How to start a money circle : General class
Money circle brings like-minded people together. They pool resources and help each other achieve their respective financial goals. In this class, you will learn the fundamentals. In addition, you can go further by running a program. the program is more than just group friends.
Course overview money circle class
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- Welcome to the course
- Definition
- The importance of a being part of a circle.
- Different types of circles.
- Lending circle
- Saving circle
- Investment club
- Learn how to choose the right circle
- The legal framework
- The advantage
- The drawbacks
- How to set up a circle?
- Working with professional services
Become a student: Enroll
After you attend this course, you find a whole different perspective in life. It would help you assess how you can leverage your community to improve your financial prospect. More money circles are a great way to turn your financial fortune around.
Cost: $399 (or 6 payments of $70).
Questions
- Subject: Money circle class
- Email: educatorslearners@gmail.com
How to deposit a check
Deposit a check used to be very challenging. Certainly, you had to go to the local office branch of your bank to carry out the transaction with all the challenges associated. Still, that option is fully available. But technology and digital evolution have provided faster, secured avenues to deposit a check in your checking, savings account.
Takeaways: How to deposit a check
How to deposit a check at a bank
1.Visiting a bank
If you are an old fashion like many, you will need to go to the bank. First check on the bank website to find the closest branch, and the opening hours. Then figure out your commute time to the branch.
2. The validity of the check
Double-check and verify the check if all the following items are correct:
- Name and address of the check’s issuer,
- Date of issue,
- Your name,
- Amount of money and the amount written in words should be identical.
- The front of the check is signed.
3. Go to the bank
Take your check and head to the bank, be sure to have your account number details and a valid form of government-issued identification.
You can speed up the process by filling up the deposit slip ahead of the process. Typically if you regularly do check transactions at your local bank. You should get some slips on your table. On the slip write your account number of the account you will like the check to be deposited and others details as requested. Secondly, fill in the amount of the check. Normally you will also find a space requesting for cash.
5. Endorse your check
You endorse the check by signing on the gray lines on the back of the check. However, if two names are on the check, both have to endorse. Nevertheless when it says “AND” then both. But if it says “OR” then either of you.
6. Deposit
Give the check to the bank teller. After deposit the bank teller can inform you of your current balance, you can also request for cash. Nonetheless, never leave without proof of deposit.
7. Deposit by someone else
Another person can deposit your check in your account at your bank. But just make sure the check is endorsed, signed by you and the person has all your correct bank account details.
At a Credit Union
It pretty much a similar process except some minor differences. But credit union members can deposit checks at other credit unions. Locate any closest credit union branches here https://co-opcreditunions.org/
1.Visiting the closest Credit Union
If you are an old fashion like many, you will need to go to the Credit Union. First check on the website to find the closest branch, and the opening hours. Then figure out your commute time to the branch.
You can speed up the process by filling up the deposit slip ahead of the process. On the slip write your account number of the account you will like the check to be deposited and others details as requested. Secondly, fill in the amount of the check. Normally you will also find a space requesting for cash. However, if you are visiting another Credit Union you should request a “Special Slip”. Finally, provide the teller with all the detail related to your main Credit Union branch.
3. Deposit the check
Never forget to always ask for a proof of deposit and receipt that shows your current balance.
Deposit at an ATM
1. Go to one of your bank ATMs
ATMs stand for ( Automated Teller Machines). it is important to visit one of your own bank’s ATM. Any transaction at another ATM will result in a transaction fee. In addition, ATM will accept check deposit only from bank member. This also includes Credit Union.
2. Log in
Use your debit card and enter your personal identification number (PIN). If you don’t have or if you have forgotten your pin you will need to speak to a teller inside.
3. Choose which account to deposit into
Select deposit and the account you want the check deposited into. Then select check.
4. Insert the check
Confirm the check is correct and error-free then endorse it. Follow the direction and insert the check-in the slot. The ATM will ask you to confirm the following pieces of information: Amount, account number, and other information.
5. Complete the information
You will see your current balance and the possibility to print your receipt. Furthermore, you also do additional transactions.
How to deposit a check using a mobile APP
1. Download the Bank or the Credit Union mobile app
Once you’ve downloaded the app, check the check deposit feature.
2. Endorse your check
Make sure you complete all the requirements of your Bank or Credit Union. That is because some institutions have additional rule other than just signing and writing your name.
3. Take a picture of your check
Open the app check deposit feature. Conventionally, you will see “Front of the check” and “back of the Check”. Consequently, use these options to take a front and back of your endorsed check.
