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Best Ways to Minimize Your Monthly Auto Expenses

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It’s no secret that automobile ownership may be costly. Between the monthly car payment, insurance, gas, and maintenance expenses, it’s easy to see how your budget can spiral out of control.

However, there are ways to minimize your monthly auto expenses and keep them within your budget. This blog post will help put some light on some practical ways to do just that!

Carpool To Save Gas Bill

One way to reduce your auto expenses is to carpool with friends or family members. When you carpool, you can split the cost of gas, which can save you a significant amount of money each month.

Reduce Your Insurance Costs

Another way to reduce your auto expenses is to shop for the best car insurance rates. Several websites allow you to compare rates from different insurers. You can also get discounts on your car insurance by taking defensive driving courses or installing safety devices in your vehicle.

Refinance Your Loan

In case you are still making payments on your car loan, you may be able to lower your monthly payments by refinancing your loan. Several websites allow you to compare rates from different lenders. You may also consider trading in your car for a newer model with a lower interest rate.

Benefits of Refinancing Your Car Loan

Maintenance Tips

You can save money on your auto expenses by taking good care of your car. Make sure to get regular oil changes and tune-ups. You should also keep your tires properly inflated and aligned. These simple maintenance tasks will help prolong the life of your car and prevent costly repairs down the road.

Cover-More Ground in Single Trip

If you have to make multiple trips in a day, try to combine them into one trip. This will save you time and money on gas. You can also run errands during off-peak hours when there is less traffic. This can help you avoid getting stuck in traffic jams, waste gas, and add to your stress level.

Learn To Do Simple Maintenance

You can save enough money on car repairs by learning to do simple maintenance tasks yourself. For example, you can change your oil or rotate your tires. You can also wash and wax your car to keep it looking its best. These simple tasks will help keep your vehicle in good condition and prevent expensive repairs down the road.

Cash In Extended Warranty

If your car has a warranty, you may be able to get free or discounted repairs. You may purchase an affordable extended auto warranty for your vehicle. This will protect you from paying for expensive repairs down the road.

Downsize Your Car

If you are looking to save money on your monthly auto expenses, you may want to consider downsizing your car. A smaller car will generally cost less to operate and maintain. You may also consider selling your car and using the money to purchase a more fuel-efficient vehicle.

Drive Slow To Avoid Damaging the Car

Last but not least, you can save money on your monthly expenses by driving slowly and carefully. This will help to avoid accidents and costly repairs. It is also important to obey the speed limit and drive defensively.

By following these simple tips, you can minimize your monthly expenses and keep your budget under control.

5 Common Types of Investments and How To Get Started

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In a world where finances are our top priority, it’s important that everyone becomes aware of the many ways in which we can generate money from the money we already have. Making our money work for us can be one of the smartest things we can do, and one of the ways in which we can do this is by investing our money in the economy.

There are many people who don’t know all the options we have to make investments, in fact, there is still a large proportion of the population that remains aware of such options. This can be due to the inability of individuals to research this information, the lack of motivation to learn about the economy and finances, or the little free time many might have due to working multiple jobs at once. For those of you who need a bit more guidance on investments to improve your finances and live a better life, continue reading for the five most common types of investments and how you can get started on each of them.

1. Stock Investments

Stocks are one of the most common investment options out there. If you’ve read a little bit of news recently or have spoken to others about the economy, chances are you’ve heard about stocks. Stocks are shares or portions of a company that you can invest in. Companies like Apple, Tesla, and Amazon all have stocks in which you put your money for growth. Once you invest in these companies, you become a shareholder and automatically generate profits depending on the success of the company.

Another variant of a stock is called a penny stock. A penny stock works just like a normal stock, the only difference is that each share costs less than a dollar. Some of the best penny stocks to buy now in Canada include 5NPlus (VNP), American Lithium Corp (LI), CloudMD Software & Services (DOC), and Drone Delivery Canada (FLT). You can start investing in penny stocks through applications like Wealthsimple and QuestTrade.

