About AllOnMoney.Com

Finance professional offering tips on saving money, investments, insurance, and more.

Personal Loan of 1 Lakh: 6 Low Interest Options, Minimum Income Reqd.

Unsecured and secured personal loan are the most profit making product for any financial institutions due to high interest rate and other types of fees charged e.g. processing fee. However when the loan amount required is less (e.g. Rs. 1 Lakh), then it absolutely doesn’t make sense to pay such a high interest. This is because there are low cost alternatives to get personal loan when the amount is small.

In this article we’ll take example of Rs. 1 Lakh personal loan.

If you take unsecured personal loan of Rs. 1,00,000 for 12 months at an interest rate of 15% per annum from commercial bank (typically the interest rate is in the range of 15% – 20%) the EMI will be Rs. 9,026.

Let’s evaluate low cost personal loan options.

Money Saving Options to Get 1 Lakh Personal Loan at Low Interest

  1. Ask friends or relatives: This should be the first option (when own saving is not sufficient to meet the demand). In return, you can give interest to them. Let’s assume you pay 6% interest to your friend. Then you’ll have to pay Rs. 8,561 every month. This way both the parties will benefit mutually with no strict terms and conditions. And higher the EMI you pay, higher would be the saving at the same rate.
  2. Against Fixed Deposit: Loan against FD is a type of secured loan and is one of the most cost efficient option as the interest rate is small compared to unsecured loan. You need to deposit certain amount called as Fixed Deposit Amount and apply for loan against it with highest chance of approval. However the loan amount approved is in the range of 80% – 85% of the FD amount. So for a loan of Rs. 1 Lakh, your FD account should have deposit of Rs.1,25,000 – Rs.1,30,000. Interest rate charged is 2% above the FD interest. So assuming investor gets 8% interest, loan interest would be 10%. At this rate, the EMI would be Rs. 8,792.

The interest rate charged is 1% – 2% less than the unsecured loan.

There are many other advantages of taking loan against FD such as –

  • You continue to earn interest on the account.
  • No prepayment penalty: That is, if you manage to repay the money before the standard tenure, you won’t be charged any extra money. This fee is most of the times charged by banks for unsecured loan.
  • Interest charged only on the amount utilized and not on the complete loan amount. Meaning, even if the loan amount is 1 lakh but you withdraw Rs. 50,000; then the interest is charged on 50,000 only.
  • No income requirement: In case of unsecured loan, banks will always ask for income and related document proofs before approval. But in case of loan against FD there is no minimum income criteria.
  • Money can be used for any purpose.
  • No processing fees
  • Minimal documentation and many others.

Most of the banks in India offers loan against fixed deposit.

3. Against LIC Policy: Another type of secured loan is loan against LIC policy wherein loan applicant has to keep loan LIC policy as a collateral. The loan amount is typically 80% of the surrender value of the policy. Typically you can get loan against ULIP, endowment plan, whole life plans, income plans, which are the types of life insurance policies. The interest rate charged is less and is to be paid only on the amount used and for the duration used.

4. Against Gold: To avail finance, you can also keep gold as collateral. This is called as gold loan. The interest rate is less (11% – 15%) which varies for each lender. Once the gold quality is checked and all the necessary documents are submitted; after successful evaluation, money is credited into the borrower’s bank account. You can keep gold ornaments, coins, biscuits, etc. and get loan against it. Few advantages are – only interest amount is to be paid until the tenure. And when the tenure ends, you pay the principal amount. Loan amount can be used for any purpose. And most importantly, your precious ornament is safe and secured with the lender. In fact, more safe than keeping at home.

5. Against Shares or Mutual Funds: Another way to get secured loan is by pledging shares. If loan applicant holds shares of select companies then he/she can get loan by pledging the shares.

6. From co-operative banks: Financial help at concessional rate is the motto of co-operative bank. Compared to commercial banks, small loan amount of Rs. 1 Lakh can also be availed at a interest rate less than 0.5% – 1%.

You can also get loan under Rs. 1 lakh against Kisan Vikas Patra, National Savings Certificate, etc. But the above listed options are highly recommended.

Minimum income required to get personal loan of Rs. 1,00,000?

It is a myth that to get personal loan approved, the income required is high irrespective of the loan amount. However this is not true. There are many lenders requiring very small income.

Here’s the table showing minimum monthly and annual income required by banks in India:

Name of Bank and Personal Loan ProductMonthly Income Required (Rs.)Annual Income Required (Rs.)
State Bank of India (Xpress Credit)5,00060,000
Canara Bank (Consumer Loan)6,00072,000
The West Bengal State Co-operative Bank Ltd.2,00024,000
The Andaman and Nicobar State Co-operative Bank Ltd.5,00060,000
The National Co-operative Bank Ltd.5,00060,000
Abhyudaya Co-operative8,00096,000
Canara Bank (Canara Budget)10,0001,20,000
Canara Bank (Teachers Loan)10,0001,20,000
The Greater Bombay Co-operative Bank Ltd.10,0001,20,000
State Bank of India10,0001,20,000
HDFC Bank15,0001,80,000
ICICI Bank15,0001,80,000
Axis Bank15,0001,80,000
Fullertoan loan15,0001,80,000
Punjab National Bank15,0001,80,000
Dena Bank (Suvidha)15,0001,80,000

However credit score score plays a significant role when it comes to unsecured loan. So always maintain a good credit score.