4. Deposit your check
Confirm all the information are correct on the screen. If there is an issue with the information on the check the app will reject it. Then Confirm all the information such as the amount on the check and the bank account. Then click submit. You should receive a notification to confirm that your check has been deposited.
5. Void the check
Keep the check for the number of the period indicated on the bank rules and regulations should anything happened.
Online deposit
1.check if your bank offers this service
However, you might need to pass a credit score before your bank will let you enroll.
2. Endorse your check
3. Choose the appropriate account to deposit your check-in
4. Scan your check on both side front and back.
The bank’s software will automatically guide you through the process. Make sure you scan the front of the check and the back of the check.
5. The amount
Some financial institutions system will require you to type in the amount on the check. Regardless make sure the amount matches the face value of the check.
6. Submit
Check with your financial institution to find out how long it takes to debit your account.
Mailing a check
1. Find a mailing address
Reach out to your bank or credit union and ask. Since most financial institutions have a dedicated department. So it is important to make sure you are sending it to the proper address.
2. Endorse your check
3. Mail the endorsed check
Do not forget the deposit slip, if necessary also include a photocopy of your picture ID.
Additional
How to fill out a bank slip?
- Personal information: Name, account number.
- Additional information: Today’s date, branch information required. If you are a credit union member using different branch you will need to write in the name of your credit union.
- Cash amount of your deposit: This is the total amount of bills and coins you’ve brought for deposit in your account. Leave it blank if you have not cash.
- Individualized each check: Include check numbers and amounts of each check if you have many checks.
- Subtotal: This is the total amount of checks and cash you’ve to deposit.
- Enter the amount you will like to take out
- Calculate the total deposit: Total deposit minus the amount you will like to take out now.
- Sign the deposit slip.
Q&A
- ATM card: It is a pin-based card. You can use it at the local ATMs and you might be able to use it to make purchases.
- PIN: Personal Identification Number
- Debit card: It is an ATM card with a visa logo or a Mastercard logo on it.
- Credit Union: A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
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How to Write a Check
A check is a legal written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. In addition, it is an indispensable skill every adult should master. Because it is still surprisingly very common even in today’s ultra digitalized world.
Writing a check is pretty easy, this article will show you exactly how to do it. Just follow the step by step guide. There is no specific order you can complete it in any order you like.
How to Write a Check: Step by step
- Step 1: Write the date
On the upper right-hand corner, there is a dedicated blank space. Typically, you use today’s date to keep accurate records. However, always remember the date here should be the date that you sign the check.
- Step 2: The name of the recipient or the payee
“Pay to the order of” write the name of the person or the company you are sending the check to next to that line. Also, do avoid any mistake, if you are not sure about the person’s full name ( first name, middle name, last name, ‘Jr’ or “sir”), please double check again before writing. If it goes to an organization write out its full name, not acronyms unless given permission.
- Step 3: Numerical amount of the check to the right of the dollar sign
write the exact amount using dollars and cents in the small box on the right-hand side. Consistently, start with the last number on the left to prevent fraud. Finally, draw a line after the last digit.
- Step 4: Amount in words below the “Pay to the Order of” line
The exact amount should have an equivalent in words to avoid fraud and confusion. This is the amount that would be paid. Yet in case of doubt with the numerical amount, the amount in words is legally abiding.
- Step 5: Signature
Sign the check in the bottom-right corner. Use the same and the signature on file at your bank. The check will invalid if it is not signed.
- Step 6: Memo section on the bottom left of the check.
Although this section is optional. It could be useful to write a note for yourself to remember what the check is for. In addition, some organization or landlords require additional information on the memo section. For instance rent appartment#1 or ID number. Because it helps keep track and accountability.
11 Things to keep in mind
- Write a check when you absolutely need it. That is because it is time-consuming and it is not the most convenient way to move money. Furthermore, you can save money and time by not using a checkbook.
- Make sure you have sufficient fund in your account before writing a check or the amount will be available before the recipient cashes it to avoid a bounced check.
- Keep a record of all your checks: it would help you track your expenses and avoid bounced checks.
- Use a pen when writing a check to make it permanent and avoid any issues.
- No blank check: Don’t sign a check until you’ve filled in all the necessary information including the recipient and the amount. a blank check is basically given unlimited access to your account.
- Print the amount in a way that prevents scammers from adding to it or altering it.
- Get checkbook with carbon paper so you can automatically keep a record of every check you write.