2. Real Estate Properties

Another popular type of investment involves real estate properties. Real estate is one of the most convenient ways to make money. You can invest in real estate by purchasing a house or an apartment and renting it for more than it’s worth so it can pay itself off without needing any more investments on your part.

3. Exchange-Traded Funds (ETFs)

ETFs have gained popularity in recent years due to the development of cyber technology which allows us to trade digital art in the same way we trade goods in real life. ETFs are a type of collection of investments that have a fluctuating value depending on the market. This type of investment is usually recommended for new investors due to its diversity. If interested, you can start investing in ETFs right within the stock market by using your choice of Robo-Advisor.

4. Cryptocurrency

Another popular investment option is cryptocurrency. If you’ve heard of Bitcoin, Litecoin, or Kraken, then you already know about cryptocurrency. Cryptocurrency is nothing else than a digital currency that can be used to purchase goods and services. Instead of using the US dollar, you can use crypto to purchase almost anything in the market. You can invest in cryptocurrency with an app like Coinbase.

5. Retirement Plans

Lastly, you can take control of your future and invest in your retirement plan. Your retirement plan will sustain you when you can no longer work during your senior years. You can invest in your retirement through your employer’s 401(k) plan or other options like a Roth IRA, a CD, and even the stock market.

Try any of these options to dive into the investment world today.

5 Tips For Managing Post-COVID Financial Stress

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Personal finance causes many individuals to undergo stress, affecting their mental, physical, and emotional well-being. This happens because many people often struggle with managing their finances. Following the Coronavirus (COVID-19) pandemic, anxiety among the low- and middle-income people have only heightened. Moreover, many have been left unemployed and depend on their savings. 

Luckily, all hope is not lost if you’re also undergoing financial stress due to a money shortage. Thanks to specific tips that can help you better manage your money, thus, effectively dealing with your financial stress. Below are five tips on best handling post-COVID money-related stress and getting your life back on track.

Stress women working on laptop

Create A Budget

For many individuals, financial stress is usually brought about due to a disconnect in the amount of money they earn and how much they spend. Knowing this, a financial literacy skill you need to learn to avoid such a mistake and worsen your money-related stress is creating a budget. Using this tool, you’ll save yourself financial stress by always being on top of how you spend every penny you earn. In the long run, doing this will help you improve your finances to help you achieve your future goals.

To create a budget, you should first identify your net income. After this, take note of all your monthly expenses, such as rent or utility bills. Moreover, you can use a money management app or spending tracker to help you out. Tracking your expenses will help you pinpoint areas where you can cut down.

During the first couple of months, sticking to the set budget will undoubtedly be challenging. However, you’ll slowly get the hang of this recent spending and have a much easier time in the future. As a result, you’ll find yourself less stressed about your financial situation.

Build An Emergency Fund

Building an emergency fund can sound like a far-fetched idea if you’re making barely enough money to get by. But with such a fund, you’ll be able to cope better with financial stress and anxiety, which can give you peace of mind. When building an emergency fund, you should first aim to set aside at least USD$1,000. And after settling all your debts, increase your savings and target setting aside at least three to six months of your monthly expenses.

Because building an emergency fund is often quite challenging, you should start small. This means you can start by saving USD$10 to USD$100, and over time you’ll grow your savings in your emergency fund. With enough money saved, you’ll enjoy greater peace of mind even during times of financial stress knowing that you can comfortably cater to any unforeseen emergencies.

Look After Your Health

When going through financial stress, it’s easy to overlook the need to maintain your overall health. As a result, you find yourself resorting to unhealthy habits such as lack of physical exercise, poor sleeping habits, or an unhealthy diet. Doing this adds tremendous stress to you by affecting your emotional, physical, and emotional well-being, which worsens your financial health in the long run. 

With this in mind, it’s best to put steps to ease your body, mind, and soul into a relaxed state to help you achieve more excellent financial health. The different ways you can do this include:

  • Eat a healthy diet to supply your body with nutrients to help your brain better cope with financial anxiety and be less sluggish.
  • Get adequate sleep, ideally at least seven hours of rest.
  • Exercise regularly to promote the production of endorphins to boost your overall mood and, thus, help you better deal with financial stress.
  • Consult your doctor right away if your financial stress affects your physical well-being. If you suffer from an underlying health condition, this is crucial to help your doctor treat the symptoms before they worsen. 
  • Get emotional support from a family member, friend, or therapist to share the financial stress you’re going through. This action helps you better cope with your anxiety and ensures you don’t make decisions that further worsen your financial predicament.

