Business and Finance articles

Are you confused by the jargon thrown around in the world of finance? Do terms like “venture capital” and “angel investors” leave you scratching your head? Don’t worry, you’re not alone. In this article, I will break down the different types of investment capital that exist and explain what each one means. Whether you’re a startup founder looking to raise funds or an investor trying to diversify your portfolio, understanding these concepts is crucial for success in today’s economy. So let’s dive right in!

Equity

There are four main types of investment capital: equity, debt, hybrid, and royalty. In this article, we’ll focus on equity.

Equity is ownership in a company. When you invest in a company through equity, you’re buying shares of that company and become a shareholder. As a shareholder, you have a claim on the company’s assets and earnings. Equity investing is riskier than other types of investing, but it can also lead to higher returns.

There are two main types of equity: common stock and preferred stock. Common stock is what most people think of when they think of stocks. You own a certain number of shares of the company and have voting rights at shareholders’ meetings. Preferred stock doesn’t give you voting rights, but it does give you preference over common shareholders if the company is liquidated.

If you’re thinking about investing in a company through equity, it’s important to do your research and understand the risks involved. Equity investing can be rewarding, but it’s not right for everyone.

Debt

Debt is a type of investment capital in which the investor loans money to the company with the expectation of being repaid, usually with interest. The advantages of debt financing include the fact that it does not dilute ownership, and it can be a more affordable option than equity financing. The disadvantages of debt financing include the fact that it can put the company at risk if it is unable to make repayments, and interest payments can add up over time.

Hybrid

There are several types of investment capital, each with its own characteristics. One type of investment capital is hybrid capital. Hybrid capital is a mix of debt and equity. The equity portion gives the investor a ownership stake in the company, while the debt portion pays periodic interest payments.

The benefits of hybrid capital include the potential for high returns if the company does well and the safety of periodic interest payments even if the company does not perform as expected. The downside is that if the company goes bankrupt, the lenders will be first in line to receive any assets, leaving shareholders with nothing.

If you are considering investing in a company, it is important to understand what kind of investment capital it has raised. This will give you an idea of what kind of return you can expect and how much risk you are taking on.

Mezzanine

There are several types of investment capital, each with its own characteristics. Mezzanine capital is a type of debt that typically has a higher interest rate than senior debt and is often used to finance the expansion of a business. The mezzanine lender will often take a equity stake in the company in exchange for the loan. This can be a good option for companies that do not yet have the cash flow to support a senior loan or are looking for a way to avoid giving up equity in their business.

Venture Capital

Venture capital is a form of investment capital that provides funding for early-stage, high-growth companies. Venture capitalists typically invest in companies with high potential for growth and profitability, but that are too small to access traditional forms of financing.

Venture capital firms typically consist of a team of investors who work together to identify and invest in promising startups. venture capitalists often take an active role in the companies they invest in, providing advice and mentorship to help them grow.

While venture capital can be a great source of funding for young companies, it also comes with some risks. Ventures that fail to meet the expectations of their investors can be cut off from further funding, and may even be forced to shut down.

For these reasons, it’s important to understand the different types of investment capital before deciding which is right for your business. Each has its own advantages and disadvantages, so it’s important to choose the one that best fits your needs.

Private Equity

When it comes to investment capital, there are a few different types that you should be aware of. One type is private equity, which is when a company or individual invests money into a privately held company. This can be done through venture capital firms, angel investors, or other private individuals.

The goal of private equity is to help the company grow and eventually go public or be sold so that the investor can make a profit. Private equity can be a great way to get involved with a growing company, but it is also riskier than investing in publicly traded companies.

If you’re considering investing in private equity, it’s important to do your research and understand the risks involved. You should also consult with a financial advisor to see if it’s right for you.

Family Offices

A family office is a private wealth management firm that provides a wide range of financial and investment services to a single wealthy family. Family offices are often established by families with significant inheritances or high net worth individuals.

The main purpose of a family office is to help the family manage, protect, and grow their wealth. A typical family office will provide services such as asset management, tax planning, estate planning, philanthropy advice, and concierge services.

Family offices can be either single-family offices (SFOs) or multi-family offices (MFOs). SFOs are set up to serve only one family, while MFOs provide services to multiple families. MFOs typically have more staff and resources than SFOs.

There are several benefits of having a family office, including:

Better investment returns: Family offices can often achieve better investment returns than individual investors due to their access to better information and resources.

Lower fees: Family offices typically charge lower fees than traditional financial institutions. This can save the family significant money over time.

More personalized service: Family offices offer a more personalized level of service than traditional financial institutions. The staff at a family office gets to know the family’s unique situation and goals in order to tailor their advice and services accordingly.

Sovereign Wealth Funds

Sovereign wealth funds (SWFs) are state-owned investment funds that invest in a variety of assets, including stocks, bonds, real estate, and other investments. SWFs are typically created from a nation’s surplus revenues, such as from the sale of oil or other natural resources. The size of SWFs varies greatly, but the largest ones have trillions of dollars in assets.

Most SWFs are managed by professional investment managers who follow sound investment principles. However, some SWFs have been criticized for being used as political tools or for making risky investments. Overall, though, SWFs can be a valuable source of capital for companies and countries around the world.

Conclusion

Understanding the different types of investment capital is key to making sound financial decisions. Knowing which sources of capital are best suited for your business’s needs and investing in them wisely can have a positive impact on your long-term success. With this knowledge, you can be sure that you always have access to the funds needed for growth or emergency situations. Investing in any type of capital requires careful consideration but with a little research, you can make an educated decision about what will work best for your company and its goals.

Under chapter 13 bankruptcy, the debtor proposes to repay the obligations to the creditor in installment over a period of three to five years. In case the debtor’s earning is below the median of the state, then the repayment time will be for three years. The court approves the debtor more time with a valid cause, like if the debtor earns more than the state median.

Upon completion of the debt repayments, the debtor receives a discharge order from the court mentioning that the rest of the debts are erased, and the debtor is free from any loans.

Read on to know more about what exactly happens after Chapter 13 bankruptcy discharge and what are the debts covered by it.

What are the debts Chapter 13 bankruptcy discharges?

Bankruptcy law does not treat all debts equally. It has segregated the obligations into various categories, and depending on the type of debt; it is decided whether they will be discharged or not.

Debts are divided into two categories: secured and unsecured. Secured are those guaranteed by collateral or property, and creditors can claim your property if you fail to pay back the debt. Secured collateral must be surrendered before the court (usually a vehicle or house property), and long-term obligations need not be surrendered under Chapter 13 bankruptcy.

Unsecured are those for which creditors can’t claim any property as there is no collateral against it.

In unsecured, priority-based unsecured debts get paid first because these debts are nondischargeable in nature. Such debts do not get wiped off with a bankruptcy case, and you are bound to pay them. After paying back all possible debts, if some money is left over, only then do you have to pay non-priority unsecured.

How to get a chapter 13 debt discharge?

Once you make your mind to file Chapter 13, bankruptcy, keep in mind that you have to pay the maximum of the debts in a period of three to five years. You also have to make sure to comply with the following before you receive the discharge:

• Get a certificate that you have no obligations left in domestic support anymore.
• Show that you have not received any discharge in Chapter 13 bankruptcy within the last two years.
• Complete a financial management course.

Debts that can be discharged in Chapter 13 bankruptcy

The common type of nonpriority unsecured debts usually get erased by Chapter 13 bankruptcy. Debts like credit card bills, utility bills, medical bills and personal loans come under such dischargeable debts. The court will also discharge the student loan if you can prove it is an adversary proceeding and that paying the loan may create an undue hardship for you and your dependents.

Limitation of Chapter 13 bankruptcy

There are some debts that can not be erased with the help of Chapter 13 bankruptcy:

• Any debts you forgot to mention on the bankruptcy petition
• Debts due to personal injuries or death because of drink and drive
• Taxes like fraudulent income tax, business tax, and property tax which are due for the last three years
• Fines, penalties, and restitution occurred from criminal activities
• Debts incurred for luxury purchases

Chapter 13 bankruptcy helps in discharging some of the debts that Chapter 7 bankruptcy can’t erase. For instance:

• Debts refused by the court to get discharged in a previous bankruptcy.
• Debts from tax bills
• Retirement account loans also can be covered by Chapter 13 bankruptcy.
• Certain fines and penalties incurred by the government.
• Domestic support obligations like child support and alimony.

When will you receive the discharge for Chapter 13 bankruptcy?

Once you repay a certain amount of the debt with a repayment plan, you can think of your debts to be discharged. The repayment plan amount depends on the type of debt, income and expenses, and property value. After you successfully repay the amount, the court can forgive the rest of the obligations and discharge them.

Filing bankruptcy is not something you need to think about every day, but knowing the basics may come in handy when you are stuck in a grave financial situation. Several different types of bankruptcies are available, and it all comes down to which one you qualify for. Nonetheless, there are usually alternative and less formal ways to solve financial issues, so bankruptcy is sought as a last resort. There are many controversies surrounding bankruptcy, and most of them are associated with myths or misconceptions. If bankruptcy is something you have given a thought, perhaps you should consult Bankruptcy Lawyer in Cabot, AR, before jumping to conclusions.

