Here Are Some Big Ideas That Could Change 2021 for the Better

2021 is the year for big ideas and changes.

Everyone hopes that by 2021 the COVID-19 crisis will be alleviated, and everything will be back to normal. Although we must be optimistic, the global recovery process will be a bit longer, and even when 2020 was a difficult year, in 2021 we must start looking for different ways to get down to work.

In today’s article, we will share with you some big ideas taken from Linkedin and, of course, some tips from Hispanic Factor for a better 2021.

LinkedIn shared some big ideas for 2021

You must fight to get your power back, or your workers

After a year of working from home and having low energy due to pandemic social stress, companies will have to look for strategies and reasons to keep their employees motivated and working at 100%. We must start thinking about the human connection between colleagues and company; it is not just something physical, but to offer comfort and a good atmosphere to those who are there.

New offices, new ways of working, motivational talks, everything that keeps you and the workers happy to give all of themselves.

Technology is on its way

The use of virtual and augmented reality for training and collaboration within enterprises, and better customer service, will increase.

By 2021, the focus is on the evolving labor market, and the rise of VR and AR will help companies solve their needs. The most innovative companies already realize the return on their investment in VR and AR, not only in training, but also in new ways to engage customers and the public.

Character will be a leader’s best friend

While the goal is to overcome a global pandemic and an economic recession, leaders will need to start working hard and maintain their character. In 2021, servant leadership will be a competitive advantage. 

Every worker right now is looking for confidence and security in their job; with so many job losses and job instability, leaders will need to work hard when hiring to motivate and retain talented people.

It is important to remember that people are not a company’s most important resource; they are the company. If you have a business, your duty is to keep your workers and their positions safe, be flexible with schedules. We are still in a pandemic, and going out to work day to day can be difficult for some people. Opportunities for growth and advancement must be created.

Racial equity will be mandatory

In the wake of George Floyd’s death, companies in the United States and other countries pledged to eliminate systemic racism from their organizations. The demand for total abolition of racism is fully placed on customers and workers; diversity and inclusion initiatives must be undertaken.

Work no longer belongs only in the office

The year 2020 was a test for telecommuting, which was successfully achieved. A home office provides a different lifestyle and many companies have realized that it’s not about where their people are, it’s about them being connected and informed.

A large percentage of companies are starting to consider implementing telecommuting and striking a balance with working in the office. There are advantages to this, as companies are investing in virtual tools and formats that not only help workers, but also generate great advances for companies. More telework means more opportunities.

The pandemic brought and will sustain a great wave of entrepreneurship

The Great Recession of the past decade unleashed a wave of entrepreneurship. High unemployment and the need to generate income drove millions of people to pursue and realize their business ideas rather than rely on a job market. 

While the pandemic has greatly affected the economy and the labor arena, it also brought with it an entrepreneurial renaissance. People will start and continue to create their own businesses, which, although this has always existed, this time it’s happening on a large scale and on a daily basis.

Many people have moved from being employees to being entrepreneurs. From restaurants, clothing sales, language classes, virtual teachers, and so many new businesses, not only physical but online, have skyrocketed.

These are just some of the big ideas that have been making their presence felt in the new year, but every day the world is looking for new strategies and innovations that can improve our personal and working lives. After a long and difficult year of pandemic, now our goal should be to seek to improve, work, and move towards the future.

LinkedIn presented a compilation of big ideas from renowned professionals within the platform.

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What Are the Consequences of Credit Card Debts for Young People?

Young people are facing a complicated situation with credit card debts.

For better or worse, consumerism is part of our society, and so are credit card debts. While this type of debt can be a financial burden for anyone, it can have a terrible impact on young people. That is why we want to talk about the irresponsible and materialistic use of credit cards and its consequences.

The effects of credit card debts on young people

Putting vanity aside is a good starting point for a financial plan that can help you make smart decisions. Most irrational and dangerous spending choices are often influenced by the desire to project an image of wealth or impress others.

If you accumulate massive credit card debts, they become an obstacle to your financial growth. Young people may have access to credit cards early on without understanding how they work. That is why parents have to teach them how to use them properly and avoid making purchases that can jeopardize family finances.

Immature decisions can affect young people in the years to come, so they need to learn about personal finances and responsibility. Most teens get in trouble because they don’t think about the long-term consequences of credit card debts.

Here’s how you can help them understand how they work:

  • Credit card companies charge interests and additional fees that can really add up. Introducing them to the concept of interest rates may help them be more careful when buying.
  • As parents, you must explain to your children that contracting credit card debts is a responsibility they cannot avoid, and their decisions could shape their financial future.
  • Lenders and financial institutions look closely at credit scores to determine the risk they take when lending money. If they keep a poor record, they will have trouble getting support to pay for their studies, get a car, or acquire a home.

Note: Negative activity on a credit report can have lasting effects even if the person pays off past due debt quickly. It can take seven to ten years from the date of delinquency for the record to be removed.

Credit cards are useful tools, but credit card debts can become a problem, especially if we let our children make impulsive decisions. Make sure to teach them a valuable lesson today, one that will stay with them forever.

Massive credit card debt is a problem for young people.

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Are You Planning for Retirement in 2021? Here Are Some Tips!

Are You Planning for Retirement in 2021? Here Are Some Tips!

Active working life has an end. After reaching that point, people should rest and enjoy their lives to the fullest in the company of their loved ones. That is the point of retirement.

That is why it is vital to start saving enough money to afford a comfortable lifestyle when the time comes. Some expenses increase with age, and free time invites us to explore new hobbies and travel the world. However, at this point, it might also be complicated to have access to financing or credits. In today’s article, we want to help you plan a successful retirement.

How to plan a successful retirement in 2021

Enjoy your retirement to the fullest!

  • Invest in stocks for the long term: they are the ones that can give you the highest profitability, but you will need proper financial advice to guarantee success.
  • Set aside part of our annual savings for a retirement fund: it does not matter if you can only save a small amount. Everything adds up. Increasing the capital year after year is the most efficient way to reach your long term goals.

Plan your expenses and incomes

It would help to calculate how much money you think you will need annually. Set short and medium-term goals and keep track of your progress. You should also take into consideration how much you will need monthly and plan for unexpected expenses.

Establish a budget

We recommend you make a list of monthly expenses. That will allow you to have more control over what comes out of your pocket. Keeping track of your spending behavior for several months, identifying the different irregular expenses, and setting spending objectives may help you avoid spending more money than you should.

But don’t just think about planning your retirement as an obligation but as an opportunity to explore new things, find new hobbies, and experience everything you ever wanted:

  • Join clubs that interest you.
  • Get back in touch with long-time friends and meet new people.
  • