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This post comes from a Personal Profitability partner.

Do you often find yourself wondering where your money went? Has it been proving to be such a struggle for you to truly save up and improve your financial situation? Have you been racking your brain trying to determine where the leak in your finances is and how to plug it? 

Budgeting finances can understandably be complex, but it doesn’t have to be. There are many different techniques and apps you can use to help improve your financial management know-how and skills. 

Here are a few simple tips that can get you one step closer to financial maturity. 

Make a Financial Audit

Before you jump into a brand new game plan, you should first try to have a clear understanding of your financial situation. What expenses do you have exactly, and are they recurring? It would help to make a list of all your expected bills and dues on a monthly basis, so you can have a base standard of how much you should have in your account at any given time. 

For credit or loans, make sure to account for the interest rate, and especially the due date. Missing payment deadlines do impact the amount due, so you should do your best not to miss out on any of them. If the option is available, it’s always better to enroll in autopay, which means money will automatically be debit from your linked account to pay your credit or loan through their preferred platform. 

Separate Your Savings

Anything that you will need to pay your monthly dues should be on its own account, and separate from your savings. You can either make the monthly deposit manually or enroll it as an auto-debit with your bank as well. 

The trick is to remove a set amount from your expenses account and your mind. Don’t even think that you have that money to spend–you don’t because it should be sitting nicely in your savings account instead. 

You may start small, but over time, you’d be surprised at how much your savings have already grown, for as long as you don’t keep dipping your hands into it. With an active, growing savings account, you can then look forward to the next step to financial freedom, which is investing. After all, you should only invest money that you can afford to lose. 

Identify Miscellaneous Expenses

It’s easy to overlook miscellaneous expenses as the leak because they don’t seem that much, to begin with. However, it turns out that these “small” expenses do eventually add up. Dining out, for example, can instantly bump up your expenses without you noticing it. The same goes for deliveries and online shopping.

Transportation through cabs and ride-sharing apps also do end up being very expensive, especially since the charges can fluctuate depending on a variety of factors, such as distance and traffic. 

Make a detailed note of all these types of expenses that you usually have. It should be easy to trace back based on your credit card transactions, anyway. Ultimately, the point is for you to see how much these add up to, and how much they actually impact your finances.

Use Technology

At this point, there’s no reason for you not to get the help you need from technology. Once you’re done doing your audit, and since you already have an idea where the financial leak is coming from, it’s time to rectify the situation by staying on top of things. Using budget management apps like Simplifi by Quicken can help you avoid overspending by keeping track of your finances in real-time. 

Budgeting apps only take a simple installation on your phone, so you can check the status of your finances wherever you are. You can even get budget management tips and ideas to further improve your financial literacy. Hopefully, you can finally achieve your savings goals.

This post comes from a Personal Profitability partner.

Many people have heard of the term “PPP loan” before, but they aren't entirely sure what it actually is or who can apply for one. Fortunately, some banks and financial institutions can help you determine whether you qualify and assist you will filing out your PPP loan application when the time comes. Before you begin, however, it's helpful to have more background knowledge on what PPP loans are, who they can help, and when you can apply for PPP loan forgiveness. 

Note: This post comes to you in conjunction with a Personal Profitability partner.

What is a PPP Loan? 

PPP loans, or Paycheck Protection Program loans, are money provided by the government to encourage to keep their employees on the payroll. Nobody wants to lay off employees or cut their pay, but when times are tough, many small businesses have to do just that. With a PPP loan, however, you are given funds to continue paying your employees, including their benefits, and they can also be used to help with rent, utilities, and property damage or theft. 

Is There Interest on PPP Loans?

Yes, there is a small 1% interest rate on PPP loans. Fortunately, if you follow strict criteria, you can get your loan payments forgiven, though this is never guaranteed. Either way, the small 1% interest rate helps prevent small businesses from getting in too deep, as interest accumulates much slower than it would from a private lender that may charge several times more interest. 

Who Qualifies for a PPP Loan?

It can be a bit tricky to determine who actually may qualify for a PPP loan but enlisting the help of a trusted banker or financial consultant can help you understand if it's an option for you. Generally, people who apply for PPP loans are those who own small businesses that adhere to the Small Business Association's size standards, sole proprietors, independent contractors, and those who are self-employed. 