Doing any of these activities will ease your mind from financial stress by helping you disconnect from your stressors.

Stress men and women with help card

Settle Your Debts

Whereas your focus needs to be on saving and investing to achieve financial freedom, this shouldn’t be at the expense of clearing all your outstanding debts. This is because debt can quickly become a significant burden and cause you great financial stress if left unchecked. With this in mind, it’s essential always to prioritize debt repayment to do away with any financial stress that you might be experiencing.

You can employ different debt repayment methods, such as the snowball method, whereby you start by paying your smaller debts and later go to the bigger ones. In contrast, you can also begin by clearing the debts with higher interest rates, known as the high-rate method. While repaying your debts, it’s recommended that you don’t take any new obligations.

Talk To A Professional 

Money matters can be overwhelming to handle all by yourself. For this reason, it’s best to get help from a financial advisor. With their skills and experience, these professionals can teach you how best to deal with your financial challenges. They do this by teaching you how to save money, reduce your debt, and set attainable goals, which is beneficial during these post-COVID times.

Other challenges that a financial advisor can help you deal with include student loans, medical debt, credit card loans, mortgages, and tax debt. They also can enlighten you about government programs that are in place that are aimed at persons that suffered a devastating blow due to the coronavirus pandemic. With their help and guidance, you’ll, over time, get back on your feet and free yourself from financial stress.

Takeaway

The COVID-19 pandemic has disrupted millions of lives across the globe, resulting in such persons undergoing money-related stresses. If you find yourself in such a position, learning how to manage financial stress is essential for your peace of mind. This guide has elaborated all you need to know on how to go about dealing with post-COVID financial stress and achieve a positive outlook on life. 

The value of the pound in December – How does this compare to January?

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The foreign exchange (forex) market is one of the most actively traded and highly liquid markets. There are many factors which can affect the value of a currency, such as political events, the state of the country’s economy, the recent COVID-19 pandemic, and Brexit, for example.

When looking to become a successful forex trader, you must do some extensive research of the market, as well as the possible factors that could influence it.

So, let us take a look at exactly what is forex trading and how it works, before delving into the how the pound Sterling (GBP) has recently performed in the forex market.

What is forex trading?

Forex trading is simply the conversion of one currency into another. Companies, banks and investors carry out around $6.6 trillion worth of forex transactions every day. Many foreign exchanges are done for practical purposes such as travel, but forex trades tend to take a place on the financial market, in an attempt to earn a profit, as the value of currencies rise and fall.

Currencies are always traded in pairs. The base currency is always equal to one, while the quote currency is equal to the current quote price of the pair. This shows how many of the quote currency it’ll cost to buy one of the base currencies. For example, at the time of writing, the value of the pound is equal to 1.19 Euros (EUR).

There are several currency pairs to choose from – often categorised as major, minor or exotic. All major currency pairs include the US Dollar (USD).

December 2021

With a further understanding of forex trading, let’s look at the value of the GBP over time. In December 2021, the value of the pound was equal to 1.18 EUR. Since the Brexit vote in 2016, the value of the pound against other leading currencies, such as the Euro, has fallen significantly.

This was not helped by the uncertainty of the COVID-19 pandemic, which followed shortly in March 2020. After almost two years of lockdowns, and living in a state of worry about the health of the UK economy, it’s no wonder that the value of the pound has suffered.

On top of this, we have seen rising inflation rates, with an increase of 5.4% in the UK in December 2021 from 5.1% in November — above market forecasts of 5.2%. This is the highest it has been since March 1992, and means that the value of the pound will be affected, as less goods and services can be bought with the same amount of money.  

What’s more, the Consumer Prices Index (CPI) increased by 0.5% in December 2021, compared with a rise of 0.3% in December of the previous year.

