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Importance of Air Transport In Business

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When you start any business, you constantly analyze the various factors that can minimize the losses and maximize the profits. Transportation has become a vital part of business, be it business within a single country or international.

Goods and services are transported via many routes including railways, ships, roadways, and air. Of all these, air transport has acquired a key position in the world of business. Airfreight has boosted business and trade to a great extent. This article will help you understand why air transport is so important in business

High Speed

Speed is a crucial element in every aspect of life in today’s world. Fast production of goods followed by slow transport can have devastating effects on one’s business.

Therefore, the means by which goods and services are transported need to be fast and efficient. Airfreight is probably the fastest mode of transport so far. Speedy delivery of goods and services from one corner of the world to another has revolutionized the trade industry.

Overcoming Geographical Barriers

When it comes to long-distance trade, geographical barriers including rocky mountains, oceans, forests, etc. can prove to be a big hurdle in the transport of goods.

The use of airplanes for the transportation of cargo has allowed us to overcome such barriers and has made such long-distance trade not only possible but much easier than ever.

Safety of Goods

Damage or theft of goods on their way to their final destination is a source of huge loss for any businessman. History gives us many examples of goods being stolen by bandits or pirates when transported via roadways and water respectively.

Thus, it is very important to ensure that the transported goods are well protected and air freight has proven a very reliable means of transport in this regard

Transport of Large quantities of Goods

Air transport allows us to send very large quantities of goods worldwide. Thus a single plane can be used to transport way more cargo than a two or three vehicles carrying goods via roadways. This makes air freight cost-friendly, but only in the case of long-distance transport.

Price Stabilization

In the past, due to slow transport, goods were produced and stored and transported when asked for. Even though large quantities of goods were available in the storage, due to the slow transport, the demand was not fulfilled rapidly as now, creating a false scarcity at times and leading to inflation.

However, in these days, rapid air transport allows us to produce goods when there is demand, without much need for storage. This creates equilibrium between the supply and demand and stabilizes the prices of various goods and services.

Globalization of Markets

Our world has become a global village. Air transport has played a vital role in the globalization of markets. Goods and services can be exchanged across the globe at very reasonable prices.

This has allowed the expansion of business across the globe and goods are now available in almost every part of the world due to the high-speed air freight.

The Cons

Despite the amazing advantages of air transport, its cons can not be ignored. Airfreight carries with it huge risks. Accidents involving airplanes, such as air crashes, rarely have any chances of survival and there is large-scale loss of lives and goods.

Moreover, under bad weather conditions, air transport can come to a complete halt. Also, inflammable substances, corrosives, explosives, and toxic materials are not allowed to be transported via air.

Conclusion

Air transport, due to its high speed and efficiency, has made business much easier, overcoming hurdles that mankind considered impossible to overcome in the past. It has had no less than a revolutionary impact on the business industry throughout the world.

Railway Transport used in Business

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For centuries, railways have been used for trade and business purposes. The earliest known railway systems date back to the mid 16th century in Germany. These early forms of railways were hauled by horses. Later, steam-powered vehicles were invented in Great Britain in the 19th century. These British railway systems stand today as one of the oldest functional systems of rails in the world.

Advancement in science and technology has had revolutionary impacts on the various means of transport including railways. Commencing as horse-driven wagonways, the railway systems today have advanced to the level of electric bullet trains, thanks to the developments in science and technology.

The business sector has almost always benefited from the railway transport. Carrying goods and passengers across lengthy distances, trains have been proving their worth ever since they were made.

In fact, there are some traces which suggest that the Diolkos, a paved pathway near Corinth, Greece, used to be a railway track that operated from 600 BC to the mid-1st century AD. This shows that railways have been an important asset for the business sector for a very long time.

There are a lot of different forms of railways, some of which are rudimentary and exist only in books or museums while others are helping us humans transport people and goods at this very moment.

Types of Railway Transport

As mentioned before, the earliest forms of trains consisted of wagons hauled by horses, and in certain cases even by humans. These are no longer in use, but can easily be called as the ancestors of the modern-day trains, carrying various goods and commodities from one place to another. When it comes to modern freight trains, we can classify them into various types on different bases. Here we have classified them into 3 types.

Mixed Freight Trains

As the name indicates, these trains carry goods of different types. Each of the cars carrying the goods has a specific destination where it is to be delivered. Therefore, the arrangement of cars behind the locomotive depends upon the order of the stations where the train will arrive.

Unit Trains

In contrast to mixed trains, the unit trains carry only one particular type of commodity. This train usually has a single route, thus carrying its freight from the same source to the same destination.