- Always use the same signature for all your check and it has to be the same signature filed at your bank.
- Avoid writing a check payable to cash. It practically the same as a blank check.
- Write fewer checks. Use this method of moving money when it is absolutely necessary.
- When writing your check make sure nobody is recording. The goal is to avoid people imitating or forging your signature and your handwriting.
How to cancel a check
When you realized that a check was stolen or lost, there are some few steps you can take to ensure the check doesn’t get cashed by an unauthorized person.
- a. Call the bank to ask them to stop the payment immediately as soon as possible before the check is processed.
- b. Prepare the following information check number, amount, name of the beneficiary
- c. Make sure you send in within typically 14 days official paperwork either by mail or in-person to follow up with the verbal or electronic request. If no written confirmation is made within the legal time frame the stop payment will not be honored.
- d. Be prepared to pay cancellation fees normally around $30
- e. Close the account that has been comprised and reopen a new one to avoid unauthorized access to your account.
What to do if a stolen check has been cleared?
- If a stolen check goes through, you can still be able to eliminate charges by contacting your bank in a timely manner.
- Contact the recipient to inform the person or the organization about the incident and the necessary measures. Eventually, make arrangement to send a new check.
- The cancellation also applies to a cashier check as well in case of fraud.
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What is Dropshipping?
Dropshipping is an order fulfillment method that doesn’t require the store owner to keep inventory. Instead, when a retailer sells a product, it passes the order to a third party who then ship directly to the customer. Consequently, the retailer never sees and handles the product.
That is why in dropshipping the retailer purchase inventory as needed. from the wholesaler or manufacturer and the later fulfills the order. Thus there is a seamless integration between the retailer’s system and a third party.
Takeaways:
It looks like the easiest method in the retail industry because you sell another person’s goods and you get a commission. However, if you factor in all the disadvantages, challenges and day to day management. It is not as easy as it looks.
But if you with the right strategy, the methodology and patient it can help build a very successful business.
Benefits of dropshipping:
- Less capital
This is unarguably the most decisive advantage of dropshipping. That is because you don’t have put upfront thousand of dollars for stock building. You only purchase a product to resale when a customer has already purchased and paid. In addition, order fulfillment is not done by you.
- Low overhead
No inventory management and no physical stores. In fact, all you need is a home computer for less than $30 a month to make money from home.
- Location doesn’t matter
You can run your dropshipping business from anywhere around the world. All you need is an internet connection. As long as, you keep the communication flowing between your supplier and your customers you are all set.
- Easy to scale
Businesses that leverage dropshipping scale very well and rapidly compared to traditional eCommerce businesses. Since most of the work is handled by a third party. Further, because it is an online business the reach is worldwide.
This model has a lot of strong arguments that make it very appealing for everyone. However, it does have quite a few drawbacks that come with this convenience and flexibility.
Disadvantages of the model
- Low-profit margin
This is the biggest disadvantages of this eCommerce model. Because it is so easy to get started with relatively no barriers for entry and an overhead minimal cost. Irrespective of the site quality the competitive environment drives prices down.
- Highly competitive
This is because of the low cost of entry. In addition chances are you don’t have an exclusive contract with your supplier. That means many merchants selling the same products as you. Price point becomes, in this case, an element of differentiation and competition.
- Supply chain issues
In this model, you don’t control the supply chain process, from sourcing the product to shipping it to your customer after purchase. You are essentially trapped and hoping the supplier or the fulfillment center addresses any issues with the product while providing an excellent customer service that’s out your control.
Above there are also problems related to the quality of the goods. Since as a dropshipper you don’t have control over the shipment. So shipment error can really damage the brand.
- Legal liability
This happens when suppliers illegally use a trademark logo or another company’s intellectual property. Thus affecting your brand.
Conclusion
Usually dropshipping is perfect for an established brand with an already existing customer base. But if you are starting from scratch you need to be fully aware of the pitfalls and the time needed to build your business. Virtually it looks appealing but in the long run, it requires a lot of work. If you pass that stage of implementation the business can prove to be extremely lucrative.
3 Reasons Why Most Black Don’t Become Wealthy By Valerie Love
Why black families struggle to build wealth?. The answer is not so simple. Even though historical reasons certainly play a bigger role in generational wealth. Yet evidence has also pointed out different reasons.
In the video 03 main reasons identify are “Flossing or Ballin”, the lack of money understanding and the everything now attitude. Nevertheless, the goal is not to condemn black culture. But, the ultimate argument is to encourage more African American to be more money conscious and long term focus.
