Entrepreneurial Team

Being a lone entrepreneur has its advantage. You have sole ownership of the company. You get all the profits. You exercise all the power. But along with this is the disadvantage of inheriting all the expenses and problems. Establishing an entrepreneurial team that is composed of at least three members simplifies and makes running a business more affordable.

Entrepreneurial teams are the current trend among start up entrepreneurs who want to penetrate a demanding market. Given that they have to dish out more capital and manage bigger operations, entrepreneurs find that they can be more effective as a group. Collaborative decision making by teams have proved to be more advantageous as biases are countered when making business decisions.

But then, the creation of a strong and successful entrepreneurial team can be tricky. Some entrepreneurs are less lucky at finding the most suitable partners and end up disheartened. If you are an aspiring entrepreneur looking to get associates, don’t be afraid. Like most endeavors, there are ways to go about it so that you get the best results.

1. Recognize what talent/skill you need. Skill will lead you to the right person.
In business, you should not pair up with someone just because they are your family or your friends. This will give you little benefit and even loyalty is not ensured. Know what your needs are for the business you’d like to establish and base your partnership criteria on these. For example, if you want to put up a restaurant, you will need someone who cooks, someone you knows hotel and restaurant management and someone who can track finances. If you are the one who is familiar with accounting, then you have to partner up with a chef and with an HRM graduate that has accumulated extensive experience in his/her field. This is basic and should always be the first thing you consider for partnership.

2. Assess commitment.
When you have found the right person, find out to what level is his/her commitment to the business. There are working partners and absentee partners – I guess I don’t have to explain which is more preferable to team with. Ultimately, teaming up requires people to work together in order to achieve a goal. If one member of the group does not participate, and is not willing to participate, then it’s no use to have him/her as part of it.

3. Define responsibilities and profits.
As partners, all of you will share the responsibilities towards the business. To avoid overstepping or burdening each other, it’s best to establish which responsibilities are carried out by who and which partner will take over in case the one responsible is absent. This will make your team more dynamic and more productive, as well as less vulnerable to power struggles. In addition, determine the shares that each member of the team gets from the income before the onset of the business.

These are just starters to building an entrepreneurial team. The rest of the steps are discovered along the way. Certain flexibilities and sacrifices may be required as the team matures. But if it is founded upon these three, it’s hardly a possibility that the team will break.

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All You Need to Know About Affordable Home Insurance in Edmonton

Why You Should Get a Home Insurance Quote in Edmonton

· To avoid overpayment and save a significant amount of money

· Insuring your house, cottage, or rental includes protection from flooding

· To get any information about home insurance from a live agent

· To get a quote from 10 insurance companies

Sample Home Insurance Quotes in Edmonton

Example 1: Insurance on a two-story house in Allendale, about 2,000 square feet, including flooding coverage, costs around $93 a month, or $1,116 annually.

Example 2: Insurance on a condo with two bedrooms in the downtown area of Edmonton, near Canadian Western Bank Place, costs about $22 a month, or $264 annually.

Example 3: Insurance on a one-story house near the intersection of 107 Ave and 142 St NW, in the Grovenor neighbourhood of Edmonton, costs $65 a month, including flooding protection, or $780 annually.

Home Insurance Premiums in Edmonton – Average Rates

Home insurance policies change for different types of properties. Tenant insurance (also called renter’s insurance) only covers the contents of a rented house and, depending on the policy, liability. The homeowner’s coverage, on the other hand, is focused on the insurance of the building itself to ensure protection in instances that are related to natural hazards, fire or earthquake, or due to unlawful human activities like vandalism.

Home insurance covers the rebuild value of a dwelling, but not the market value, which is, in fact, higher. That is why, when the property has undergone some damages, the insurance provider will carry the rebuilding costs so the policyholder is able to restore a corresponding property.

This chart features the average premiums for rented and homeowner’s insurance in Alberta and Canada. As the chart shows, owned property insurance is, on average, higher than the renter’s policy.

