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$What determines the amount of cash in a country's economy ❓Cash is only a fraction of all the money in the country. Thei...$

29/07/2022

What determines the amount of cash in a country's economy ❓

Cash is only a fraction of all the money in the country. Their number depends on:

🔵 On how developed and widespread modern payment instruments are, such as bank cards, payment via mobile communications and the Internet

🔵 From the infrastructure, for example, are there enough ATMs, payment terminals, and devices for accepting payment cards

🔵 On the scale of the economy and its needs

🔵 From the attitude to cash in the country

In different countries, people have different attitudes towards cash.

🇨🇭 In Switzerland, due to tradition and psychology, citizens love cash. There are many stories about the Swiss who keep vast sums of money home. For example, about how the mansion burned down and a massive amount of cash hidden behind the fireplace. But the story's ending is happy: the burnt remains of banknotes were restored by numbers, and the Central Bank of Switzerland returned the money to the owner.

🇸🇪 In Sweden, residents are indifferent to species and use less and less cash. More than 95% of all retail purchases are made by Swedes non-cash, using electronic payments.

21/07/2022

What risks should be taken into account when creating a financial cushion ❓

1️⃣ Inflation
🔵 It is necessary not only to save money but also to invest it in such a way as to beat inflation. Investment income will help you avoid this.

2️⃣ Temptations
🔵 You started saving but suddenly needed extra money - to buy a new car, go on vacation, and so on. And this is a severe temptation - to pinch off part of the savings.

3️⃣ Current income and expenses
🔵 If your income has temporarily decreased, for example, you lost your job, and it took you some time to find a new one, or current expenses have increased, for example, you have a child - your ability to save money for the future is reduced and the likelihood that you will start to spend your financial airbag increases.

14/07/2022

Active or passive investments? 🤔

🔵 An asset is anything that brings you income. These are all your good investments, stocks, business, website, or renting an apartment or house. Precious metals can also be classified as assets but have a significant drawback - extremely low liquidity. It may take several weeks to sell the precious metal at a profit.

🔵 A liability is everything that does not bring you income or requires expenses. It's a car, a big new house, interest on a misplaced loan, and anything you buy that doesn't generate revenue.

🔵 Try to follow a simple rule - get rid of liabilities and create assets.

28/06/2022

Five Steps of Financial Planning 📝

1️⃣ Evaluation
🔵 First of all, you need to evaluate what your assets and liabilities are. Determine at least an approximate amount of money you spend per month on food, clothing, and entertainment.

2️⃣ Purpose
🔵 Without a goal, nowhere, especially if it is long-term. Almost everyone can collect a certain amount in a couple of months, but if we are talking about several years, then you need iron discipline and motivation. And it is goal setting that will help you with this.

3️⃣ Create a plan
🔵 Cut your expenses. Remember that a person can spend all his money, regardless of his income level. Therefore, find items of expenditure that can be reduced or eliminated.

4️⃣ Ex*****on of the plan
🔵 To do this, we suggest you hang it in a conspicuous place. If you're using the app, make sure it's on your home screen so you can instantly jump into it and make any changes.

5️⃣ Monitoring and reassessment
🔵 There is no problem in adjusting the plan. When you've cut your spending and set aside half of your income, it can take a couple of months before a good amount of money is there. Spend those months on financial education and books, then adjust your financial plan. It should always change in the direction of cost reduction and investment optimisation, not vice versa.

23/06/2022

Credit Card Recommendations 💳

🔵 There are two important things to note about the use of credit cards. The first is that money is most often the primary motive for hacking, and in the realities of cybersecurity in 2021, this is especially true. The second point is that you can lose money without your credit card information.

🔵 With the onset of the lockdown, children's and teenage entertainment moved into the online zone: online games and social networks. And many parents have encouraged this behaviour by giving their children a smartphone or other device to distract them and work quietly. It would seem that the solution is quite simple: both the child is busy, and the parents can calmly work. What could go wrong here?

🔵 According to a recent survey, approximately 8.2% of parents said their children spend more than 100 euros per month on purchases of mobile games. Unfortunately, there are not so many statistics explicitly collected for schoolchildren, but over the past couple of years, the number of stories when a child spent several hours on the phone, and after a while, parents find a three-digit minus on the balance sheet, happens more and more often.

🔵 The same can be seen in the total revenue of mobile games during the lockdown, which already exceeds 80 billion, and further growth is predicted.

What to do with it? 🤔

💁‍♀️ There is a solution. We don’t urge anyone to switch children's attention to mobile games or vice versa to block access completely, but if you decide to use this method, it is better to do it right.

🙌 We recommend opening a family account to solve this problem. Now for children under 18 years old, you can open a separate credit card with a specific limit and transfer a certain amount of money there every month. You can also set a family control.

