Kenneth Boyd's Blog, page 33

Want to Start Investing? 6 Things You Should Know

Contrary to popular belief, you can start investing with little money. You shouldn’t be intimidated to begin investing because you are not an expert or have enough capital. Investing is crucial because it helps you to grow money fast enough, and it takes different forms that you can choose from, depending on your goals. While starting on the path to successful investing can be overwhelming, you shouldn’t shy away or worry. Several people have traveled this path before you and navigated busts. You can weather the storm with patience, careful planning, and financial discipline. Here are a few things you need to bear in mind as you start your investing journey.

 

Know Your Financial Self

You can smartly invest once you understand yourself better. You need to know your risk tolerance and net worth, and the amount of money you are willing to invest further. Also, your life goals determine how much, where, and for how long you are willing to invest. Long-term investment goals often attract riskier investments that, in turn, attract higher returns. Short term goals require a stable return that is liquid. The first step towards investing is understanding yourself financially and your objectives so that you can take an investment path that will lead to your goals. Remember to have a sum of investment in mind.

Financial Fitness

You need to check your financial standpoint. It is not wise to start investing if you don’t have an emergency fund or you have a significant amount of debt. Also, sorting out your debts, especially credit card debts, can free up significant amounts of money for investing because it reduces monthly bills. When you save for emergencies, it is a sure way of freeing up money for investing. Also, paying off high-interest debts will have a positive impact on your investments. Remember that your emergency fund should cover up to six months for security purposes for the sake of stability as you start your investment journey.

Diversify Investment Options

Another essential step before you start investing is understanding the different investment options and how you can use them. You need to know the basics of stocks, ETFs, mutual funds, real estate, bonds, and precious metals. You should compare the investment options to each other and choose those that fit your investment plan. Precious metals are a lucrative investment option with good returns. It pays to invest in gold backed ira rather than locking up your money in gold jewelry since it protects you and your loved ones from financial instability. The savings account aids in easing safely and confidently into retirement. It is a stable way of investing because it reduces risks by virtue of possessing more than paper assets, protecting your investment against an unstable economy and inflation.

Take Advantage of Compounding

You need to take advantage of the power of compounding and internalize the concept in ways that reorder your priorities. You increase your chances of becoming wealthier if you start investing early. It is all because of compound interest, and the outcome differentials are staggering. For instance, a 20-year-old who joins the workforce and saves a certain amount annually in a tax shelter like IRA, earning long-term rates of return, is likely to become wealthier than a 30-year-old who saves the same amount of money annually. It all comes down to the time value of money. Therefore, it is wise to start investing now and take advantage of the power of compounding to become a successful and wealthy investor.

Shore Up Protection Levels

Make sure you protect your existing assets, home, and health costs before starting the investing journey. You can achieve this through insurance. You need a health insurance policy that can meet medical costs so that you focus on investing when risks occur to avoid losses. The risk of an early death exists, and it can derail your entire investment process, and a term insurance policy can come in handy. While at it, make sure you invest in your retirement, which is an important part of an investment plan.

Rebalance Portfolio Occasionally

Rebalancing your portfolio every so often ensures that it doesn’t overemphasize a few specific assets or categories. It also helps in returning your portfolio to a comfortable risk level. You can get an investment expert to help you with this. Rebalancing your portfolio can be done based on your investment or the calendar. You can rebalance your portfolio every six or twelve months and do so on a relatively infrequent basis.

Bottom Line

It’s astonishing how people start investing without knowing the things listed above. You can avoid financial mistakes by understanding the importance of financial planning before investing and consulting with the experts. It would also pay to diversify your investment portfolio to spread risks and increase returns. Get your foundation in order for successful investing.

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Why Your Recruitment Firm Should Outsource Financial Tasks

There are many advantages that a recruitment agency can reap via outsourcing their back-office work. But let’s begin this article by defining the two key components – ‘back office’ and ‘outsourcing’ – in order to give further clarity.