How to Calculate Interest on Credit Card on Partial & Late Payment

Credit card is one of the most profit making product for the financial institutions but at the same time the risks associated is extremely high because of default threat. This is the reason a very high interest is charged by the car issuers. Interest in addition to other fees is what makes big profit for the card issuers.

But do you know how financial institutions determine the amount of interest to be charged.

Consider following example:

Annual interest rate on credit card: 20%
Limit on the card: $5,000

As soon as a partial or late payment is made, interest begins to accrue on the full amount of the account.

A person wants to buy a refrigerator that costs $1000 but does not currently have the money for this purchase. So the person decides to use a credit card to buy the device.

A few weeks later, card bill is generated by the issuer. The account balance is now $1,000 which needs to be paid in two weeks. Unfortunately, the person has less than $500 and only makes a partial payment of $500.

Here are the important dates for the interest calculation:

  • 1 January, 2018 – Purchase of refrigerator
  • 15 January, 2018 –  Card statement generated due on 31 January
  • 20 January, 2018 – $500 payment on credit card
  • 15 February, 2018 – New card statement showing the remaining balance of $500 + interest for not having paid the amount in full

Daily Interest Rate

First, the daily interest rate for this credit card is calculated because this percentage will be used as the basis for our calculations. The annual interest rate is simply used to calculate the daily rate.

Here’s how to calculate the daily rate:

Annual interest rate 20% / 365 days in a year = 0.0548%

Partial Payment – Interest Calculation

Under the previous scenario, what would be the amount of interest charged on the February 15 statement?

When an amount remains unpaid on a credit card, interest is charged from the initial purchase and on each subsequent purchase until the card is paid in full. To stop the interest on the credit card, it is necessary to make two full payments in a row.

On January 1st, the credit card balance becomes $1000 following the purchase of the refrigerator. As soon as the person receives the statement of account, full $1,000 must be paid to avoid paying interest. However, on January 20, 2018, card user pays only $500. On the next statement, the balance will be made up of the balance of the $500 that had not been repaid and an amount of interest added.

The interest will be calculated from the date of the original purchase as follows:

Interest for a period = Amount of credit card debt x daily rate x number of days

We have to do this equation twice to find the interest on the account statement, on February 15, 2018:

From January 1, 2018 to January 20, 2018 (payment date): $1,000 x 0.0548% x 19 days = $10.41

This $10.41 amount of interest runs for the period beginning with the purchase of your refrigerator, and ends with the first payment of $500.

Now it is necessary to calculate the interest for the period beginning on the payment date and ending on the date the next statement is generated:

500$ balance outstanding x 0.0548% x 26 days (difference in days between the payment date January 20 and the statement date February 15) = $7.12

On the account statement, the amount will therefore be $500, i.e. the amount still to be paid + $10.41 (interest from January 1 to January 20) + $7.12 (interest from January 20 to February 15) = $517.53

Thereafter, if the person makes a payment of $517.53 on February 28, will his balance be zero?

Unfortunately not, because even if card user has paid the full amount, there will still be interest to be paid between the date the statement is generated and the date of payment.

The balance as on February 15 was $517.53 and interest continues to accrue until full payment is made on February 28:

517.53 x 0.0548% (daily interest rate) x 13 days (number of days between statement date and payment date February 28) = $3.69

This shows that even if you pay the full amount of the February 15, 2018 statement ($517.53), the next statement will show a balance payable of $3.69. By paying the last amount, the balance will finally reach zero.

This was an example with only one purchase, but in a real world there will be several purchases on a credit card. Interest is almost impossible to calculate manually. The interest generated by each purchase should be calculated until the credit card is paid in full.

It is also important to remember that if a person makes a late payment or partial payment, the interest payable will begin on the day of the initial purchase.

Late Payment – Interest Calculation

The calculation concept for a late payment is very similar to a partial payment. Let us go back to the example at the beginning:

1 January 2018 – Purchase of refrigerator
15 January 2018 – Receipt of the invoice, which is due on 31 January
12 February, 2018 – Late payment of $1,000
15 February 2018 – New account statement generated showing the balance of interest incurred

The full payment was therefore made 12 days late. Penalty will not be charged for the 12 days of delay, but from the date of purchase:

1000$ purchase refrigerator x 0.0548% daily rate x 42 days (number of days between the date of purchase January 1st and the date of payment February 12th) = $22.76

The statement of account printed on February 15 will indicate a balance payable of $22.76. After this full payment, the card balance will be nil.

Conclusion

The only way to avoid fees is to always pay the amount due in full before the deadline indicated on the account statement. Failure to make a full payment before the maximum date will result in interest being charged.

Annual Percentage Rate (APR): Calculation, Basics & Types

If you have credit cards or have taken loan to get your new house or renovation or buying a car, you are paying interest on that money with a certain percentage a year to the lender. This is called an APR, or annual percentage rate.

Cost of borrowing money is called as Finance Charge (APR)

It only takes a few minutes to calculate the APR on your credit cards if you know the basics and know a little algebra. Mortgage APRs are calculated differently because they include additional fees to insure your loan. You’ll learn how to get several here.

Understanding APR

Remember that it costs money to borrow money. If you’re using a credit card or taking out a home mortgage, you may have to use more money than you currently have. If you get a loan, the lenders who gave you the loan will expect you to pay them the amount borrowed plus a fee for lending you the money. This finance charge is called an APR.

The APR can be divided into monthly and daily interest payments. The APR is the annual rate you pay for a credit or loan.