January 2022

As previously mentioned, at the time of writing, the value of the pound is equivalent to 1.19 Euros, however did rise to 1.20 EUR earlier in the month. The rise of the value of the pound is partially down to the upcoming easing of COVID-19 restrictions, marking what seems to be the end of the pandemic, and allowing a chance for the country’s economy to recover.

In December, there was concern of another lockdown due to the fast spread of the new Omicron variant, however the Government have stated that as of the 27th January 2022, you will no longer be required to wear a face covering, or have to show your NHS COVID Pass at venues and events by law. This will be followed by the return to office work and a reduced isolation period, causing people to return to local shops and cafes, and in effect, boost the economy.

The UK’s current inflation rate remains at 5.4% (the same as that in December) and the future of the health of the UK’s economy, as well as the value of the pound, looks to be promising — despite the price of electric, and the cost of living, both expected to increase.

According to Trading Economics Global Macro Models and analysis expectations, the GBP is expected to rise in comparison to other currencies, but could face even more uncertainty in the coming weeks, as UK Prime Minister Boris Johnson faces many discussions about his leadership.

Role of the Financial Institutions and Financial Markets in Economy

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We have always read that financial stability helps in positive economic growth. The importance of this statement can never be justified. There is absolutely no way for the economy to grow and benefit the country if the financial sector doesn’t support it. 

If the financial sectors constantly promote or encourage the commercial activities of a country, only then the economy of the said country will progress effectively. Financial institutions and financial markets play a vital role in the progress of a nation and act as a critical driving force for economic lift. 

We have already established the fact that financial institutes and financial markets play a role in the economy, but how do they work? Let’s dive deep into what roles they play and how they affect the economy.

What are Financial Institutions? 

All the institutions that specialize in performing financial transactions such as deposits, loans, investments, insurance, etc., are known as financial institutions. There are mainly five types of financial institutions regulated by the central government. 

  1. Commercial Banks
  2. Investment Companies
  3. Brokerage Firms 
  4. Investment Banks 
  5. Insurance Companies 

These institutions ensure that people make the right use of interest rates and make profits that benefit them and the whole economy.

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Role of Financial Institutions in Economy

  • Financial institutions have significant importance in maintaining economic stability and controlling inflation. They regulate the money supply for a country’s economy. When the central bank modifies reserve requirements by lowering them, banks can more excessively loan out money. This increase the money supply in the economy. 
  • Another role played by financial institutions is capital formation. Anything from land to machinery is considered capital, and financial institutions make sure to increase the capital stock. This is done when the unused money from individuals is invested in different businesses. This is mainly conducted through savings accounts in banks and investment opportunities provided by investment firms. 
  • Financial institutions help in the growth of the business sector. Financial institutions assist small, new on the market and medium-sized businesses in their early stages of operation. They supply these businesses with both long-term and short-term funding. The long-term investment assists companies in capital development, while the short-term funding programs help the companies meet their requirements for everyday capital.
  • Financial institutions are constantly under government regulation, and it is a country-wide phenomenon. They work according to the government standards and help the economy in its growth. The best way to describe it is to notice how banks come out with loans at lower interest rates for a particular sector. Governments issue guidelines for the banks to lower the interest rates for the industry facing developmental issues. This helps the businesses of the said sector to get the money required to initiate the growth. When the business sector grows, the economy also uplifts itself. 

Financial institutions are the foundation of a country’s economy. If all these institutions collapse, the economy will collapse with them and will be unable to recover. 

What are Financial Markets? 

Financial markets offer a channel for the acquisition and selling of stocks and bonds for potential profits. People invest their money or savings in the form of equities to gain more financial profit in the future. 

Financial markets contribute to the uninterrupted delivery of savings and productive investment in a country’s economy, facilitating economic growth, capital formation, and the development of products and services. 

Following are the types of financial markets existing in today’s economic world: 

  1. Capital Markets 
  2. Foreign-Exchange Markets (Forex) 
  3. Stock Market 
  4. Money Market
  5. Commodities Market
  6. Bond Market
  7. Derivatives Market 

The confluence of financial markets and institutions of a country, and a diversified range of financial assets and mechanisms, meets the demands of borrowers and investors and hence benefits the economy as a whole.