Examples of unit trains include coal-carrying “coal trains”, automobile carrying “auto trains”, and grain carrying “grain trains”.

The benefit of a unit train is that it does not stop along the way, unlike mixed trains, which undergo an interrupted journey as they deliver goods at multiple stops on the way.

Intermodal Trains

These trains have greatly improved the speed of transport of goods and commodities. Basically, intermodal trains carry goods inside containers. The containers can easily be loaded onto roadway vehicles, trains, and even ships, using cranes, thus speeding up the transfer of goods from one mode of transport to another. This saves much time and energy and has become an important tool in business.

Conclusion

Railway transport is an asset that allows us to transport huge quantities of all forms of goods along with a variety of distances. Many railway systems that were made centuries ago are still functioning and have proved the worth of this amazing means of transport. Even though people use it worldwide as passengers, the business sector greatly benefits from it as well.

Cars, grains, coal, oil, automobiles, clothes, and so many other forms of goods are transported each day in freight trains, and at very reasonable prices. Railway transport, indeed, is a very important luxury for us human beings in our private lives as well as our business.

Why should you Choose Finance as Career

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Choosing a career is one of the most difficult tasks for many people. Factors including what a person enjoys doing, what he or she is good at, and how rewarding is a certain profession, all play an important role in deciding which career an individual would like to adopt. Few people take advice from career counselling and others do not as they are not comfortable with it.

Among the many professions, finance holds an important place in every country. And what exactly do I mean by finance? 

“Finance is defined as the management of money and includes activities such as investing, borrowing, lending, budgeting, saving, and forecasting.” 

(Source: corporatefinanceinstitute.com)

The above definition shows that finance includes dealing with the various matters involving money.

Mankind and finance share a long history. In every part of this world, humans are engaged in various activities, each being related to money one way or the other. As money forms a part of almost every aspect of our lives, be it personal or professional, the need for someone who can help people understand the best possible ways to deal with money cannot be highlighted enough.

This indicates that a great deal of importance is given to those who choose finance as their profession. For people who yet haven’t decided on a career, given below are some of the reasons why finance is a good option to choose as their profession. 

  • A handsome pay 
  • Demand
  • Diversity of occupations 
  • Opportunities to grow 
  • Online courses 
  • Flexible routine
  • Personal benefits 

A Handsome Pay

Finance is one of the top paying careers, offering a very good pay to people right from the very start. Moreover, with a little bit of hard work, you can climb to higher posts and subsequently get your pay raised as well. 

Demand

People who opt finance as their profession find themselves very secure in terms of jobs as finance almost never goes out of trend. Even if you lose your job, it’s very unlikely for you to remain unemployed for too long.

Diversity in Occupations

There is a long list of occupations that you can choose from after studying finance. There are three main areas of finance including personal finance, corporate finance and last, but not the least, public finance.

Each of these further includes a number of career opportunities such as investment banking, financial analyst, credit analyst, loan officer, and so on. And, as the basic knowledge applied in each of these is the same, one can even jump from one career option to another.

Networking and Connections

An expert in finance gets to deal with people of all sorts of industries. This allows him to develop connections with people belonging to various sectors, letting him broaden his social circle.

Opportunities to Grow

Most agencies encourage their employees to further their studies and qualifications in finance and even provide sponsorship to help them grow and develop their career.

Online Courses

The availability of online courses makes it very attractive for many people to pursue finance as their profession. There are many authentic online websites offering degrees in finance that cost less as compared to when you physically enrol in some institute. 

Flexible Routine

A huge advantage for people working in the finance sector is that they can enjoy their private life without having their work interfere in it so much. Even though this field requires you to work a designated number of hours, it allows you to choose those hours for yourself. 

Personal Benefits

Once you develop expertise in finance, it gives you the ability to resolve your own money related issues. You can make sound decisions regarding your own finances without having to pay someone else for any advice. 

As a Result

Having finance as your career means studying about money, dealing with various issues regarding money, and earning money. It is a profession that pays you well even when you don’t put in too much effort while, on the other hand, if you work your way up this field, it guarantees you a handsome pay.

The benefits of becoming financially stable, getting a secure job, having so many occupational options to choose from, and being able to enjoy your private life alongside your work are just some of the factors that are pulling so many people towards choosing finance as their career.

Things to know before applying Mortgage

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Having one’s own house is a dream of almost every individual, be it someone living in the USA, Asia, Europe, or in any other part of the world. However, not everyone’s financial conditions favor the achievement of this dream.

