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A period of recession is gearing up or moving down frequently. Along with it, monetization of the market is making the ventures optimistic. The statistics say that this year is crucial for the small businesses and they look up for positive result. We have to wait and see the dramatic changes. Business and finance are two such generic terms on which people searches the maximum contents. Therefore, I am also sharing a cup of hot finance knowledge through my blog.

In the financial year of 2013, stay with me to move ahead.

Thursday, 13 March 2014

Why It Is Not Good To Pay Off The Mortgages Faster? - PART II

In the first part of this blog issue you have find some healthy tips on mortgage. It laid down the former reason why you should not pay off the mortgage faster. As payment of the mortgage for a longer time will let you enjoy lower interest rates, get enclosure against inflation, have some optimistic tax saving option and finally keep the emergency fund untouched.

After summing up the first part of this discussion let us jump into the next section where we have several other reasons to tell why paying off mortgage slowly is a benefit to the users.

·       You have a credit card debt or an auto loan to pay

You have to pay down the consumer loan first. The credit card rates are higher than the mortgage rates and the mortgage interest might offer you a tax deduction that you are unable to get a credit card or auto loan. You should start working on the consumer debt to zero before considering the pay down of mortgage.

·      Getting hold of the arbitrage

Recently online banks where paying 3.5% of interest rates. That is what you can get from a 30-year old fixed mortgage for these days. Economies are cyclical in nature and the deposit rates might return and can go even higher. You will glad to gain interest on the savings on your bank, rather bank charging you for your mortgages.

·      Failure to maintain the cash flow

Overpaying the mortgage almost seems like the stretching of finances close to the limits. If you are struck with hard times, you may not be able to make timely payments and this could put your home at risk. If you invest instead if overpaying the mortgages then you will get a great liquidity during your hard financial times. Banks are never impressed by over-payments. As the home is yours so until you pay off every penny whether sooner or later is of little concern to them.

·      You fail to save enough for your retirement

Many people make little contributions towards retirement savings. Putting the extra money towards the retirement savings is a smart move. As soon as you near your retirement max out your contributions, you can get the advantage of compounding your money. You have a fair chance to gain some extra bonus if you add up for retirement savings.

Will fail to maintain a higher credit score

If you make over-payment of your mortgages, them you are surely going to suffer from a poor credit score. Keep the largest debt account in a good position  to keep your credit limit at bay and help your credit score to soar high and thus you can continuing with your borrows.

Keeping a mortgage is not for everyone, if you have a habit to avoid debts then it is better to pay off the mortgage. If you have financial aspects in their due place, if the emergency fund is stocked well and you have a good saving for your retirement, then carrying any other debts may haunt you at night. Go ahead and clear off your mortgage payments.

If you want to take the advantage of the low interest rates then you can bypass those extra mortgage payments. However, the money you thought to invest in mortgage are valuable, so out them in better investment schemes do not concentrate on lifestyle spending with that extra money. Being purposeful with your money in the key to unlock success!!

Author's Bio: Moumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various financial topics. A clear view on market, business, Forex, funds, personal finances etc. are the subjects she perfectly underlines through her articles.  Find Moumita on Google+

Image Courtesy: Flickr

Monday, 3 March 2014

Top 10 Tips to Outwit Your Competitors

Morning Readers, let us discuss something important to wake you up from the Monday Blues.

Sales Meet Goals: Outwit your competitors

Topic to Discuss: How do we outperform competitors?

Today businesses exist in a competitive environment. Companies face stiffer competition with each other to provide the best ROI for their products and services.  Businesses actually compete in many ways. Such keeping people together, especially who work for them as others are self-dependent. So the entrepreneurs are constantly thinking of ways to outwit the other business rivals.

Marketing is quite tough. So, try to make the most out of those resources in which you are best. Here, we are going to share top 10 tips to make you learn how to outsmart your competitors.

So turn on the heat this Monday morning and jump into actions.

1.       Products/Services Should Be Attractive

It is obvious that you must make your products and services more attractive in-terms of packaging and presentation. With attractive packages, clients will prefer to choose you ahead of your competitors.

2.       Affordable Services and Products

You should make the products and services more affordable, it does not necessarily mean that you will compromise the quality and quantity. Reducing the price will attract more customers, as it is a proven theory. Goods are sold more at $9.99 rather than on $10 even if the difference means nothing.

3.       Product/ Services Availability

There are companies who lost their customers because they gave them the opportunity to try out other products, when theirs were not available. Do make sure that the products are always available, in the reach of your target market.

4.       Advertisements

You need to ensure that the products and the services are always in the media, billboards and other ad tools. If people keeps on seeing and hearing the products, they will continue to support you.

5.       Boost Quality and Quantity

You need to study the competitor product, then put in the extra effort to the quality and the quantity, without increasing the price. You will be surprised to know the tactics to woo your competitor customer. You can ride on the economical scales to make some better profits.

6.       Introduce the Idea of BOGOFs (Buy One Get One Free)

You can make it a habit to give back what is due to your customers through the promos and the BOGOFs. You give these offers to the existing customers to be loyal to you and your customers via promos and existing customers. This will make your customers stay loyal and let you win over the competitor’s customers also. Ensure that the incentive you offer is attractive enough.

7.       Customer Service

You have to serve the customer with first-class experience and guarantee their patronage so that they go out to sing the praises of your brand. You can go for the mouth-to-mouth advertisement. Especially, if you want to have a satisfied customer then you have to pay attention to the advertisements.

8.       Gain Loyal Customers

You can gain loyal customers by rewarding them. You should make others know that you are not just making money out of them. It will also show that you are able to recognize the customers, not for the money they pay for your service, but the impact they have on your business.

9.       Involve Your Customers

You need to get your customers involved in the production process by seeking improvement ideas. This will help you to gain advantage over your competitors. It also indicates that you can dish out products that are tailored to meet the “need” and the “preference” of your potential prospects.

1.   Simple Use Of Your Products

In the present day, people are quite busy; hardly have time to study manuals critically before they use the product. You have to make the products easy to use and outsmart the customers, especially when they are not on the same page with you.

Get on these ten effective tips to outsmart your competitors in the target market and stay ahead. And rejuvenate your Monday with flying colors!

Author's Bio: Moumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various financial topics. A clear view on market, business, Forex, funds, personal finances etc. are the subjects she perfectly underlines through her articles.  Find Moumita on Google+

(Image Courtesy: Flickr)

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