3 things to do before meeting a prospect

Greetings!

If you are a sales person from India, you must have spent a long weekend celebrating Diwali and avoiding injuries! :P

If you are a sales person from elsewhere and do not know about Diwali, I would urge you to read this

However, regardless of wherever you are from, but are a sales person; you must keep the following in mind before meeting a prospect:


a) Remind: Send an email/message or even call to remind the prospect about the meeting. This must be done a day in advance. There are chances that the prospect would have forgotten all about the meeting because she might be in this mood:



(Source: http://www.pgi.com/learn/rescheduled-again-5-techniques-salvage-cancelled-sales-call/)


b) Research: Today there is no excuse for not being knowledgeable. Except lethargy! Most individuals have a profile on atleast one of these social networking sites:


And most of it is available for free. So do try to find out whether you have a common friend or is the prospect a fan of Manchester United or if the prospect had flown to Manila last week! You will be amazed to know that only a small percentages of sales people spend time researching.

(Source: http://www.forbes.com/fdc/welcome_mjx.shtml)


c) Rehearse: Never underestimate the importance of preparation. One can either rehearse the meeting with the help of a colleague or mentally visualize the meeting. Create a list of questions that could be asked so that one can be in charge of directing the meeting rather than letting the prospect be in charge. Look at how Matthew Hayden would prepare for a match.

So Remind, Research and Rehearse!

The three Rs that should help you earn a lot of rupees!



Source: (http://www.123rf.com/photo_27613435_happy-young-business-woman-holding-indian-rupee-notes.html)

Save Every Time You Spend!

Boy, that title sure does sound like a salesperson trying to sell a scam. I don't know about you, but when I hear programs that puts "save" and "spend" together, I sense trouble. The programs utilizing spending as a means to save available to you are:

1. Bank of America Keep the Change;
2. Wells Fargo Way2Save; and
3. A non-bank offerings from Saved+

They all have one thing in common, automatic saving. The Way2Save and Saved+ offer something similar, in every transaction you'll have money saved to your saving account. For Way2Save, it's a flat $1 put into your savings account per transaction. Saved+ gives more control to the consumer to set the percentage they want to save per transaction. So, if I set it to 10%, when I pay my bills of $100, it'll automatically save $10.

BoA's Keep the Change, on the other hand, applies the classic "save your change in a jar" to debit card transactions. 

There may be things that you may need to pay attention to, like fees for having the savings account, taxes for the matching incentives given, and so on. If you use Saved+, you'd have to pay attention to your budget closely, because it will add up. I'm not saying that these programs won't work for you, I'm saying these programs won't work for me. My way is the old school way of using jars/envelopes and saving before spending.

It is, however, possible to save by spending if spending becomes "spending". Meaning, you spend on your future self by purchasing securities, precious metals, and transferring payments to yourself as savings.

Teaching behavior strategies using Budget Challenge

Over the past few months I've dedicated much of my time outside of school to sharing financial literacy instructional strategies on the H&R Block Budget Challenge and Budget Challenge websites. 

If you hadn't heard, H&R Block is giving away $3 million in classroom grants and scholarships using H&R Block Budget Challenge.

Educators may find today's post particularly helpful...

"As shared in an earlier post… “Money management decisions are often simple tasks requiring timely and consistent choices. Students must learn early on the value of establishing a system that works for them to manage day-to-day money management tasks.” Consider using our decision-making matrix as a resource to help your students connect with a strategy that will lead to positive financial behavior throughout our simulation."

