How financial planning can make you a better parent

We always hear people saying to young couples “Plan a baby”. This bundle of joy, what we call, definitely needs a lot of planning, not just emotionally, mentally or physically but most importantly financially. As this bundle of joy comes with a sense of responsibility, where one needs to plan a better future for their kid. Financial Planning is the most basic requirement yet not prioritized on top by many parents.

We as financial planners understand the importance, as every parent would want to give the best lives to their children. So this time we would want to simplify how financial planning can make you a better parent!

Pre Plan before planning for a kid:
Many of us already know what our goals and milestones are that needs to be achieved. Many of us might have already even planned for it. However, there are many initial expenses that need to be taken into consideration before the journey begins from being a bachelor to getting married and finally having a kid. As and when we grow in our lives, every stage we live through requires different levels of responsibilities and planning, we all know it by now. So as you and your partner decide you want to plan a baby, you must start an expense kitty at the earliest that will be used for your baby’s expenses. The best option is to invest, now whether it should be in debt funds, liquid funds, or equity funds that depend on the time horizon of your goal. One thing that is sure is consistently saving each month. A financial planner would also take into consideration many other factors like inflation, risk tolerance, market conditions, etc

Protect the known factors:
With financial planning, you will realize the known factors of life. Up until now, as a parent, you might have known it is important to have health insurance if you are planning a family. But the right amount requiredas per your contingency planeven though your current organization is offering insurance will be explored when you sit for financial planning. It is always better to have personal insurance customized as per our needs and not standard policies. If you have health insurance before pregnancy, you need not worry about hospitalization expenses as it is taken care of. The premium you would pay would also be less along with stress levels for you to enjoy the journey of a newborn.

Education needs:
This is a factor that any parent can’t skip through i.e Education. Every parent wants their kids to have the best education from the best institutes. These emotions of saving your kid from every struggle are evident in most of the parents and the reason most always think is, “My kid should not go through what I had gone through”, isn’t it?

So planning for their career will be the second most important aspect I hope, post your retirement planning. Because it’s not said enough that for kids’ education loan can be taken but for retirement, there is no loan. So depending on the time horizon one must plan their kid’s educational expenses keeping inflation in mind or know about the factors of options available in the market. We usually take 10% to 12% as inflation costs rise. A financial planner will always guide you practically keeping the emotions of being a parent aside and sometimes that’s what is needed to be a better parent.

Educating needs:
Our educational system has limited or no knowledge of finance from an early age. There is no such subject that inculcates the habit of financial planning in kids. Financial planners whilst planningaim to educate you to be a good teacher to them about financial planning and ensure financial literacy is given to them from their right age. Hence you cultivate the habit of saving and investing in your kid.

Some financial plans can go further with marriage, their homes, etc but the best parenting would be to teach them, let them grow, and someday let the kid leave the nest and do his financial planning on his own, just like you did. To conclude it we would like to know some of your viewpoints on the same. As we are just a call away to help you.

Maintain your business Records Efficiently with Accountooze

With the advent of technology, businesses have adapted easy ways by which they can efficiently carry out their routine activities. Several big companies have started accepting digital payments to avoid the hassle of returning changes. Digital bookkeeping has also become common among various businesses. Accountooze is an organization of Chartered Accountants and Certified Public Accountant India that provides efficient Outsourced accounting services India at an affordable price.

Need a better bookkeeping system, but unsure where to start? We believe in understanding customers’ exact needs and developing a customized solution that best suits their business needs. We will ensure that your books are up to date daily. You can stay on top of the financial position of Business With our software.

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Book Keeping:Business organizations always look for a professional that can efficiently maintain the bookkeeping records. Our accounting and bookkeeping software manages the accounting reports according to your need. We provide outsourced bookkeeping services to enhance the business performance of clients.
Reconciliation:It is hard to eliminate data redundancy in registers. Every company tries several ways to reduce the problem of mismanagement of records by hiring several individuals. Reconciliation is prevalent if you maintain records on files. With our digital software, you can identify your mistakes in your financial statements and eliminates inconsistency. We have professionals in our team that guarantee the accuracy of your financial documents.
Payroll Processing: Calculating the salary of employees is a difficult task. It becomes challenging to include deductions, bonuses, taxes, and much more things for every employee. Our experts will keep all of your data up to date with accurate payroll payments on time.

What Is the Best Cryptocurrency to Invest During 2021?

Present, past, and future – Bitcoin has become a timeless asset for cryptocurrency traders. No matter what cryptocurrency trading instrument you choose, you can bet on bitcoin. 2017 is already a bull run moment for bitcoin. There has been a consistent rise in its value.

In the past one year, its value has only seen an upward trend. Even COVID-19 led economic crisis couldn’t slow it down. The recent USD1.5 billion investment by Elon Musk’s Tesla has given it a new height.

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#2. Ethereum (ETH)

Ethereum’s consistency over the past one year makes it the second most preferred cryptocurrency to buy and sell. Citing the current ETH price (USD1825), you can easily get almost 29 times more ETH than BTC at the same deposit. Long-term or short-term – Ethereum could be a prudent thought.

Its current market capitalization is $209,443,778,508 USD and it maintains a healthy circulating supply of 114,977,310 ETH coins. What guarantees the security of the Ethereum network? Ethereum is secured via the Ethash proof-of-work algorithm, derived from the Keccak family of hash functions.

#3. Binance Coin (BNB)

Until January 2021, BNB was not even in the top 10 cryptocurrency coins. Since then, the Binance coin has witnessed an almost six-fold growth in its value. It shouldn’t surprise you considering the age of the cryptocurrency.