For example, if you borrow $1,000 and the APR is 10%, at the end of the year you will owe $100, or 10% of the $1,000.

Monthly Rate: But lenders can change that number and charge monthly. If you want to know the monthly periodic rate, just divide your APR by 12.

10% ÷ 12 = .83%. Each month the interest will be .83%.

Daily Rate: Lenders will also be able to modify the APR in order to collect it on a daily basis. If you want to know the daily periodic rate, just divide the APR by 365.

10% ÷ 365 = .02%. Every day your interest rate will be .02%.

Types of APR

There are three types – fixed, variable and tiered.

Fixed APRs remain constant throughout the life of the loan or credit card.

Variable APRs can fluctuate daily, leaving the borrower wondering how much interest they are paying.

Tiered APRs is another type of APR that can vary depending on the debt the debt is owed.

It should be clear that the average APR is about 14%. It’s not an insignificant amount, especially if you can’t pay it quickly. Average fixed rates are slightly below 14% while variables are slightly above 14%.

Remember that you will not be charged the APR if you pay your monthly bills on time. If you spend $500 on your credit card but pay off the balance by the due date, the APR will not be calculated. To avoid paying interest and have a better credit history, make your monthly payments on time.

Is Paying Off Debt Quickly – Good or Bad? Or Should You Invest

Whether it’s a mortgage, personal loans, credit cards or all, today more and more people are drowning under the weight of debts. And, for those who have enough income to stay afloat, the only logical option seems to be paying off their debts as quickly as possible.

But wait, is paying off debt QUICKLY, really the best financial solution?

While it definitely feels good to be debt-free, in some extremely rare situations, you might do better simply by keeping your debts (for example, making minimum payments on your loan) and investing the money you have left over. Fortunately, there are some basic principles you can use to help you determine whether to invest or pay off your debts.

Learning the difference between “good” and “bad” debt

Make a list that includes all your liabilities. Gather your financial statements and make a list that includes all your debts. The list should include the following:

  • Name of the company you borrowed the money from
  • Outstanding balance of the loan
  • Minimum monthly payment
  • Expected date on which the loan will be repaid in full

Create a list of everything you bought with borrowed money. You’ve probably used most of your debts to make purchases. Make a list of everything you paid off with a loan. If you can’t remember everything you bought with your credit card, just write down “credit card purchases.

Combine the two lists to create a master list that connects your debts to your purchases.

For example, if one of your debt is a Visa credit card, make a list of the purchases you made with that card under this heading.

If you bought a house with a mortgage, place the house under the heading “mortgage. Anything you label as “credit card purchases” from the previous step is considered bad debt. People rarely use a credit card to buy something that increases in value over time.

Separate good debt from bad debt. All of your debts will be classified into one of two categories: good debt or bad debt. This is based on the following criteria:

  • If the purchase involves something that normally increases in value over time, it’s good debt. Examples of good debt include your home, your college education, renovations and fine arts.
  • You accumulate bad debt when you use credit cards or other debt to establish or maintain a lifestyle that you might not otherwise be able to afford. Purchases you no longer remember or use, such as entertainment, travel, or basic living expenses, are examples of bad debt and living beyond your means.
  • Borrowing to buy a new car is considered bad debt because its value depreciates rapidly and interest rates can be very high.

Deciding Whether to Invest or Pay Off Your Debts

Eliminate all your bad debt before you invest. The reason you should eliminate bad debt before you start investing is that you have a double expense associated with bad debt.

  • Purchases made with bad debt include items whose value decreases over time, so you lose money as those items depreciate.
  • Purchases made with bad debt can have a high interest rate associated with them, so you lose money by paying an interest expense. In the case of credit card debt, that expense can be quite high. However, just because something is interest-free doesn’t mean it’s good debt. An interest-free loan for an expense or a depreciating asset could be bad debt.
  • If you invest while you still have bad debt, you run a risk with money that could add to the losses you already experience.

Invest once you have only good debt. If all the debt you have is good debt, you can invest because you’ll normally see an appreciation in the value of things bought with that debt.

  • If you bought a home with a mortgage, that home will generally increase in value over the long term (although this is not guaranteed). This increase in value will offset, to some extent, the interest you pay on the mortgage.
  • If you still have college loans, you invested in your career. Your salary should increase over time as you gain more experience or are promoted.
  • However, consider that good debt doesn’t always give you the returns you expect. The real estate market has proven not to be as constant as once thought. And more and more college graduates find that their degrees don’t guarantee a good job. You have to examine the cost of good debt versus the expected return on investment. For example, it might be better to pay off a good debt with a high interest rate if your potential return on the investment is less.

Avoid incurring more bad debt once you start investing. If you have to, liquidate some of your investments to buy items that diminish in value. However, avoid incurring more bad debt with losses that reduce your investment earnings.

A car, for example, may be a necessity wherever you live or for your lifestyle. But borrowing to buy the newest, most lustrous car is considered bad debt. Cars are expensive, depreciate quickly, and the interest you pay is a waste of money. To avoid this, either pay cash for a reliable used car or get a loan with very little interest and buy a cheap car that you can pay for fairly quickly.

Look at the big picture. Debt can be overwhelming and stressful, and for the most part, it’s best to get out of it completely as soon as possible. However, paying off certain debts isn’t always the best long-term decision. Don’t get so obsessed with paying off your debts that you don’t look at the big picture.

