3 Risk Categories Risk Advisors Might Consider

Business owners often employ consulting services like the one run by Declan Kelly to advise them on management, capital, strategy, and communications. Some consulting companies like the one managed by Founder Declan Kelly even offer risk management advisory services. 

Businesses are subject to many risks, and anticipating and planning for them can help minimize future difficulties. Here are three categories risk advisors might look at when performing risk assessments. 

1. Cyber and Physical Security Risk

Cyber risks in business include hacking, viruses, cloud vulnerabilities, mobile security threats, and more. Because the information in the modern world is often stored and transferred online, there is a high risk of confidential information being stolen or leaked. 

Businesses are also vulnerable to social engineering, where employees and associates are manipulated through false social interactions into revealing company secrets. Social engineering is also a physical security risk, along with document theft, identification theft, and other forms of theft. 

There are also cyber-physical security systems that are designed to utilize cyber elements like sensing and computation to interact with physical elements like humans and pose a serious threat.

2. Economic and Financial Risk

Risk advisement might also include economic and financial risk aspects. These are not the same. Economic risk is dependent on the economy and its ups and downs. Financial risk comes from a business's own finance-related business dealings such as loaning money, interest fluctuations, and company debt which can harm a business's cash flow. 

3. Political and Reputation Risk

There is also risk associated with both the political and reputation areas. When considering political risks, advisors take into account the world's political climate and general view towards international trade and how that can affect business. Reputation risk takes into account how damage to the company's reputation can lead to a loss of trust, profits, investors, and customers.

There are, of course, other risks to consider. However, these are some of the bigger risks to assess and plan for in business. Being ready for such risks can help a company avoid disaster.

4 Financial Options to Kickstart Your Retirement Savings

Even if you enjoy the job you currently do, chances are that you don't want to do it for the rest of your life. This means that if you've gotten behind in saving for retirement, it's important to find ways to kickstart your retirement savings so that you don't spend the rest of your life working. 

While many good options are available, there are a few options that stand out for their effectiveness and relative security.

Max-Out Your Retirement Contributions

If you have the financial means, it's important to max-out your retirement contributions every year that you work. For most people, the retirement contribution limit is $19,500, which is plenty to help most people reach their savings goals. 

Another key aspect of this is to ensure you're working for a company with generous matching contributions to help your money go even further.

Invest in a Home

Although it's not the most direct way to invest in your retirement, investing in a home can actually be a great step to help you achieve your retirement goals. If you buy a home when you're young, you'll likely have quite a bit of equity built up by the time you reach retirement age. 

This will allow you to take out a reverse mortgage that can provide a major cash infusion to help you live more comfortably when you retire.

Don't Take Raises for Granted

Rather than seeing a pay raise as a way to buy more stuff, it's good to see this extra cash as a way to invest more in your future. If you use all or some of an annual pay increase to contribute more to your retirement accounts, you will be able to retire sooner and live more comfortably, even if it requires some sacrifices in the present. 

Plus, when you consider the tax advantages of contributing to a retirement account, you can help your raise go further than the actual amount that your pay increased.

Start a Side Job

If you have a hobby that you enjoy, you may want to consider turning that hobby into a lucrative side business. Countless websites exist to allow you to market just about any skill or product, allowing you to bring in extra cash to augment the pay of your full-time job. 

This extra cash can be used entirely to quickly fill your retirement coffers so that your regular paycheck can go to saving for a rainy day.

Whatever you do to kickstart your retirement savings, the key is to avoid wasting time whenever possible. The longer you wait to start investing in your retirement in earnest, the harder it will be to reach your savings goals. Therefore, even if you only have a little to invest in your retirement, there's no time like the present to get started.

What Is a Ponzi Scheme?

When it comes to investing, an ability to spot schemes and possible fraud is an important key point to keep in mind. There are numerous types of scams that exist in the world of investments but perhaps no other is quite as bold as a Ponzi scheme.

A Ponzi scheme is a form of fraud that is characterized by fake investments at the hands of a scam artist. The schemer persuades a series of investors to invest in a fake company and proceeds to pay back small shares from the funds being invested to conceal the scam.

A Ponzi scheme can take on many different exteriors, yet the same type of fraud is always at play. Let’s take an in-depth look at the dynamics of a Ponzi scheme.

Why Is It Called a Ponzi Scheme?

The scheme gets its name from an Italian swindler by the name of Charles Ponzi who convinced a large number of New England residents to invest in a fake postage stamp investment in the 1920s.

The scam was so shocking and became so infamous that the name Ponzi was affixed to any scam that involved fake investments with no return promise on revenue to the investors.

How Do Ponzi Schemes Work?

Ponzi schemes work because the scammers rely on the inexperience of easily-recruited investors into the fake company. Investors who respond positively to scheming organizers frequently convey too much trust and lack of investment knowledge when they fall for a Ponzi scheme, which is why it is important to thoroughly research an organization before commitment.




The scheme operates solely on revenue from investors which is in turn paid back to other investors with no company growth or earnings to show for. It is a repeating cycle of dwindling profits and returns that yield no growth that typically causes investors to become suspicious and seek to cash out, which is the end of the scheme as the swindler(s) have nowhere left to hide at this point.

Ponzi Scheme Examples

A Ponzi scheme can be small or massive, with the scheme operating under the name GPB Capital being a notable example. This Ponzi scheme saw a large number of wealthy investors drop revenue into the unbalanced company with the promise of an 8% return on said investments.

A Ponzi scheme doesn’t need to be small and unassuming to be a scam; high-level executives and brokers can execute a scheme with much more believability to the unassuming investor.

Conclusion

This was a brief overview of what a Ponzi scheme is and the many forms that a scheme of this nature can take on. To avoid falling victim to a Ponzi scheme, be sure to avoid suspicious sellers. If an organizer is not licensed or sounds vague and sketchy in their pitch, do some further research before making a commitment.

Be aware of terms like “no risk”; there is always risk involved in investing. If something seems off, always trust your gut instinct.

4 Emergency Home Services That Can Save Thousands in Repairs

For the most part, your home can sustain itself without any problems. Occasionally, though, unexpected issues may arise that require immediate attention. When these problems happen, having access to emergency home services can make the difference between protecting your home and spending thousands on repairs. 

Since some of these emergency services fly under the radar, it's helpful to understand what they are before you need them.

Emergency HVAC Repair

If your HVAC system fails, your home could be at risk due to extreme temperatures. One example of this is a failed furnace in the winter that causes your home's pipes to freeze. That's why it's comforting to know that many HVAC companies offer 24/7 emergency service to help you avoid any major problems. 

Whether it's your air conditioner or furnace that's causing problems, you can be confident that help is never more than a phone call away.

Emergency Plumbing

An overflowing toilet or a busted pipe can quickly create a mess that costs thousands to fix. When this happens, it's important to know the number of an emergency plumber so that you can get them to your home quickly. 

In many cases, a plumber can also help you over the phone with steps to take to help limit the flow of water until they're able to arrive. Without swift action, you could be facing thousands in water damage repairs in addition to the initial plumbing repairs.

Emergency Exterminator

Bugs that decide to infest your home never run out of energy to do their work. Therefore, if you notice a major infestation of some type of invasive pest, then it's a good idea to call in an emergency exterminator. 

This is especially important if the pest poses an imminent danger to you or your family, such as a swarm of wasps or bees. Even if it's only your property that's threatened, though, it's good to know that someone can come immediately to help stop the spread of damage.

Emergency Electrician

An electrical problem in your home can quickly lead to a fire that could cause devastating damage. Therefore, if you notice a major electrical problem, it's time to call in an emergency electrician. Problems may include sparks, strange smells, or sizzling noises coming from electrical outlets. 

Of course, if the problem is extremely serious, you can always call 9-1-1 for the fire department to come and neutralize any immediate fire hazards.

When it comes to many emergency home services, the first visit from the contractor is rarely the last. A quality contractor will follow-up with you to ensure that your needs and concerns have been addressed so that you don't face further trouble down the line. 

By researching emergency contractors in advance, finding caring contractors who follow-up with you will be far easier.