Non-profit organizations may also be eligible for a PPP loan, depending upon their size and specific codes. 

Can I Apply More Than Once?

Yes, some small businesses may qualify for more than one PPP loan, depending upon their own unique set of circumstances, or they may qualify for an increase in the loan they originally received. Receiving another PPP loan is called a Second Draw PPP loan, though the terms are substantially more strict than First Draw PPP loans. 

When Can I Apply for Forgiveness?

Businesses or individuals can apply for loan forgiveness after they have used all of the money, and before the maturity date of the loan passes. In many cases, the loan maturity date is about 10 months after the last date of the covered period, so it's in your best interest to apply for forgiveness as soon as possible if you qualify. 

Nobody likes filling out paperwork, and accepting help from an institution can be hard for many business owners and independent contractors. At the same time, you don't have to face this alone, and getting help in these matters from an expert can make the whole process much easier. 

This post comes to you in conjunction with a Personal Profitability partner.

This post was originally published on June 15, 2021, and updated on February 17, 2022.

Driving can cost a lot of money. Between car payments, maintenance, fuel costs, and insurance, driving expenses add up quickly. It pays to look for ways to save on your transportation costs however you can, especially if you happen to drive a lot — because even your insurance rates can see an impact if you happen to qualify as a high-mileage driver.

What Qualifies as High Mileage Driving?

First, let's take a quick look at why high-mileage driving could result in higher insurance rates.

Simply put, mileage influences car insurance premiums because more time spent on the road means a higher risk of accident or damage. After all, if your car spends most of the time in the garage, it's not very likely to be the source of an insurance claim. If you're making a long commute every day, your accident risks are objectively higher — thus the higher premiums.

So are you a high-mileage driver? According to statistics, the average American motorist drives around 13,000 miles per year. If you fall in the range of 10,000 to 15,000 miles yearly, your premiums are unlikely to see a hike. If you drive over 15,000 miles in a year, you may qualify as a high-mileage driver. Similarly, if you drive somewhere between 5,000 and 8,000 miles a year, you may qualify for a discount as a low-mileage driver.

How Much More Do High-mileage Drivers Pay?

How much more will you pay if it turns out you are a high-mileage driver? Let's look at some average statistics from The Zebra:

Average six-month premium, by mileage:
10,000 – 15,000 miles: $965
15,000 – 20,000 miles: $972
20,000 – 25,000 miles: $974
25,000 – 30,000 miles: $976

While this is a fairly marginal change in premiums, you should also be aware that premiums can vary by state. For example, in California, rate hikes for high-mileage drivers could go up to 30% (as compared to 1-3% for high-mileage drivers in other states).

How Can High-mileage Drivers Lower Their Insurance Car Rate?

• Find a cheaper insurer. It always pays to shop around for a better deal, regardless of how many miles you drive in a year. Online tools have made it easier than ever to compare insurance rates between companies and hopefully find a better rate than you have now.
• Maintain a clean driving record. A driving record free of accidents and traffic violations is one of the most dependable ways to keep your rates low (or at least them from getting any higher). Do your best to stay out of trouble when it comes to your driving.
• Take advantage of discounts. There are almost always more discounts available to drivers than they might guess at first glance. Insurers commonly offer discounts and other perks for a variety of criteria: student discounts, good driver discounts, discounts for bundling your insurance policies or paying ahead. Get in touch with your insurance company and find out what's available to you.
• Change your coverage. If your car is fully paid off and worth less than $4,000, consider dumping your collision and comprehensive coverage. Your liability insurance should be sufficient for your needs — the rest is unlikely to do you any good until you get a newer vehicle.
• By a cheaper used vehicle. Older cars tend to attract lower rates as their value depreciates. Now might be a good time to trade down!
• Take a defensive driving course. Some insurance companies will lower your insurance if you can prove you completed a defensive driving course, which will reduce your risk of accident on the road regardless of how much you drive. Contact your insurer and see if this is a program they offer (or shop around for an insurance provider who does).
• Try to drive less and lower your mileage. While this one might seem like a no-brainer, it might be worth looking into how you could drive less often. If public transportation or biking is an option, consider giving that a try — or see about working from home more often.