Sometimes it’s worth keeping your mortgage for tax benefits. For example, paying off a second home by taking money out of your retirement plan may seem ideal because you won’t be in debt. But in fact you must pay taxes to get money out of your retirement plan. In fact, it may be better to have a mortgage on your home and get a tax break.

Plan carefully for your retirement. Most people retire with a little debt. This is fine as long as you’ve carefully planned your finances for after retirement so you can pay off these debts. Experts recommend having a retirement spending plan that includes being able to pay off your debts. This may mean that you have to work a few more years than you’d like. But you’ll save yourself the stress and long-term financial hardship.

Tips

  • If you’re married, make sure you and your spouse agree on a plan of action. When in doubt, pay off debts first and come to a compromise. Perhaps the more careful of the two will favor starting to invest when the debt decreases beyond a certain point.
  • Being debt free allows you to invest more aggressively and be more generous with your charitable donations.
  • Look for others who are enthusiastic about reducing the debts in their lives and meet with them regularly. Develop responsible partners who can help you make decisions about major purchases and accompany you as you get out of debt.
  • Consult a professional. Many professional accountants and counselors are available to help you devise a plan that will allow you to save for your future by also paying off current debts.

Warnings

Investments carry risks and choosing to use your money to invest rather than pay off your debts more quickly is inherently risky. Of course, the amount of risk depends on the investment, so you have to consider each investment opportunity carefully. Also remember, however, that neglecting your retirement savings (even if doing so pays off your debts sooner) is also risky.

Most of those online calculators assume that your investments will go well and do not take into account the risk involved. If the investment doesn’t go well, you may find yourself paying off your debts sadly having little or nothing to show for your “savings.

Never borrow money for the sole purpose of investing it. Most (if not all) investments do not have a “guaranteed” rate of return. All loans will require you to pay interest. It is very easy to get caught between a low return investment and a higher interest loan.

7 Techniques to Achieve Success & Fame

Success and fame is something most of us live and fight for. Even those who say “I just want to live quietly”, at a certain point, they want to be successful and that is a fact. But we don’t usually know what to do or what techniques are needed to achieve that great goal.

Life is roller coaster ride. It is like a road full of obstacles that sometimes force us to take decisions lightly, right and wrong, depending on the time and place. But the goal is always the same i.e. to achieve a personal or professional success.

Reaching this end is complicated and does not depend largely on us, but on external factors that we can hardly control. Only by being aware that not everything is given away and that effort and work must be constant, we will know how to face the setbacks and recover with the strength to move forward.

In order to do this, there are 7 techniques that you need to have to assimilate and introduce into your day-to-day life in order to end up at the top. But these techniques are fundamentally centred on three pillars:

  1. Personality
  2. Communication
  3. Professionalism

These three elements are very important in the social development of the person, since they form part of the human ecosystem. And there are still tools that, if strengthened, will improve your social relations and help you to achieve fame.

This fame should not be confused with that of celebrities. While it is true that some have earned it based on effort and perseverance, others have been fortunate enough to inherit this social power with minimum effort.

Here we are going to focus on a popularity that has more to do with efficiency, the ability to do things well and to unleash a deserved recognition, whether at work, in the family or with friends.

Having clarified this, we are going to develop each one of the pillars in order to understand its meaning in depth.

Personality

People are what define you, a set of traits and qualities that mark your way of being and make you unique.

Many times we focus on resembling idols and people we admire without stopping to think that we hide particularities that, knowing how to exploit, can turn us into someone of value.

All you have to do is stop and think and review yourself. What do I stand out or am I good at? What can I contribute to others and to the world?

Surely you have plenty of answers to these questions, just identify your strengths and make the most of them.

Communication

Communication is undoubtedly a very important characteristic. Introverted and shy people don’t usually succeed in life because they unconsciously restrict their communicative abilities which prevents them from climbing the social pyramid and strengthening their effective-communicative ties with the rest of the people.

However, knowing how to express yourself well, synthesizing the fundamental ideas to give a reasoned argument and possessing a certain eloquence will help you achieve many purposes in your daily life.

Even in this digital era, where many of the communicational relationships happen on social networks, the exchange of information and conversations is more necessary than ever.

Why? Because it is necessary to adapt the language to totally different canons and provide us with the right tools for effective communication, whether you are a person or a company.

In this sense, there are agencies that dedicate themselves to carrying out a personalized follow-up in order to highlight the communicative points in which individuals fail in order to improve them and push entities and companies to the highest level.

Therefore, a communication agency can be an excellent coach providing you with the necessary tools to enhance these attributes.

Professionalism

It is the third and last characteristic that cannot be missed in the puzzle of success.

Being a professional is not easy and requires a lot of work, time and passion. When you do things because you like them, you don’t encounter any impediments and the results are always satisfactory. We enjoy doing what we love.

The key is to give an unwavering focus to everything we do. In fact, there will be times when we don’t feel like doing something. Things we don’t sympathize with, but we’ll have to be patient and set an optimistic objective, so that the task when accomplished isn’t boring or annoying.

Imagine, for example, what you will achieve later, or add a plan or later proposal that motivates you to undertake what you dislike.

7 techniques to take you places

We have explained these three characteristics that everyone should take into account. And the list below details the seven techniques through which you will be able to go far. Some advice that will try to strengthen these three pillars, which are, after all, the foundations that sustain everything else.

1. Resilience: the ability to solve problems and adapt

We all make mistakes and have difficulties. However, most of the time we don’t have the courage to face these problems and we choose to flee, avoid or ignore them. Nothing is worse than that.