Takeaways:
Just by adjusting their lifestyle and community interaction. The African American community could easily be one of the most powerful. Yet it is worth noticing elements such as educational level, low investment in black communities and racial segregation.
Go deeper why most black struggle to build wealth nowadays?
This 2017 article from Huffpost, shed more about this topic with illustrative details. For example, the well-documented paper revealed statistics and empirical explanation about the real truth surrounding the limitation of black wealth.
Way forward
These simple tips if applied can help the black community build more wealth.
a. Pragmatism
Often time more African American don’t accept some hard fact evidence. As an illustration, if you live with the minimum wage why will you buy an iPhone? Why will you rent a $900 apartment if you earn $2000 a month? In essence, live either below your means or at par with your means.
b. Stronger community, stronger people
Across the country, most communities where the majority are black are invested with all sort of crime, decay, and destructions. Even though low public investments don’t help. Yet, some simple step could be taken to improve the situation.
- Firstly, spreading more love within the community by supporting each other, organizing community cleaning up campaigns and
- Also, team up to promote crime-free business opportunities.
- Moreover, build solid black business networks and associations.
- Finally, shop and buy black to encourage the community.
c. Behavior
African American need to be more optimistic and appreciate the opportunity of being American. In addition, this includes hard work and always thinking ahead. Also, the feeling of resentment and aggressivity only path the way for more social and racial clustering.
d. Education
More educated people equal more community elevation. By education, I don’t mean a college degree. I mean knowledge sharing, mentoring, and coaching. They are more important than a college degree.
How to Make Easy Passive Income
Passive income is everyone’s dream. The ability to make money while sleeping or enjoying yourself at a beach on a sunny day. Frankly who won’t like that. Many people have weight in and abundantly written about the topic. Read about Gary Vaynerchuck takes on it. In this article, I want to share with you what I consider as the best passive income idea, I have ever come across.
You will read, watch or listen to content about this idea or that idea. Typically it is all about asset businesses like a blog or real estate. But have you ever heard about investing in people?
So how can you invest for a lifelong passive income stream?
A. People
1. Build a community: You can do that online by leveraging a blog or a website to sell digital content and keep them engaged. Or you can develop your legit network marketing scheme. The good thing with network marketing is you can basically develop it for any type of business. The more you have people enrolling in your scheme the more money you make and it would grow by itself.
I will recommend building a network marketing empire around foods and cosmetic products or at least gravitate around Fast-moving products.
With a blog or a website, you have to develop content upfront for a couple of months perhaps years, optimize your SEO then publish and wait for the magic to happen. But make sure you publish quality contents. You can start with a couple of articles around 30 then continuously optimize.
I will recommend selling digital products such as e-books, audios, videos, music, articles, and books.
2. Develop a personal student loan program: You invest in a person or a group a person by paying their college degree or trade school program in exchange every paycheck you will get 1%. Furthermore, it is a model that has been around for a very long time. There is an unlimited market to tap into. You should always keep it between 0.5% to 1%.
I will recommend being extremely transparent upfront. Get an agreement signed. After all, a company can go bankrupt and disappear but an individual might be around for a while. You can work with students from underprivileged countries. Because the cost of entry is lower and they have very limited options. For example, $400 per year can cover a student cost for a year.
3. Agent: In my opinion, a good agent works 2 to 4 months per year. His main goal is to secure a multi-year deal for the person he represents. Think about those who invested in The Spice Girls band in the UK or the agent of the world most valuable sports players or entertainers.
I will recommend industries such as music, films or sport. But first, you have to make sure the person really has a talent. Also, transparency and honesty are critical.
B. Finance
1. Invest in the stock market: You can find a broker and give the person the money and let him do the work. However, be aware of scams and pyramid schemes. So make your due diligence if possible hire a professional to run all the investigation.
Dividend stocks are great because while these stocks pay dividends they can also appreciate (or depreciate) in value. This means that you’ll still get to take advantage of compound interest of the value of the stock. Plus you can reinvest your dividends until you reach your desired amount
2. Equity Investor: as an investor, all you will do is just showing up at a board meeting once every quarter then go back to the beach. You don’t need to earn million to make your way through the investment career. Even a little as $1000 per year investment will go a long way if put towards a high-value startup or project.
I will recommend you to focus on already existing small businesses or startups with clear cash flows generation and a monthly payout.