Condo and Tenant Insurance Policies in Edmonton

Condo owners in Edmonton are protected by their own condo insurance policy, which they must buy, and the condominium corporation’s policy, which the corporation must buy. The first one covers the contents of a condo, modifications, theft, liabilities of a third party, locker contents, additional expenses and insurance assessments. The second type, the condominium corporation’s insurance, provides coverage for exterior parts of a building, like the roof, infrastructure (the building envelope) and areas like halls, lobbies, elevators and so on.

Condo tenant insurance, which is insurance of a rented condo, provides protection of the contents in case it is damaged as a result of theft, fire, etc. This type of policy also covers third party liability and additional living expenses. For example, if your condo was damaged due to fire or flooding, making it unsuitable for living, your condo tenant insurance in Edmonton can cover your temporary stay at a hotel room or rental unit.

8 Ways to Decrease Costs for Home Insurance in Edmonton

1. Quit smoking. Since smoking can pose a danger to your lungs and health overall, and since it also creates a higher risk of fire inside a house, insurance companies don’t welcome this habit, so they increase premiums for home insurance.

2. Choose a safe area to live in. Be careful not to buy a house in flood-prone or earthquake areas as the risk of damage to your house is double, and so are your premiums.

3. Check for recent claims because, if you have not made one for a long time, you can get a discount. However, not all insurance companies in Edmonton provide such an option, so you should ask around to be sure.

4. It is time to upgrade your home since houses that are well maintained get much lower premiums in comparison to ones that are very old and in poor condition. Be sure that when you spend money on upgrading any part of your house, like the bedroom or basement, you save on your home insurance by reporting the upgrades. In fact, call your insurer before you start and ask how much you can save!

5. Get alumni discounts. If you are a graduate of some post-secondary institutions, like McGill University or the University of Toronto, you can get alumni insurance discounts. Check with your university to see if it provides this advantage.

6. Union memberships may include insurance discounts. Some large corporations or unions also provide their members with insurance policies.

7. Take care of your plumbing since many insurance providers prefer copper and plastic pipes to the galvanized or lead ones. Perhaps one of the renovations for your home will involve upgrading the plumbing because, in Edmonton and Alberta, this will mean lower premiums for your home insurance.

8. Read consumer reviews. Consumer reviews help you choose among the variety of insurance providers in Edmonton to find the one that will be suitable for you in terms of finances and your situation.

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Motivation by Listening

Listening skills are a very powerful motivation factor.

Hardly any people are actually good at listening, being more interested in what they are going to say next. When you think about how many people you have met who can remember your name or what you said, you’ll find it is very few indeed. That generally seems to be the norm so when you do meet people who you think are good listeners, your feelings towards these particular people are usually more positive.

By that I mean you likely would place more trust and confidence in them. So because most of us find it very hard to listen, we are surprised by somebody who does listen and we tend to endow them with greater capabilities than they may possess.

This is the secret of motivation by listening. If we can learn to listen well, the people we listen to will be motivated and inspired by our attention.

Most salespeople consider themselves to be good talkers instead of listeners. You hear people saying: “He is a born salesman, he’s got the gift of the gab”. Many people believe that the speaker holds the power and that the listener is meek or docile. Actually you will find that the good listener has much more power in any conversation. The listener is able to gather more information than the talker and armed with information can then produce the desired result.

When two people are conversing, the one who really dominates the conversation is the person who is asking questions and listening carefully to the answers. When we want to motivate somebody to give their best effort, or to follow our direction, we will do so more effectively by listening to their responses to the situation.

Therefore the real job of the salesman is to listen carefully to his customers and understand their needs and concerns. Although they might ask you a few questions first, most successful salespeople will agree with this.

So what steps should you follow to create motivation by listening?

1. Repeat or rephrase so you can clarify the information given

2. Give useful information in return.

3. Listen for the emotions. Selling especially is often based on emotional factors more that objective facts.

4. Look people in the eye and make some reassuring gestures or tones to encourage the speaker.

5. Be careful not to distract the speaker – give them your full attention while they are talking.

6. Show that the discussion is important to you too.

Listening is an essential skill for making and keeping relationships. When you are acknowledged as a good listener people confide in you and trust you; as a manager of people or as a salesperson this is your route to success.

