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.

Understanding the Benefits of Funeral Planning No Matter Your Age

Living in unprecedented times, you might begin to feel and think about how fragile and short life really is. For this reason, you may also wonder about the appropriate age at which you should begin planning your funeral. 

Honestly, the best time for funeral planning is at any age, rather, any time except at the time of the funeral. Today, we will discuss understanding the benefits of funeral planning no matter your age.

A Celebration of Life

Attending a funeral may be considered a solemn affair for many, but it does not have to be. If you really think about it, funerals should be a celebration of a person's life, your life. By planning your funeral ahead of time, you are allowing your family and friends to spend quality time with one another to celebrate your life.

Financial Responsibility

Whether you decide on a traditional burial or cremation, one thing is for certain. Funeral costs are rising significantly, year after year. Planning early will offer cost-saving benefits by locking in today's rates. Just like a home loan, financing options are available. 

This means by planning ahead, you will ease the burden of funeral expenses on your family while giving them peace of mind by assuming full financial responsibility for your funeral. Funeral planning also helps prevent overspending.

Reimburse Travel Expenses

Along with taking full control of your funeral expenses, another benefit of planning your funeral ahead is that it will provide you an opportunity to reimburse long-distance friends and family for their travel expenses to attend your funeral. This allows them to fully stay focused on celebrating your life.

Final Wishes Honored

Perhaps you may have a specific preference for the disposition of your remains and want to clearly express them. Funeral planning allows you to leave specific instructions to fulfill your final wishes. Your final wishes may also include detailed instructions on the type of music that will be played during your funeral, the epitaph that will be engraved on your headstone, and others.

Whether you are in your 20s, 30s, 40s, or beyond, and regardless of your health status, funeral planning at any age offers several benefits, as mentioned above. So, take full control of every aspect of your funeral and ensure your final wishes are honored by preventing unwanted surprises from happening. Allow your family and friends, near and far, to truly focus on celebrating your life by planning ahead.

5 Ways to Improve Your Credit Score and Save Money

A credit score refers to a vital number that moneylenders use to determine if they will grant you credit and the terms and interest of the loan or credit. If your score is low, then you have lower chances of your loans getting approved. If approved, you might have to repay higher interest. 

That is why you want to score very high if your plan is to get a car or personal loan, a credit card, or make a mortgage application to purchase a home. Discussed below are five ways you can use to increase your credit rating and save cash.

1. Manage Your Debt

Since the second most important factor in your credit rating is the total debt, it is significant to keep your loans under control. In case you presently have a substantial amount of unpaid debt, your main concern should be to avoid having another loan and work to reduce the figures.

This is not always easy; however, the only means to enhance your debt condition is to stop utilizing credit cards or borrowing and continue making well-timed payments that minimize your balance.

You must also consider the amount of available credit. For instance, if you have several credit cards that have reached the maximum or are close to the bounds, it will negatively affect your score. Dual credit cards, which have a limit of $5,000 and a balance of $1,000 each, look better than one card with a limit of $2,500 and a balance of $2,000.

Use notifications to inform you of fresh purchases with a debit or credit card to better track your balance and expenses. You may also establish a split alert to notify you when the credit card amount hits a certain value. Consider scheduling biweekly or weekly payments to the cards to lose some interest and lower your debt balance faster.

2. Pay Promptly

The most significant thing you should do to maintain or improve your credit score is to pay promptly. Disbursement history is the single most important factor used to calculate your credit rating. Payments past due one month or more will point up on the report and affect your credit rating negatively. These negative numbers typically stay on the report for around seven years.




Consider scheduling automatic overheads from your current account to make it easy to pay on time. If you are not at ease with payments automation, you may set up prompts with your billing agent or through the account to inform you when the due day is approaching.

3. Use Different Forms of Credit

A minor portion of your credit rating is according to the kinds of credits you are using at a given time. Moneylenders would like to perceive your responsibility for returning credit, that is, loans and credit cards. If you do not possess a credit card, consider having one. In case you do not have a loan on your report, you can apply for a small individual loan to build credit.

4. Keep Your Old Accounts Activated

Credit history length is another significant creditworthiness factor, so keeping old accounts open can be an advantage. While you need to keep all your accounts manageable, it can sometimes be harmful to your score if you close the old account. 

Locking the old account while you still have a balance may also affect your score, as it directly upsets your credit use. For instance, if you want to purchase a credit mortgage and have a low score, consider using a bad credit mortgage broker instead of closing your old account.

5. Be Cautious When Opening Fresh Accounts

Although fresh credit is not a significant feature in your credit rating, it is an essential concern. If you are looking for a credit card or new loan, make your purchases quickly. You do not want your credit report to display that you always look for credit.

Also, you do not want to apply credit accounts that you don't want to utilize. It can be luring to get the extra 10% off for opening a new loyalty card; however, the little cash you save can be negligible when several new accounts like this lower your score. 

Also, loyalty cards can regularly have a greater annual cost compared to the conventional credit card. If you fail to immediately reimburse the balance, the greater APR may offset the savings you get when you open the account.

Conclusion

Improving your credit rating can save you money. Use the above methods to build your score.