BNB was launched through an initial coin offering in 2017, 11 days before the Binance cryptocurrency exchange went online. Considering the current Binance coin value, i.e., $272.44 USD, which is almost 20 times lesser than that of BTC, it’s easy to conclude that owning more BNB can make you richer if the price goes up further.

#4. Cardano

In just four years of its inception (founded 2017), Cardano has become one of the favorites of cryptocurrency traders that take market capitalization to USD 37,939,127,099. Over the past one year, its value has grown exponentially from USD0.17 to USD1.20, which is almost over six folds.

What does secure Cardano? Its security is maintained through an “environmentally sustainable, verifiably secure” PoS protocol, popularly called Ouroboros. It’s delivered by a PoW consensus mechanism while using substantially less power.

#5. Tether (USDT)

Tether belongs to a new breed of cryptocurrencies called stablecoins. Its value is fixed at USD1. On the contrary to the volatility of other cryptocurrency coins like BTC, it aims to maintain a stable valuation. This attribute makes it a preferred medium of exchange like USD or any fiat currency, and a mode of storage of value, instead of being used as a medium of speculative investments.

The Wall Street Journal, based on CryptoCompare data, reports that 80% of all bitcoin trading is done in Tether, and the stablecoin is a major source of liquidity for the cryptocurrency market.

#6. Polkadot (DOT)

Polkadot’s growth after December 2020 to till date has been phenomenal. It has attained almost seven times growth. DOT is a unique proof-of-stake cryptocurrency. It was conceptualized with a mission to deliver interoperability between other blockchains. It bridges permissioned and permissionless blockchains as well as oracles to allow systems to work together under one roof. Its current value of USD36

The interoperability of varying networks is facilitated by its relay chain. It also allows for “parachains,” or parallel blockchains with their own native tokens for specific use cases.

#7. XRP (XRP)

Wise investors make the most out of the little investment they do. Hence, do not ignore XRP trading citing its low value (USD0.48) today. The usability of its underlying XRP Ledger into the mainstream banking and supply chain for real-time gross settlement has increased its adoption, and its value is likely to see new heights in the near future.

XRP runs on the RippleNet platform which is built on the top of a distributed ledger called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and is not based on blockchain, but rather the previously mentioned distributed ledger database.

#8. Uniswap (UNI)

Though Uniswap comes at #8, its resilience amid COVID-19 led economic crisis is appreciable. This is the only cryptocurrency that hasn’t seen a downward movement since its launch in September 2020. With its current value of USD 33.42, it comes as an incredible choice for all types of investors – beginners and advanced.

#9. Litecoin (LTC)

The consistent rise in the market capitalization and circulating supply of Litecoin makes it a potential investment instrument. Its current value is pegged at USD198.89. It has never disappointed its investors since 2014.

There is a fundamental difference in the underlying technology of BTC and LTC. It uses a hashing algorithm, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees.

#10. Chainlink (LINK)

Chainlink (LINK) derives its underlying technique from a decentralized oracle network that aims to connect smart contracts with data from the real world. Sergey Nazarov along with Steve Ellis developed it, and was launched through an ICO in September 2017. It raised USD32 million, with a total supply of 1 billion LINK tokens.

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Presenting a user-friendly, comprehensive, and secure trading platform, PCEX Member, has become the preferred cryptocurrency exchange to Buy BTC in India or non-BTC cryptocurrencies. Every 24 hours, the trading platform witnesses a transaction volume equivalent to USD2.5 billion. High liquidity, smaller lot size, and lower transaction fees have made it a heaven for inventors – big and small. They can easily, quickly, and safely grow their funds. Benefit from our Knowledgebank that guides you to invest funds and hedge them wisely like a professional. It’s free.

Management Consultants, Improving Performance

If you keep doing what you’re doing, you’re going to keep getting what you are getting. If you feel that you are just treading water in this crazy global economy of ours, and your performance isn’t improving, then maybe it’s time to take stock.

One of the ways to do this is to involve management consultants. They practise the art of helping organizations improve their performance through the analysis of existing organizational problems, and, then go on to develop plans for improvement.

Best Practice is transferable; it is how this is done that is a science. Management consultants provide organizational change, management assistance, technology implementation, development of strategy, staff development and coaching skills to name but a few.

The drive for change is usually a top down procedure. Existing staff may find change difficult in the short-term. D.R.E.C stands for Denial, Rejection, Exploration and finally Commitment, this is to be expected the in the initial stages.

What most management consultants offer is a quality strategy and continuous improvement, improved customer focus, improved on-time, on cost, delivery.

A project manager is usually assigned an account who is an expert in that field and with significant experience in industry. They bring with them methodologies that have a proven track record.

The transference of skills and knowledge and the implementation therein is the key to a successful project. This provides the internal capability for the company to continue the process of improvement.

Complex theories are turned into business solutions that are identified during the project.

One area key to most companies is climate change and rising energy costs. They affect all businesses, and, all organisations will need to change to thrive in the low- carbon economy. You may have already identified the pitfalls?

Personally we are all being asked to reduce our carbon footprints, professionally and for optimum performance it is prudent to tailor an approach for your needs. For example:

· Identify relevant sustainability business drivers to guide your actions

· Develop robust strategy and policies which integrate sustainability

· Mange the implementation successfully

· Continuously improve and develop your organisations

· Minimise the chance of failure

You may already be on the road or just need help with your carbon footprint. This is just one area that management consultants can support operational improvement.

Setting strategic direction is another. Ensuring clarity of purpose when setting strategic direction for your organisation will improve your competitive advantage. The ability to compete is the only way forward. Treading water is not an option.

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