Accommodating everything and clinging to the law of minimal effort is not a solution. Sometimes, facing setbacks requires leaving our comfort zone, so you should always see an error or problem as a signal for improvement.

It is often said that you learn from the mistakes and it is true. It will always be engraved in your mind and you will hardly stumble upon the same stone if you take note of what it has given you.

This makes you see those problems as opportunities, that’s where resilience resides. When you have such an optimistic view of this, he will learn to take advantage of it.

Don’t get stuck and drag the faults. As a person, you evolve and so do your successes and failures.

Therefore, it is useless to think for hours about your mistakes if they are not going to affect you later. Focus on what is really important and draw all the benefit from these experiences.

2. Find out what your passion is and stay motivated.

Getting to the top will be easier if what you do is pleasant and fun for you. The effort is obvious, but that work or effort should not turn into suffering.

First, you have to define a series of realistic goals and objectives, always in the short term. Be sure that you are going to achieve it.

Second, don’t forget to clearly define what you want in order to be motivated. No one who has achieved success has ever said it was simple.

As with everything, there are ups and downs and a lot of bumps before you get to the top. It’s a good strategy to believe it and be self-motivated in these cases, something you’ll achieve by being optimistic.

3. Discard your defects and keep your virtues

Criticism and self-criticism are processes that can help you improve as a person. Both can be constructive and serve as a guide.

Once you have identified goals, guide your abilities to achieve them.

Are you good at writing, talking, computer skills…? Highlight your talents and give them the value they deserve. They may be necessary in your social life and at work. You must stop wasting time on what doesn’t work out or you don’t do well and reinforce your talents.

At this point, perseverance is also essential. Never throw in the towel, for the best is always to come.

4. Don’t forget to communicate with transparency and brevity.

We need communication to achieve things on different planes. It is the sustenance that feeds our relationship with others. You must bear in mind that problems always appear when there is no communication between individuals.

Transparency, clarity and brevity set the guidelines for the achievement of goals at both the personal and business levels.

Strengthening your skills in this sense will help you gain concretion, assertiveness and persuasion to communicate effectively the values, objectives or intentions you intend.

In addition, talking about anything, including problems, helps to improve and prevents conflicts from festering, making it much more difficult to solve them over time.

Much of the problems in couples, between people or companies is due to lack of communication, as we try to hide the problems and do not go to the stage to apologize and rectify when we make mistakes.

This is a very common situation in companies, which tend to err when it comes to solving a crisis that, due to mismanagement. This ends up diminishing their prestige.

Following an adequate communication strategy helps to avoid making these mistakes and to extract the best from it.

5. Control your confidence and have will power

Think positive. You’ve probably read Rhonda Byrne’s book The Secret. It’s a bestseller which says that positive things can change results, as if it were a law of attraction.

Logically, just thinking positive doesn’t make you healthier or guarantee you’ll never get sick. But it’s a wild card that helps you do things with passion and energy.

If you visualize yourself triumphing or acquiring what you propose, it will help you to move forward and do things with sufficient motivation. This is the only way to make you feel like it.

Also, you should not abandon confidence in yourself. As it will serve you to work better, without forgetting the advice and comments of all those people who can bring another perspective to what you do. Because there are times when we do not realize if we are doing the right thing.

Willpower is a very important factor to keep in mind. This is an exercise that not everyone is capable of doing, but it works. Without willpower we run the risk of abandoning our goal as soon as we run into some difficulty.

You have to know that the success you are trying to achieve leads to stubbornness. Because it would not be worthwhile to achieve anything easily. Everyone who has achieved fame in life is because he has fallen several times and has risen again to continue with his dreams. He has not ceased in his efforts.

6. Surround yourself with courageous and sincere people

Don’t forget your own. Among your closest supporters surely there is someone with some wise advice or words of encouragement that will help you walk head-on.

It is not easy to find these people, but they are fundamental allies. There are some who will know how to bring out your good side. Therefore, always stay away from the toxic people who just want you to do wrong and bring out the worst in you.

Get to know yourself and ask yourself how many and what kind of people you want to surround yourself with. If you align yourself with successful, hardworking and positive people, you will be infected by their personality.

Attitudes and moods are transmitted. We are constantly influenced by other people’s opinions, which affect our behaviour, and we tend to pay more attention to those who are negative than to those who are positive.

Your goal is never to feel bad about what they may think or say about you. So it’s a good idea to look for friends or colleagues who highlight your values.

7. More than being yourself, arm yourself with sincerity

Everyone has feelings, emotions and secrets that, for social reasons, shame or for not offending people, we tend to hide.

Being yourself can bring problems, because it often involves saying what you think. In this respect, it is convenient to do a measurement exercise. And without deceiving anyone, express what you feel or what bothers you about others to help repair it.

One of the keys to success is to be honest in a measured way, without getting to hurt the feelings of those around.

Lies, on the other hand, always gum up and end up tarnishing your reputation.

These are the most important tips that should accompany you in your daily life, whether at home, at work or with friends. You must work on them step by step, since they do not get stronger overnight.

Achieving success and fame means a great effort, but knowing your abilities and limitations, as well as with the help of these techniques, you will know how to go the best way to achieve your goals.

Your goal is closer than you think!

6 Ways to Earn Money doing Household Chores

Do you want to start earning money? When you’re a kid, you may be too young to get a job, but you’re not too young to do some basic household chores. If you want to earn money for doing them, you can learn what kinds of tasks are good for earning money, how to ask questions, and how to keep track of your work.

