When you have money in a savings account, you’re likely to get a small amount of interest on it. Unfortunately, the interest you accrue may not be enough to cover your expenses. Low interest rates mean that’s definitely the case.
The money you’ve saved may actually lose purchasing power over time if your income falls below the inflation rate. However, no matter what the state of the economy is, there are always opportunities to make extra money. For those who have some money saved up and wish to increase their yields without taking on too much risk, here are some options to explore.
Switch To A High-Interest Savings Account
Some banks provide special, high-interest savings accounts with rates that are much higher than ordinary accounts.
Online banks are a great place to search for high-interest savings accounts. Online banks, which benefit from cheaper expenses due to the disappearance of brick-and-mortar branches, seldom impose monthly fees and often provide rates that are much higher or higher than those offered by conventional banks. Another advantage of using online banking is that it puts your money out of sight and out of mind, making it simpler to resist the urge to spend it.
Invest In The Stock Market
The only people who should consider this particular idea are those who have a lot of experience with investing or are willing to work with a professional advisor such as Fair Forex to help them grow their money. With cryptocurrencies like Dogecoin rising and then crashing in a matter of hours, this year’s stock market has been a roller coaster. This is why it’s important to know what you’re doing before you invest anything at all. However, if you get it right and you’re patient (investing won’t make you rich overnight), then it could be an ideal way to earn more on your savings. Plus, many people who try it find it fun to get involved in.
Consider Buying Bonds
Instead of a standard savings account, you could put your money into bonds, which carry a degree of risk and limit the amount of money you can withdraw, but which can be a good option in the long term.
An investment in bonds is similar to borrowing money from the business or government that issues them. If you hold the bond to maturity, you will get a return on your initial investment plus any interest. If you want to invest in bonds issued by major corporations, you can do so by purchasing US Savings or Treasury bonds. Each has a varied interest rate and payback schedule, with more risky bonds offering higher rates. Yields are often higher on long-term bonds and corporate bonds with a greater chance of default.
Bonds can lose value as interest rates rise, so it’s important to keep this in mind. A bond’s price fluctuates in the opposite direction of its interest rate. This means you may end up selling your bond for less money than you purchased if you do so before the bond matures. If you’re looking to raise the interest on your investments while accepting a bit extra risk, bonds are an excellent option.
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An entrepreneur has to be all in, fully engaged, and willing to do whatever it takes to make the business successful. How can you tap into that level of commitment? It’s about doing something for which you have a passion.
You may have read articles or books advising you to build a business around something for which you have a passion. That’s usually interpreted to mean finding ways to profit from a hobby or a talent. Examples of this might be the car enthusiast who starts his own sports car dealership, the musician who opens her own recording studio, or the computer geek who creates apps and software programs.
There’s a lot to be said for turning a hobby or a talent into a money-making venture. I highly recommend it. But don’t rule out other opportunities. I know many entrepreneurs who are simply passionate about the process of finding opportunities to create and grow businesses of all kinds. We’re like gardeners who enjoy planting, nurturing, and growing things, whether they’re flowers, herbs, vegetables, or exotic grasses — or a paver manufacturing company.
Like many of my entrepreneurial friends, my passion isn’t focused on one field of business or any particular product. My two biggest business successes so far have been our chain of PeopleCare Heritage Centers and a paving stone manufacturing company. Now, my parents moved off the farm to run a similar nursing retirement facility when I was a teenager, but I certainly didn’t grow up yearning to run a chain of them. And while I like nice landscaping, paving stones weren’t exactly the stuff of my childhood dreams, either.
Yet I truly enjoyed the many years I was involved in both businesses because we were able to build successful companies that provided top-notch services and goods to appreciative clients and customers. In the process, we created thousands of jobs that had a positive impact on the lives of our employees and our community, as well as all our suppliers’ companies and the families they supported.
I love the feeling of being in the flow of my business and of doing work that fires up my passion. When you can become that engrossed in what you do for a living, it’s a very good indicator that you’ve found the right line of work.
Here are a few tips for finding that level of passion that will enable you to prevail as an entrepreneur:
Play to your strengths. As an analytical, math-minded guy, I especially enjoy homing in on the financial aspects of my business and figuring out ways to improve performance. I really get engaged in solving problems and puzzles. When I’m locked in on a set of spreadsheets, I lose track of time. I get so focused that I don’t hear any background noise.