Back office relates to all the tasks that need to be carried out so that a business functions properly. These tasks are not seen by the customers and are often unrelated to the business’s core selling point, yet they are very much essential. This could be making applications at the likes of paydayloanspro.com, managing employee salaries, and so on.

 

To give an example; an ice cream parlor’s focal point is to obviously supply customers with delicious ice cream. However, behind the scrumptious strawberry and vanilla ice cream, there are individuals who work in accounts making sure that the financial side of the business is running smoothly. These people operate in the ‘back office’ of a business.

Outsourcing is when a business delegates part of its work process to an independent company or individual. For example, a lot of businesses hire an independent company to take care of their business’s customer support – most commonly phone support. In addition to this, website design is another business task which is commonly outsourced.

So, what are the benefits of outsourcing your agency’s back office recruitment business tasks?

Focus on your core recruitment activities

 

By delegating the back office tasks at your recruitment agency to an outside source, you allow yourself and your employees to focus on the core activity of your business; finding suitable candidates for job vacancies.

This allows you to ensure that you are providing the best service you possibly can without having to spend your time updating your website’s software or doing tax reports.

Back office tasks are completed efficiently and effectively

 

When you outsource a segment of your business tasks you reap the rewards of skilled and trained individuals. For instance, your accounts will be handled by someone who is an accountant for a living. This would not be the case if you were doing your accounts from within the company and thus you benefit from added quality and efficiency.

You can lower your business costs

 

Outsourcing your back office recruitment business tasks can actually prove to be more cost-effective. The only cost you will have is the payment you make to the company. On the other hand, if you were to take care of these tasks yourself then you would need to purchase equipment and infrastructure. Moreover, you would be wasting time- which could be better spent finding candidates and making a profit.

Security, support and peace of mind

 

You will have the peace of mind that should a problem occur you have a team of highly trained professionals behind you in order to sort out the issue at hand. If your website is not functioning properly, for example, then you know there will be experts sorting it out straight away.

All in all, as a recruitment agency or business the benefits of outsourcing your back office tasks are vast, and thus this is certainly something which is worth considering.

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Travel Arrangements You Need To Make Before You Leave

If you’re going to be traveling, there are certain arrangements that you need to make before you leave, and others that can wait until you get to your destination. The thing is that if you don’t make the necessary arrangements before you get there, you could end up with a nightmare situation on your hands. This is going to ruin your entire trip before it’s even started, and we know that this is not something that you want.

 

It’s for that reason that we’ve written this article, and will be discussing some of the travel arrangements you need to make before you leave for your holiday. If you are interested in finding out more about this topic, keep reading down below.

 

Where You Are Staying?

 

The first thing that you’re going to need to sort out is where you are staying. Some people don’t do this until they turn up at their final destination, but this is never a good idea because there is no guarantee anywhere is going to have a room available. You’re taking a big risk if you do it this way, and you will also likely end up paying a lot more than you should be.

 

It’s for this reason that you should always book in advance. This way, you know that you’ve got somewhere to stay whether it is a luxury condo or a hotel room.

 

Be sure that whatever you book has enough room for everyone in your travel party. For example, it might be cheaper to get an apartment than three different hotel rooms for the duration of your stay. Have a look around and see what the best price is for what you need.

 

How You Are Traveling?

 

The next thing that you need to work out is how you are getting to your destination, and then how you are traveling around while you are there. Depending on how far away it is, the most common method of travel is to fly.

 

Of course, if you are staying somewhere that you can get to by land, then you may want to drive. This is something that you are going to have to work out depending on what is most convenient for you.

 

You also need to know how you’re going to get around when you are at your destination. If you’re going to be using public transport, we highly recommend that you look into what this actually is before you book anything. If you’re going to be renting a car, then this is going to make everything much easier.

 

How Are You Budgeting?

 

Finally, you need to have your holiday budget set so that you don’t overspend. What you’ve got for spending money should be allocated based on the amount of days that you are there, to ensure that you don’t run out before you are due to leave.

