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How to manage your personal debt?

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manage your Personal debt

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Personal debt, this one term has different meaning to different people. Some people see it as an enabler which helps them in getting what they want and some people see it as a burden on their shoulders which they seem to hate. In reality, it can be both.

What does Personal Debt entails in the current scenario?

Personal Debt nowadays means debt incurred by a person to buy something he fancies or needs and he can borrow it from lenders like banks, people and other institutions. People take the money from such lenders and usually pay an interest (depending on the principal and interest rate agreed upon) on debt incurred. It also includes credit card debt, automobile loans, and house loans. Recently many banks have started to offer personal loans, gold loans and loans for buying electronics items like TVs, laptops and even mobile phones.

How it can be good for you?

Personal debt can be an enabler. You can buy things you need and want and you can pay as per your need. A person can pay in easy EMIs and doesn’t need to spend from his personal savings, instead he can pay it out from his future cash flows. Thus in a way it is a good thing for people who are sure of a fixed income. One can also hypothecate some of his belongings like gold and house and fulfill the immediate needs of cash.

With Individual Voluntary Arrangement you can also manage your unsecured debt. An IVA acts like a legal agreement between you and the creditor which usually lasts for 5 years. During this period you pay only what you can afford to pay outside reasonable living costs. All interest charges freezes to 0% and  creditors cannot demand for additional payment as long as monthly IVA payment is made. Once IVA has completed, all remaining debt will be legally written off.

But what are the downsides?

Now comes the tricky part. Personal debt can be an enabler but it can also be a rat trap for you. Personal Debt has many downsides and if incurred beyond a limit, it can destroy your finances and economic wellbeing and you can get bankrupt. It can be a great cause of worry if your personal debt is huge but why exactly? The truth is: most people’s sole asset (let’s assume that asset is something which gives you income) is their monthly

salary only. And they have lots of liabilities (let’s assume that liabilities take something out of your pocket). But how it affects them? Well haven’t you felt the money crunch? Lots of people complain that their salary lasts for one two weeks and they barely get by for the rest of the week. Many people who complain about having no savings are the people who have higher than average salaries and many of them belong to families where many people earn. Why is that? The simplest logic is their expenditure is much higher than their income. And this creates a problem. Most of the people nowadays have low survival ability i.e. if their salary stops coming in, they will go bankrupt very soon. Such people are living from salary to salary and have meager savings and high debts(mostly credit cards). This is really a dangerous condition.

High personal debt means high negative cashflow. Many payments are needed to be paid at the beginning of each month thus the amount you can save goes down. Also the money you have for your immediate needs goes down which causes more credit card debt. Also the interest rates are usually very high for credit card debts. Just imagine, if anyone buys a car worth 5 lakh with 2 lakh down payment and 3 lakh loan, the car might cost him around 7lakh with interest.

Don’t incur high personal debt!!!

How to manage your Personal Debt?

Hopefully by now you will be interested in managing your personal debt. There are some basic guidelines which might help you in managing your personal debt successfully.

1. Try to buy things with cash – If you don’t use your credit card much, you will find that you are buying things less than usual. Also it is hard to choose between a hand full of cash and an item (try it). Your expenditure will go down and you will find that you also save credit card dues and fees (even if it is a ‘free’ credit card, there is usually a limit beyond which, it is free of annual charges).

2. Use tools in the market – There are many tools, available online, using which you can bring your debt down slowly. These are developed by financial experts and you can check them out. I found one such debt calculator tool which I personally recommend. It is an excellent tool which can actually help and is easy to use.  It is the debt calculator at www.IVA.com

An IVA theoretically is an Individual Voluntary Agreement which can help you in managing your unsecured debt. You can take advantage of the fixed rates of IVA and use them to slowly and securely pay your debt. This scheme can thus help you in getting debt free and also offers you protection from creditors which many other debt reducing plans like Debt Management Plans do not.

To avail the benefits of IVA you need to get your financial condition assessed by an Insolvency Practioner (IP). A fixed rate will be chosen and then you can slowly pay off your debt. Mostly IVAs can help you finish your debt in a short duration of just five years.

 3. Save more – There is no alternative to saving more. If you have enough savings you can weather many disasters and it will increase your survival ability. Also you will feel much less anxiety if you know that you have enough financial resources to survive.

4. Get income generating assets – You should always try to get as much positive cashflow as possible. Invest in schemes, buy shares or real estate (which should get you some income every month) or operate some side business. It will also enable to retire earlier and live a tension free post retirement life.

I hope that this article has encouraged you to think and maybe have given you some ideas to how to manage your personal debt and finances effectively. Please do share your thoughts on the subject, I would be glad to reply to your comments.

I am a software engineer in a prestigious MNC. I am NSE certified derivatives professional and I like to dabble in money making schemes a lot. I like to read, play subway surfer on my tab and I am always connected to internet.

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Make the most of your money

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It is no secret that money moves the world, therefore we should always make sure our money is in the best hands. Thankfully, nowadays, we can access the best online financial services from the comfort of our own home. With just a few clicks, you too can start getting the best rentability from your money.