Possess a passion for the process. A passion for the process of creating and running a business is what drives many entrepreneurs to have diverse companies across various categories and fields. Some businesses offer more day-to-day excitement than others. Some are more fun to talk about with friends. Some demand more creativity. But even paving stones and nursing retirement centers, or logistics and real estate, can make for very interesting lines of work and rewarding lives.
Improve others’ lives. Our PeopleCare Heritage Centers will never make the list of “Top Ten Most Exciting & Sexy Businesses.” I get that. But when I look back at how grateful our nursing retirement center residents and their families were for the high quality of care we provided and the life-enrichment programs we offered, I find that pretty darn exciting.
Key to firing up your passions is to get into a business that engages you on multiple levels, plays to your strengths, challenges your mind, and builds upon your talents and abilities. And, last but not least, it should help you build more resources than you ever could working for someone else.
About the Author
Bob Schlegel and his wife and business partner, Myrna, came from humble roots in a small Ontario, Canada farming community. Together, they launched their first family business, PeopleCare Heritage Centers, that grew to include 15 facilities in both the U.S. and Canada. While Myrna operated the centers, Bob Schlegel and a partner also launched Pavestone Company, which became the nation’s leading supplier of concrete landscaping products. The Schlegels sold both businesses and today are involved in a myriad of new enterprises and philanthropic endeavors. Bob’s new book, Angels and Entrepreneurs: A Lifestyle Formula for Starting Your Own Business and Riding the Rollercoaster of Entrepreneurship (SAVIO Republic, Feb. 22, 2022), shares the lessons learned from navigating the life of an entrepreneur. Learn more at bobschlegelauthor.com.
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In general, salaries are high in the IT sector. Workers are in-demand and roles are technical, meaning that the number of people available to perform them is low, pushing up wages even more.
In this post, we explore the highest-paying jobs in the sector for 2022. Let’s take a look:
Big data engineering jobs pay well – substantially more than many other data professionals, including data analysts. If you take one, your job will be to take large troves of information and then digest them into manageable chunks which can then be used for other purposes, such as presentations, software or decision-making.
Big data analysts may also be involved in creating company hardware and software architectures and creating systems that make it easier for other colleagues to work with the data.
Devops jobs are popular at the moment because of the sheer number of companies looking for people who can manage software development from start to finish. Engineers tend to work full-time in companies and are responsible for many roles, including:
Maintaining the company website’s backend
Managing cloud infrastructure
Conducting overall system administration
Implementing new, scalable applications
Designing and analyzing scripts and systems
Ideal candidates for these roles include people with strong communication skills and the ability to solve problems on the fly. Critical thinking is essential.
Network engineers spend the majority of their time administering their employers’ computer network and implementing new software and features. Most receive a monthly salary, not an hourly or per-project rate, unless they are contractors.
To be good in the role, you should be knowledgeable about all applicable networking technologies, including firewalls, cryptographic tunneling and routing. You will also require a degree for a successful application, though some companies will accept you on the basis of your experience alone.
If you take a Network engineering job, you will need to stay up-to-date with the latest technology. Continuously attending classes, seminars, and conferences is common practice.
Information systems managers are also capable of earning a lot of money. If you have five to nine years of experience, you can earn $80,000 to $90,000, while if you have more than twenty years of experience, you can often break into six-figure territory. What’s more, because of demand, salaries for professionals with information systems skills are expected to rise to more than $150,000 per annum over the coming years.
IT managers are responsible for supervising a company’s computer infrastructure and network assets. They may also oversee teams that manage IT security infrastructure and administer the platforms that the company uses. In most cases, employers want people who have had experience working across multiple IT departments to fill this role.
Because of the complexity of their work, data scientists tend to be extremely highly paid. People in these roles are responsible for creating the frameworks that companies need to organize, protect, store and analyze their data. They must also run models and algorithms for plotting various data points and improving business intelligence.
The majority of data scientists have a good working knowledge of the computer programming language, Python. They also work heavily in the area of machine learning, providing training data that neural nets then crunch to find solutions.
People most suited to this role are technical, mathematical and focused on details. Popular employers of computer scientists include Microsoft, Amazon and Booz, Allen and Hamilton.