 

We hope that you have found this article helpful, and now understand some of the travel arrangements that you are going to need to make before you leave for your holiday. We hope that you have a fantastic time!

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Smart Tactics in Protecting Your Business from Financial Risks

Business owners benefit from having the right knowledge and experience, especially when it comes to improving their company’s financial health. Having the ability to manage their profit help them continue with their business operations. This is essential, especially if your company is aiming for growth and expansion.

 

Unfortunately, not everyone knows how to manage their business income properly. Others even find themselves struggling to improve their earnings, which makes it more difficult to achieve business success. If you want to avoid this issue, you need to find smart, attainable, and actionable solutions in managing your company’s financial health.

 

Essential Reminders to Prevent Financial Risks and Losses

 

When it comes to running a business, one of the best strategies you can do to achieve growth and success is to prevent worst-case scenarios. This means you need to anticipate possible issues and prevent them from ruining or damaging your business. Here are some essential strategies that will help you prevent financial risks and losses:

 

Hire the right people: Building the right team will provide you excellent opportunities to maximize business performance. If you hire top talents, you will be able to come up with competitive business strategies that will allow your brand to stand out.

 

Perform quality control and assurance: Maintain quality when it comes to manufacturing products or providing customer service. Make sure that your business operations will not be disrupted because of unexpected situations. Assign someone to perform quality control and quality insurance to ensure that your business provides nothing but quality products and services.

 

Invest in business security tools: Prevent losing business assets by investing in business security tools. Install security cameras and alarm systems in your business. Invest in cybersecurity software and tools such as Fortinet next-generation firewall to prevent malware and viruses from attacking your business.

 

Avoid taking out unnecessary loans: It’s common for business owners to take out loans to finance business needs. Indeed, you will need enough funds for capital and operating costs, which is essential in running any business. However, ensure that you have a strategy to increase your profit and prevent your company from continuously taking out unnecessary business loans.

 

Find ways to increase business profit: Improve your marketing efforts and diversify your strategies, especially when generating income. Growing your profit helps you maintain a positive cash flow. At the same time, you can successfully build funds that can help you secure your company’s future.

 

Work with a reliable insurance agency: Don’t forget to work with insurance agencies to protect business assets. This will help you prevent major losses, especially when facing lawsuits and other unexpected situations. Find a reliable insurance agent and get recommendations about the best insurance packages for your business.

 

Build funds for emergencies: Make sure that you are saving for your company’s future. Start saving for an emergency fund. This way, you can allocate funds that will help you deal with sudden economic or industry changes. You will also prevent shutting down your business, because you have enough funds to continue operating your company despite serious business challenges.

 

 

Producing high-quality products and providing excellent services will definitely help improve your brand. It allows you to attract customers, which eventually leads to improvement in business income and growth. However, it would help if you always remembered to pay attention to other significant factors that may affect business survival. This is especially true for handling your funds, generating more income, and minimizing your expenses.

 

Thus, it would best if you can perform the abovementioned suggestions to prevent financial risks and losses. Maintain a positive cash flow and ensure that you continue implementing effective strategies in running your business.

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post Smart Tactics in Protecting Your Business from Financial Risks appeared first on Accounting Accidentally.

How To Make A Fresh Start With Your Finances

Money can cause all sorts of stress and when you are in debt it can sometimes feel like there is no way out. The COVID-19 pandemic has only made this situation worse for a lot of people and if this is something you’re struggling with then perhaps it’s time you got some help.

 

It can be a difficult thing to face up to, but it’s far better to try and sort it out than bury your head in the sand. So, what are the best options for you so that you can make a fresh start with your finances?

 

Talk To Someone

 

This might be the scariest thing but is probably the first thing you should do. Whether it’s a debt charity or a bankruptcy attorney, it’s best to sit down and discuss your situation and what your options are.

 

Speak with an attorney regarding legal issues.

 

It’s important to remember that there is always a way out and there are inspiring stories of successful people who once had nothing but debt and managed to turn it around, so there’s no reason why you can’t do that too. Face the problem and that will be your first step to solving it.

