savvy world, where everyone ­– urban as well as a large section of Tier II, Tier III cities – has access to smartphone and internet. This has become the key to do everything, anywhere, anytime, with just few simple clicks and in practically no time. Consumer behavior and expectations are also changing, and so is the manner of evaluating and accessing goods and services. This has influenced financial industry including insurance and we can say that technology is disrupting the way we chose insurance products (of any type) today. The consumers are adapting to this change because of, inter-alia, the convenience and empowerment factor, which comes from ease, unbiased decision-making, and speed of transaction.

Because of  the rapidly evolving situation and aggressive demand by consumers, many insurance companies are partnering with FinTech companies  that provide solutions to catch up in broadening the spectrum of services and transactions that customers can do over their mobiles and other hand-held devices.

Such partnerships come with huge customer benefits:

Consumer Empowerment

What was earlier about just signing the dotted line as directed by an insurance broker(and no questions asked) has become about taking well informed and most importantly, independent decisions for the consumers.

Convenience

Today, customers only have to key in their requirements at the insurance marketplace and check the eligibility criteria to get instant offers to compare all life, general and health insurance companies and thereafter buy the products completely online instantly. Technology is ensuring that the all the customized insurance offers available in the market are made accessible based on the customer profile on one screen, instant and real time, to help customers make the best selection.

Cost effectiveness

The online virtual nature of the marketplace does away with the need of brick-and-mortar structures and associated work force, bringing down the establishment costs for the insurer. This benefit gets transferred to the customers in the form of lower premiums and processing costs.

Data Security

Security is paramount when it comes to finance, and FinTech companies take a very serious view of security. A marketplace like BankBazaar.com, which has the highest data security standards in place and a no-spamming policy, makes the customer feel confident about transacting online.

Process Familiarity

Another convenience of the online model is consumer’s familiarity and acceptance to the process, because is it same as any other online shopping experience. For this reason, the pressure to innovate technologically is high in the insurance sector, and correspondingly, so are the expected returns.

On one hand, these potential benefits for customers are putting pressure on insurance providers to go digital. On the other hand, going digital can bring in several positives, and not just in costs, to the insurance companies themselves that they cannot afford to neglect. Partnering with an online marketplace is the first step that the insurers can take, as it is a viable solution that can provide substantial results with a low investment. Here are five excellent ways technologyis driving insurance and improving it for the better.

Products diversification

The online space is an impetus to the insurers to develop simpler and more targeted products that are easier to understand by providing a larger-than-ever platform that comes equipped with the tools to help insurers reach these products to the right audience.Such simplified products are important for not only first time buyers of insurance but also those who look for systematic savings. Moreover, such products are also lower in loaded costs and commissions and, hence,are a win-win for both the insurer and the insured.

Cost

Online presence increases touch points and reduces the costs both for the customers/policyholders and for the insurance companies. This shields the insurance companies from high operational cost pressure – something that is a cause of concern for most of the companies, except the top seven and few others. Unless they attain the critical mass of new business and have a healthy renewal book, profitability is still far away. Operating through brick and mortar offices across the country is not yielding results and the expected reach. A digital strategy, on the other hand, can not only increase the business reach but also take the company towards profitable growth.

Paperless

E-KYC, E-sign and stamping, and finally e-policies are making steady inroads,and with the changing mind-set, the time is not far off when insurance will be purchased instantly with no physical paper exchange. Automated claim processing and upload of documents from anywhere anytime is becoming a reality that will help in processing claims faster.
Further, the proposed central repository for KYC and Digi lockers will also help all financial institutions to access the KYC records of a customer centrally as well as allow them to e-sign documents. A platform that allows you to provide your customers with all these facilities and more in a highly secure manner can make life much simpler, not to mention faster.

Reach

A platform like BankBazaar.com, which sees over 9 million visitors per month on an average, provides enormous visibility – something which you would be hard-pressed to replicate. This becomes true when one considers the cost factor associated with doing things in-house. Apart from that, the proliferation of mobile internet is rapid in both urban and rural areas. At BankBazaar.com, we have seen a lot of traction from tier-2 and tier-3 cities and the number of online visitors from these locations is growing exponentially. This opens an entire new geography for insurers to target without depending on brick-and-mortar set-ups.

Growth

FinTech is a rapidly growing sector. Moreover, the business model of strong FinTech companies, unlike other online service providers, is very stable: For instance, there are no discounting schemes to eat into margins; stock and inventory expenses to be factored in; or order fulfilment or distribution capabilities to be worked out. These and many more such factors increase the possibility of making the business profitable. So, partnering with a strong FinTech company with a credible strategy and a clear growth trajectory can prove mutually beneficial to both.