Computer systems analysts are responsible for ensuring that IT networks attain their function year-round. The role includes:
Monitoring networks and systems to check their performance
Ensuring good security at all times
Making recommendations for installing, maintaining or upgrading computer and network systems
Helping users with software, hardware and connectivity issues
Troubleshooting file and email problems, internet access and other network-based services
The best candidates for computer system analyst roles are people with a bachelor’s degree in computer science and engineering, and with additional programming and design training. Larger companies often want postgraduate degrees from applicants, though smaller firms will usually entertain less academically competitive applications.
Computer systems analysts often proceed to become senior systems analysts and then information technology manager, which pays around $20,000 more per year.
If you prefer to work independently and not part of a larger organization, you might want to consider becoming an information technology consultant. These professionals advise clients on how to use their IT and the type of solutions they should install. Clients often ask consultants to physically implement their recommendations, or manage their team to do it. As such, consultants must have a vast array of experience across both hardware and software.
To become an information technology consultant, you will need both an education and training in the industry. You will also need IT-related certifications to prove that you have the necessary skills. You must also be able to work flexibly, late at night and even at the weekends, depending on when your clients need you.
People who excel in these roles are those who have both hard and soft skills. To work well with a range of companies, you need good communication, charm and presentation skills.
Lastly, you might want to consider becoming a site reliability engineer. Candidates with no experience can expect to earn $83,000 per year with the top-flight earning in excess of $138,000.
Moreover, despite the high entry-level pay, there is still room for career growth. Many site reliability managers go on to become development operations engineers and then site reliability engineers, software engineers or senior development operation engineers.
Conclusion
In summary, the 2022 IT job market is offering candidates a host of high-paying jobs. Excitingly, many of them have similar requirements, so re-skilling from where you are now to get to the job you want is actually quite straightforward.
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Being a business owner has its perks. For starters, you get to help your clients with innovative solutions while building wealth. Moreover, you have the freedom to determine how you work and what strategies will best suit your business. Despite these perks, you can quickly be left behind if your business isn’t relevant in a rapidly changing market. Statistics reveal that 42% of businesses fail because their products and services aren’t needed on the market. How can you thrive and stay ahead of your competition? Here are some smart strategies to help you out.
1. Practice regular communication with your customers
Your customers are instrumental to your business success, and communicating with them can ensure your business relevance. Irrespective of how innovative you imagine your products or services, your business would die out if your customers aren’t keen on them. According to the Harvard Business Review, businesses can’t keep their products on the market due to various reasons. While some products don’t have a market, others need customer education but fail to do so. Moreover, an Idea For Leaders survey revealed that customers would reject a product to stay in control. That said, it makes sense to involve them in your processes to ensure their loyalty.
The key is to think with them to create innovations for their current problems. Therefore, you’ll find it helpful to organize meetings with your clients to determine what products and services they need. Likewise, leverage the public forums on your social media platforms to ask questions. Emails and texts are also effective, but ensure that you send personalized messages to increase engagement. You can also utilize electronic surveys for the best results.
2. Improve your products and services
Competition is an integral part of entrepreneurship, and improving your products and services will ensure that your business stays ahead. Moreover, you can easily meet your consumers’ changing needs to avoid losing your customers’ patronage. A product and service improvement operation is in order if you experience low product demands and sales, increased production costs, and changes in regulations and laws. A 280 group survey indicates that 21% of products don’t meet customers’ needs. A Neilsen research also revealed that 63% of clients appreciated that manufacturers introduced innovative products.
Therefore, you want to consider this option if you haven’t already. Although product improvement may seem daunting, you can achieve it with the right steps. You can begin by identifying and fixing your pain points. Fortunately, you can retrieve the necessary information by creating client surveys and listening to your sales team. You can also source inspiration from your competitors, so keep this in mind.
3. Engage your employees
Your employees represent your brand, and their performance can keep your business thriving or destroy it. Therefore, it becomes imperative to prioritize and engage them in your business processes. Employee engagement comes with many benefits for your business. A Gallup survey revealed that businesses with highly engaged employees recorded 41% lower absenteeism cases. Likewise, engaged employees are likelier to offer better customer services, increasing customer loyalty, and sales. Moreover, high employee turnover rates can hurt your business’s credibility, and engaging your staff will keep them interested in working with you.