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Benefits of Leisure Time

Closet World is a home organizing service and more. Besides providing closet ideas and closet organizer systems, we believe the home is meant to be a haven where you escape from the pressures of the world. An orderly home has many benefits, and one of those benefits is freeing you up to enjoy more leisure time.

Leisure is time that is available for ease, relaxation, and the pursuit of creative or recreational activities. A life without leisure is unhealthy and out of balance. There are many benefits to leisure.

Relaxation gives you the opportunity to evaluate your life to see whether you’re accomplishing the things that are most important to you. After taking some down time, you’ll feel more refreshed and confident about tackling life’s challenges. Slowing down to relax has health benefits such as:
• Giving the heart a rest, since the heart rate slows when you relax
• Reducing blood pressure
• Increasing blood flow to your muscles
• Decreasing tension in the muscles

Passive types of leisure include watching television and listening to the radio or to music. This type of relaxation has its benefits but does little to improve physical health or cognitive functions. It’s best to balance passive leisure with active leisure activities, which can be divided into three categories:
• Social leisure, which is centered on socializing with friends and family
• Cognitive leisure that requires a mental response, such as playing games or reading
• Physical leisure such as sports and exercising

Every facet of life is affected by taking leisure time. Exercise, group activities such as recreational sports, and enjoying hobbies help create a positive self-image, especially among children and seniors. Enjoying fresh air, sunshine, better health, and social interaction can all be a part of leisure activity that improves the quality of life. And one of the best benefits of leisure is that it reduces stress. Reducing stress is a very important thing in the long term. Hobbies are incredibly helpful with reducing stress in general. Usually when one works a full work week, generally consisting of 80 hours, a good way to unwind is maintaining a hobby, be it gardening, organizing, writing or what have you. Having anything that you can work on such as these things can play a very important role in how you live your life, the more stress free the better, leading the way to a healthy and happier lifestyle. Keep these simple suggestions in mind and it will be easy.

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Tough Love for an Obese Child

Q: How do you convey to a child that you are not serving the food he wants right now because it is not healthy (ideally without becoming the meany he would think I was)? In this example, he wanted waffles (with lots of syrup) or pancakes or donuts. The child is already extremely obese. He is sensitive to his weight, so I sure wouldn't want to point out the connection about eating this and becoming even fatter, also to not make him feel bad about himself. I know when I want some dessert (that's what I call waffles and donuts), I wouldn't stop or even care now because of some consequences later. How do I get him to eat healthy without ruining our relationship or his self-esteem?

A: You're not going to like me for this answer. I'm just going to quote your question, changing just a couple of words:

How do you convey to a child that you are not giving him the heroin he wants right now because it is not healthy (ideally without becoming the meany he would think I was)? The child is already extremely strung-out. He is sensitive to his sweating, nausea, dry mouth, vomiting and itching , so I sure wouldn't want to point out the connection about taking heroin and becoming even more uncomfortable , also to not make him feel bad about himself. I know when I want some drugs I wouldn't stop or even care now because of some consequences later. How do I get him to stop injecting heroin without ruining our relationship or his self-esteem?

After coming up with that horrible analogy, I have to defend it. Obviously, waffles and donuts are not the same as heroin in every respect. They're legal, for example, so you can get them inexpensively without risking imprisonment. What about addictive? A toxic diet comprised largely of sugar and fat and white flour is at least as addictive as refined drugs. After all, with drugs you can quit. You can't quit eating. You can shift the nature and quality of what you eat, but with toxic food universally celebrated and available everywhere we turn, the recovering food addict's life is a neverending struggle.