New investors for your construction projects

The construction sector has taken a big hit during the last years due to the multiple financial crisis we were forced to face. This sector creates millions of work positions every year, so getting the proper founding for any construction project is key before we start doing any work at all. 

Thankfully, there are groups of investors like CEMEX’s Corporate Venture Capital. As explained in their website https://www.cemexventures.com/, CEMEX Ventures is an investment group looking to invest in innovative construction startups. Counting with the help of CEMEX Ventures will not only bring your construction project a financial boost, but also will get you in contact with their team of experts to ensure that your construction project runs as smoothly as possible and does not encounter any problem at all. 

CEMEX Ventures is revolutionizing the construction sector one building project at a time, so do not miss your chance and apply to join the CEMEX Ventures family. 

Get loans when you need them the most

Life takes many turns, and sometimes, we find ourselves facing financial problems we did not plan for. For example, one day our car can break out of the blue, and we would find ourselves with a big expenditure to keep our means of transportation. That is when rapid loans come in handy. 

Applying for a loan is now easier than ever, all you need to do is visit comparator websites like Creditosrapidos10min. Creditosrapidos10min features information of a lot of rapid loans websites and all the information you would need if you decided to apply for one. On their website, you will be able to apply for loans of up to €60000 and get the money delivered to your bank account in just a few minutes. 

Websites like Creditosrapidos10min are the perfect tool to face those unexpected financial problems we could encounter. 

Leave your property on the best hands

Whether you live in a community of neighbours or own real estate, it is very important that your property is always managed by a team of experts. Problems do not stick to schedules or working hours, they can happen at any moment, and we need to make sure we count with the help of the right people to fix them. That is why it is recommended that every community of neighbours or real estate owners hire the help of an estate administrator Ciempozuelos.

Professional Estate Administrators are experts at managing everything related to our property, from hiring the maintenance staff, to write their pay cheques, hire security, etc. They also offer legal assistance and will solve any problem that could affect the installations, such as a pipe leak. 

Finally, getting rid of your debts

Debts are something that can easily pile up. Before we can notice it, we find ourselves facing more debts than we ever planned for and not knowing how we are going to afford to pay them back. In cases like this, you should always request the help of professionals like the team at Repagalia.

The team of experts at Repagalia will study your case and create a personalized plan for you to pay your debts, and after you give your approval, will administrate your money to ensure you stick to it. And if there is no way you can pay them, they will asesorate you in the second opportunity law, so you can cancel all your debts once and for all. 

So if you have any debts, do not look any further, the team of experts at Repagalia will help you get rid of them and no longer feel the debts constrain.

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Stay On Top Of Employee Management

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Company meeting

Employees are the most important asset of any organization and the main engine for its success, but to get the full potential out of employees it is important to know how to manage a team of employees. The desire for the employee to function at the highest level is in the common interest of both the employee and the management and not one good manager is measured by his ability to motivate the employees and get the most out of them. Quality employee management will reflect the human capital inherent in the employees of the organization or business, increase employee motivation, create mutual trust between employee and manager and employee to employee and motivate staff to share responsibility for achieving goals and results of each organization.

Setting realistic goals for employees

To be good managers you have to trust the abilities of your team members, take a step back, let them do the job even without your intervention. While it may sound tempting, and perhaps even logical, to lead the organization’s tasks and take care of optimal performance, a good manager should know how to stand aside sometimes, allow employees to achieve results on their own, and even even have difficulty and even fail sometimes.  Proper management does not set employees unrealistic goals, goals that are not achievable either objectively or subjectively according to the employee’s perception. The place in which  they work can affect their productivity. A good office space is vital. In this case, you should look at prestige serviced offices

Be a better manager with the help of proper communication with the staff

One way to build constructively and effectively is to provide feedback to the employee. Avoiding feedback impairs an employee’s ability to learn, progress and improve his or her functioning. In fact, even an informal dialogue between the manager and the employee will strengthen the relationship between the employee and the manager, provide him with indicators of success, give him test points for examining the individual and organizational functioning and contribute to the employee’s motivation.  

Management while providing personal attention and examining the potential of the employee

Although employee management does not require a degree in social work, it requires the manager to understand the needs and desires of the employee and to know that there is a person behind the employee. Personal treatment of the employee does not eliminate the needs and requirements of the organization and does not harm the status of the manager.

The opposite is true, managers who do not treat the employee as a number or as a “resource” increase their value to the employees and motivate them to improve in many parameters such as perseverance, identification, initiative, productivity and more. Managing a staff team means maximum utilization of the human resources available to the organization that are reflected, among other things, in the ability to see the employee’s abilities beyond the position and slot in which they are located. Non-limitation of the employee to the limits of his job definition will lead to the development of both the organization and the employee and better results for the organization.
In an age where the job that the employee now performs is not a lifelong career and many employees move from job to job and also from organization to organization sooner or later, the manager has the task of developing talented employees, promoting them within the organization and preventing them from leaving. Throughout the period of employment of the employee in the organization, it is important to educate them and allow them to “grow”. Delegating authority over employees and giving responsibility to employees are among the important tools that will create in every employee motivation, desire to succeed and a sense of partnership in the organization and practically will also make it easier for you as a manager to take responsibility and work.