Now it is time to debunk the top ten myths about bankruptcy that shall help you make an informed decision:

1. Bankruptcy erases all Debt

Bankruptcy can help discharge all your unsecured debt if you qualify for Chapter 7. Chapter 13 or other business bankruptcy may only grant partial relief, depending on the state of your finances. If you opt for a reorganizational bankruptcy, you are required to pay back most of your debt – usually through manageable installments over a longer period of time. Unsecured debts, such as mortgage loan, car lease, student loan, and child support cannot be discharged.

2. Your Credit Score is Ruined Forever

It is true that your credit score will take a hit following bankruptcy; however, if it is already poor (below 600), it won’t make a big difference. You can redeem a good credit score within a few years through sound financial management. If you start paying your bills on time and follow your bankruptcy payment plan for compensating debt (if applicable), your credit score will go up in no time.

3. It is used for Criminal Purposes

Many people are under the impression that bankruptcy is something corrupt business owners and officials use to get out of paying their debt. While this does happen occasionally, you should know that it is illegal. People who use bankruptcy for camouflaging their shady business face severe legal consequences. Bankruptcy is meant to help does who are genuinely suffering financial constraint; it can offer them a fresh start.

4. You get to exhaust your Credit Privileges

One crazy myth floating around is that you can max out all your credit cards before filing bankruptcy and then have all the debt discharged. Note to self that this is a trap and you could be charged for credit card fraud. The bankruptcy court will investigate your finances before approving your petition. This type of suspicious activity only calls for legal troubles.

5. Creditors will harass you

Many people think that filing bankruptcy will anger their creditors and create more problems. Truth is that bankruptcy provides you automatic protection from debt collectors. If a creditor still tries to approach you and demands payment, they shall face legal penalties and possibly a restraining order.

6. Bankruptcy is a Social Stigma

Once upon a time, bankruptcy was considered to be a shameful thing, but times have changed. Today, many businesses and individuals use bankruptcy to solve their financial problems, thus it is nothing to be embarrassed about. If bankruptcy saves your home/business or prevents you from breaking the law, consider it a blessing.

7. You can never apply for a loan again

Since bankruptcy gives you a bad credit, it can be difficult to obtain a new loan immediately. You should work on gaining financial stability and improving your credit score first anyway. If you rush into signing up for a new loan, you are probably going to have to pay excessive interest rates.

8. The government will confiscate your assets

If you file for Chapter 7, the bankruptcy trustee may liquidate your non-exempt assets to reimburse creditors. You will still be able to retain exempt assets like your family home, a standard vehicle for everyday use, etc. Reorganizational bankruptcies, such as Chapter 13 allow you to secure all the assets you want (under certain conditions).

9. Bankruptcy during marriage implicates both partners

The assets of both partners are at stake only if they file for joint bankruptcy to manage shared debt. If your spouse has debt under their name that has nothing to do with you, do not worry about being held accountable.

10. You can only file once

Hopefully, you will not need to consider bankruptcy ever or more than once in a lifetime. Nonetheless, if a financial crisis hits you more than once, multiple filings are allowed. Chapter 7 can be filed once every eight years, whereas Chapter 13 can be filed again after two years, assuming that you have paid off the debt from the previous filing.

A Great deal of people, employed or hustling out here are significantly stressed about their finances. Managing money has over the time become difficult with the increasing money constraints, potential recession, and persistently high prices. The persistent feeling of anxiety and worry about various expenses and debt has a serious negative impact on people’s mental health. A survey conducted by Bankrate in April 2023 revealed that more than half of U.S. adults face serious financial stress. Insufficient emergency savings contributes to 56 percent of the money-related issues as reported in the survey. The same survey shows that 56 percent of the women said that financial stress negatively affects their mental wellbeing. However, there are some smart money management techniques that can help lessen financial stress and make improvements.

1. Prioritizing essential bills

To reduce financial stress, you should start by prioritizing the bills that you should clear first. This makes you more prepared and equally gives you the opportunity to categorize bills that can be reduced or eliminated.

2. Have a budget and track your spending

Another great way of managing your finances is writing out a budget and keeping track of all the expenses and spending. This gives you concrete ideas on how much you have spent, saved and what you need to pay. Luckily, there are some budget apps that can easily help you with the menial work of budgeting. The budget will help you stay prepared for all the upcoming bills and spending. It equally helps you feel more in control of the income.