Hence, Insurance and technology partnership will defining the future of Insurance policy purchase as the advantages are obvious. These opportunities are strong reasons for Insurance companies to align their strategies and leverage FinTech to the maximum. And it is just the beginning. The future belongs to AI-based virtual insurance agent that can provide real insurance quotes and recommendations based on clients profile/need analysis and underwriting of policies on the basis of data provided by wearable technology, i.e., step and heart beat monitor, driving, calorie counters, exercise and other social habits of prospective consumer.Adaption of e-Aadhaar/KYC, selfie for photograph, Video-based IPV, e-sign, e-stamping of policies, and app-based policy management, all of which will virtually reduce human interventions at every stage as well as increase reach and turnaround time, is around the corner.

This is one of the reasons regulatory bodies such as the IRDA are working on policies and initiatives to increase the reach of insurance sector and online is one such means. Between the E-KYC circular of UIDAI and Web Aggregators regulations of 2013 to the Revised Guidelines on Insurance Repositories and electronic issuance of Insurance Policies in 2015 and the Exposure Draft of the Insurance e-commerce Regulations in 2016, the IRDAI has been enabling regulations like distance marketing, telemarketing, web-aggregation, e-insurance platforms/e-commerce guidelines (proposed) and e-insurance accounts/repository framework.

The FinTech sector, with its paperless, simpler, faster turnaround model will be a game-changer. As drivers of technology, a strong FinTech company would be leading this trend. The first movers in the insurance industry would be able to create a large channel in itself of online users and buyers. And why not, the advantages overweigh the traditional methods of selling and servicing. The insurance and FinTech sectors working together cohesively as one unit drawing on the strengths of each other can provide exceptional services to the consumers. Ultimately, that would be the biggest win for both insurers and customers.

original article:www.entrepreneur.com

With This Startup, India Is Showing An Interest In Online Jewellery

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With the increasing use of technology, today’s startups are coming-up with innovative ideas to fulfil the desire of masses. From shopping, to buying of grocery, everything today is done online. And if you thought jewellery would be one domain that would lag behind, you were so wrong!

Today, online jewellery in India is seeing a rapid growth, as Indian consumers are buying jewellery online, just like any other product of daily usage. Though the ticket size is smaller in number, but still there is a lot of scope to tap this market.

Sensing the opportunity, Arnaud Lorie, founded Joolz; an online jewellery community and a marketplace to facilitate retail jewellery. This startup is helping consumers to discover prices and options online and facilitate the offline process of buying the jewellery.

Inception

Born and brought up in Belgium, the diamond capital of the world, Lorie moved to Israel when he was 18 to join the army. He then joined his family’s company- International Gemological Institute (IGI), and has now been living in India for the past 3 years. After training in one of the largest diamond factories in Navsari, Gujarat for 12 months, he started working on this new business venture – Joolz.

Founded in May 2015 with total team of 9, Joolz is an India-focused community and marketplace that brings together leading jewellery brands on a single platform. The startup aggregates and curates high-quality jewellery inventory and offers its consumers an unmatched discovery and shopping experience.

Business Model

Joolz is more than just an online sales platform as it enables two-way interaction between jewellery buyers and sellers through discussion, discovery and education. It is accessible as a smartphone app on Android and iOS platforms and also via its website.

“Buying jewellery is so closely intertwined with Indian culture that the act of simply selling it online is not going to create any significant impact in the market. We, therefore, want to be the single biggest facilitator of jewellery commerce, whether online, or more importantly offline,” said Arnoud Lorie.

Funds Rolling In

Recently, Joolz has secured a funding of $500K as a part of its Pre Series A round led by ah! Ventures, to go with the other bunch of investors.

The current seed round was also led by Mahesh Ahuja, CEO, Brittman India, Powerhouse Venture’s MD, Peddu, Deepak Kasthwal of M&S Partners, ex- CFO OLA Cabs, PKX Thomas – ex Technology Head, Cleartrip’s Neha Shah and angel round by GSF Accelerator.

The venture plans to utilise these funds to boost operations, products, marketing and further build-up its team.

Commenting on the recent investment, Powerhouse Ventures’ Managing Director Peddu said, “What attracted us most was the company’s rich understanding of the jewellery space and the passion with which they are planning to transform the way consumers interact with jewellery, online and offline.”