You write that your child is sensitive about his weight. Can you see a spiral in which his food addictions are fueled by bad feelings about his weight, leading to a vicious cycle? If the other children in his life aren't already making him feel bad about being fat, they will soon. Choices bring consequences, and it's not within your power to prevent those consequences for him. You can mask some of them, perhaps delay others, but outcomes suppressed have a way of emerging with a vengeance.

Let me ask you a few practical questions:

  • What are the limits of your power?
  • How much control do you have over your child's total environment? Is your partner with you, neutral, or against you?
  • How old is your child?
  • Is his toxic food addiction simply the result of habit, or are there underlying emotional issues he needs to address and resolve that are unrelated to food and weight?

This answer isn't so much about giving you advice on what to do; there's plenty of that in the rest of this blog, and in my upcoming book, Eating to Beat the Odds (write me if you'd like to look at a reviewer's copy, available in about two months). Rather, I want to reframe your hesitation to act. How motivated are you to making a difference in this child's life? The long-term consequences of heroin addiction are well known: collapsed veins, liver disease, weak immune system, respiratory failure, breathing difficulties, pneumonia, bacterial infections, infections of heart lining and valves, arthritis and other rheumatologic problems, risk of hepatitis C and HIV / AIDS from sharing needles. The long-term consequences of a toxic diet are also well-known: cancer, heart disease, stroke, diabetes, MS, macular degeneration, IBS, gout, Alzheimer's, arthritis, weak immune system, bacterial and viral infections, liver disease, and many more.

Not so different…

You are limited by your motivation to act and your control over the situation. Somewhere, at the intersection of those two lines, you can act. Do it with love, only love. Not judgment. Only compassion; not disgust. Only in joy; not in constriction. Can you give the gift of responsibility without the baggage of blame? It's a fine line, and requires total clarity about your motives and your goals.

Practical Considerations

  • Get the toxic food out of the house. As long as you're in charge of shopping, you can simply eliminate 90% of all temptation by clearing out your fridge and pantry.
  • Don't force him to eat anything. Put out a selection of healthy foods, but don't insist on consumption. When he's hungry, he'll eat. He won't starve himself.
  • Engage him to design his own healthy menu. Go through cookbooks with him and see what appeals to him. Take him shopping. Make cooking together a fun activity.
  • Gradualize him from unhealthy to healthy versions of the same dishes. Examples:
    • whole grain waffles
    • artificial syrup to sauteed fruit topping
    • 100% white rice to 90% white / 10% brown, all the way to 100% brown rice
  • Check out the recipes section at http://www.FitFam.com for some kid-friendly foods

Good luck!

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6 Popular Interior Decoration Themes You Should Know About

Your home is a perfect reflection of your personal style. There are a plethora of interior decoration themes that cater to our preferences. Be it the eclectic Bohemian theme or the subtle minimalist setting, there are different types of style that speak to your soul. For all those people looking to remodel their homes, here are the most popular interior decoration themes.

1. Modern

Modern is all about going highlighting clutter free entails. Asymmetry is highly celebrated and clean lines in the architecture are much preferred. Instead of using too many small accessories, the modern theme uses big paintings to complement the open wall space. Open floor plans are common to achieve a sense of being in large space. Small apartments or houses with a serious space crunch use this particular decor to make the place look larger.

Common Color: Muted colors like beige, light browns and even grays are used for the modern theme. Bright colors are used to add accent to the walls.

Common Furniture: The furniture is simple and over embellishments is a big no-no.

2. Contemporary

Often used interchangeably with modern styles, contemporary is whole different interpretation. While the modern design is a representation of a movement that started in the 20th century, contemporary is a fluid design that doesn’t adhere to any particular style. For the latter, the significance is paid to adding a fresh and natural look to space. The focus is always on lines, forms and shapes. In fact, contemporary is always identified by its sleek and muted features minus any kind of extravagance. Materials play a more important part than colors.

Common Colors: Color is not the focal point in a contemporary setting. As long as the shades bring depth and variety to the interior, it is good to go.

Common Furniture: Furniture with a slim silhouette is the trademark of contemporary décor. Light colored woods with clean lines are common.