3. Research and Invest

It doesn’t matter whether you want to invest in stock market, property or cryptocurrencies, you should start by doing intensive research and plan well for the investments. A great idea is to consider smart money investment options regardless of the market you want to invest in. Research different instruments of investment that are available in the market for planning and wealth management.

4. Minimize recurring monthly Bills

Just because you can afford a bill or qualify for a certain credit or loan doesn’t mean you should give in. Always make sure you have substantially minimized your monthly recurring bills by easily minimizing credits, debts and loans. Take time to decide whether a monthly payment is affordable depending on the monthly obligations and the income.

5. Build up your savings

It is sound to create an emergency fund that will come through for you in instances of unforeseen circumstances. It doesn’t matter whether your monthly contributions are small, you can build the fund with time and it can save you from risky situations. Having an emergency fund eliminates the need to borrow at high interest rates in these instances. Additionally, make general savings contributions to strengthen the financial security in foreseen instances such as job loss.

6. Cut on recurring charges

Are you subscribed to ShowMax, Netflix, Hulu, Amazon Prime Video, Apple TV and other on Demand TV services? Are all these subscriptions necessary? If not, subscribe to services that you only use. In most instances, its easy to forget about some monthly subscriptions to mobile apps and streaming services that charge directly from your card.

7. Save for retirement

Research shows that most people are worried about their financial future but only few of them have a reliable retirement plan. The study shows that 68 percent of participants are worried that they won’t have enough financial freedom after retirement. For this reason, you should always consider having a retirement plan that will easily supplement the retirement income.

These are some of the smart money management tips that you can internalize to avoid financial stress. The list is endless and you should always be in the lookout for additional tips and tricks to attain financial freedom.

The digital transformation which refers to the integration of digital technologies, data, analytics, etc. intending to ameliorate processes and business results, has been making a lot of noise, especially in the banking sector. The world of digitally-driven technologies is gradually reshaping multiple industries, including the financial domain. It is on top of the agenda for banks across the world. From the meek beginnings of online banking during the early 1990s to the possibility of taking out a loan via a smartphone, the industry is witnessing the conversion toward a new era in finance.

With digital transformation becoming an integral feature of the financial sector, companies are now increasingly focusing on cutting down costs, optimizing operations, and enhancing profits among other things. Though the implementation of a successful transformation is notorious for its challenges. While some may think it is a mere add-on, this digital transformation that everyone seems to keep talking about, but the truth remains that it has now been rendered mission-critical for any business that hopes to survive in the modern-day market.

For many banks, the traditional approach to digital transformation means heavy investment in technology. It means meeting the new business opportunities and adhering to regulatory challenges. This is why there had been so much discussion around this concept, at least till the coronavirus pandemic started.

This is why there had been so much discussion around this concept, at least till the coronavirus pandemic started.

Don’t get me wrong, it is not that the banking and finance sector was far removed from the concept of digital transformation. You would agree a successful transformation requires a simplification of these myriad applications to ensure a seamless back-end operation.

Before the COVID-19 pandemic started, it was a topic of discussion for virtually every such organization in the sector. Unfortunately, though, this conversation about digital transformation took a detour with the onset of the pandemic. Now, the focus is on factors that lay beyond the horizon of the mere conversation about digital transformation. This is because not only the market but also the expectations of their customers have changed drastically. And you know what stands to help the industry through such precarious circumstances? Digital transformation. So, now let’s take a look at some of the essential factors for ensuring the success of such efforts.

Types of international trade

International trade can be categorised into 3 types:

Export trade

Export trade involves selling locally produced and manufactured goods and services to foreign countries as a part of international trade. For example, major US exports include food, beverage, auto parts, cars and civilian aircraft. The US exports these goods because of their expertise and lower costs. On the other side, the major US imports include electrical machinery, pharmaceuticals, minerals, fuels, oil, and medical equipment.

Import trade

Import trade involves purchasing goods or services from another nation, when it is not available at a competitive price or in sufficient quantities. For example, most countries import a large portion of their crude oil from the Middle Eastern. This is because countries in the Middle East have large oil fields and the resources to transport crude oil to countries at an economical rate. Similarly Middle Eastern countries import agricultural products from other countries. This is more economical than manufacturing them.

Entrepot trade

International trade which includes both import and export is termed as Entrepot trade. In this kind of arrangement, products and services are imported from a country first and then exported to another country that needs those products or services. This means that the country that imports the products or services do not consume or sell the same. Here the importing country adds some value to the products or services before they are then exported to some other country.

Some of the main reasons why countries get into entrepot trade are:

No trade agreement exists between the two countries.

The two countries have no proper or direct access to each other.

The third country has better logistical or processing facilities available.

The importing country has no trade finance facilities available in the banking sector.

What is trade finance?

The global economic crisis has led to remarkable changes in trade finance. This is due to increasing barriers in trade overseas, margin competition, increased regulation in the trading of goods and services over different jurisdictions and reduced prices due to market efficiencies. Different players in the global supply chain opt for international trade finance facilities to fund the exporting of services, production of goods, etc.

Trade finance types

Different trade finance types are:

• Overdrafts

Business current accounts use the overdraft facility frequently because of its easy availability. An overdraft enables the company to ‘overdraw’ to an agreed limit. Overdrawing can affect the credit line of a business. Flexibility and simplicity are the two main benefits of choosing the overdraft facility. However, it is important for the company choosing an overdraft to know that there may be a higher interest rate than other types of finance.

• Payment-in-advance

Payment-in-advance is a kind of pre-export trade finance where full or advance payment is made by the buyer before the delivery of goods or services. This arrangement can be risky for the buyer. Even though this is quite popular in the market, the supplier always faces credit or non-payment risks.

• Working capital loans

You can finance the up-front cost of the business using working capital loans. This type of finance helps to fund labor/staff costs, operational costs and even the purchase of raw materials. Such loans normally have a term of 6 months and are considered to be short-term loans.

The assets of the company can be used as security. Sometimes the bank may issue an unsecured loan without proper security. The increased risk is usually reflected in the cost of the loan.

• Factoring

Factoring is based on the receivables. Factoring is generally used by businesses that are looking for ways to free some working capital from the balance sheet. Factoring is used to optimize the balance sheet. Factoring generally consists of short-term receivables along with 80% of upfront payment.

The factor/funder is then paid by the buyer. The remaining outstanding balance is then paid to the supplier after deducting all the discounts or charges that are applicable.

• Forfaiting

Forfaiting is another trade finance option based on receivables. Factoring and forfaiting differ in terms of the duration of finance required.

Forfaiting reduces the risk of the supplier once the buyer receives goods as agreed. The receivables are supported by the buyer’s bank. This helps to maintain the financial ratios by letting the supplier remove the transaction from the balance sheet.

Different methods of payment in trade finance

• Letters of Credit

Letters of Credit or LC are issued by banks & other trade finance institutions. They are also known as Documentary Credits that are financially and legally combined-solution. Once the terms mentioned in the LC are met, the LC guarantees the seller to pay the amount on behalf of the buyer.

An LC needs an exporter and an importer with a confirming bank and an issuing bank respectively. This type of trade finance stresses more on financiers and their creditworthiness. Both the banks (confirming and issuing) effectively replace the guarantee of payment from the buyer reducing the risks on the side of the supplier. This is called credit enhancement.

• Cash Advance

A Cash Advance is an agreement where before the items are shipped the payment is issued from the buyer for the seller. In this agreement, the buyer accepts all the risks associated with the trade. Low-value orders mostly use cash advances.

For the seller, it is beneficial as the cash will be available upfront to produce and ship goods. For them, it may create cash flow issues and increase the risk. Moreover, this arrangement may not work as expected if the delivered goods are faulty, damaged, or low-standard.

• Open Account

In this kind of payment method, the seller is paid by the buyer once the goods have arrived. Here the seller must address the risks associated with the trade, while the buyer enjoys a level of protection. This type of arrangement is usually only agreed if both parties have a strong relationship.

Using the Open Account method exporters can stay competitive in their market. Buyers prefer this method and encourage sellers to engage.

• Documentary Collections

In this arrangement, the exporter or seller will request payment for shipping the products along with collecting the documents and remitting them to the bank. Once the documents are received, the remitting bank will forward them to the importer’s bank. The importer’s bank will then pay the funds to the remitting bank which will later release them to the exporter.

Here banks only have control over the flow of documents. Their role is limited. They guarantee a payment or take credit or country risks. Compared to LC, this option is cost-effective and convenient. If the importer and exporter have a good relationship then DC’s can be a better option.

Summary

Understanding different trade finance types and financing methods will help businesses to choose the best funding option for import-export trade. With international trade, it is important to understand the different payment methods.

Bad money management. This may sound nasty and you probably want nothing to do with it, but you’ll go through it eventually. As you may know, a huge portion of the Earth’s population doesn’t manage their money properly. Fortunately, even if you identify yourself as part of this group, there’s hope for you.