Future plans

As offline jewellery industry is valued at over $40 billion, there is a huge opportunity for Joolz and other such startups to grow significantly,by using the untouched technological initiatives. Joolz specifically, plans to reach a new group of brands and investigate new revenue models, and not just remains a company that is solemnly focused on the online traction.

“The online jewellery market in India is expected to grow at $3.6 billion over the next three years, which in itself makes the sector a lucrative one to invest in. In addition to that, given the background of the founder and their in-depth understanding of the business, this enterprise has from the very beginning started off on the best foot possible,” said Harshad Lahoti, Founder and CEO of ah! Ventures.

original article:www.entrepreneur.com

This Is Why You Need to Talk Money With Your Employees

Compensation is sometimes a taboo topic between employers and employees. It’s one of the main motivations for employees at work, yet nobody talks about it. But keeping conversations on pay closed has created an alarming gap in perception, PayScale’s 2016 Compensation Best Practices Report found.

Among nearly 7,600 business leaders surveyed in the U.S. and Canada 73 percent said their employees are fairly compensated — but just 36 percent of employees agreed.

If employees don’t consider their pay fair, chances are they may be dissatisfied, disengaged, and looking for greener pastures. It’s time to open a dialogue about compensation. Here’s how:

Adopt a transparent policy.

A major reason employees may think they’re paid unfairly is because they don’t know what fair pay for their job looks like. In fact, an April 2016 Glassdoor survey found that nearly 70 percent of the 8,254 employees surveyed globally wish they had a better understanding of what fair pay is for their position and skill set at their company and in their local market.

But even when employees know the industry standard, they still want to know how their pay is determined within the company — it’s critical to satisfaction. After all, the same PayScale survey revealed that 82 percent of employees would be satisfied with below-market pay, as long as the employer was transparent about the reasons.

Open up conversations about compensation by embracing transparency. Build a communication plan that trains managers how to speak with employees about their salaries. Explain to employees the reasoning behind their salaries, bonus structures and more. The more information shared, the better.

Companies like Buffer, an application used for social media management, even share employees’ salaries, pricing models, revenue information, and fundraising processes with the company — and the outside world.

While every employer doesn’t need to be that transparent, some openness is still necessary.  Instead of shrouding salary in secrecy, address it upfront with both candidates and current employees.

Provide ongoing feedback.

Performance evaluations are often the determining factor for pay raises and bonuses, but the system is flawed. They typically only happen once a year, and employees aren’t give much of a chance to participate in the conversation. In fact, a March 2016 survey of 100 employees from TINYpulse found that 12 percent feel evaluations are one-way conversations.

That means employees don’t have many opportunities to even discuss their pay with their managers. As part of a transparent culture, employers need to encourage open dialogues about performance, which will then impact compensation rates.

These should be two-way conversations, where employees self-assess, share their perspective on management, outline an action plan that helps build their strengths, and set goals for themselves. Management should also outline new expectations and empower employees to set goals that align with their role and with the larger scale company-wide goals.

This way, employees are involved in the process and feel like they have a voice in the compensation conversation.

Find a fitting strategy.

Strategies for determining and managing pay and benefits shouldn’t be one-size-fits-all — they should fit the company culture and employee needs. The main goals should be to motivate current employees to continue to grow and to attract new hires.

Start with a budget allocation to determine how money will be spent on benefits and other incentives. Define salary ranges that are competitive. Research the local area and industry and benchmark similar roles to create a pay structure. Plan to perform routine salary audits to ensure the ranges offered remain competitive as the industry changes.

Then, use data to determine bonuses and pay raises. Performance metrics are crucial because they provide concrete evidence on how employers and employees are performing their daily job duties. With powerful, insightful analytics, companies can establish a compensation strategy that works best for them.

Performance management platforms help employers find compensation strategies that improve employee engagement and productivity so annual goals are hit.

original article:www.entrepreneur.com

9 Ways to Profit From Your Passion

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I’d rather be a failure at something I love than a success at something I hate. — George Burns

We’re all passionate about something in our lives. But how can you actually turn a profit off of that passion? Here are nine ways that you can make your dream come true.

1. It takes more than just passion.

Passion is a great place to start when thinking about business ideas, but don’t let that enthusiasm blind you from reality. Ask yourself if you’re willing to put in the hard work and if there is a market for you to tap into. Even if it’s just talking to some of the regulars at your favorite restaurant or bar, their feedback can be priceless.