Many people let this dream be a dream, while others take every step they can in order to achieve it. One of the methods utilized by many people is the use of mortgage. Before going into any detail, let’s first look into the definition of the term “mortgage”.

“A mortgage is a loan in which property or real estate is used as collateral.”

Thus, from the above definition, we get to know that mortgage is basically a loan. This loan can be taken from a bank or some financial institution. The bank or the financial institution giving the loan is termed as the lender, whereas the individual getting the loan is known as the borrower.

The amount of the loan corresponds to the value of the desired property. Let’s say if a borrower wants to buy a house worth $200,000.

The lender, depending upon the mortgage package selected by the borrower, pays a loan of, let’s suppose, $160,000, while the remaining percentage of the value of the house, i.e the down payment, is to be paid up front by the borrower.

This earns the borrower ownership to that house, but now, he has to pay off, in installments, the principal amount of the loan (i.e $160,000 in this instance) as well as the interest on it within a specific span of time.

Details like the percentage of the down payment, details of the installments, interest, and the time limit for paying off this loan vary according to the mortgage the borrower chooses.

The process of converting your debt into equity by gradually paying of the principal payments, as well as the interest, is termed as amortization. But as stated above, the property, so bought, is held as a collateral, which means that if the borrower is unable to pay the loan installments or interest due to any reason, then, by the process of foreclosure, he or she loses ownership to that property.

Therefore, one can say that mortgage is a type of secured loan, as the borrower would have to pay off the loan with his property if not with money.

Unlike how simple it seems from the above explanation, the topic of mortgage is very detailed and complex. However, now that you know a little bit about what a mortgage is, let’s proceed to discuss which factors must be kept in mind before actually applying for a mortgage.

Applying Ahead of Time

The approval of mortgages doesn’t occur immediately after application, rather it is a process that takes time. If you spend time searching for a property and apply for mortgage after you’ve found one, then, by the time your application gets approved, the property might be sold to someone else.

So if you’ve already decided to apply for a mortgage, it is advised to apply ahead of time and, while you wait for it to be approved, you’ll have plenty of time to search for the property that meets your liking.

Search for Reliable Lender

People need to understand that there are some lenders who would trick you into applying for a mortgage that “seems” easy to deal with at first but can land you into big trouble after sometime.

To avoid this, ask around to see which lenders seem reliable. You can also take the help of a mortgage broker to not only help you find a lender but also decide which mortgage to apply for.

Details of Property

Don’t shop blindly. If the property you wish to buy isn’t worth the value against which you are requesting a mortgage, then it’s less likely that you’d get anywhere with your application.

Previous Loans

If you’re already paying off other loans, it’s better that you take care of them first as it can have a negative impact on your chances of getting your loan approved.

Basically, theres a thing called debt-to-credit ratio. It means how much you owe vs how much you earn. Having a lower debt-to-credit ratio considerably favors one’s chances of getting the mortgage application approved.

A Good Credit Score

“A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual.” (Source: Wikipedia)

Thus, a credit score helps the lender decide if you should be given the loan or not. A good credit score can be built with this guide. It favors you by telling your lender that it’s more likely of you to pay off your debt on time.

Tax Payments

A borrower must ensure he has a good record of on time tax payments. It’s like an evaluation of how responsible a person is when it comes to his finances. A clean history paves an easier road to getting your mortgage approved.

Types of Mortgage

You don’t need to know every single thing related to mortgages but it would be foolish to go to your lender without any homework. There are different types of mortgages, for example, interest-only mortgage, fixed rate mortgage, standard variable mortgage, jumbo mortgage and so on.

Fixed rate mortgage are quite popular among people.

However, the mortgage type for a person to choose eventually depends upon the individual’s financial conditions and personal preferences. So it is advised to do some homework into the pros and cons of each, and to seek advice from professionals or get in touch with a mortgage broker before finalizing which deal to choose.

All Applicants are Equally Considered

It is possible for more than one individual to apply for a single mortgage. However, all the factors taken into consideration while issuing a mortgage are applied equally on all the applicants, be it their credit history or credit score.

Religious Reservations

Mortgages are loans paid off alongwith interest. This raises difficulty for certain people, such as the Muslims for whom the involvement of interest in any transaction is against their religious sentiments. The Muslims, therefore, should look into interest free loans provided by Islamic banks as a substitute for mortgages.

Conclusion

After reading the above stated facts, we come to know that people who wish to apply for mortgages need to ensure that their credit history, the details of the property, the debt-to-credit ratio, all favor the approval of their application.