 

Budget

 

Once you have sat down and had a look at your finances with a professional, worked out what is coming in, what is going out then you need to change your relationship with money and start budgeting.

 

It’s important to be realistic in your budgeting, so allow yourself some treats because you will need them, at the same time though you also need to be as strict as you can when it comes to spending your money. There are some really good budgeting apps available now which can help you to budget and because it’ll be on your phone, it will be there as a reminder to keep you on track.

 

Keep Track

 

While you should be sticking to a budget anyway, it’s also important to keep track of your spending. This way you can see if your budget is working, if there is a way to cut down more or perhaps you need more money in one area so can cut back on another. Once it’s all there, written down in front of you, money is so much easier to manage and your relationship with your finances will be far healthier.

 

Start living debt-free

 

Changing your habits isn’t an easy thing to do, but once you have changed some of them and seen the benefits in regards to your money, you’ll feel a lot better about your finances and hopefully continue to do more.

 

For example, you can set yourself challenges to live off just cash, other challenges where you can save money and things like when you’re shopping not buying anything on impulse, then in two weeks time if you still want it you can buy it, but chances are you probably won’t be that bothered. There are plenty of ideas and challenges out there to help you and if you take it step by step, you’ll get there in the end.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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The Stress Of Money Management

Stress in life is a common thing, and knowing you can’t ever quite be free of stress is something we all have to come to terms with. It’s healthy and natural, and back in the day, feeling stressed would have ensured you didn’t get eaten by that tiger – you were always looking over your shoulder to watch out for it!

 

However, in the modern era, our stress response hasn’t quite caught up to our modern problems, and some stress provoking things just won’t get out of our heads. Stress about work, stress about our families, stress about filling our days with something worthwhile to do, etc. And for most people, financial stress is the number one thing for causing our blood pressure to soar through the roof.

 

So what can you do to cope with this kind of stress? After all, we all need money, and we all struggle with it, so what do you need to do to come out the other side?

 

The Effect on Your Body

 

Stress can have quite a few effects over your body in both the short and long term. When you look at your paycheck and you didn’t earn as much money as you thought you did, you heart rate may skip a little, and your thoughts may swim, but you can immediately assure yourself that either another paycheck is coming (because that’s how they’re issued, for example) or that your budget is strong enough to cover this brief blip.

 

But in the long term, when you’re worried about your money, there is little to no assurance available. You find it hard to comfort yourself, and others around you can’t do much to help either, and you’re left with this weight on your shoulders. If it sticks around, a lot of things can happen to your body.

 

You might find it difficult to sleep, and experience insomnia. You might find it hard to keep weight on, or keep it off, as many people turn to and away from food during times like these. Your blood pressure can soar, you might get regular headaches, or you might be going to the toilet a lot more often… And when you notice symptoms like these, it might be time to get yourself to a doctor, or employ some serious relaxation techniques, or look for a solution to your money problems.

 

Obsessing Over Your Savings

 

Saving money is something we all need to do in life, and it’s something that a lot of people take pleasure in doing. There’s nothing quite like sitting secure in the knowledge that you’ve got enough in the bank for a rainy day, or that that vacation is going to pay for itself quite comfortably. All in all, savings help us to feel safe, and regular saving is a very good money practice that’s going to keep you sitting comfortably for years to come.

 

However, this can be a double edged sword, as a lot of people can start to obsess over their savings, or the act of saving money itself. Sure, it’s often a lot better to put that money away than spend it, but if you haven’t treated yourself for months on end, or you can’t even stomach the thought of spending that spare $20, this saving habit could soon turn into a problem.

 

Of course, good financial habits are all about balance. For example, take a big life expense such as needing to upgrade your car: you need reliable transport to get to and from work, and for your family, but you’re very hesitant to even think about scoping out a second hand dealership.

 

What do you do in this situation? You think about how to salvage your current car, without making any big moves. You can’t afford to buy a new car, sure, but you can afford to get a wheel package to make sure that your current car runs a lot smoother and safer.