Doing household chores

Clean the house. If you want to get an easy way to make a difference at home, there’s nothing better than cleaning. There will always be something to clean, if you do a good job. Talk to your neighbours about taking responsibility for cleaning several rooms and earning money in return.

  • Bathroom, living room and kitchen are always good options, as they get dirty easily.
  • Think of other spaces, such as the attic, garage and sheds, that may need cleaning. They may not need to be cleaned regularly, but you could do it for money once or twice a year.

Do other basic household chores

There are many household chores that you can learn to do if you don’t know how to do them yet, and earn money in return. These are all household chores that you can offer yourself:

  • Taking out the trash
  • Feeding pet
  • Walking pet
  • Dish washing
  • Washing dirty laundry
  • Folding clothes
  • Making the beds

Work outdoors in the spring and summer

When it’s sunny outside, you can also go out and make money in return, right? In the summer there are lots of things to do in the yard, in your driveway and around your neighborhood:

  • Try washing cars
  • Try opening a lemonade stand when it’s hot outside
  • Offer to take care of your neighbors’ children during summer vacation
  • Mow the lawn at your home or your neighbors’
  • Take care of the garden, pruning and planting vegetables

Work in the yard during the fall

As summer turns into fall, there will be different kinds of outdoor activities you can do. If your neighbours have a yard, talk to them about winterizing it. Any of the following tasks can be good for fall:

  • Cleaning ditches
  • Prune shrubs
  • Raking leaves
  • Collecting branches, acorns, or other debris

Do some winter chores

When winter comes, offer to hang or design decorations for your neighbors’ houses. Bring firewood if they have a fireplace and offer to shovel snow.

  • Removing snow from the driveway can be a great task if you live in a snowy area. It can be hard, which means you can make a lot of money. You can also remove ice from cars, or offer to scrape them every morning as a regular task.
  • Find out about handing out food to your older neighbors, or about helping them during the long winter months.

Do computer tasks

If you’re a technology genius, you can make money doing things you’d do in your spare time. Instead of getting money in exchange for doing boring cleaning tasks, find out if you can charge for helping neighbors do computer tasks.

  • Help the elderly learn to navigate a computer. Teach them to do the basics, such as turning it on, using the keyboard and touchpad, and connecting to the Internet.
  • Help them create e-mail accounts and send e-mails to friends and family.
  • Help them create accounts on social networks like Facebook, Twitter or Instagram. Show them how to create accounts, add friends, and upload photos and updates.

10 Easy Ways to Make Money as a Teenager

You don’t need to be an adult to make money. Just because you’re a teenager and not old enough to do “real” job, doesn’t mean you can’t find ways to make money. Earning something when you’re a teenager is not impossible than you think. It just takes a little creativity and efforts. When teenagers start earning money, they also learn life lessons about saving and investing.

So how to find work as a teenager?

Think about what are you good at. If you think carefully, there are many things you can offer others. Make a list, write down ALL the possibilities. There will be some things that will be more profitable than others and some that you won’t be able to do. Take anything off the list that involves buying materials you don’t have or can’t do where you live.

Determine how long you can work. You need to save the time you need for homework, going out with friends, and doing other fun things as a child. If you play sports or do other activities, it can be really hard. Teenagers are always very busy, so it’s hard to spend more time making money than you have on weekends.

Find out how much time you can invest in making money and set a strict schedule for yourself. Can you work five hours on Saturdays? More?

Here are are some easy options to earn money as a teenager

Beverage Stall

Most children are familiar with the old fashioned lemonade stand. Differentiate by experimenting with other products to sell at your stall. Offer drinks that are seasonally themed. For example, if you live in a cold climate zone, set up a hot chocolate stand in the fall and winter. In the summer, sell cold drinks.

House Cleaning

Ask your neighbors if they could use a hand cleaning their house. Offer to do specific tasks such as vacuuming, sweeping, and cleaning sinks and countertops.

Raking and Shoveling

If you live in a place where the seasons change, offer to rake neighbors’ leaves or shovel their entrances. Go door to door and ask your neighbors if they’d like to hire you. Create simple brochures on your computer and put them on your neighbors’ doors. Get a good snow shovel and offer to shovel the entrances of cars and the passages of your neighbors.

Pet Care

If you live in a neighboorhood with many pets and you like to spend time with pets, this can be a good way to earn extra money. Talk to your friends, family and neighbors to see if they need help to take care of their pets. Offer to walk your neighbors’ dogs or other pet for a small fee. Think of the neighbours who work during the day, during summer holidays. If you’re around and can take the dog for a walk when you don’t do anything, it’s easy money.

Garage and Yard Sales

Pick up all the things you don’t want anymore and make a garage or yard sale. Have your parents donate some of their old belongings or volunteer to plan and coordinate the sale with a share of the profits. Advertise by creating brochures or publishing an online ad.

Private tutor for other children

If you excel in a particular subject, talk to your friends’ parents and ask them if they’d like to hire you as a tutor for a small fee.

Run Errands

Offer to run errands for your elderly neighbors. Sometimes it’s hard for older people to move around, so many of them will welcome your service.

Growing Flowers and Vegetables

Grow flowers, vegetables and herbs in your backyard or window sill and sell them to people in your neighborhood. Create a stall to attract people who want some fresh produce and beautiful flowers.

Clean Gutters

Clean gutters in spring. After a long winter, gutters tend to stagnate and need good cleaning. Mostly, this involves removing leaves and clumped branches from the gutters and placing them in bags.

