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Insurance broker versus direct sellers: which is better?

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Insurance broker

Technology has truly changed the way we do business. Before, the only way people can buy insurance is through an agent or a broker. But now, with the help of the internet, people can now buy insurance directly from the seller. This seems very accessible and convenient. Direct buying from the insurance company can be faster and a lot easier for the tech-savvy generation who are not acquainted with the idea of a middleman. But there are still key advantages when you hire an insurance broker. Below are both pros and cons of using an insurance broker and direct insurance.

Insurance broker

Insurance brokers are the ones who serve as the liaison between the client and the insurance companies. They make sure that the transactions come off smoothly and that both parties understand the stipulations of the products. They make money from commissions that they get from the insurance company. Over the years, insurance brokers are essential when buying an insurance but this changed thanks to the current internet platform and new demands.

Pros

Having an agent means the clients can experience a personalized customer service. This means that they are well taken care of. Clients no longer need to worry if the insurance application is being processed. When things go south, the insurance broker is there as a backup for the client. They can make an appeal when the client needs it. Insurance brokers can also explain the stipulations of the insurance policy well to the unfamiliar client. They will become the dictionary in case some terms are not being understood. Documentations and saving data are also not a problem since insurance brokers are organized professionals who can easily save and store data.

Cons

Again, some people feel uneasy about working with the middleman. They feel like the brokers make the process of application more burdensome. Some clients also have issues with the brokers who they work with. It’s important to choose the broker wisely and see if they have great characteristic before working with them.

Direct buying

People nowadays can now buy insurance straight from an insurance company without any help from insurance brokers. Through the help of the internet, buying insurance can take only a few clicks. Online insurance companies allow a five-step application process that can only take a few minutes. All they ask are personal information including bank details.

Pros

The convenience that direct buying brings is undeniable. Imagine being able to buy insurance anytime and anywhere. Some websites offer an instant quote and all you have to do is give your personal information and you are good to go. This works best for people who are in a hurry to buy their insurance.

Another advantage is the lower rate that these online sellers offer. Low-interest rates are just a few of the promos that these online websites want to provide. The fact that there’s no middleman who can share the portions of the payment make the whole thing cheaper too.

Cons

Some of these online insurance companies are fraud. Do your research first before applying for one. Read reviews online and ask questions before putting your precious personal information online. Ask friends for recommendations or simply do a few Google searches. It’s better to be safe than sorry. Another disadvantage is that no one will be there to back you up in case of emergency. What if the insurance doesn’t work when you need it? You can be left hanging on your own wondering how you can get help from the situation that you will be facing.

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3 Key Factors Entrepreneurs Need to Consider When Preparing a Financial Plan

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Preparing a Financial Plan

Arnon Dror is a prominent financial expert who many people look up to for inspiration. These individuals aspire to pursue a successful career in the world of international business and finance. They want to emulate his achievements. This Hebrew MBA graduate has a unique distinction of discharging the office of Vice-President. However, Arnon Dror has been able to occupy this position in more than one company. These organizations include Creo Americas, Scitex, Presstek, Creo Inc., Kodak, and Xerox. The officials of such organizations admit he is responsible for their concern’s transformation into profitable entities. They even say he’s expertise extend to many diverse fields. These include cash flow management, strategic planning, internal controls, ERP integration, corporate mergers, business negotiations, and taxation. 

Arnon Dror – What should entrepreneurs include in a viable financial plan?

This prominent expert says entrepreneurs probably know the importance of executing a viable financial plan. Such a scheme is essential to the success of their businesses in the marketplace. Even recent research in this field indicates a significant fact.  Businessmen who implement one are in a better position to gain a competitive edge. This is something which many proprietors can’t afford to overlook at any costs. However, when it comes to formulating such a document, the face a serious dilemma. They don’t know what to include in such a document. Fortunately, this professional explains such a plan should contain the following 3 key aspects:

  1. Sales forecast

Entrepreneurs should estimate the sales revenues they are likely to earn for a specific period. This time-frame could be on a monthly, quarterly, or yearly basis. They may come up with the necessary figures after analyzing the concern’s past performance. They should also look for certain patterns which can help them understand their clients’ purchasing behavior. This is necessary for formulating and implementing marketing strategies for their target audience.

  • Expense prediction

Proprietors need to record all the expenses they are going to incur while operating their businesses. These could be in the form of taxes, utility bills, payroll, and rent for office premises. These businessmen need to pay for the costs they associate with production, distribution, warehousing, and marketing. They should also make estimates of the amounts they need chalk out in special circumstances. These include an increase in tax rates, a rise in minimum wages or unforeseen maintenance. It’s also prudent on the part of these proprietors to prepare a budget for this purpose.

  • Cash flow projections

Proprietors need to know how much money they’ll have in their cash registers after meeting their expenses. This helps them to identify potential cash crunch problems they are likely to face. They can then take the necessary steps to overcome the problem before it blows out of proportions. This ensures their organization won’t become bankrupt. These businessmen should estimate how long it takes their clients to clear their dues after issuing invoices. They should then make arrangements to make ends meet in the interim period.