Make sure that you’re actually good at what you do. Your passion could be playing the guitar, but are you skilled enough to give lessons or repair the instrument when it’s broken? And don’t forget that as a business owner, you’ll be responsible for paying bills, invoicing customers, reporting taxes and marketing your business. Are you up for all those tasks?

2. How can you make something better?

Again, let’s say that your passion is playing the guitar. What void can you fill in that marketplace? For example, if you can repair guitars and realize that there isn’t a repair shop anywhere else around, that could be a business opportunity.

You also need to ask yourself how you can make the industry better? Is this venture where your true entrepreneur spirit is set free?

Let’s say that your passion is cooking. What makes your meals unique? Why are they better than the other cooks in town? Maybe it’s because you only use farm fresh ingredients and pick out the produce and meats yourself every morning. That’s definitely more appealing for customers than driving up to a fast food restaurant’s window.

When I started my invoice company, I had used several competitors. I knew what made them great, but I also knew what I wanted that they didn’t offer. I knew I could easily make the product and service better. I built it — and here we are!

3. Brainstorm a variety of ways to monetize each passion.

Sit down and think of all the various ways that you can actually make money off your passion. This may include:

  • Selling an actual product, such as jewelry, clothing or furniture, online or in a brick and mortar store.
  • Sharing your knowledge about your passion by blogging, writing books or filming videos. Between affiliate links, sponsors and subscribers, you could make a decent living. For example, the father and son behind EvanTubeHD combined their passion of film and toys into a YouTube channel that reviews toys. They’re are now earning more than $1.4 million.
  • Offering advice as a consultant in anything from accounting to gardening.
  • Becoming an investor in an idea that you’re willing to financially support.
  • Inventing a gadget or software that makes life easier for people. For example, if you were a guitar instructor, is there an app to better instruct students or a new type of tuner that could make tuning the guitar easier for newbies?
  • Building an event around your passion, such as a festival or community organization.
  • Finding ways to preserve or maintain items that people enjoy, such as an alteration or tailor shop for fashion lovers.

4. Don’t be a perfectionist.

While you should have some sort of experience or skills to offer, there’s always room for you to learn and grow. For example, the guitar repair shop owner may have mastered repairing acoustic guitars, but still needs to work on repairing electric guitars. Don’t wait to start your business until after you’ve mastered that craft. You will continue to hone your skills all along your journey.

The longer you wait, the higher probability that someone else will come in and start profiting from your passion.

5. Get outside of your comfort zone.

Starting a business requires you to step outside of your comfort zone every now and then. Maybe you have a fear of public speaking. You will have to overcome that when creating an instructional video on YouTube.

My friend Michael Gasiorek always tells me “Find techniques that can not only help you get outside of your comfort zone, but also work on improving your weaknesses. You don’t have to become a guru. Just familiar enough in that area so that you’re more comfortable and can deliver what people need and want.”

6. Make fun a priority.

It’s difficult to maintain your passion as you attempt to grow a legitimate business. Eventually, you forget exactly why you started the business in the first place.

To prevent that from happening, always make fun and passion a priority. This means hiring people who are equally passionate as you are about your idea or product, creating policies and branding that reflect your passion, and building a company that feels the same way to others.

7. Build your skills.

Author Malcolm Gladwell says that it takes 10,000 hours to become a master at something. While this one is hard for me — I think it’s hard to spend 10k hours doing one thing — my friend and financial expert Tom Drake says “Why many skills may take that long, don’t let those hours discourage you from moving ahead with your plan. Who knows, it may not take you that long. Never stop practicing on perfecting your skills. And don’t forget to ask for feedback for what you are doing and to track your progress.”

8. Overcome roadblocks.

Roadblocks are all of the factors that are preventing you from following your dreams. Instead of letting roadblocks actually block you, overcome these obstacles so that you can move forward with your business.

For example, if you’re not familiar with coding or programming, but require a website, then hire a coder. If you’re concerned that there isn’t a market for your idea – conduct market research. If you believe that your passion won’t be profitable then look for alternative ways to monetize your passion by being flexible.

9. Get creative with money.

If you need money to help scale your business, or even just to get it started, you have more options than ever before. Instead of going to your local bank or searching for investors. I’ve even event crowdfunded my idea on Kickstarter, but there are other great choices like Indiegogo and GoFundMe as well. Not only are these sites able to raise the funds you need, they can also be used to test your product idea.