Having a sound money management plan can be the light at the end of the tunnel for people trying to get their financial life in order. There are a ton of great tried-and-tested strategies you can learn to use for you to manage your money the right way.

If you’re someone who has several bank accounts, credit cards and the like, getting a grip on and fully understanding where you stand when it comes to personal finance may seem like a tall order, if not an uphill struggle. You’re going to feel like you’re swimming against the current if you don’t do anything to get organized and truly learn ways to manage your finances better.

Just like anything else, managing your finances takes time to understand and improve on – and to master. It also takes commitment and foolproof understanding of your financial situation. If you want to know how to better manage your finances, here are some practical ways to do so.

Create a Budget Plan

First things first: create a budget if you don’t have one already. Is it truly necessary? Trust me – you’ll need one. Creating and sticking to a budget might seem a little challenging at first, but it’ll pay off in the end. Budgeting helps you see your financial situation with clarity and full transparency, and that is of utmost importance for better money management.

According to top speaker JT Foxx, this is the first step to helping you pay off debt and starting to save up for future expenses like a mortgage, a car and even for your retirement. It’s what will bring balance to your financial life and give you peace of mind.

Understand Your Expenses

Feel free to ask anyone to tell you, off the top of their heads, how much cash they blow every month – and they might find they’re unable to do so. This isn’t something new, so don’t be surprised; in fact, it’s a normal occurrence.

A lot of people don’t really know their total expenses in any given month, which is a problem. However, there’s a proven solution for this. Keep track of all your expenses for a month. Keep all receipts (groceries, restaurant bills, utilities, and so on). Then add up all the expenses and look at your bank statements. Piece of cake!

Just remember to keep track of expenses paid by credit cards in addition to those where you paid with cash.

The idea behind this is to have an idea of all your expenses, both variable and fixed, for you to get the total amount, or a rough idea of it. This will allow you to see the entire picture and know how to manage your expenses once you go forward.

Consolidate Your Debts

Debt is such a dreadful word. No one, absolutely no one likes debt, and yet most people that need help managing their finances may also need help getting out of doubt. If that sounds familiar – and you’re like the rest – then you most likely have debt, too.

The first thing to do is to get it under control and find ways on how to get rid of your debt. If you have credit card debts, student loans, and other debts, look to consolidate them and try to get the lowest interest rates possible.

Famous radio and TV Personality such as JT Foxx would suggest that you follow these 3 simple tips on how to save money. The more you save now, the more you’ll be secure for your future.

Now that the brunt of the pandemic is beginning to wear off, businesses are back in operation, and we are adjusting to what seems to be our new normal, taking the time to manage your money better can pay off.

Important money habits are built over time, so managing your time effectively will improve the state of your finances. Ask yourself, What are your financial goals? What do you need to change or improve on to manage your finances better? Just like with any other goal, by consciously building these healthy financial habits, you’re bound to get your desired results.

Create an additional source of income

An additional source is an integral step in escaping the rat-race (living paycheck to paycheck). The pandemic might have given you free time into figuring out how to generate extra income. Your next step is to come up with a plan and put your plan in motion.

From starting a side hustle to building a diversified investment portfolio, multiple income streams will always lead to healthier finances, especially when combined with smart and healthy spending habits .

Build a buffer

Now is a good time as any to practice frugality. Avoid impulse buying, create a budget that works for you, and stick to it. By implementing a budget, you can avoid money pits and save up spare cash for emergencies.

Those that had a previously established emergency fund when the pandemic hit can testify to how having one softened the blow on their finances. Try as much as possible to replenish what has left the fund, and if you don’t have an emergency fund, now is the time to start building one in a savings account with high interest.

Get rid of bad debt

Being debt-free is a lifetime commitment that requires you to always live below your means. However, some extenuating circumstances can land you in a pile of debt. The best thing to do? Start prioritizing paying them off! Pay off your high-interest debt first and try as much as possible not to incur any more debt.

Track your spending by creating and following a budget. This will help manage what you have more effectively. Once your overall spending falls in line, you’d be able to find the balance between paying off debt and working towards financial stability.

Open the right accounts

Experts recommend you have separate accounts for your day to day spending and savings or investments. We recommend funds for your discretionary spending remain in your checking or savings account, while funds for short term-savings can be placed in a money market account or a savings account with a high-interest rate. When it comes to long-term goals, you can maximize your returns with an investment account (a specific account from which funds can be allocated to your diversified investment portfolio).

Invest

Most people have bad savings and investing habits that inadvertently reflect on the state of their finances. A healthy financial life requires you to allocate 20% of your earnings to your savings and investments.