 

Finding a compromise between your need to spend and save is all about looking for deals that actually suit you, rather than spending hours clipping coupons you’re never ever going to need, while your bank account sits entirely untouched and useless to you.

 

Breaking Out of the Cycle

 

And then we come to the meat and potatoes of it all – if you’ve got money worries, and it’s really stressing you out, how do you break out of the cycle? Because money makes you worry, and the worry makes you bad at managing money, and that makes you worry again, and on and on it goes! It’s incredibly unhealthy, and something you definitely need to become self aware about.

 

Make sure to talk to someone. Reach out to your friends and family, and let them know how much you’re struggling – they’re going to be willing to help! Then think about taking stock of your money; track your spending, list out where the problems are, and make changes bit by bit.

 

And then it’s time to come up with a plan you can stick to, which includes the use of a monthly budget, and knowing your usual spending and saving patterns. You can find a workaround, it just takes a bit of time.

 

So, What Now?

 

Money management can be very stressful, and it really feels like it’s designed that way. No matter how hard you work, there’s a good chance you’re not being paid enough for your labor, and saving up can become more of an obsession than a healthy habit.

 

When you get into a cycle like this, with all the doubt and worry, you need to be able to break yourself out of it. You need to be able to recognise signs, bring yourself down from them, and then think about your future in a constructive manner. Hopefully, this post can help you to do just that.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

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Recovering from an Injury: 5 Top Tips to Get Back on Your Feet

Becoming a victim of an accident or personal injury can be a traumatic experience that is likely to significantly influence your life. Undoubtedly, you can’t wait to get back on your feet, start working again, and go back to your routine.

 

However, there are several aspects to consider when dealing with the aftermath of an injury. Undoubtedly, you will need to look into insurance and finances. However, looking after your body and mind is just as important. Indeed, these will be the aspects that will supply you with all the energy and motivation you need for a quick recovery. Look after yourself a little better with the tips below.

Find Professional Guidance

Finding professional guidance when dealing with the consequences of an injury is crucial. In the same way that you have gotten in touch with a doctor and insurer, you should also consider the importance of having a personal injury attorney by your side.

 

These professionals can help you navigate each stage occurring after the injury itself. They will help you recover faster, both physically and financially, while reducing some of the stress that you might feel right now.

 

Consult with an attorney regarding all legal issues.

Don’t Underestimate the Importance of Rest

If you are trying to speed up your recovery, you can’t underestimate the importance of rest. Make sure you dedicate plenty of time during the day to taking tasks slowly, allowing for periods of rest in between. Alongside a good night’s sleep, rest can help you regain your energy in no time, and it can support your body’s healing process.

 

So, if you have suffered from an injury or you were involved in a car crash, make sure you are taking all of the time you need before heading back to work or your routine.

Dedicate Time to Yourself

If you have been taking time off work to allow your injury to heal, you might feel obligated to keep up with your routine. However, during this particular time, it is crucial for you to dedicate time to yourself. This can help you enjoy time doing all the activities you love. This should also be a moment to regain your energy and refuel before heading back into your normal rhythm and daily life.

Keep Stress to a Minimum

Stress can delay your recovery process, worsen inflammation, and make you feel tired and in a bad mood. Even if you are not back to work yet, don’t underestimate the consequences of high levels of stress deriving from the accident itself.

 

You might be overthinking what happened, worried about finances, or scared about consequences. Drug-free solutions such as meditation and mindful practice can help you keep stress and bay and anxiety levels under control. In turn, you will find it easier to focus and work towards your total recovery.

Don’t Be Afraid to Ask for Support

If you have suffered from an injury, you are probably looking forward to healing and going back to work. However, during the time when you are at home or looking after yourself, it is crucial to have all the support needed. In this case, you might consider getting in touch with your friends and family or ask for professional help.

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Making Money in Music: How Does It Work?

Making money in the music business isn’t as easy as negotiating on your salary and waiting for your next paycheck. The industry’s pay structure is based on percentages for freelance-style work and one-off deals. Still, a majority of the careers in the business are paid in different ways.