Even if you live in a place with a great climate, the gutters need to be cleaned regularly to prevent branches, leaves and other debris from clogging them. But this may also involve climbing a ladder or roof and could be dangerous as well. So think before stepping into this service.

Help in Harvesting

Help with a harvest in your area. In rural areas, many farmers and fruit producers hire young children to help harvest the fruit during the harvest season. If you live where there is a lot of agriculture, don’t lose sight of local food stores and rural suppliers, in case farmers need to hire people. It involves hard work, but it can also be short-term (a few weeks at most) and you can earn good money.

The following jobs may be available in different regions for teens:

  • Pick fruits such as peaches, apples, cherries and berries
  • Prune the grapevine
  • Help process wheat or other grains
  • Extracting potatoes
  • Gathering hen’s eggs

Decided what to do? What Next?

Once you have decided what service you will be offering; put up flyers, ask family members if they need your services, and ask people you worked with to recommend you to their friends. Let many people know about your services. Make sure your potential clients know who you are, what you offer, and how they can contact you.

If you live in a neighborhood, knock on doors. Introduce yourself and talk about your new business.

Don’t tell anyone why you need money. Instead, tell them how you’ll make their lives simpler or better by hiring you. For example, don’t offer to pick up the leaves, sell less work for them and a beautiful garden. If the customer is satisfied, then ask them to recommend you to others. Also, ask if he can arrange a meeting for you.

If you know other ways to make money as a teenager, do mention in the comment section below. And the same would be added in the list above.

2019: 10 Unusual Ways to Make Money Online – PartTime or FullTime

In today’s unbalanced economic condition, wages are not enough to survive. People are earning less whereas living standards are rising and so is the inflation. So, if you want to stop surviving and start making progress, it’s worth investigating to earn money in addition to what you are already doing or stop doing what you are currently doing and think of making money through different ways.

Thousands around the world are making money by building products or offering services through unique ways. And you don’t need to be a computer genius to do all this (although it’s good to know as much as you can about the technology).

You just need focus, a plan and a lot of dedication and patience.

Here are ten unusual ways you can make money online part-time or full-time.

1. Dropshipping

There are many people who are making a living through dropshipping, which involves selling something that is physically never owned. Infact you can have a steady income from drop-shipping while being completely retired from the daily chores.

Stores take orders, purchases them from a third party as and when needed and is shipped to the customer directly by the supplier. So basically an individual into the business of dropshipping don’t have to own any inventory, pack or ship order, manage returns, etc.

2. Fulfillment by Amazon (FBA)

Another proven way to make money online is through Amazon network known as FBA, or Fulfillment By Amazon.

Amazon FBA is an incredible way to make money online because it’s not only a powerful and proven business model. But it is also using an online marketplace that has more than 310 million active customers.

With FBA, you can have a complete Amazon store that is active and searchable. FBA will store everything and ship it with Amazon Prime, making it a hassle-free purchase decision for the customer.

This allows your physical products to be sold in this one-stop shop, and opens the potential for some serious profits.

3. Create Digital Products

If physical products seem too complicated, don’t worry. Digital products keep you winning, with a fraction of the overhead. A “digital product,” at its core, is proprietary information in a nice package.

If you know solution to a problem that your ideal customers and clients have, in 48 hours or less, you can have your course recorded and ready to sell.

4. Virtual Assistant

If all this building and selling isn’t something you’re looking to do, don’t worry: there are other alternatives as well.

If your genius zone is focused on execution and you are an entrepreneur, you can become a virtual assistant.

Your tasks will be remarkably similar to those of a personal assistant, but oriented to online homework. For example, if an internet executive needs someone to publish all the social network content they’ve created, and don’t want to hire a full-time employee, a virtual assistant would be the first person to ask for help.

As long as you can execute the tasks you are given, income is ready to knock your door.

5. Consulting

If you are more comfortable in the field of business strategy, you might consider becoming a consultant.

You will be paid to sit above the problems of the day-to-day business world and help companies see the forest through the trees. Bonus points if you can train a company’s employees to do something new or better than they are doing now.

6. Trainer

If you feel more comfortable sitting in the realm of personal strategy, you could become a coach.

From athletes to students to executives, people need coaches. Someone who can give them honest, actionable advice that helps them push them faster than they can do it on their own.

You should to be an expert enough to fine tune someone to their best.

7. Writer

Copywriting is a skill that many people don’t know how to do, and of those who do, not many do well.

If you can write words that sell, you have a skill that can generate a solid income from anywhere in the world.

You can run this business from a phone, tablet, laptop. You just need to write and and post something somewhere every day. Not for fun but for money.

8. E-commerce Owner

You can sell anything online, even the items you create yourself. Platforms like Etsy and Shopify make it remarkably easy by removing all the technical magic from the process.

All you have to do is create, sell, and ship. If you are good at executing trades and have something people want to buy, traditional e-commerce may be for you.

9. Startups / Remote Employee

Startups, by their nature, are a risky adventure. One of the ways founders grow their financial performance is by reducing the expenses of a traditional office. That means there are new companies looking for remote employees to work on a regular job on their own terms. And you should be ready to take full advantage of.

With today’s ease of communication, startups are getting rid of head office tradition and are becoming a totally virtual company and hiring employees remotely.

10. Application Development

When you think of applications, you’re probably thinking of massively funded start-ups. But the truth is that most of the applications available today come from smaller companies and scammers.