Role of Financial Markets in Economy

  • Members of the financial markets get indications from the cost of borrowing and the rate of return on their investment. These signals assist in directing finances to individuals, corporations, government organizations, and investors who want to get money by linking them with interested lending institutions or lenders.
  • Different securities such as bonds or public and private shares are sold in the capital market to generate financing for multiple enterprises and government institutions in short to long-term ranges.
  • The foreign exchange market ensures efficient transactions and smooth transitions of currencies. Without the foreign exchange market, the trading and monetary transactions would not be possible, thus resulting in an economic collapse. 
  • Financial markets generate liquidity, helping firms to expand and businessmen to fund their enterprises.
  • Capital markets help to stabilize economies by instilling investor interest and confidence. More investments in the business sector contribute to the development and growth of economies.

You may have noticed that the countries with poor economies often have minimum to no growth in their financial markets. Their economies are not developing because their financial markets are not working smoothly. 

It is evident that the economy won’t be able to stand on its feet without the smooth and uninterrupted functioning of financial markets and financial institutions. There are many factors that contribute to stable economic growth, and financial markets and institutions are one of them. 

To have a developing economy and a better country’s financial stability, each factor has to play its part. If any of the elements are not working efficiently, the economy will face a downfall.

Know About The Top-Notch Advantages Which A Person Can Attain By Bitcoin Trading!

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Today is the world of technology and digitalization. It is the technology that helps a person in doing all their work with utmost ease. You will be amazed to know that the technology can also help you earn a tremendous amount of money. One of the best kinds of digital money available is bitcoin.

It is a virtual currency, and its value is skyrocketing. You can use his cryptocurrency as a means of trade. There are various tremendous advantages of trading bitcoin like bitcoin profit, and if you want to know about them, you should take a look.

Globally accepted

One of the best advantages of trading bitcoin is that it has global recognition. There are millions of people in this world who are investing their money in this digital currency. It is the standard method of exchange, which means that you can easily send and receive bitcoin payments worldwide without facing any issues. Moreover, in bitcoin, there is no participation of the banks or the financial bodies. It makes bitcoin free from the norms and regulations of the government.

There is no single owner of this digital currency to have complete control over your funds, and you can use it for any purpose that you like. In bitcoin trading, you will not have to worry about getting permission from the government or the transaction fees. You can trade bitcoin with utmost ease, and the potential of making higher revenue is very much in bitcoin. The best thing is that the bitcoin trading market is open 24 hours a day and seven days a week, which will allow you to make the trade whenever you want.

Less expensive

Another great advantage of trading bitcoin is that it is less expensive than any other kind of trading. You might not be aware that the transactions for the transaction of bitcoin are entirely free from the fees, which makes it an even cheaper kind of trading. Moreover, it also allows the user to make a significant transaction completely and without paying for the additional charges. Finally, you need to know that bitcoin trading is easily accessible for all the people in this world because of its lower trading cost, which is perfect for traders.

We all know that the nominal trading costs always allow the traders to trade more and earn more amounts of profit. The best bitcoin exchange can help make direct transactions anytime you want, and it can also help you save a significant amount of time and effort. It doesn’t matter that it is day or night. You can always trade bitcoin. You should also ensure a good internet connection and a device to log into the trading site and make bitcoin transactions.

Private transactions

All the transactions that you make by using bitcoin are entirely private. All the Bitcoin transaction takes place on the blockchain, which is the public ledger, and it offers the best class security to the user’s funds. Bitcoin trading offers you a high level of privacy because no other person can know about the transactions which you are making.

The user’s personal information is also completely private, which means that you will not have to worry about anything. You can make an anonymous transaction without disclosing your identities while making the transaction to other people. Therefore, there are very few chances of fraud and risks in bitcoin.

How to open an account on bitcoin exchange?

If you want to invest in bitcoin, you will first have to set up your account in the right and reliable bitcoin exchange. You have many options for the bitcoin exchange, so you can choose the one you find reputable. After finding a  bitcoin exchange, you will have to create your account on this platform.