If you’re finding it difficult to save and invest diligently, modify your lifestyle to support investment and savings automation. This is one of the best ways to simplify and improve your financial health.

Educate yourself

The more you improve on your financial knowledge, the better you become at managing your finances. Reading a personal finance book is a great way to start, and the knowledge you’ll gain will prove invaluable.

You can also take courses focused on an area of financial development you’re interested in, and talk to professionals in the finance industry. Spending time to learn more about your personal finance can be enlightening, and when this knowledge is strategically implemented, the effect will be transparent.

A dip station home gym is a piece of fitness equipment designed to help you perform dips, which are compound exercises that primarily target the muscles of the chest, shoulders, and triceps. A dip station typically consists of two parallel bars that are set at a certain distance apart, allowing you to grip them with your hands while supporting your body weight.

Features and benefits of a dip station home gym

Upper Body Strength

Dip station home gym is highly effective for building strength and muscle in the upper body, particularly the chest, shoulders, and triceps. A dip station provides a stable platform for performing this exercise with proper form.

Versatility

In addition to dips, many dip station home gyms come with additional features or attachments that allow you to perform other exercises, such as leg raises, push-ups, and inverted rows. This adds versatility to your home gym workout routine.

Compact Design

Dip stations home gyms are typically compact and take up minimal space in a home gym or workout area. This makes them suitable for smaller spaces or home gyms with limited room.

Stability and Safety

A dip station home gym provides a stable and secure platform for performing dips and other exercises. Look for a dip station with a sturdy frame and nonslip grips to ensure stability and safety during your workouts.

Bodyweight Training

Dips are a bodyweight exercise, meaning you use your body weight as resistance. This makes dip stations an excellent choice for bodyweight training enthusiasts or those who prefer functional, calisthenic-style workouts.

Cost-Effective

Compared to larger, more complex gym equipment, dip stations are relatively affordable and offer a cost-effective way to add variety and effectiveness to your home workouts.

When choosing a dip station for your home gym, consider factors such as weight capacity, construction quality, adjustability (if applicable), and any additional features or attachments you may want. It’s also important to ensure that the dip station is appropriate for your fitness level and goals and to use proper form and technique to avoid injury during your workouts.

How to do dip exercises at home?

Performing dip exercises at home requires a dip station or a stable surface that is parallel to the ground and strong enough to support your body weight. Here’s how to do dip exercises at home:

Set Up

If you have a dip station, adjust the bars to a comfortable width apart, typically shoulder-width or slightly wider. If you’re using parallel bars or a stable surface like the edge of a sturdy table or chair, make sure they are secure and parallel to each other.

Grip

Grip the bars or edges of the surface with your hands, palms facing inward (towards your body), and your arms fully extended. Your hands should be about shoulder-width apart, or slightly wider.

Starting Position

Lift your body off the ground by straightening your arms and extending your legs, keeping your elbows locked out. Your body should be upright, with your shoulders directly above your hands.

Descent

Lower your body by bending your elbows and allowing them to flare out to the sides while keeping your torso upright. Lower yourself until your upper arms are parallel to the ground or your elbows are at a 90-degree angle.

Ascent

Push through your palms and engage your chest, shoulders, and triceps to press your body back up to the starting position. Keep your movements controlled and avoid locking out your elbows at the top of the movement.

Repetition

Perform the desired number of repetitions, aiming for a full range of motion with each repetition.

Cooldown

After completing your dips, gently stretch your chest, shoulders, and triceps to help prevent muscle soreness and promote flexibility.

Remember to maintain proper form throughout the exercise to minimize the risk of injury and maximize the effectiveness of the workout. If you’re new to dip exercises, start with assisted dips or partial range of motion until you build enough strength to perform full dips with proper form.

Dip bars can be a valuable addition to your home gym, especially if you are looking to add variety and challenge to your upper body workouts. Here are some reasons why dip bars might be worth it for you:

Effective Upper Body Workout: Dip bars allow you to perform dips, which are compound exercises that target the chest, shoulders, and triceps. This makes dip bars an efficient way to work on upper body strength and muscle development.

Versatility: Dip bars can also be used for other exercises such as leg raises (to target the core) and inverted rows (for the back). This versatility can help you achieve a well-rounded workout.

Bodyweight Training: Dip bars enable you to perform bodyweight exercises, which can be a great way to improve functional strength and fitness without needing additional weights or equipment.

Space-Efficient: Many dip bars are compact and easy to fit into small home gym spaces. They often don’t require a lot of room and can be stored away when not in use.

Cost-Effective: Compared to larger gym equipment, dip bars are relatively affordable and offer good value for the range of exercises you can perform.