 

For this reason, the career you choose will impact how you make money in the industry. The money you make in offering electric and acoustic guitar lessons is different from how much you can earn as a manager or a performer. Some jobs in the industry will only command more money if respect has been earned inthe business.

 

What Jobs are Available in the Music Industry?

 

Music Promoter

Promoters earn money on ticket sales for the concerts and gigs they promote. There are two ways you can earn as a music promoter:

 

The promoter agrees on a fixed payment with the musicians for their performance. Any money left after the costs is theirs.
The promoters take a percentage of the proceeds from the show after they’ve settled the costs, paying the artists with the remaining money. This is called a door-split deal.

 

Music Manager

Managers get paid according to a set percentage from the income of the artists they manage. In some cases, artists can pay their managers via a salary structure. This often works like a retainer that ensures the manager will only work with one band.

 

This latter scenario, however, comes into play when the artist is making enough money to support themselves and have the right to demand the manager to focus on them only.

 

Sound Engineers

Independent sound engineers receive payment on a per-project basis, which can either be an on-the-road deal or a one-night agreement. In both cases, sound engineers will be paid for their service during the tour. Sound engineers who work with a specific company will most likely receive an hourly wage.

 

Music Agents

As an agent, you’ll take an agreed percentage of the fees from the performances you arrange for your artists. For instance, a music agent who negotiated for their musicians to be paid $1,000 for performance will take a cut from the $1,000 fee.

 

Music Journalists

Music journalists who double as freelancers are paid on a per-contract or project basis. If they report for a specific publication, they receive hourly wages or a salary.

 

Public Relations (PR)

Whether conducting press campaigns or radio plugging, music PR companies receive payment on a campaign basis. They negotiate for a flat fee for working on tours or press releases. These fees often cover the amount of time the company uses to promote the tour or product.

 

Music PR companies can also receive bonuses, should their campaigns be successful or go beyond the expected threshold. For example, the PR company will receive a bonus if the album sells more than a certain number of copies.

 

Musicians

What about the performers themselves? Musicians make money from advances, royalties, selling merchandise, licensing fees and playing live. Initially, it sounds like “big money,” but keep in mind that musicians have to split performance rights royalties and mechanical royalties with the people mentioned above.

If want to play other people’s music, consider being a session musician to earn additional income.

 

Best Solution to Make Money in Music

No matter what job you choose above, there is a simple solution to make more money in the music industry – which applies to all the jobs involved in music.

 

Complying with Spotify’s, YouTube’s and SoundCloud’s terms and conditions is the first step. By using these popular music services, the artist will gain access to a massive audience – 100 million Spotify Premium users, one billion registered YouTube users and 500,000 SoundCloud users who are looking for their next music binge.

Another benefit of investing in streaming services is that they don’t cost as much in terms of budget to self-promotion and marketing as required by publishing houses.

 

Give More to Receive More

Inspired music performers and agencies all over the world work on their marketing strategies to offer exclusive content to followers and fans more than what they used to practice in the past. Take the K-Pop industry for example; a wave of artists is offering more than just a CD. Each album also comes with handwritten lyrics, photo books, photo cards and more.

 

You can make more money in the music business in many ways; most of them come down to contracts and percentages. No matter what job you choose, everyone should be on the same page about the payments.

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

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How You Can Spot An Investment And Make The Right Choice

Everyone is always on the lookout for the next big thing. The most profitable thing to invest in to see a good rate of return, a gap in the market to create a successful business, or a career change with promises. However, finding that emerging market and opportunity can feel like looking for a needle in a haystack. How do you know what is going to take off? With that in mind, here are some of the signs to be looking out for.

 

Always consult with a financial advisor regarding investing risks and rewards.

 

Are job opportunities being created?

 

If a business or an industry is about to prosper, then one sure fire way to identify that is an increase in job opportunities. This might be in a specific area where a factory is being created, or a new line for a company that requires more workers, which means that it could become an investable opportunity. Regularly listen to local news, search online, and spot trends when it comes to specific industries looking for staff.