Also, the borrowers should do their own research into the different mortgage types and offers before making their final decision. Those who cannot request a mortgage due to religious reasons should instead look into loans that conform to the principles laid down by their religion.

How Much Does a Doctor Earn

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Career selection is a very difficult task for most people. In choosing a career, one must consider personal interests, skills, resources as well as the scope of any field. The earnings that come with a particular job stand, till today, as one of the most important factors in deciding one’s career.

The profession of medicine has been present on earth for centuries, and, till today, it continues to attract thousands of people worldwide.

Doctors are known to have a handsome pay, and this factor alone acts like a magnet, pulling a large number of students to choose medicine as their profession. But the curiosity remains….

How much do doctors earn anyway?

In USA, if we estimate the average annual income of “all” the doctors then it comes around to be almost $299,000. But wait! That’s not the complete answer to this question. The annual income of the different types of doctors as well as that of doctors living in different areas varies greatly from one another.

Thus, the income depends upon factors such as where they are employed, have they specialized in any area of medicine or not, and if yes, then what is their speciality, which speciality is in demand, and are they engaged in public practice or private.

Likewise, if one had to take loans to complete his studies, then the net income is definitely reduced by returning all those loans. Let’s take a look at all these factors one by one.

The Location of Employment

A doctor’s pay usually shows the level of competition in his location of employment. Working in a place like New York or California would mean lesser earnings as compared to someone working in Wisconsin.

It seems astonishing at first but it’s quite logical if you look at the fact that more people opt places with more resources and development, like New York, as compared to places like Wisconsin.

As there are plenty of doctors available in new york, the hospitals can hire them at a lower pay. Whereas in Wisconsin, hospital authorities have to attract doctors by offering them a higher salary.

Primary Care VS Specialist

Throughout the world, it is a common observation that primary care doctors earn less as compared to specialists. In the US, the annual income of a primary care doctor is approximately $220,000, whereas that of a specialist is approximately $330,000.

Speciality

Which speciality to choose is a challenging task for many doctors. There are so many specialties out there, some related to procedures, such as neurosurgery, cardiosurgery and plastic surgery, while others are non-procedure specialties including pediatrics and family medicine.

On average, specialities involving procedures tend to have a higher salary than non procedure specialties. According to the data given on Medscape.com, neurosurgery, orthopedic surgery, plastic surgery, cardiology, and gastroenterology are among the top paid specialties in the US.

Demand

Like in any other field, the demand of the people has a huge impact on the income of a particular medical speciality. To understand this, consider the example of psychiatry.

In the US, the massive increase in the number of psychiatric patients, as well as the increase in attempts of suicide at an alarming rate, is an evidence of the increased demand for doctors specializing in psychiatry.

Thus, as compared to before, the average annual physician compensation for psychiatrists has increased. Hence, we can say that greater the demand, higher the pay.

Loans taken during Education

In the US, many students have to take loans in order to persue higher education. The lack of understanding in regards to dealing with financial obstacles puts the medical students under a huge burden of debt by the time they finally start earning. Interests on these loans simply adds to their debt and reduces the net amount earned each year.

This also highlights the need to educate students about various student loan programs and schemes and to teach them efficient ways to pay off their debt without having to lose a fortune later on.

Private VS Public

Private doctors have a financial advantage over public doctors. This is true not only in US but also in other countries. However, despite this financial advantage, doctors prefer public service over private due to the extra burden of dealing with business related issues in private practice.

Here, it is usually a dilemma of choosing between more income or mental health.

Conclusion

Thus, we can conclude that all the doctors, on average, are earning a fairly good sum in the US, amounting at the very least a few hundred thousand dollars per year.

The journey to becoming a practising doctor in the US is not easy. After spending so much time and money, a medical graduate finally gets the chance to earn for himself, and his hard work begins to pay off.

But, in order to practise in the US, every medical graduate, be it a local American or a foreign medical graduate, must pass the United States Medical Licensing Examination, or USMLE in short. USMLE is a three-step exam taken by thousands of medical graduates each year.

In the world of medicine, this exam is considered one of the toughest tests conducted to see if a medical graduate is qualified to step foot in the actual field.

After such a long academic, physical and financial struggle, those who land a job can finally take a sigh of relief, and hope for the start of an easier journey ahead. Considering the years of effort spent just to enter this profession, it is only logical for doctors to be rewarded with a good pay.

A doctor is a humanitarian who spends almost his entire life saving others. Therefore, I believe that doctors deserve to be given respect, appreciation and due compensation.