You should know that this process is straightforward and all you have to do is provide some of your essential details. After creating an account, you will have to deposit funds in your account to buy bitcoin. Now you are free to buy bitcoin of any amount that you like. When bitcoin is credited to your bitcoin exchange account, then you can trade them easily.

How can Cryptocurrency fit into the Global Economy?

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Cryptocurrency is an exciting and unique kind of virtual currency. It is primarily used to procure services or even products on the web; Cryptocurrency transactions remain secured with the help of an online leger with the help of a strong kind of program called cryptography itself. A majority of businesses employ digital currency for investment, and it remains high-profit margin as it can come along with some speculations around the same.

The digital currency remains structured in technology and moving the blockchain and thus remains a technology that often records things that manage various tractions coming through computers and smartphones. You get a good amount of security to the various transactions that further help in adding extra appeal to the ideal. You can further explore more about the same on sites like trading site to get more about the same. In this way, you can find more to go with the same.   

With additional security comes the natural appeal for the same. Suppose you can discuss digital currencies in general regarding more than 6700 diverse currencies and thus have the trade in a public domain. They end up raising the money via the ICOs, and thus it goes up with the idea of increasing.

These tend to remain in a recorded way with the value of different digital currencies seen coming up in December 2020 along with the considerable money called 645 Billion. As stated by forbes, Most of the popular digital currencies include Bitcoin, which seemed to have around 421.7 Billion. One can find out too many reasons coming along with the same, and we have the critical elements discussed below in the following paragraphs:

The increasing popularity of digital currency

Virtual currency is often looked upon as a method of investment in which every client needs an immediate rush with the help of buying them, seeking the help of many more things that come along with it. The traditional currency system seemed to come along with different loopholes, and thus one can find the inflation that is seen as a reason people tend to lose value from time to time. One of the critical reasons we see the currency losing its value is due to inflation and thus coming up repeatedly.

Hence one can find too many buyers preferring virtual currency time and again. Hence we see many buyers only relying on digital currency over the fiat banks, which are based on banks for the money supply. At the same time, blockchain remains a decentralized process and recording systems remain more secure than any other mechanism.

Hence it is more preferred for people to procure things using different products. People secure bitcoin and digital currencies to gain higher value of terms and thus find too many currencies and accept the same in the long term to move all your money.

Get too many benefits to the global economic structure

One can find the rate of these digital currencies acting like skies, Bitcoin breaches, and coming up with half of the value once we found earlier this year. People tend to have chances to gain too many more things to gain the best in this world. Digital currencies give people one of the best ways to analyze the market and invest at different points in time. The early investors of digital currency, along with Bitcoin, seemed to invest in giving the best option to invest coming at the right time.

One can find too many reasons to invest in Bitcoin and other digital currencies, and today one can find people getting the traders and investors for the comprehensive ecosystem. All these platforms are seen coming along with automated software and AI algorithms to influence the trade seen with the users.

However, one can find people getting involved in lending practices that show over the unstable interest rate. Blockchain technology helps the buyers carry out the business all over the border without getting any extra money without getting the right system. At the same time, digital currencies do demand the right kind of infrastructure to move along with the best cost traction. It also attracts several new people with the help of different tools for financial purposes and helping people get the global economy to get closely interlinked.

Relationship Between Gold and the U.S. Dollar: An Overview

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In addition to its important role as a commodity, gold is certainly one of the oldest tradings means that the human race knows. As a matter of fact, gold has a double purpose; it can serve as a commodity as well as a currency. As a commodity, gold has amazing properties; it is dense, soft, lustrous, malleable, brilliant, and ductile. As a currency, gold is all-pervasive around the world. On that premise, the following article presents an overview of the history of gold and takes a deep dive into its relationship with the U.S. dollar.

The history of gold and its symbolism

First discovered in river bottoms in its natural state between 5,000 and 3,000 BCE, gold has been coveted by civilizations throughout history. Even in this day and age, gold still remains a proxy of prosperity and wealth and the ultimate symbol of human achievement. In the course of history, gold, which is a rare metal, was used by a substantial number of governments as a safe-haven asset to back their currencies in case things go awry on the economic front. In fact, while a lot of governments still maintain a lot of gold, none of them uses it in order to back their money in this day and age. That being said, the U.S. dollar is considered to be the standard for pricing this rare yellow metal. For that reason, there is a unique relationship between the currency value of the United States and the price of gold. 

The U.S. Dollar vs Gold

As gold is considered to be an asset, it has an inherent value. This value, however, can fluctuate over the course of time and, in some cases, in a volatile way. For the most part, when the U.S. dollar value increases in comparison to other currencies, the price of the yellow metal tends to decrease in terms of the U.S. dollar. The reason behind this being that the price of gold becomes higher in other countries, which means there will be fewer buyers, which means less demand. On the other hand, as the U.S. dollar value decreases, there will be more demand for gold so it appreciates. That said, the U.S. dollar value is not the sole facet that affects the value of gold; interest rates also affect it. If the U.S. central bank increases interest rates, interest rates across the economy will increase. This will attract more capital and investors from all over the world to invest in the U.S. and, consequently, buy the U.S. dollar. 

Gold trading

In addition to being one of the world’s most precious metals that has an imperative role in the economy and that appreciates ahead of its industrial usage, gold is one of the most widely traded metal commodities. In fact, there are several reasons to engage in gold trading. As gold preserves its purchasing power and performs great at the expense of other assets, it can serve as a hedge against inflation and turbulent times in the world’s economy. Gold trading can also be popular among investors who want to diversify their portfolios. 

A durable, consistent, divisible and valuable currency, gold still remains one of the world’s most storied currencies that serves as a barometer with regard to the safety and security of governments and their economy. 

Minimum Wages in Illinois

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All employers are asked to pay their staff a minimum wage. It is defined as the least rate of working per hour by the employees. If somehow, a worker isn’t able to earn up to the minimum pay, he/she should clear the due amount to the respective entity. Different regions have locked state, local, or federal rules for the minimum wages, including Illinois. The fundamental cause behind fixing this lowest amount is such that a company/office can pay the right amount to its employees on time.

Let’s read the article below to know more about Illinois and its minimum set wages for employees.

Figure Out Illinois’s Minimum Wage in 2020

The general minimum wage rate for the federal department in Illinois was set to be 7.25 dollars per hour. Keeping this in mind, non-tipped workers above 18 years are getting a handsome wage rate of 10 dollars per hour by 1st July 2020. However, students and teenagers working to earn for themselves earn the least rate of 8 dollars/hour. According to a law in Illinois, if these under-eighteens serve their employers for almost 650 hours a year, they should be granted the same salary rate as workers above eighteen are getting. It was quite an impartial decision made by the respective government.

A Little History About Increasing the Minimum Wage Rate in Illinois

The House and Senate of Illinois passed a law in 2019, stating an increase in the wage rate to $15/hour by 2025. Later on, the government outlawed this statement after thoroughly evaluating workers and their performances in past years. It was not a good experience as the workers used to serve fewer hours and earn more up to $13/hour in 2016. Thus, the decision was reconsidered, and the minimum wage in Illinois now stands at the rate of $11 per hour.

Illinois Lawful Protection for Tipped Workers

An employee should clearly understand the rules and regulations behind getting tips on providing services. What should be the tipped amount paid by the employer? Should you contribute to handling the compensation or due payments of your working place? All these general questions are answered according to the laws of your respective state. Similar is the case with Illinois! The government has fixed some rules of paying the tipped amount to the employees working in Illinois. They are generally paid almost sixty percent of the actual minimum wage per hour. Let’s discuss in detail the key tips and legal protection provided by the Illinois government and federal state to the tipped workers.

The primary rule for getting tips is that it all belongs to the particular worker and not to the employer. Still, there are some exceptions found where a worker can share his tipped amount with other parties, such as:

Rules for Tip Credit: A few states give their employers a right to count their staff tips as wage pledges. It does not mean the employer is getting a portion of his employee’s tips, but he’s instantly paying that percentage to the respective person. It is called tip credit, and Illinois usually follows this step under basic tips rules.