🪙 At the same time, it is also essential to conduct financial education for the child. So, for example, a child can be encouraged with some bonuses for helping around the house or other achievements. Thus, from an early age, children will develop the skill of handling money and not just transferring some coins from the account of mom or dad into currencies in their favourite game.

08/06/2022

How to See the Beauty in Budgeting 💸

💣 Get Over the Nasty Word "Budget"

👉🏻 The word "budget," like the word "diet," has a negative connotation. They remind us of limitations - that we cannot have something. However, this is linguistic nonsense. Budget and diet are tools! If the devices are used correctly, they lead to the desired result.

💳 Start With Your Accounts

👉🏻 Many people complain that they can't budget because they don't know how much they'll make in a week or a month. However, the amount you earn has far less to do with the basics of budgeting than the amount you spend. Instead of focusing on whether you're making enough money, focus on spending. Where does the money go?

💰 Study Your Income

👉🏻 Look at your monthly income. How much do you earn in your worst month? Compare this number with the amount you spend. Ideally, payment should be higher than output. If you're spending more than you earn, it's time to reevaluate your spending habits. When expenses exceed income, you have two options: increase revenue or cut costs.

👉🏻 Some strategies to increase your income could be getting a second job or replacing your old one with a higher-paying one. Cost-cutting methods include avoiding impulsive purchases and cutting back on planned but unnecessary spending.

📝 Create Your Spending Plan

👉🏻 If the most successful multi-million dollar companies must plan their spending, why shouldn't you control it the same way? It's also worth saving enough money to cover at least three months of your emergency expenses. In this case, a layoff, a pandemic, or a war will not become even more stressful than themselves.

🖋 While there are programs designed to make budgeting simple and quick, all you need is paper, a pen, and the desire to live within your means.

03/06/2022

Basic Principles of Financial Management 🙌

🔵 Economy principle
👉 This quality helps any person in any area of life. It will also help with personal finances. We all know that we need to save money, but not many people do it. The desire for immediate gratification and impatience is a sign of immature, childish behaviour.

🔵 Sufficiency principle
👉 We need to put a barrier between ourselves and modern media. The function of any advertisement is to show you that you will be unhappy if you don't buy this product. Learn to think about the usefulness of purchasing a product from a value position. Do not buy if the product does not bring you anything but dubious pleasure.

🔵 Health principle
👉 I love what you do. For a good life, it is essential to find a job where you will not only think about money. In this case, your performance will increase several times and your income. It will help you always be in high spirits and find time and energy for many other things.

🔵 Priority principle
👉 We face one significant problem every day - what to spend and where to invest our money. Even millionaires face this. Remember that if you buy one expensive product, you lose another. With the use of the second, you degrade. With the help of one product or service, you become wiser and better.

🔵 Principle of a humble life
👉 Let's even for a while. You need to ensure that your income is formed without your participation, and only then can you afford much more. If your passive income reaches the amount you need and pleases you non-stop, this is a sure sign that you have achieved financial independence.

🔵 The principle of avoiding debt
👉 Any credit and debt eat away part of your financial future. It is possible in some cases, which we will talk about in the future.

🔵 Principle of investment
👉 Remember inflation? Keeping money is better than spending it thoughtlessly, but such behaviour cannot be called effective either. Investing always carries a specific risk, but it is impossible in the world of money without it. Read a lot of books, watch videos and think.

27/05/2022

Income and expenses form the basis of the budget of any organisation. Drawing up a financial plan is a complex and complex undertaking. In this post, we want to highlight its standard and understandable features.

👇 INCOME:

💎 Profit from the sale of products, works, and services

💎 Profit from other sales. Depreciation deductions

💎 Receipt of money from other companies

💎 Planned income that is not related to the sale of goods, works, and services. It may be income from securities, equity participation in the authorised capital of other companies, renting out a property, or keeping finances on deposits.

👇 EXPENSES AND DEPOSIT OF FUNDS:

💸 Taxes paid from profits and others

💸 Depreciation expenses

💸 Wage

💸 The cost of raw materials and other resources

💸 Repayment of loans

💸 Rental of premises

💸 Other expenses

It is everything any financially savvy person needs to know if they are not already considering running their organisation. Once you have decided to embark on this path, you will need to find out more information. Feel free to contact our experts anytime - https://impex-tech.eu/

20/05/2022

8 Principles Of Financial Planning, Which Our Experts Consider 🙌

🤫 Save this post, and don't forget to double tap!

So here they are 👇

1️⃣ FORECASTING 📘

🔹 The economic state of the organisation and the country are analysed. The quality of the forecast determines the quality of the financial plan.