3. Minimalist

“Less is more” is the motto used for the minimalist lifestyle, and the décor is just a reflection of the same. According to Houston remodeling contractors, this theme has gained momentum during the last few months. The movement is all about cutting down the excess with minimum furniture and minimum accessories. The idea is to declutter life and reduce attachment to materials. Having less furniture in a room achieves the sense of abundance space, which is the key feature of the minimalist theme.

Common Color: White is predominant in this particular theme. Monochromes and grays are used to achieve a sense of accents.

Common Furniture: Furniture used is the bare minimum and have neat designs. Plants are common in a minimalist setting.

4. Traditional

Elegant, balanced and symmetrical are some of the most common adjectives associated with the traditional theme. This type of decor is all about providing warmth and comfort using subtle colors and designs. The furniture is used in abundance. Accessories play an important role in adding to the charm of the traditional theme. Heavy curtains, accent pieces, candle stands, vases, sculptures and mirrors play a major role in adding to the balanced look of this decor.

Common Color: A natural palette consisting of colors like beige, taupe and cream are popular. Darker shades are used at times to add accent.

Common Furniture: Dark colored wooden furniture with detailed work, carved moldings and soft edges are common. Maple, oak, cherry and mahogany lend to the elegance.

5. Bohemian

A Bohemian interior is associated mostly with bright hues and eclectic patterns. Every Bohemian setup might look similar but are completely different from each other. Much of this motif is about the unconventional use of accessories. To get the perfect Boho theme, layering is a must. For an interesting finish, elements from a different era and different country can be used. Add as many fabrics, colors and patterns to the mix; this theme has no priority as long as it all looks very vivid and vibrant.

Common Colors: The Boho palette is dazzling with a wide range of colors. Combining the different spectrum casts the maximum charm.

Common Furniture: The furniture should possess a tribal vibe. Vintage furniture goes best with this theme.

6. Industrial

Drawing inspiration from an urban loft, the theme industrial has an unfinished rawness about it. This trend came to light as old warehouses started getting converted into lofts and studio apartments. Unfinished bricked walls, an open floor plan, bare windows, exposed ductwork and wood works are extremely common for this particular theme. High ceilings, dangling metal fixtures and old timber are also regular for the industrial decoration theme. You can either keep the walls neutral or add a splash of color here and there. The floor is usually polished concrete to anchor the whole look together.

Common colors: Lots of browns and grays. Primary colors are often replaced with darker shades of gray, blue and red to compliment the setup.

Common Furniture: Tin, steel, aluminum and iron are dominant for this theme. Lighting fixtures usually come in metal finish. Wood and concrete are also used.

Remodeling your home should be easy with a particular vision and the kind of theme you want. Home is truly where the heart and soul is! So pick the decoration theme you like the most, hire reputed Houston remodeling contractors and make your home the reflection of your imagination.

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Creative Marketing Ideas For Hardware Stores

With large nationwide chains that dominate the market, small hardware stores sometimes have a difficult time being competitive. The key is to find a unique selling proposition for your business and to capitalize on it so customers see the value in choosing you over one of the bigger stores. Here are some great ways to make your business stand out.