Rules Regarding Tip Pool: According to a law in some states of Illinois, workers getting tipped should share a portion of that amount with other staff in the tip pool. This way, all employees can enjoy a part of the extra salary.

Illinois Dealing with Overtime Minimum Wage

An employee’s overtime salary considers being 1.5 percent of its actual minimum earning per hour. Hence, as per the current wage rate in Illinois, the overtime amount turns out to be 16.5 dollars/hour. Now, who is eligible to get this overtime amount? All those workers who spent their forty hours a week on work are authorized to receive this 1.5 times extra amount.

Exemptions of Employees to Get Overtime Wage Salary

As everyone struggles to earn more and more, the government of Illinois specified some workers who can acquire this facility. At the same time, they also exempted a few who are ineligible for this overtime minimum wage. A necessary list of these exceptions include:

  • Some technical workers, such as engineers, software professionals, etc., get almost 27.63 dollars/hour.
  • Some administrative by Fair Labor Standards Act
  • Workers who serve in television or radio in an area with less than 100,000 people
  • All the workers of state agencies or municipalities
  • A few agricultural employees
  • Employees who are commissioned by the Fair Labor Standards Act
  • The staff of a few educational institutes who are facilitated by their own unit

Should Illinois Work on Increasing the Current Minimum Wage Rate?

The state should respect increasing its hourly rate with time, bearing in mind its current minimum wage rate. Almost 13 states offer a minimum salary of 10 dollars per hour or maybe higher than this. It counts to be approximately equal to Illinois’s minimum wage rate. If this region plans to raise its hourly income for its employees, it can significantly influence the overall economy, lessen the income’s injustice, and create tax returns.

3 Customer Service Essentials in the post-pandemic Economy

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Thousands of articles have already been written about the way the pandemic has changed the behavior and expectations of customers. Over the past year, many consumers have been forced to change their habits, use different suppliers and switch to new channels.  As a result of this varied exposure, they’ve more than likely had the opportunity to compare your business with others they’re in contact with.

What does this mean, for example, for a small retailer? First, it means they’re no longer comparing your service with that of your competitor down the street. They could be comparing your service delivery to that of Amazon or any other huge company with vast resources at their disposal that has impressed them over the past year.

So how can you compete and retain your customer base? How can you ensure that you compare favorably to the big online players or the best in your niche?

Here are 3 Key Strategies

Your brand promise

Create a brand promise that’s not about you, it’s about what you promise to do for your customer.  So it’s not: ‘We promise to be transparent’, it’s ‘We promise that you’ll know exactly the progress of your order at all times’. Your customers will understand how well you measure up to this in reality.

Get your delivery process right

Isolated at home, customers who order online have come to expect their purchases to appear on their doorstep almost instantly. Again, while the big players have led the way, smaller businesses are increasingly finding ways to compete. With the increase in online purchasing, many businesses have found themselves, almost by accident, with a far more geographically diverse customer base.

Whether you fulfill your orders in-house or outsource, choosing a reliable courier service is essential. As a senior manager at Texas Couriers explained “Each package we deliver to customers in our area is an opportunity to build our reputation locally. That’s why we commit to delivering in hours, rather than days.” Partnering with a local service ensures you both have a stake in outstanding service delivery and exceeding customer expectations.

Give your brand a human face

Whether your team encounters customers face-to-face, or electronically, choosing the right people to represent your brand and solve problems is an essential aspect of your service delivery.  

For example, there are two trends in online support. Large organizations are using AI tools to deal with customer enquiries and provide support. However, how often have you been wowed by a robotic response? More likely you’ve been left frustrated and angry. That’s why many smaller companies can grab a competitive advantage by taking the opposite route. Pop-ups on your website promising that customers can talk to a ‘real person’ offer a human element that no bot can replicate.

Make sure you have the right people in all “customer contact “ roles- they should be empathetic problem-solvers.  Move the ones who aren’t focused on engaging with customers and to other jobs, and reward your customer service superstars appropriately – they remain  the key to your company’s continued growth success.