Another option would be to use peer-to-peer-lending sites like LendingTree where you can get matched with like-minded people directly in your business area.

original article: www.entrepreneur.com

 

4 Startups Hacking Consumer Finances

You hear a lot about life hacks, but often the term is tacked onto a variety of different services and products without much thought. In truth, very few things really simplify your life in a substantial way. The select few that do are worth paying attention to.

It seems as if every personal-finance tip or hack promises to get you a leg up on navigating an increasingly option-filled and complicated consumer market. Here are four simple startups that provide necessary value to users.

1. Mobilligy, Inc.
Few personal-finance tools for mobile platforms aggregate data as well as Mobilligy’s Prism Bills and Money. Not only is the tool extremely intuitive and mobile-optimized in app form, it covers all the bases for budgeting and planning.

Prism syncs with your bank account, credit card and relevant billing information, pulling in even some of the less-considered sources — student loans and utility bills among them. The tool requires no manual input. It matches your total monthly bills against your monthly income, producing an easy way to track your surplus (or deficit). You even can pay those bills directly from the app. It’s a much-appreciated function for consumers who have few other chances to visualize all their finances in one intuitive, easy-to-use platform.

2. Operator.
Operator provides a modern solution to a modern problem: It connects consumers to products via an intuitive search function. Ecommerce is increasingly popular, with mass growth among companies that offer online shopping and available ecommerce channels. This means more options than ever, and that can complicate the buying process by creating confusion. Customers often must spend more time to locate just the right product. Operator adds input from experts to steer buyers to products that fit their needs. In the process, the program effectively hacks the online shopping process for the average consumer.

How does Operator work? Download the free service and then use specific terms to tell your representative exactly what you need. In a matter of seconds, the expert researches the options and connects you to a product that fits your description. The app puts back into ecommerce a crucial element of personal service, setting apart Operator in a sector that’s growing more impersonal each year.

3. Robinhood Markets, Inc.
This startup has seen a meteoric rise since 2015 thanks to a combination of extremely effective fundraising and a truly groundbreaking product. Robinhood has taken the normally exclusive sector of stock trading and made it accessible to the everyday consumer.

Robinhood cites the typical $10 fee per transaction for publicly traded stocks as the main reason average citizens don’t regularly dip their toes in the market. The company claims this fee is due almost entirely to cover the brokerage houses’ own brick and-mortar-brokerages. Robinhood argues these physical expenses need not exist in today’s online market.

What makes the service so useful? It’s optimized for mobile operation and uses modern technology to hack the stock system for the everyday user. As needed, users gain access to real-time market data, encrypted trading and a link directly to their own bank accounts.

4. Car Buyer’s Edge.
Car shopping has long been regarded as a cut-throat, highly stressful experience, especially for consumers without expertise in the automotive market. This startup aims to restore confidence and control back to the demand side of the equation.

The Edge Report is a unique, simple service that provides all the details on a specific vehicle. It then narrows down the process to identify an accurate price. Whether you’re using the desktop website or a mobile platform, you can “build” the car you’re looking for by entering your desired make, model, year and features. Car Buyer’s Edge uses this information to generate a price substantially lower than the vehicle’s MSRP.

Maybe you’re skeptical. You’ve heard this one before: a product that saves you real money when shopping for a new or used vehicle. The difference is in the guarantee you get from Car Buyer’s Edge. If you find your real-world car at a price that’s at least $97 cheaper than the Edge report generated, the company will refund the report’s entire cost.

original article:  www.entrepreneur.com

 

How To Make Money From Blogging

Blogging has the potential to completely transform your life. The fact is that people who invest in blogging are thirteen times more likely to receive a positive ROI than those who don’t. As you can tell, blogging can lead to you making a lot of money. But it’s far from a sure thing.

You need to make sure you’re doing all the right things to generate an income from blogging. This guide is going to show you how you can blog and get paid for it.

Be Consistent About It

Bloggers have to invest time and energy into what they’re doing to make their voices heard. But once you do this you have to do it over and over again. You have to be consistent in the voice you’re projecting to your target audience. During your first few attempts, you’ll be experimenting to see what gets the best response.

The key here isn’t posting what people want regularly it’s about posting what people want on a consistent basis. It doesn’t matter if it’s once a week or four times a week. Just make sure you’re being consistent in what you’re posting. The more money you make the more you can expand your posting schedule.

Stay Aware of Your Audience

When you first start blogging for the first time you’ll have to spend a lot of time discovering your target audience. This is how you start a blog to make money. Keeping that up and making money on a regular basis is about staying aware of an evolving audience, though.

The problem that a lot of people have is they are still writing to the audience they discovered six months ago. Their audience is constantly evolving and they have to make sure they’re tailoring their content to that.

Review your audience every few months to make sure your content is still meeting their needs. Identifying the current state of your audience is key.

Opt for Ultra Transparency

The best bloggers are always close to their readers. Even though they may never meet them they feel like they know their readers intimately. This happens because they’re always completely transparent about themselves in the blogs they write. Be real with them and they’ll be real to you in return.

But how do you opt for transparency?

To launch a successful blog you should encourage readers to trust you. Bring your personal life into the equation. Tell them some interesting personal anecdotes, for example.

Choose Your Words Carefully

The most successful bloggers seem to have an ability to speak to readers on their level. You should treat blogging in the same way as a conversation with a friend. You wouldn’t approach your friend and start using lots of complicated words, would you? If that’s the case, you should consider why you’d ever do the same with your readership.

The goal is to make it as easy to connect with you as possible. This becomes difficult when they have to get out a dictionary every time they read your blog.

Stay Focused

The best thing you can do is to stay focused on the topic at hand. When writing a blog, you’ll discover the topic can veer into another territory. Don’t get carried away, even if your first instinct is to do so. Remain on-topic and don’t stray too far from it.

You want your readership to gain a deeper understanding of the subject you’re writing about. That will help them to walk away thinking they’ve learned something. Once they’ve done that they’ll feel like they need to return to read your next blog.

Stop Posting Nonsense

Every blogger should learn to write in a way that gets right to the heart of the matter. Going off on a curve may work well in your mind, but in practice it makes you look amateurish. Your readers shouldn’t be rolling their eyes when they read your work.

Most bloggers will edit their posts down by a few hundred words before they actually get around to posting anything. Keep that in mind when you’re reading one of your blogs for posting.

Last Word – Blogging Takes Time

It takes a lot of time to get to a point where you can rely on an income from blogging every month. Many writers have been working for years before they receive a single cent. Make sure you monetize your blog and make sure you’re giving your readers what they want. That’s the key to a successful blogging career.

original article:https://www.entrepreneur.com

TOP 10 MIND HACKS TO HELP YOU SAVE MORE MONEY

You already know the common strategies for saving money: Automatically set aside a portion of your paycheck, stick to a budget, plan your purchases, and so on. But there are also simple (if surprising) psychology tricks that can help us save even more. Here are ten such mind hacks.

10. Visualize What You’ll Look Like When You’re Older to Save More for Retirement

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Many of us aren’t saving enough for retirement, perhaps because we think of it as so far away. Research, however, shows that one really simple way to help us reach our retirement goals is to picture our lives or what we might look like years or decades from now when we’re retired.

9. Create a Sleeve for Your Credit Card with a Picture of Your Financial Goal

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Similar to putting a motivational photo on your fridge if you’re dieting or above your desk if you want to be more productive, this trick from the Simple Dollar can remind you of the bigger money goals you have every time you reach for a credit card to pay for a trivial purchase.

8. Chew Mint Gum and Wear Headphones While Shopping

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What do gum and headphones have to do with shopping or saving money? It’s all about the ways stores manipulate your senses to trick you into buying more. Chewing mint gum could counteract the ambient scents in stores and make you feel fuller so you don’t buy food impulsively, and wearing headphones could block out the music designed to make you stay in the store longer. By knowing how stores try to seduce you while you’re shopping, you can defend yourself from their tricks.

7. Price Items Based on How Many Hours You’d Need to Work to Pay for It

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You know what will really put a damper in unnecessary spending? Thinking about how much that item really costs in terms of hours you’d need to work to pay for it. $90 for a pair of jeans?! That’s more than 12 hours of work at the $7.25 minimum wage. (Even if you’re paid twice that, still more than half a day of work.)

6. Override Your Bad Money Behavior with a New Mantra

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Set up rules of thumb—or heuristics—that describe the way you want to treat your money and over time it could become second nature. For example, “I only buy clothes when they’re on sale” versus “I deserve to treat myself whenever I get a windfall.” No, you don’t have to repeat the mantra over and over (maybe just change your password to it temporarily), but if you adopt it, the mantra could trick your brain into overcoming bad money habits.

5. Instead of Trying to Save More Money Now, Commit to Saving More in the Future

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It sounds counterintuitive to save more money by not saving more money, but it’s all about the timing. Research suggests that starting a program where you’re steadily increasing the amount you save could be more effective than making an effort to save a lot more now. For example, making a plan to save most of your next raise rather than trying to cut back now. (Of course, you should then stick to that plan.)