Strategies to help with H&R Block Budget Challenge	I’m comfortable with…
I struggle with…	My computer	My phone	Paper / pencil
Budgeting	Use the H&R Block Budget Challenge interactive Budget and Cash Flow spreadsheet to establish your budget. Save it in an electronic folder.	Use the H&R Block Budget Challenge interactive Budget and Cash Flow spreadsheet [Google Spreadsheet version] to establish your budget. You can access Google sheets on a smart phone.	Print and use the H&R Block Budget Challenge Budget and Cash Flow spreadsheet to establish your budget.
Saving / retirement	Make it automatic! Identify a savings / retirement goal and direct deposit into your Budget Challenge 401k. Take full advantage of the employers match.	Make it automatic! Identify a savings / retirement goal and direct deposit into your Budget Challenge 401k. Take full advantage of the employers match.	Make it automatic! Identify a savings / retirement goal and direct deposit into your Budget Challenge 401k. Take full advantage of the employers match.
Paying bills	Automate what bills you can for future payments by setting payment dates on due dates. Make sure you’re not paying unnecessary fees. Set calendar alerts for uninterrupted time 3-4 times a week to pay bills.	Use the Budget Challenge App to automate bills for the due date when they’re received. Make sure you’re not paying unnecessary fees. Set phone alerts for uninterrupted time 3-4 times a week to pay bills.	Establish a regular routine that includes a go-to place for bills and uninterrupted time; Establish self motivating “If-Then” goals (ie IF I pay my bills THEN I can watch TV)

Some Misapprehensions Among People Concerning the Emerging Market

It is often noticed surprisingly that people from various countries even the developed nations have various misconceptions regarding the global emerging market. On a recent survey about health treatment, women’s rights and also culture and education, people have great misinterpretations. The same thing happens in the case of the present condition of social and economic advancement in the global frontier market. Some non-profit institutions have made some statistical steps about the development in this world market.
 
Most of the people in UK, United States, and Norway and so on are enquired and their answers are found wrong. In comparison to some developed countries, Germany showed quite better and correct results since here 2 out of 8 questions are correct. But in a very developed country as USA, one out of ten is right.Therefore, most of the German citizensare likely to have low misapprehensions regarding the emerging world.

The misconceptions known from a survey-

In case of questions about the income distribution, the situation is somewhat problematic from the viewpoint of commercial and investment since one has to learn who has the money if one decides to get money. According to a survey in the year1975, almost 70% of the world’s citizens who was able to afford any trip internationally by airplane are inhabitants in the United States as well as Europe whereas in the present day, 50% of the inhabitants in the whole world belong to United States and Europe.

The misconceptions are also seen regarding the continent of Asia. The knowledge about global population is very important. Similarly, it is also significant to know about the number of rich and middle class people in the world. The majority of people also get wrong how many people live in Asia. This information will make certain about the improved commercial practices, good investing systems and also ability of recognizing how the whole world is changing.According to Ola, the news media is also responsible about the unawareness of people in our world. The nations, which created less social growth, can produce interesting stories than others.

Some challenges faced by the emerging markets-

There are a lot of threats and challenges that a firm can suffer in the global marketplace. Regardless of the fact that, the business is very large or local firm threats often exist, there are various types of economic systems such as capitalism, mixed economy and so on.

The present economic crisis has brutally impacted several businesses. Many business enterprises have been closed due to the recession. It shows that businesses have to adjust their strategies in accordance with the economic condition. The economic recession needs businesses to downscale employees and reduces cost. Economic setting also controls product costs.One of the main challenges to the businesses is their transactions in Euro that is changeable very often. There is also challenge concerning the serious competition in the global market of goods.

Overall Market Situation According to the Value of Gold

Gold measures the overall market trend and thus every person depends on the metal to accumulate the useful resources. The banks and other organizations maintain the suitable economic backdrop in accordance with the gold commodities.

The price of gold settles the overall economy around the world that varies according to the countries. So, the financial institutions need to maintain the suitable balance representing the entire market value.

The Central Bank however stands as an exception that is capable to sustain the suitable monetary. Even during the difficult circumstances, the organization can fulfill the market values without any intricacies. Therefore, the users are able to acknowledge the real time benefits in terms of money or the liquid cash.

The Major Reason Behind the Above-Mentioned Fact

The bank reveals that the skilled economists are responsible for the extraordinary outputs. Incorporating the sophisticated skills and other features helped them to come out with the effective results.

Therefore, the smart policies and other features that they represent accumulate the smart features accordingly. Here, the users can explore zero as well as negative interest rates that serve as the inspiring feature.