Not everyone earns millions of dollars, but many of them earn five and six figures a year. The best part about applications is that once you know how to build an application, you can develop more and earn more revenue.

The above list is not exhaustive. It’s just a sample of what people are doing these days.

With a little sacrifice and dedication, you can generate an income stream that you can put sky rocket the money in your bank account. This can be the “extra” money you use to travel the world, or the savings you need to quit your daily job and become a full-time member of the laptop lifestyle.

SBI Credit Minimum Income & 11 Alternate Cards with Rs.10000 Salary Requirement

State Bank of India is the largest commercial bank in India in terms of assets under management, customer deposits, number of branches, customers and employees, etc. In addition to various services, it is the second largest credit card issuer in India.

However the income required for credit card approval is very high which is Rs. 18,000 (minimum) per month.

What are the eligibility criteria other than monthly or annual income?

Applicant should have a good credit score, must be a regular income earner, and 21+ years old. Other criteria such as type of job (full-time, part-time, freelancer), income type (salaried or self employed), employer, etc. varies for each card. And the approval is at the sole discretion of the bank.

What if SBI rejects card because of lack of sufficient income?

SBI offers two types of cards – secured and unsecured. The one offered without collateral is called unsecured (requiring minimum income and other eligibility criteria), whereas secured one is offered against security (fixed deposit, in case of credit card). The biggest advantage of card against FD is that SBI won’t ask for income or related documents. All you have to do is open a FD or use existing FD and apply for card against the deposited amount. And the documents required are minimal, since SBI already has most of the details of the card applicant.

What is the minimum deposit amount required by SBI to get credit card against FD?

Listed below are the two cards offered by SBI against fixed deposit:

  1. Unnati: Requires minimum FD amount of Rs. 25,000.
  2. Advantage Plus: Requires minimum FD amount of Rs. 25,000.

Why does SBI ask for salary?

Your income is the only way for any lender to judge the credit worthiness when it comes to unsecured card (i.e. applicant is not required to produce any collateral to get card approved). Meaning, higher income indicates that individual is able enough to repay monthly bills. And based on the salary, SBI decides the credit limit. So in order to qualify for a card, your income should be sufficient enough to repay the monthly bills.

If SBI rejects card because of poor salary, at what other banks can I apply for unsecured card and what is the minimum income required?

There are many card issuing banks in India where minimum salary or income required is less than what SBI asks for as follows:

Sr. NoCredit Card NameMinimum Annual Income Required (INR)Equivalent Minimum Monthly Income (INR)Issuing Bank
1Visa Classic for Self Employed50,0004,166Vijaya Bank
2Visa Classic for Salaried60,0005,000Vijaya Bank
3Classic for Senior Citizen60,0005,000Syndicate Bank
4Bharat72,0006,000Indian Bank
5India Card75,0006,250Bank of India
6Empowerment for Salaried80,0006,667Jammu and Kashmir Bank
7Canara Visa Classic1,00,0008,333Canara Bank
8Canara MasterCard Standard1,00,0008,333Canara Bank
9Visa Global for Self Employed1,00,0008,333Vijaya Bank
10Classic for Self Employed1,00,0008,333Syndicate Bank
11Visa Global for Salaried1,20,00010,000Vijaya Bank

So as you see, even if your income is less than Rs.10,000 you are eligible to get card.

What are the benefits and disadvantages when low income earner gets credit card approved?

Benefits: Since there are very few banks offering cards to low income earners, user can start building credit history. This will help in getting access to higher credit limit in the future and other types of credit – personal loan, home loan, car loan, etc. They can also apply for unsecured card at other banks after successful repayment history and good usage of the card.

Disadvantages: Since repayment capacity of the card customer is poor because of low income, the credit limit offered is less. Features offered on the card are less compared to premium cards.

Does SBI approach credit rating agency before approving card application?

Yes. Infact most of the card issuers in India approach agencies such as CIBIL/Experian/TransUnion and get financial record of the applicant. This is done in order to check credit history of the applicant which mainly involves – number of credit applications made, repayment history, defaults, ongoing credit, etc.

Why a stronger dollar is bad for some US companies

The bitter relationship or we can say the economic cold war between the United States and China continues to dominate the financial headlines across the world. And why not these two countries are the economic superpowers with China working effortlessly trying to overpower US. And it is estimated that China’s GDP will overtake the U.S. by 2029.

 

(Image source: Bloomberg)

But the strengthening of the U.S. dollar has the potential to affect large U.S. companies. The impact is even bigger than a trade war.

The US dollar index, which measures the value of the dollar against a set of other leading international currencies such as the euro, yen and pound sterling, has gained nearly 5% this year and is not far from its 52-week high.

Why is the dollar so strong?

Attribute it to a healthy US economy, especially since much of the rest of the world has weakened, and the Federal Reserve’s interest rate hike. A country’s currency tends to rise at the same rate.

A strong dollar is bad news for companies that do a lot of business abroad, as it hurts the value of their international sales and profits.

It can also hurt large US companies at home because US consumers have more buying power and can buy products from abroad.

Several leading consumer companies, including Hasbro, Harley-Davidson, the maker of Huggies Kimberly-Clark and Gillette owner Procter & Gamble, warned that the dollar is hurting their bottom line. So are the companies 3M and Caterpillar.

That’s an important reason why some companies plan to increase the prices of most of their consumer products in North America in the first quarter of next year.

It seems that many large corporations have been surprised by the dollar’s continued resilience and have underestimated its potential negative impact.