Should I Install a Telematics System?

One of the major ways car insurance companies are now offering their customers lower rates: telematics. A driving tracker installed in your car will collect usage data telling the insurer how much you drive, what time of days you drive most, and what your driving behavior is like (such as force of braking, speeding, etc.)

If the data collected shows you drive safely, you can use that data to negotiate a lower rate — and many insurers will give you a discount simply for letting them collect that data in the first place. For some, this might be a privacy concern — but if you are looking for another way to save money, this might be just the thing.

This article comes from a Personal Profitability partner.

Even though the spread of COVID-19 has effectively shut down many major sports leagues for the current season, it hasn’t kept dozens of millionaire athletes, their team investors, and venture capitalist owners from staying in the game. While many athletes have kept up with their rigorous diet and training routines, several sports icons and team owners have made moves to help out their communities during the time of economic hardship that the coronavirus has brought to the globe. Here is the shortlist on players, teams, and owners that are making a financial contribution to COVID-19 relief efforts, though dozens of other entities have made similar efforts.

The Atlanta Braves

Freddie Freeman, the All-Star first baseman, has pledged $50,000 to both the Giving Kitchen and the Atlanta Food Bank. He has also donated an additional $25,000 to the Salvation Army.

The Atlanta Hawks

The major city of Atlanta has been a hot spot for coronavirus cases, and prior to the shut-down of the leagues for the season, the Hawks team owner Tony Ressler had already decided to take care of the franchises workers. In an article published in The Atlanta Journal-Constitution, Ressler is quoted as saying “if we shut down, we have to take care of our part-time employees” to Hawk CEO Steve Koonin.

The Bostin Celtics

The team playing out of Boston’s TD Garden is reportedly paying the team-employed game-night staff throughout the remainder of the regular season. This will include ball boys, locker room attendants, stats crew, performers, and the crew for the scorer’s table.

The Brooklyn Nets

Spencer Dinwiddie, a Nets guard, sent out a tweet that instigated a response to take care of non-salaried arena workers. These workers should receive the paychecks that would have typically been earned at Nets games through the end of May. The care package is also extending paychecks for events at the Barclays Center venue that were canceled.

The Charlotte Hornets

Both team players and team owners are working together to provide for the salaries of part-time workers at the Spectrum Center for games that were scheduled through April 13^th. This includes any of the G League Greensboro Swarm games that were scheduled.

The Chicago Cubs

Noted right fielder Jason Heyward has donated $200,000 to relief efforts in Chicago. The funds have been equally split between the Greater Chicago Food Depository and MASK, an organization that has been collecting food and supplies for families affected by the virus.

The Cleveland Cavaliers

The first player in the league to donate funds to event staff was star forward Kevin Love, who announced on social media that he was giving $100,000 to the workers. The remaining Cavaliers then decided as a whole to take care of all the hourly staff employed at Rocket Mortgage Field House.

The Dallas Mavericks

After the league announced the postponement, billionaire investor and team owner Mark Cuban immediately put all the employees who would work games and events at the American Airlines Center on notice that they would be paid during the break. The Mavericks also released a statement that employees who ate breakfast or lunch at local Dallas-area restaurants would be reimbursed, as an effort to help keep local businesses alive as well.

The Golden State Warriors

Owned by venture capitalist Mark Stevens, the Warrior family made the decision to contribute one million dollars to a disaster relief fund developed for the Chase Center employees. The team made the announcement with the intention of easing the financial pain of the hard-working men and women who create an incredible game-night experience for the guests and fans at the center.

The Houston Astros

Another star stepping forwarding, George Springer made a pledge of $100,000 to help the employees of Minute Maid Park. For him, the donation was about taking care of the families that took care of his family with each game he played.  Alex Bregman also made a personal contribution of 1,000 quarantine food kits to the Houston Food Bank and urged others to do so as well. The food kits could feed a local student for 28 meals.

The LA Clippers and Lakers

Both the Clipper and the Lakers play their games out of the Staples Center, along with the NHL Kings franchise. These three teams have established a fund to compensate the 2,800 contract and part-time workers that would typically staff the Staples Center during the NBA and NHL seasons. This relief extends to announcers, dance teams, and team statisticians. On his own, Lakers forward Anthony Davis partnered with Lineage Logistics to help displaced Staples Centers workers find employment while the NBA is suspended. The partnership has also promised to match donates to Feed the Frontlines LA for up to $250,000 throughout the pandemic.  