 

Review investment opportunities

 

Sometimes the best investment is to look at what might be out there on the investment and trading markets. Whether you want to risk things for big rewards or look at algorithms where you can predict changes, there could be some great investment opportunities in stocks and shares.

 

You could look at a Cryptocurrency converter from BitTrade to help you with certain aspects of it, and it could prove to be very lucrative. Doing research into this can help you to make more of an informed decision, because cryptocurrency investing involves risk.

 

Proposed building projects

 

Noticed any advertisements of proposed building projects? This could be a positive sign that a business or industry is flourishing. Proposed building projects for offices in a specific area may mean a boost to that area in terms of property prices, so it may be worth investing in that way.

 

A new factory could mean more jobs, a new line, or an increase in work in a specific industry, so could be time to invest in stocks and shares. Local papers are great for this sort of information.

 

Government planning

 

Most governments have a say in things like legal changes, legislation, and also industry growth, so it may be worth keeping a close eye on government talks, speeches and propositions being passed through the government. This could be a sign of changes to come, and give you a heads up for when something might be worth the investment.

 

Environmental changes

 

Finally, global warming, changes to the environment, this could also present opportunities for investment if you think outside of the box. Years ago a huge oil leak meant that company stocks plummeted. But as a long-term investment, oil is here for the foreseeable, so investing then could have seen profitable results now. Always think outside of the box and seek out the hidden potential.

 

Let’s hope these tips help you to spot an emerging market. Consult with a financial services professional regarding investment risks and rewards.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Tips To Protect Your Employees In Your Business

Keeping your employees safe in your business is likely to be up there with your top priorities for the company. The reason for this is that your employees are the cogs that keep your business turning, and without them, you probably wouldn’t have a business at all. With that being said, here are some helpful tips to protect your employees in your business.

 

Have The Right Insurances & Knowledge Of Law

 

Insurances and knowledge of the law is something you want to have plenty of when it comes to owning a business. Being responsible for employee’s safety is important, regardless of how busy your business gets or how successful it becomes.

 

There many forms of business insurance to consider, not only to keep your employees safe but also to protect yourself as a company. Certain laws are worth knowing to like the strata law and what rights you have as an employer. All of this can be something you do yourself, but it might be worth getting some legal aid, whether that’s based permanently in-house or outsourced. It can be handy just to have someone who can oversee everything and to make sure that everything is being done by the book.

 

Consult with an attorney on any legal issues that impact your business.

 

Train Your Staff

 

Your staff bears a certain responsibility to themselves and to their colleagues when working in the office or on a worksite. With that being said, it’s good to train your staff so that they have all the relevant knowledge and awareness of how everything operates in the building.

 

From first aid training- so they can assist employees if injured- to workplace safety courses that protect them when using certain equipment or tasks.

 

The more you can train your staff, the better. Make sure you have a proper budget to help give your staff all the much-needed training.

 

Don’t Skimp On Security

 

Security is essential as all your employees expect to come to work and feel like they’re in a secure environment. This means that you’ll want to access your own security measures and check where there can be changes made to it. It could be increasing the amount of CCTV or supplying the entrance to the workplace with a security guard.

 

It’s always good to have too much security, then not enough. The last thing you want is to put your workplace at risk in any way.

 

Store & Protect Personal Information Properly

 

When it comes to your personal data, care must be taken to ensure your and your employee’s data is kept safe and stored properly. Look at the way you currently store your data and if there are any weaknesses that you can find, change them where necessary to strengthen them.

 

It could be going paperless or moving all your data to the cloud for extra protection. Look at your servers and how safe they are, as well as training your employees to be careful when navigating the Internet.

 

Protecting your employees is critical, so make sure you follow all the above tips.

 

 

Find great subscriber-only accounting video and blog content on my Patreon page. Get your questions answered to pass the CPA exam, and to learn accounting concepts.

 

Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

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