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

  1. 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.
  2. 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.
  3. Keep a record of all your checks: it would help you track your expenses and avoid bounced checks.
  4. Use a pen when writing a check to make it permanent and avoid any issues.
  5. 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.
  6. Print the amount in a way that prevents scammers from adding to it or altering it.
  7. Get checkbook with carbon paper so you can automatically keep a record of every check you write.
  8. Always use the same signature for all your check and it has to be the same signature filed at your bank.
  9. Avoid writing a check payable to cash. It practically the same as a blank check.
  10. Write fewer checks. Use this method of moving money when it is absolutely necessary.
  11. 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.

 

 

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 workHowever, 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:

  1. 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

How To Make Money Working From Home

The ability to make money working from home is most people’s dream. However, the outcome depends on how much time and effort you put in. Efforts can go from some few minutes to a full-time position. Either way, you could leverage your skills to earn money in a way that meets your needs and availability.

Takeaways: How To Make Money Working From Home

Some tasks will help you make some few dollars while with others you could expect to take home a very good paycheck. In fact, I know some people that make over 6 figures working from home every month. here are some ideas that could help you achieve the same level of freedom whether you are a homestay mom, dad, student, a senior or just looking for a career change.

  • Slow-income generation task:

it is considered slow income generation because it would take some time before you could actually make some substantial income.

Take online surveys: It is a very simple and easy way to make money online., But it takes a while to make a hundred dollars. The ratio of time vs income is extremely low. However, if you put 24h/7 you could end up with more than $200 according to certain personal finance blogs.

Monetize your website: If you have a blog or website, let it make some money for you while you are at rest. Programs like Google AdSense allow advertisers to bid for your ad space. It’s free and doesn’t have to add to your workload. Ads run on your blog and you make money when visitors click on them. With good web traffic, you expect to take home a very interesting paycheck. In addition, you could either request for donations or sell a physical product or a digital product on your site.

Youtube/Vimeo channel: If you have a passion you could put it to work by creating video content around your passion. Then you could monetize it by either selling your most creative video content to your audience worldwide or running ads on your piece. Nevertheless in the case of ads you need to reach a threshold on youtube to get good money out.

  • Fast-income generation task

It is considered a really fast way to make regular money.

Freelance: Chances are you have specific skills or technical ability or even good knowledge about a specific topic you will like to share. You could join websites like Fiverr or upwork that connect freelancers to businesses and sell your skills.

Remote jobs: You could actually get a full-time job working from home. Indeed such job type could range from, virtual assistant, scheduler to more technical jobs such as data entry. Also, websites such as flexi-jobs or indeed could help get the perfect match.

Home restaurant: The trend is growing across the country. By taking advantage of the space in your house, you can make money cooking at home.

Choosing the best method that works for you is essential. Just make sure you keep records of all your dealings in case something goes wrong or you need to file for taxes. Regardless, working from home provides you with so much freedom and flexibility.

 

 

How to Make Money Online

How to Make Money Online

To make money online is pretty easy nowadays. Indeed, internet penetration has helped people make a lot of money. Typically, you can either take home income passively or actively. In this article, we will explore those options.

Passive income:

Passive income requires an initial effort. You have to put in the work first in building a product or service normally 15 days to 90 days. Revenue generating through passive income takes time, the rewards come in later. The video below explains and details how you can make it works. This video from Nate O’Brien illustrates these perfectly with more than 1million views and counting. The video is well edited.

Active income:

Active income requires permanent and constant work. If you don’t put in the effort by working you can’t get money. You can do it during your free time or dedicate maybe 1 to 2 hour per day and you can to take home a substantial income.

Summary: Make Money Online

This video practical wisdom summarizes both ways. It brings together the best ways. In my opinion, it is important to mix both. You can have an active income and a passive income. By doing that you can definitely improve your life for good.

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How To Make Money Online: Facebook Marketplace Powerful Than Amazon

People look at Facebook as a funnel creation platform solely. Perhaps, if you flip that perception by exerting a growth mindset and digging into the platform you will look at it differently. Indeed, Facebook Marketplace is bigger than Amazon and has been growing steadily. In this article, I will explain how you can leverage the platform for money making.

Takeaways: How To Make Money Online: Facebook Marketplace

Facebook Marketplace has more than 800 Million monthly active users in 70 countries. They browse, sell, buy and provide discovery opportunities for retailers. You can find pretty much anything you need. Plus access to the marketplace is effortless. Even though it does not have a payment gateway.

Go deep: How To Make Money Online: Facebook Marketplace

A. There is no listing fee

Facebook marketplace, unlike other platforms, has no set listing fees for now.

B. Any person or brand can sell

But not all e-commerce platforms are sync with Facebook Marketplace. As an illustration here are some e-commerce websites that are offering the feature: BigCommerce, Channel advisor, Shopify,3dcart, commerce hub, Magento, Squarespace, and WooCommerce. You can also activate the shop setting on your facebook page.

However, if you are an individual seller you can list your product directly, set the price and start selling. Look on the left of your feed and you will find Facebook Marketplace. You can instantly push your listed product in some groups for free without ads. It is extremely simple, you can basically list any product and connect directly with potential buyers.

C. Build Trust 

Because it is fairly new for consumers, you will have to exert patient, develop a strong communication strategy and build trust. Be professional, educate your customers and be very responsive. Develop a very strong customer-oriented concept that goes from listing to delivery. Further, the faster you ship, the better you will resonate within your market. Adjust your pricing to include shipping and pick up locations.

D. Do More

Unlike the other platforms that offer an integrated experience (listing, inventory management, shipping, etc..) Facebook marketplace doesn’t for now. consequently, you will have to do most of the work. Nevertheless, you can integrate your Facebook page directly with a fulfillment center.

E. Unlimited potential

The market potential on Facebook is extremely impressive. Indeed, Nothing comes close with excellent mining you can achieve great results. There is no limitation on what you can sell and the reach. Also, if you integrate facebook related WhatsApp and Instagram the potential is phenomenal.

F. Cost-effective

You can basically manage everything on the platform, you don’t need to set up a website, or chatbot any Facebook business page will do or individual page.

Learn more:

Facebook Marketplace is for discovering, buying and selling. You can connect with buyers where they already are.

How do I sell an item on Marketplace? by Facebook

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