4. Change the Way You Use Certain Dollar Denominations

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There’s nothing inherently different between a fifty dollar bill and some tens and fives, but psychologically, we might be more reluctant to break the larger bill. You might even be more prone to hold onto $2 bills, since they’re seen as scarce (but really aren’t). And, like the jars of spare coins that get filled daily and turn into a couple of hundred dollars at the end of the year, saving every $5 bill that comes into your possession can turn into significant savings, almost painlessly.

3. Curb Impulsive Spending with a Few Tricks

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You can’t always rely on self-control to avoid temptation, which is always around us. You can, however, make it harder for you to push the buy button or swipe the credit card without thinking first. For example, don’t store your credit card information with online stores or autofill data, train yourself to always ask before buying anything if you’d rather have the cash if a stranger offered it to you, stick to the 30-day rule to make sure you really want something, or use a prepaid debit card to force yourself to ponder your limited resources.

2. Make Saving Money Fun

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Saving? Fun? That’s where gamification comes in. Tools like SaveUp and SmartyPig turn saving money a kind of challenge where you can watch the your money grow (and reap other rewards). Or you could join a challenge like the 52 Week Money Challenge or similar to push yourself to save more (and even enjoy it).

1. Understand Your Brain’s Biases

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Finally, the more you know about how your own brain may be sabotaging your shopping choices, the better you can take back control and overcome your brain’s mushy mental accounting.

original article:www.foxnews.com

THE 4 DUMBEST MONEY MISTAKES PEOPLE MAKE AND HOW TO STOP MAKING THEM, ACCORDING TO SHARK TANK’S ‘MR. WONDERFUL’

“What does it cost you to be alive?” If you don’t know the answer, you could be headed for a financial train wreck. If not now, probably soon, says Kevin O’Leary.

When it comes to his own money, the shrewd, sharp-tongued Shark Tank star has long managed it meticulously, even when he was a shy kid growing up in Montreal, Canada. The young “Mr. Wonderful,” now a silver-haired 61, carefully scrimped and saved a percentage of every dollar he accrued, whether earned or gifted. And the multi-millionaire mutual funds magnate still does.

Recently, on the set of Shark Tank, we asked the frugal finance whiz what he thinks the worst money mistakes people make are and how to best avoid them. Here’s what he said:

The mistake: Spending on ‘crap’ clothing you won’t wear.

“Most people buy more crap than they use. This includes men and women alike, especially when it comes to clothes. They love the feeling of clothing shopping, but the truth is, if you actually look at your closet, you probably wear the same 20 percent 80 percent of the time, and the rest of the stuff you bought is wasted.”

The solution: Invest in high-quality clothes and wear them out.

“If you’re going to buy clothing or fashion accessories, make it something really good that’s going to be timeless, that you’re going to spend a lot of money on and spend a lot of time thinking about, and that you’re actually going to use. Save your money and put it toward quality items and be very selective. It’ll pay off in the long run. I wear the same suit every day. I have 20 of them, so I don’t have to worry about my style anymore. I travel with four at a time and I burn them out Then I throw them out or give them to charity.”

The mistake: Not knowing your monthly nut.

“What I find so remarkable, and this includes very wealthy people I know, is nobody knows what they’re monthly nut is. Whether you’re single, married, a single parent or otherwise, most people don’t know what it costs them to live every 30 days, and that’s living on the edge.”

The solution: Calculate your cost of living and budgeting accordingly.

“Write down everything. All of your habits of spending. All of your income. All of the extra ways you make money. Capture it, down to the penny, over a 90-day period. Do it with pen and paper. You don’t even need a computer for this. Then do what needs doing — budget accordingly and stick to it.”

The mistake: Spending more than you make.

“Not knowing what’s coming in and what’s going out puts you at risk, in a state of never getting ahead. Most often, you’ll find you’re spending more than what you’re bringing in.”

The solution: Tighten your belt and fast.

“It’s simple and requires discipline: Spend less and save more. Adjust your lifestyle because overspending manifests itself usually in credit card debt, which is so expensive that it buries you.”

The mistake: Racking up credit card debt.

“A credit card is a horrible thing. Under no circumstances should you have one, let alone more than one, not unless you can fully pay them off each and every month. Even then I’d avoid them.”

The solution: Ditch those bad cards for good.