These are just a few examples of generosity and philanthropy coming out of the professional sports industry. From the athletes to the investors or owners of the teams, everyone is rallying around the employees that are taking the brunt of the financial hardship from the suspension and postponement of the national sports leagues.

This article comes from a Personal Profitability partner.

This article comes from a Personal Profitability partner.

South American investment opportunities have been booming over the past few years, with a large number of industries in many of the continent's countries gearing up for higher demand and easier access to international trade. A lot of the boom has been fueled by infrastructure development projects in Colombia, which has acted as a hub for imports to many nearby nations. Those infrastructure contracts brought first foreign construction investors and then, later, contractors interested in managing the ports and investing in the many industries that are strong in the region. Now, after a few years of development, nearby countries are feeling an increased demand in many industries, making investment opportunities plentiful. One place with a lot of opportunities for global investors is Guyana, which has seen an uptick in demand for its locally-produced resources and goods, as well as increased tourism. If you're looking for a place to invest, here are four great ways to put your money to work there.

1. Contact GO-Invest About Opportunities

Guyana has been declared open for business by both private and public sector leaders over the past couple of years, meaning they are actively encouraging investment in-country. To facilitate that, the GO-Invest office has been established and empowered to provide a range of incentives for new investors. From tax opportunities to brokered deals with the government and other industries, there are a lot of ways to learn about new opportunities through this office. They can even help things go more smoothly when you're investing in a joint venture with local businessmen. Here are a few other things they do:

• They provide a summary of the necessary steps for investing in businesses in-country
• The office also helps exporters bring their goods to an international stage
• Exemptions on customs duties for equipment and other vital business infrastructure for new companies
• They draft the investor agreement with the government when you're backing projects in the country

2. Invest in Existing International Ventures

Another way to put your money to work in Guyana is to invest in a business that already operates there. As the gateway between South America and the Caribbean, Guyana is uniquely positioned to participate in both regional communities. That means there are a lot of existing ventures that bring local produce from farms in the country to their island neighbors. There are also food processing ventures and commercial fishing opportunities that operate in multiple countries. One great way to get started with Guyanese markets is to put your money to work in another country where you already have holdings, investing it in an international operation that also operates in Guyana. It's a good way to get your feet wet in the market without going through the complex steps needed to establish a new venture in a new country. Of course, you'll need to plan for those steps when you're ready to move from ventures that also operate in Guyana to investments directly in the Guyanese industry.

3. Establish In-Country Accounts To Operate Locally

It's easier to put your money to work in a country when you have local funds in a bank and ready to go. That way, no money needs to cross borders when you are ready to put it to work. Establishing a banking presence in Guyana also means having a place to receive dividends without sending them outside the country, so it's an important step even when you're not using your banking presence as a way into the market on its own. Institutions like GBTI Bank work hard to provide foreign investors with opportunities and easy access to banking. They facilitate everything from opening local businesses to participation in ForEx trading and other investments for locals and international finance professionals alike. The right bank can be a source of great opportunity when you're investing in a new region, providing you with a means of discovering new investment opportunities before starting formal negotiations to draft an investor agreement.

4. Invest in Publicly Traded American Companies Coming to Guyana

Did you know there are over 100 companies already in line to bring operations to Guyana? That's only counting the ones from the United States, too. If you're looking for the simplest way in to investing in Guyanese opportunities and you don't have the option of investing in an international operation elsewhere in the region, another option is to start by putting your money into a company that is already negotiating for investment opportunities locally. The best part is that with the right due diligence, you can find just the right industry to suit the rest of your portfolio. There are so many opportunities, American companies in practically every industry niche are gearing up to start working and trading in this busy South American nation.

Advice for New Investors

If you're new to investing outside your home country, it never hurts to look at multiple paths to opportunity in Guyana. In many cases, a simple investment in an established company serves as a great way to test the waters while you set up your own ventures and negotiate the tax incentives and other operational agreements you need to get started.

This article comes from a Personal Profitability partner.