  1. Giveaways-When your store first opens (or even if you’re just looking for an extra push), offer small giveaways to your customers with their purchase. These will be tools or products they can use that are branded with your store’s information-hammers, tape measures, levels, etc. When a customer is using this product and runs out of something or determines the need to visit a hardware store, they’ll see your information and immediately head your way!
  2. In-Store Classes-Hardware stores often form a bit of a culture and social atmosphere, so find ways to play this up. One great choice is to sponsor training classes and educational seminars in your store. Work with your vendors to provide information that your customers will find valuable. Even your employees can instruct these classes-anything from minor home renovation products to full-scale remodeling. List the classes you’re offering that month above your cash registers with a large, visible vinyl banner which clearly-informs customers of their opportunities to expand their skills.
  3. Charity Donations-Offer your products to charity groups and organizations in-town which build or repair homes for the less-fortunate. This is great PR for your business, it makes you look more-credible, and in return you’re often able to advertise at the home-site using a banner or yard sign. When customers see that you’re giving back to your community, they are more-inclined to shop with you.
  4. Ladies Night-Most hardware stores predominantly-market towards men. While the majority of your customers are probably male, don’t neglect the ladies. Host a “Ladies Night” at your store that offers your educational classes and even a special discount on purchases made by women. Use removable window clings to give your store a slight feminine touch. There’s a huge potential market here that is somewhat-untapped, and with the right approach, female customers can dramatically affect your business.
  5. Personal Shoppers-Some customers complain that hardware or home improvement stores are overwhelming. Counter this objection by providing customers with a personal shopping service. Your employees already help customers find products daily anyway, but creating a formal program provides a revenue opportunity. Customers can have one of your employees guide them around the store and help them find exactly what they need for their project, or for even-more convenience, your employee can preselect the products they need so that when the customer arrives, all they have to do is check out.
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Indian Startup Scenario – India Towards Its True Potential

India ranks among the top five countries in the world in terms of the number of startups founded. India has made tremendous growth towards the creation of innovative startups and has emerged as the 3rd fastest growing hub for technology startups in the world.

Introduction of initiatives like GST and Make In India have given a momentum to the startup economy. Indian Start-ups are moving on the upper line and are expected to increase in size and number in the coming year. It is measured that India houses around 4,200 start-ups, creating more than 85,000 employment opportunities. With over $5 billion worth of investment in 2015 and three to four startups emerging every day, it is projected that the number of startups in India will increase to more than 11,500 by 2020, with job creation from these entrepreneurs reaching 250-300k. The number of Investors has also risen multi-fold in the past few years.

Recent Developments

Indian startups have undergone many developments in the second quarter of 2017. From being selected in the Google’s accelerator program, to raising funds from the Chinese investors, the startup ecosystem has been quite encouraging. Google selected six Indian startups for the accelerator program in July 2017. Startups using latest technologies such as machine learning and artificial intelligence have been chosen for the same.

Limitations

Despite such promising statistics, only 9% of the Start-Ups have female founders/co-founders. Delhi NCR, Bangalore, and Mumbai, along with Hyderabad, Pune and Chennai account for more than 90% of the Start-Ups in India. The focus is largely limited to information technology-enabled products and services including e-commerce, aggregators, analytics, health-tech and online payments. Amongst all this, the product start-up sector has been largely ignored. A big factor behind India’s growth is software enabled firms such as Flipkart and Ola. Rarely do hardware product companies bring about such success. The reason for this can be attributed to the lack of funds. India’s ecosystem clearly does not have any scarcity in terms of capital. However, only a very small amount of this capital reaches these startups. Additionally, startups in India spend five times the amount of effort to raise funds as compared to US startups.

This is where the Government intervention is required. Through the provision of alternate sources of funding and through a partnership between the Industry and Academia, the government can facilitate and accelerate the growth rate. Alternate debt financing instruments will help Start-Ups and other small enterprises to overcome the problem of lack of adequate collateral, limited cash-flow and the high risk involved. While direct support of start-ups and the right kinds of skills to start & run a business are important, the ease of doing business in the country also matters a great deal. This includes ease of starting a business, obtaining relevant permits, accessing credit, paying taxes, etc. The Labour laws in India are out-dated as well. Thus, appropriate government policies are required to make the Indian Start-Up Ecosystem reach its true potential.

However, Government and international organizations are investing in innovative ideas. Monetary and infrastructure support is accelerated. Start-ups are also making good use of the facilities available and are showing a sign of good times. This can certainly not be dismissed as a passing trend and it’s surely going to change the way the markets are working today in India. Government initiatives are also expected to play a vital role in the startup ecosystem’s bright future. For instance, the commerce and industry department of the Indian Government is planning to organize a south Asia regions’ meet of startups for exchanging new ideas and increasing interaction among them, thereby showing confidence in startups.