However, the users need to read the terms and conditions before investing. It helps you to pick up the right option that would meet all your monetary demands. Alongside, it also implements the innovative strategies ensuring the optimistic results that maintain ample resources eliminating all the hurdles.

The Role of the Equity Market Investors

The users who want to invest with an intention to gain increased resources need to seek the help of the efficient organization like the Central Bank. Get familiar with the complete system that helps you to select the ideal option eradicating all the negative issues.

Communicate with the representative knowing the details of the services that you would receive. In addition, carry out all the legal proceedings that help you to become the valid user. So, you are able to establish the strong monetary condition that would show you the suitable way to success. Learn how to accumulate the assets that represent the well-merited treasures accompanied with other beneficial solutions.

Make sure that you concede the original solutions exactly according to your needs without any sort of difficulties. Moreover, you can compare the options with other organization understanding the real time situation.

Always Remain Updated

It is important that the users should always comprehend the suitable information regarding the price of gold. It would help you to acknowledge the customized services that reveal the accurate solutions. Before you obtain the schemes, evaluate the entire market position that would aid you to gain adequate knowledge.

Develop the effective position ensuring the relevant outputs implementing the suitable features from the selected organization. Finally, you can see the growing rate of the graph according to which you can incorporate the feasible attributes.

Carry out a detailed discussion with the experienced persons knowing the true outputs that you would receive. Gradually, you can set up the strong monetary infrastructure along with all the optimistic upshots.

Higher Learning and Higher Earnings

What I learned so far in my life is that how well you do during your bachelors matter a lot on getting that first stepping stone. But what's also important is no matter what job you have, making the right financial decisions and having the discipline to save and invest is the stepping stone to a better financial life.

I was made aware of the Social Mobility Index from my university's Facebook page. It's an index that ranks university based on tuition, economic backgrounds, graduation rate, early career salary, and endowment. When it comes to making the correct financial decisions, we'd have to group ourselves to the university that we can afford. Once stepping out of the financial bounds is when we make the first mistake. The second decision is making sure we study for a profession that we want to be in, and consider the earnings made in comparison to the tuition paid. In other words, calculate your return on investment in getting that degree.

I made none of those considerations in the past, but I'm going to make sure my kids give it some thought.

INTRO - ETHICAL LENDING

Banking and the global financial model is a topic that has been mainly addressed indirectly or directly by religions and think tanks with concepts that can be traced back to Adam Smith. Some have argued that we should walk-away from interest rates as its Riba, where Riba is forbidden in all three major religions. Others argued that we should move away from dealing with paper and go back to gold or silver, where until this day a common ground was not reached.

The purpose of this blog; however, is to directly contribute to building the basis of Ethical Lending. Ethical Lending is mainly concerned with the wider ramifications of bank actions and its impact on society. To be considered an ethical lender, financial institutions or banks should look at how business practices, processes, and products impacts society.

This blog is not to recommend that the world should go back to nativity, nor to get into controversial subjects such as which banking system is better and get into the "haram/halal," debate. I wouldn't also qualify it to be a scholarly blog. Instead, the blog aims to highlight some shortcomings in the current banking practices and provide solutions based on my personal experience and professional track record in banking.

Prior to going into the details of my topic; however, it is important to provide some advise and pose the following questions which I am sure many of you would consider it challenging to answer:

1. How our banking and financial regulations being formed ?
2. Who regulates the regulators ? 
3. What happens if we enter another crises ?

Advise 1: The answer to all of the above can be very vague and debatable. But what I would like to point out is that its all out of our hands as consumers or clients. Therefore, no one can protect us - except us. 

1. Should banks give loans for free or share losses with consumers ?
2. Are bankers working for my best interest ?
3. Are loans the answer to my needs ?

Advise 2: Know your needs as a consumer, educate yourself, and make a conscious decision or an educated decision on how to utilize a loan.

I would also like to add a disclaimer that the purpose of this blog is to evaluate issues and recommend solutions, and is not a blog aimed to insult, or humiliate financial institution, its employees, or even regulators. 

Lets now look at the current banking practices, and as "evil" it may seem, it is also important to consider why are the current practices harmful and what kind of actions both banks and regulators are doing to protect consumers.