Arnon Dror says to prepare a financial plan is a necessity for entrepreneurs rather than a luxury. It provides them with a road map on how to manage their money matters prudently. While preparing such a scheme they need to ensure it contains the above 3 important aspects. Only then can these businessmen get the type of results they are looking for.

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Self Storage to the Rescue

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Self Storage to the Rescue

Storage has always been a problem for many. That is why many individuals must promote the things they really like or must live in small areas packed with things. Some do not have a spot to shop vehicles when they are away on a vacation. Other individuals like boating or suffering from a journey in an RV, but cannot get one of their own due to absence of storage room. Self-storage places an end to all these individuals’ sorrows.

Self-storages are used by different individuals for saving different things. These self-storageunits are available in many dimensions and as per the importance, they can be leased out. The period of rental can be for a couple of several weeks to a few years based on the need. These storage units near me locations are usually situated in easily accessible locations in places.

Due to their popular requirement, these storage functions are now becoming savvier both wide and technological innovation. They have state of the art technological innovation when it comes to their protection. For example, electronic hair, some of which are triggered by eye check out or finger marks, 24/7 protection through close routine electronic cameras for video monitoring and security techniques and heating and cooling. Atmosphere management is particularly significant for the clients.

This is because it helps to ensure that the products held in the self-storageunits are safe from corrosion, wetness and other providers that might damage the products. For example, a furnishings storage needs to be climate managed, especially from dangerous bacteria and keeps rats or rodents from infesting it. All this could damage the furnishings. In the same way, car storage, vessel storage and RV storage should be free from corrosion development and wetness as well. A location managed environment is thus a top concern for most clients.

Uses of Self Storage

Self-storage has numerous uses, hence their reputation these days. Some of these uses are mentioned below:

  • Companies sometimes seek the services of self storage shop their information and essential records for which they do not have area in the office and yet cannot be damaged.
  • People, who are often on the shift, choose to have their valuables in a self-storage, especially if they are stepping into an equipped residence. These individuals also shop their vehicles in a self-storage until they are back around. They feel it is far better keeping the car in a self-storage due to the improved protection measures that they do not have in their own garage area storage.
  • Many individuals like to own vessels and RVs but cannot due to absence of room. Therefore, they turn to self-storage to shop these items and luxuriate in their ownership and use them whenever they please.
  • Many individuals acquire furnishings that they cannot put in their own houses due to absence of room. Instead of promoting them, many shops them in self-storageunits until they shift into a house where they can be placed.

Whatever the reason may be for storage, clients choose to keep their valuables in a position that guarantees protection from deterioration. Hence, the savvier the self-storage position, the better is its chance to catch clients.

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Top three ELSS scheme that you can opt for

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ELSS scheme

ELSS is considered as the best way to save a good amount of tax without breaking any rule. However, if you are new to investment, and aren’t aware of the different aspects of finding the best investment scheme, then you would have no other choice to invest in the bond where your officemates and friends are investing it.

However, as an investor, you should know that the investing needs of every single investor are different. Some users invest their money to save a specific amount from their salary, whereas some invest to save the taxes. And if you find yourself in the category of taxi saving personnel, then you should look for the ELSS instead of investing money on mutual funds and other modes of investment.

In this article, we will focus on the three best ELSS scheme that are gaining enormous popularity among those investors who are willing to get the best returns along with reliable tax savings. So, be with us to know more about the best options that are currently available to you to invest.

Axis Long Term Equity Fund

Axis long term Equity find is an ideal fund to invest for those buyers who were after a long term investment fund that can help them grow money for a specific goal and also can help them get the tax benefits under 80c. With a perfect blend of investing in the large and mid caps, this equity funds from Axis is one of the best performing funds in recent years.

So, if you were looking for a reliable and efficient tax saver that provides great results, you should once have a look at the Axis Long term Equity Fund

ABSL Tax Relief ’96-Direct

For the investors who are looking for a fund that has been in the market from quite a long time and has performed relatively better than most of the other similar funds in the category. The fund is from the Aditya Birla group, which is known to have a good team of market experts who will assure that your money is in safe hands and you will get the best benefits as per the market trends.

By investing your money to it, you can be assured to get the best returns and the best tax benefits. So, go for it, if you were after reliable results.

Mirae Asset Tax Saver Direct

Mirae Asset Tax Saver Direct is one of the best funds to go with if you were looking for the brilliant returns. The fund has grown relatively better than the others in the past three years and brilliantly utilizes your money to the combination of large, mid and small caps that minimizes the risks and maximizes the returns.

If you were looking for a direct mutual fund app that can help you grow your wealth long term along with the tax savings, the Mirae Asset Tax Saver Direct would be an ideal choice for you.

So, these were the three best ELSS schemes that you can opt for. All of them have performed exceptionally well and have provided users with the best returns. So, choose one according to your preference or invest a little amount of all of them, as per the convenience.

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