To get started, ensure that they are acquainted with your company’s values. Also, getting to know them better is a great way to build a good relationship with them, so keep this in mind. As a tip, ask them about their families and other important details to make them feel valued. It’s also important to create an enabling work environment and provide the right work tools to boost productivity. For instance, you’ll find it essential to get tools from quality brands like The Trimmer Store if you are in the cannabis industry. Likewise, appreciate their hard work and create career growth and development opportunities.
4. Invest in the right technology
While technology is an integral part of daily life, it’s become more important for maintaining business relevance. Leveraging tech in various business tasks ensures accuracy, so keep this in mind. For instance, using automated tools to conduct business research will help you access the needed information to promote business growth. Moreover, you can utilize AI to improve customer service, predict business trends and promote collaboration among teams. As many workers embrace remote working, technology makes it easier for them to communicate with other workers and enhance their efficiency. That said, you want to invest in technology if you haven’t already.
Using the wrong tech tools can be more harmful than beneficial despite their benefits. Therefore, ensure that your chosen tech options suit your business’s needs and improve your existing business processes. Also, invest in easy-to-use options to avoid time waste and complications. Tech tools used by other industry players are good options to consider, so keep this in mind.
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With every generation that passes, we become more and more conscious of what we are putting into our bodies. The science of food, in particular, has led to more focus on ever-more diverse diets, superfoods and eating plans. As we gain more awareness of what the benefits and disadvantages of certain foods are, we’re also seeing this expertise gaining coverage in terms of the foods that hit our supermarket shelves. And for people with an interest in food, this is creating business opportunities – which include the possibility of starting a ready-made meal-prep business.
One of the major ways in which a line of business changes over time is the addition of choice – once upon a time, the vast bulk of ready meals in a supermarket would be from a few basic choices. Now, the range of choice is increasingly wide. So if you fancy taking your nutritional and culinary expertise to market, it’s worth knowing what you need to get right before going into business with a line of ready meals.
Pick your niche
As we’ve noted, the range of choice for ready meals has exploded in recent years, and if your business line is simply “ready meals”, it’s hard to attract the kind of attention you want. You need to have something more identifiable going for you. What about keto meals? This is a field where easy food is hard to come by, so if you can launch a decent line of carb-free convenience food, you could have a marketable business. Or you could be looking at a specific type of cuisine. It’s not hard to find pre-prepped Italian cuisine, but there are other national styles that are less well-served. Why not try Korean or Moroccan dishes?
Think from field to fork
Convenient food is popular because people, at the end of a long day of work, don’t want to have to put in too much hard graft or time in the kitchen. That means that you’re the one taking on this effort, so you need to break down every step of the process. You’ve got to source ingredients; blend them to make a meal that will survive cold storage & logistics; package them in a way that makes them stand out in a supermarket; figure out and communicate cooking instructions. You’ve got to do all of this without overspending, so break the steps down and then look for ways to make it cost-efficient in every one of those steps.
Plan how you will sell your meals
One major advantage a meal prep business has these days is that you can sell your dishes in more ways than were available even ten years ago. You used to have to persuade supermarkets and convenience stores to carry your brands. Then you had to hope they displayed them prominently. Now, while brick and mortar stores are useful to have on your side, you can sell directly to the public. An ecommerce site with a decent design and SEO can allow you to reach a considerably-sized customer base. From there, you can build a substantial brand.
Find a facility
You may well be great at crafting delicious, nutritious and healthy dishes in your own kitchen, but if you want to sell to a wide market, you’re not going to be working in your own kitchen. That’s because first of all, you won’t have the industrial-sized ovens and cooking facilities needed for mass production, and second of all you won’t want health inspectors coming in and out of your house as and when they want. So you will need to find a place to work out of.
You’re also going to need the equipment to package and vacuum-seal your meals as well as storing them before distribution – and there is the question of distribution itself. Will you be sending meals to stores and markets, in which case you’ll need to send them en masse? Or, if you’re going e-commerce and sending directly to homes, you’ll need space to store the meals and to find a way of sending them securely – usually in a thermally-controlled box with ice packs.
Selling pre-prepared meals can be a way to make a decent buck or two in the business world, but you need to be conscious of the scale of job it takes to get up and running. There’s a lot to stay on top of, but if you put the thinking in then there’s no reason you can’t make a success and even a household name out of your culinary expertise.
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When you have money in a savings account, you’re likely to get a small amount of interest on it. Unfortunately, the interest you accrue may not be enough to cover your expenses. Low interest rates mean that’s definitely the case.
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