“Pay off your credit cards, then cut them up. You won’t regret it. It’s the best thing you can do to put yourself in a better financial position right now.”

original article:www.foxnews.com

AMALGAMATION OF JAPANESE-INDIAN TALENT – FIND OUT WHY IT’S A WIN-WIN FOR BOTH THE COUNTRIES!

While South-East Asian countries have shown immense respect and admiration for Indian technology talent, it’s also important to know how the two countries can complement each other!

Speaking on the same lines, Yoshiko Tsuwaki, Deputy Director for Japan’s Minister Of Economy, Trade, And Industry, told Entrepreneur Media why she thinks Japanese and India countries can partner with each other. was attending the Tech in Asia Conference in Bengaluru this week.

“While everyone talks about the market size, my personal feeling is that there might be some totally different technology emergence from India, just like Silicon Valley or China,” she said.

Tsuwaki added, “When I think about India, the supply of top people who can be the global leaders backed by the academic institutions here. India is also the destination for many multi-national companies for all verticals. Adding to that India also has some unique technological paths compared to other countries. So that’s why I’ve come here to India.”

Hardware marries software talent

“When it comes to IoT and AI you need a good combination of software and hardware. Japan is good at manufacturing but to be honest, in terms of software we aren’t the best people out there. On the other hand India is the biggest supplier of software engineers and companies. If we can merge /partner with each other to complement one another, we can show great results in the context of IoT. That’s why I feel India can be a partner at Japanese companies,” she noted.

Tsuwaki was one of the key speakers at the Tech In Asia Conference in Bengaluru this week.

original article:www.foxnews.com

The 4 Dumbest Money Mistakes People Make and How to Stop Making Them, According to Shark Tank’s ‘Mr. Wonderful’

“What does it cost you to be alive?” If you don’t know the answer, you could be headed for a financial train wreck. If not now, probably soon, says Kevin O’Leary.

When it comes to his own money, the shrewd, sharp-tongued Shark Tank star has long managed it meticulously, even when he was a shy kid growing up in Montreal, Canada. The young “Mr. Wonderful,” now a silver-haired 61, carefully scrimped and saved a percentage of every dollar he accrued, whether earned or gifted. And the multi-millionaire mutual funds magnate still does.

Recently, on the set of Shark Tank, we asked the frugal finance whiz what he thinks the worst money mistakes people make are and how to best avoid them. Here’s what he said:

The mistake: Spending on ‘crap’ clothing you won’t wear.

“Most people buy more crap than they use. This includes men and women alike, especially when it comes to clothes. They love the feeling of clothing shopping, but the truth is, if you actually look at your closet, you probably wear the same 20 percent 80 percent of the time, and the rest of the stuff you bought is wasted.”

The solution: Invest in high-quality clothes and wear them out.

“If you’re going to buy clothing or fashion accessories, make it something really good that’s going to be timeless, that you’re going to spend a lot of money on and spend a lot of time thinking about, and that you’re actually going to use. Save your money and put it toward quality items and be very selective. It’ll pay off in the long run. I wear the same suit every day. I have 20 of them, so I don’t have to worry about my style anymore. I travel with four at a time and I burn them out Then I throw them out or give them to charity.”

The mistake: Not knowing your monthly nut.

“What I find so remarkable, and this includes very wealthy people I know, is nobody knows what they’re monthly nut is. Whether you’re single, married, a single parent or otherwise, most people don’t know what it costs them to live every 30 days, and that’s living on the edge.”

The solution: Calculate your cost of living and budgeting accordingly.

“Write down everything. All of your habits of spending. All of your income. All of the extra ways you make money. Capture it, down to the penny, over a 90-day period. Do it with pen and paper. You don’t even need a computer for this. Then do what needs doing — budget accordingly and stick to it.”

The mistake: Spending more than you make.

“Not knowing what’s coming in and what’s going out puts you at risk, in a state of never getting ahead. Most often, you’ll find you’re spending more than what you’re bringing in.”

The solution: Tighten your belt and fast.

“It’s simple and requires discipline: Spend less and save more. Adjust your lifestyle because overspending manifests itself usually in credit card debt, which is so expensive that it buries you.”

The mistake: Racking up credit card debt.

“A credit card is a horrible thing. Under no circumstances should you have one, let alone more than one, not unless you can fully pay them off each and every month. Even then I’d avoid them.”

The solution: Ditch those bad cards for good.

“Pay off your credit cards, then cut them up. You won’t regret it. It’s the best thing you can do to put yourself in a better financial position right now.”