2️⃣ OPTIMISATION 📘

🔹 It means reducing costs without harming the organisation and its employees and the most effective investment of money.

3️⃣ CONTROL 📘

🔹 A sound financial plan does not allow irresponsibility, clearly shows who is responsible for what, and allows you to control all aspects of the organisation.

4️⃣ DOCUMENTATION 📘

🔹 Documentation is a natural consequence of control.

5️⃣ COORDINATION 📘

🔹 Financial plans of different departments should be developed in close connection. Sometimes it makes sense to focus on one division while sacrificing some spending on another.

6️⃣ PRIORITISATION 📘

🔹 The manager must define clear and precise goals to fulfil the financial plan. All organisation activities and financial transactions should be subject to the main priorities. Without priorities, a company can spend a lot of money on completely unnecessary areas and suffer an economic collapse.

7️⃣ ADEQUACY 📘

🔹 It is commendable to set yourself ambitious goals, but unsupported ambitions can lead to sad consequences.

8️⃣ VERSATILE AND FLEXIBLE 📘

🔹 The plan may be adjusted to reflect the economic climate. The economy is changing every day, so you need to track its trends and adapt your financial plan.

13/05/2022

What Is Net Profit Margin 🤔

🙋‍♀️ Net Profit Margin is the share of revenue that the company retains after all expenses, including taxes, have been deducted. It is defined as a percentage.

💁‍♀️ It should be noted that this indicator does not have a single norm. It will vary depending on the industry and the company's stage of development. The higher it is, the higher the profitability and efficiency of a particular company.

🤫 The net profit margin characterises the profitability of the company's core business as the profitability of sales and the efficiency of its activities as a whole. It means that not only the profit from the sale of its product is taken into account, but also loan payments, exchange rate differences, and other losses and profits.

🙌 Imagine that an aluminium can company has $3 million in revenue. If it has $300,000 in profit after deducting expenses, it has a net profit margin of 10%.

05/05/2022

7 Ways To Avoid Side Hustle Burnout 🔥

1️⃣ BUDGET YOUR TIME 👇
❗️ A side hustle aims to enhance your lives and your customers’ lives. If it’s detracting from your life instead, you may need to reevaluate the number of hours you’re dedicating to activities outside of work.

2️⃣ SET SPECIFIC, SHORT-TERM GOALS FOR YOUR BUSINESS 👇
❗️ When looking at your long-term goals, you may only see the gaping difference between where you are now and where you want to be. When that happens, it’s easy to lose hope and motivation because you start to question whether those goals are even attainable.

3️⃣ START EVERY DAY WITH YOUR HIGHEST-VALUE WORK 👇
❗️ When you prioritise the most critical work, you’re more likely to make progress on your business goals. These small victories motivate you to keep persisting and reduce your risk of side hustle burnout.

4️⃣ KEEP YOUR EXPENSES LOW 👇
❗️ Financial stress can be a significant source of discouragement when building a side hustle. The more financial stress you put on your business, and thus, yourself, the more likely you will experience side hustle burnout.

5️⃣ PROFIT BEFORE YOU SPEND 👇
❗️ If you want your side hustle to be profitable, set aside a percentage of every check you earn for profit. Then, use whatever is left over for taxes and business expenses.

6️⃣ SYSTEMATISE YOUR SIDE HUSTLE 👇
❗️ For example, if you spend a lot of time emailing back and forth with potential clients, you could create a few email templates. When a new person inquires, you won’t have to think of a response from scratch.

7️⃣ USE A SMALL BUSINESS ACCOUNTING SOFTWARE 👇
❗️ Fortunately, you don’t have to hire a bookkeeper to stay on top of your business’s finances. You can easily do it yourself if you have the right software tools!

28/04/2022

Reputation can be affected by just one negative review, article, or Facebook post.

💁‍♀️ 55% of customers complain directly to a company, while 47% speak out on social media. Therefore, it is important to regularly review the first pages of Google and monitor social networks for negative articles and reviews.

🙋‍♀️ Responding to negative comments is critical. A positive response to a negative review can change a person's attitude towards a brand. It is necessary to provide a quick response time to as many comments and direct messages as possible, both positive and negative.

🤔 Another essential direction is SERM: complex work on adjusting search engine results. The main goal of SERM is to fight negative search results and reviews on the web. This process includes search engine optimization, promoting positive materials to the top of the issue, press optimisation, blogging, and social networks.

🤫 You can also highlight guerrilla marketing - these are works aimed at promoting the brand in extraordinary ways at a minimal cost. For example, a startup might release viral content or launch sneaky marketing with unusual ideas.

🙌 Guerrilla marketing is more about telling new customers about a product, so it is not necessary to use it in a situation of active growth. However, for the announcement of any update, guerrilla marketing can be helpful.

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