Thus, the scenario in the last quarter suggests that the investors’ interest towards funding the India startups remains strong. Next quarter is likely to be more attractive owing to the economic reforms and their implementation. Startups are now focusing on cutting losses, increase their overall valuation and attain operational excellence. These qualities along with the positive sentiments of the investors and support from the government can make the startup ecosystem of India reach new heights in the near future.

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Getting Started On Retirement Investing

Retirement investing is an important topic for people of all ages. Putting your money to work to accomplish your financial goals and to live the life you desire takes prudent planning and a consistent approach. Settings goals, establishing a savings plan, learning about different investment approaches, working your plan and making a consistent effort to acquire more knowledge are important facets of retirement investment.

The first and foremost thing to do is to set goals. The advice of a financial planner can be helpful in this regard. By knowing what your savings capabilities and investment options are you can get started on a regular savings plan. Have a specified amount deducted from your account prior to receiving your take home pay. This money is to be used for investment purposes. A financial planner can help you select assets to invest in and advise you about taxation consequences. In some cases, 401K plans or superannuation contributions can reduce your tax if structured correctly. Procuring quality advice in this regards is very important.

Make a consistent effort to learn about different investment approaches. Most individuals who retire early or achieve financial independence have become specialists in one area of investing. By reading and attending seminars, learning by doing and refining your approach you can build lasting and consistent results. Whether your interest is in the stock market, the real estate market, precious metals or managed funds, you can become more knowledgeable about different asset classes. This will help you build a more robust and diversified portfolio. Knowledge and education can help you make more informed and better investing decisions. Just because you have stopped attended college or school does not mean it is time to stop learning.

Plan your approach and regularly review your progress. Get help from qualified professionals regarding asset allocation and the likely taxation implications. The cost of this advice can save or make you money many times over.

Financial investing is a topic that is not taught in schools so it is important to take a proactive approach. If you want to enjoy your retirement then you need to make adequate preparations. By following some basic guidelines you can get started on the right path.

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How Is Your Auto Insurance Policy Price Determined?

The average auto insurance policy price is derived from a variety of factors. Many of these variables are common knowledge and make sense for the most part but it's always a good idea to refresh yourself with what insurance companies are looking for when determining how much your coverage will cost.

Driving Record – Your auto insurance policy price is determined from 6 major areas. The first is your driving record. The key thing to remember is the better your driving record the lower your total cost to insure your automobile. This would include auto accidents, speeding tickets and believe it or not if you've gone without insurance for several years. The good thing is that you can directly control many of these factors. Concentrate on keeping a clean driving record and this area shouldn't cause your rates to be outrageous.

Coverage Amount – Do a self check sometime and call your insurance company up to see what impact raising and lowering your deductibles and coverage amount has on the price of your insurance. Raising a deductible lowers your monthly payment. Increasing the deductible has the opposite effect. The same goes for the actual coverage amounts.

Age – Case studious have proven that younger drivers are involved in more accidents then older drivers. This potential to be involved in a collision is a result of inexperience behind the wheel of an automobile. Generally speaking most insurance companies charge more for individuals under the age of 25.

Vehicle Model and Driving Mileage – If your interested in that fancy new sports car you may want to check how much it will effect your auto insurance policy price. Thanks in large part to theft, vehicular costs and safety records some cars rate a higher premium over other vehicles. As if it wasn't bad enough the amount of annual miles you place on your vehicle through driving can increase your auto policy. The average used is 10,000 miles in a year. If you exceed that total then you can expect a rate increase based on your increased potential to be involved in an auto accident.

Your Residence – It's a pretty safe bet that you'll pay more for your auto insurance policy if you live in a big city when compared to a nice farm out in the country. The city probably has more thefts and accidents, which lead to higher costs absorbed by the insurance company and then passed along to the consumer when the insurance companies determine your auto insurance policy price.

Hopefully this information can help you focus in on some areas within your auto policy that you can review with your insurance agent in the hopes of actually lowering your auto insurance rates instead of raising them.

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