Progressive Overload: As you get stronger, you can add weight to your dips using a weight belt or vest, allowing you to progressively increase the challenge of your workouts.

Easy to Use: Dip bars are generally simple to use, making them suitable for both beginners and experienced athletes.

While dip bars offer several advantages, consider whether they align with your fitness goals and available space in your home gym. Additionally, keep in mind the following considerations:

Safety: Always ensure that the dip bars are stable and secure and that you are using the proper form to prevent injury.

Adaptability: Depending on your current strength level, you may need to adapt your dip exercises (e.g., using assistance or partial range of motion) until you can perform full dips.

Preference: Make sure you enjoy using dip bars and the exercises you can perform with them, as this will help you stay motivated and consistent with your workouts.

Ultimately, whether dip bars are worth it for you depends on your fitness goals, budget, and personal preferences. If you think they align with your needs and you have space for them, they can be a great investment in your fitness journey.

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Corrections can be defined as the process whereby various tools, techniques, and facilities are used to help individuals to get rid of criminal tendencies that they may have. Corrections system is one of the essential segments of the criminal justice system. This paper explores the historical aspects of the correctional system in the United States and compares it with today’s system. It covers the colonial period and the law used what replaced the system that was used in this period. The paper also examines what part of the colonial system is compared to the southern penology and elements of any of the systems that are relevant in today’s correctional system.

Correction and the Law used in the colonial period

During the colonial era in the United States, the law prescribed various forms of punishment that were used against the offenders. Some of these measures included; corporal punishment, capital punishment, indentured servitude and the use of floating prisons. The commonest practice was the use of indentured servitude, where the servants were forced to work as servants and slaves in the American colonies. One law that became common in America colonies was referred to the Great Law which advocated the use of hard labor in corrections that involved serious crimes. The great law was put in place after the Quaker reform that was led by William Pen in America. However, the great law was overturned upon his death in 1718. From this period until 1787, new reforms came up, and they led to the creation of the first official prison in the United States that was Old Newgate Prison. The prison housed inmates underground, and it was meant to punish the offenders as they worked under hard labor (Roth, 2010).

What part of the colonial system compares to the southern penology?

The southern penology was influenced mostly by the error of slavery in the country which took place between until a period around 1864. A separate law was used for the slaves and for the freemen that offended the law. The laws were referred to as black codes where harsher punishment was applied against the white people than on the black. The black slaves were not given harsher punishments since it interfered with their ability to work in plantations and in other areas where their labor was required. The various practices used for correction in the southern penology were similar to the practices that were applied in the colonial era. This is clear for the aspect of using offenders as a source of labor rather than focusing on correction which is evident in both cases.

Effects relevant in today’s correctional system

One aspect of the correction system used in the colonial era and period after that can be clearly seen in today’s correctional system is the use of incarceration. In the different systems that have existed over time, part of the operations used in correction involves incarceration. The other aspect that is evident is the use of prisoners as a source of labor. Today, the American government equips prisoners with various skills while providing labor pull to the local economies. This can also be seen from the systems used in the 17th and 18th century such as the Auburn System, the Pennsylvania system, the western and the southern system where the prisoners were used as a source of labor. Lastly, the system developed in the Walnut Street Jail has also shaped the system that is used today. The system tried to incarcerate inmates to reform them. The inmates were provided with an opportunity to learn, religious and health services access to productive work activity. Therefore, the modern correctional system has greatly been shaped by the correctional systems in the colonial era and the period thereafter.

In conclusion, this paper keeps a good track of the history of the correctional system in the United States from the colonial period to the current era. The correction system has slowly evolved from the 17th century to the current period. One clear issue is the use of incarceration and the use of the inmates as a source of labor. Although the inmates are not exploited unlike what took place in the past, they are used to provide economic benefit while at the same time equipping them with essential skills. Therefore, this paper gives a clear overview of how the correctional system has evolved and the similarities existing between different systems that have existed over time.

Overview of Information Covered

The paper also examines what part of the colonial system is compared to the southern penology and elements of any of the systems that are relevant in today’s correctional system. The paper keeps good track of the history of the correctional system in the United States from the colonial period to the current era. The correction system has slowly evolved from the 17th century to the current period. One clear issue is the use of incarceration and the use of the inmates as a source of labor. Although the inmates are not exploited unlike what took place in the past, they are used to provide economic benefit while at the same time equipping them with essential skills.This paper has been prepared at online class help. We provide online class help and learning suport to students in various academic levels. By reaching to us, students can gain access to various resources.