3. Currency trade: This is a more complicated strategy but the more valuable foreign exchange you have, the ability to make good money. Imagine you have some euros at then USD drops against the Euro by 20%, you will be 20% richer in Dollars. Just as simple as that. Moreover keeping a certain level of foreign currencies is a good idea to have.
I will recommend you to always have at least 1000 worth of European Euro, Norwegian Krone, Australian Dollar and British Sterling Pound currency stored somewhere. Because they are one of the most stable currencies in the world.
4. Gold: it is the world most valuable metal and a safe haven. Have you ever asked yourself why central banks around the world use this as their respective currency reserve? If they do, why don’t you?
I will recommend having at least $2000 worth of gold in your safe.
C. Property
Investing in real estate is definitely one of the best ways to build passive income. that is because all you have to do is to buy in a property and then either rent/lease it out or wait for it to take value and leverage home equity’
But before you do please ask yourself those questions:
- Do you want to buy the property for family purposes or for rental?
- Do you want to use for both?
- Are you looking to develop a new project or buy from existing markets?
Answers to those questions will help you determine, a location and a tentative budget. Moreover, if you choose rental/lease it is advisable to use a property management company to protect yourself against tenant abuses.
You must be asking yourself where is the money going to come from?
That is because from time to time we have heard from our grandparents and parents in order to make money in real estate you need to come up with the money and buy a property. If that statement was right a couple of years ago since 2012 and the JOB ACT is no more relevant. Indeed, in 2012 Congress passed the JOB ACT which allowed companies to market private investments to the public for the first time. Consequently, real estate crowdfunding was born.
What is real estate Crowdfunding?
Real estate crowdfunding companies do is allow investors like you and me to pool our funds and buy multi-million dollar commercial properties or $300k single-family homes – whatever we agree on. The returns on these investments are distributed according to how much each investor contributed.
There is no shortage of real estate crowdfunding platforms, so I recommend doing thorough due diligence. If it is possible I recommend you seek counseling from a professional realtor.
Nevertheless here is a list of the most popular ones:
- Fundrise
- Roofstock
- EquityMultiple
Here is how you can make a decent passive income from your property:
- Rental
Renting is super chill and at the same time, it requires a lot more effort from the owner. You can maximize your income by renting directly. But be prepared to deal with homeowner challenges. For example late-night call from tenants to complain about x, y, and z. In addition to finding a reliable tenant. But making a good return on investment on rental can be extremely challenging. That is why people typically leverage the extra income available to put into property rental. It is a means to store extra money.
2. Flipping
This is probably where the money is if done right. You find a property in a relatively good neighborhood, buy the house at a good price renovate it then sell it at the market price. The challenge here is to find the house you can buy at a good price.
3. Home equity
This probably one of the best way to make money from real estate. Basically, you buy a property and once it takes value. You can live from the extra money collected above the price you bought the house without selling the property. The downside is you need the housing market to constantly appreciate itself and you will need to know the perfect time to sell.
I will recommend looking into the co-property investment strategy to limit your financial exposure and get good deals in prime locations. However, make sure you do your due diligence. In addition, explore up and coming locations rather than investing in an already mature or trending market. Finally, find a mentor a real estate veteran to coach you and guide you throughout the process.
In conclusion
Passive income is awesome. You can choose one of those or a combination of all to achieve your financial freedom. Whatever strategy you choose, keep in mind you will need to put in some work upfront to enjoy a good income stream. Typically at least 1 year of hard work. So you will either sacrifice your time or money
Passive Income: stop buying into the idea By Gary Vaynerchuk
What is passive income?
Stop buying into the idea of passive income, Gary Vaynerchuk, one of the most prolific entrepreneurs and a well renowned public speaker came out with this amazing video to take part in the conversation of making money. In addition, this video published on Facebook, he uncovered the myth around the topic. Furthermore, he explains what it takes to make the money you need to get your financial freedom.
“Anything that starts with I don’t want to work is already a problem” Gary Vaynerchuk
Takeaways: Income stream
If you want to have financial freedom, you need to put in some hours and build the business. Nevertheless, he emphasizes from his opinion the only 02 alternative income options are real estate and the stock market. Moreover, from Gary’s views, those are the only two streams that he can recommend. Anything else will need time, consistent effort and commitment. An average of 7 years is necessary to build a good income stream.
Conclusion
In essence, Gary is not negating the idea of generating any incomes without putting in the same 9 to 5 schedule. He is pointing out the hard fact that nothing comes easily. Basically, Gary Vaynerchuk tells the audience there is no such thing as