HOW TO SAY “NO” TO AN EMPLOYEE  

Managing a staff requires knowing how to say no sometimes. Managing a staff is not only reflected in the projects you agree to carry out, but also in those you decide not to carry out. Before you decide to agree to any initiative of the staff, it is important to consider and make sure that the initiative meets the goals of the organization and benefits it. If you do not think so, do not fall into the trap of being nice and agreeing to everything, a good manager also knows when to say no, and you will also be surprised the staff will appreciate them for it as long as it is made as a matter-of-fact decision. 

Remember that employees are not perfect

An important part of any employee task management is knowing that no one is doing anything perfectly, especially for the first time. A professional manager does not insist on integrity, but gives his employees support and protection even when they are not doing a perfect job in the belief that in the future they will learn to perform the task in a better way. 

How to conduct team meetings 

Staff meetings in the office are a management tool, but also a tool that contributes to the formation of employees. In order for the team meeting not to be perceived as boring and inefficient it is important to know how to conduct a team meeting. Basically, each participant should be given the feeling that his or her voice is important and heard, given the opportunity to raise issues and ideas for discussion at the meeting, suggestions for improvement and streamlining, or to make complaints and requests. It is not always necessary to hold an office meeting, it is sometimes possible to go out to a quality restaurant. A pleasant staff meeting will contribute, among other things, to strengthening the connection between the employees and the management.

When the manager adopts actions and methods that will strengthen the employee’s relationship with the manager and the organization and increase their motivation, the employee’s absence is expected to be at least significantly.

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How Has Technology Changed Farming Over The Years?

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Technology has become a big thing in the world. No matter where you look, technology is everywhere and that isn’t going to be changing any time soon. We live in the age of tech, and if you can’t get behind it then you are going to be left behind while everyone else surges forward. This is exactly what has happened to the farming industry over recent years. Technology has made processes easier to complete, and generally made a positive impact on the industry as a whole. 

But. how has it done this? There are many different elements that make up farming, and tech has managed to ingrain itself in each and every one of them. 

Crop Genetics And Pest Management

While the idea of improving plant genetics isn’t new, it is made a lot easier by the development of technology in the field. Plant breeders have been working to improve germplasm to develop seeds that have the best mixture oc characteristics possible. As such, they can make sure they get the best yield when it comes to specific weather conditions and soil. It’s important to understand that the older methods are still used here, but they are also combined with a newer approach that involves the latest tech. 

Genetic engineering technology plays a huge part in this process, as it helps to improve a number of different things about the plant. By doing this, farmers are able to increase crop yields, making their farm more efficient. 

Mechanization

The new and improved farm equipment has had the most significant impact on the farming industry. It has drastically changed the way that farmers raise and care for their livestock, as well as growing plants. The heavy duty equipment such as tractors, combines, and planters all make their life a lot easier. If you need any old school products such as a G8P 12V 8 GPM Portable Fuel Transfer Pump then these are still available for farmers to purchase. It’s not to say that just because tech has come about it’s completely out with the old. 

The biggest benefit of mechanization is that farmers are now able to produce more from their farms with less labor. Saving farmers money, producing more to cater for the demand and all around making life much easier for those who are in this industry, tech has been a lifesaver in some ways. 

Specialization

When you think back to being a kid, do you remember the farms that you saw on TV? Well, that is how they used to be. There was a little bit of everything by way of animals, and certain crops were also grown depending on what kind of farm you had. With tech coming into the equation more and more, farms have become more specialized in recent years. 

When you visit a farm now, you are more likely to see one type of livestock being raised than a whole range of them. Back in the olden days, raising a range of different livestock was where the money was, but not anymore. Thanks to technology, focusing on one area rather than all of them is actually more profitable. It gives you the chance to acquire all of the tech that you need to focus on that one area, and it also means the farmer has more knowledge of it. Therefore, what is produced is a much higher quality than it would be otherwise. 

Livestock Genetics And Breeding

Humans have been domesticating animals for a long time now, and farmers used to select particular livestock, breeding them to adapt to certain conditions. Or, they would be bred with one purpose in mind: the end goal. The technology to aid this practice has come a long way in recent years, and now there are animal geneticists who work to identify the genes within animals and then enhance them for various reasons. 

Embryo transfer is gaining more and more popularity over recent years, especially in the dairy industry. This wouldn’t have been possible fifty year ago, and it is thanks to technology that it is possible now.

Now, you should understand a little more about how technology has changed farming over the years. There have been many changes to how farming used to be, ensuring that farmers can keep up with the rising demand from the market. Of course, it’s not easy to make all of these changes for farmers, especially the ones who have been used to doing things the old fashioned way. But, with technology at the forefront of almost everything that we do, it’s hardly surprising that it has made its way into the farming sector.

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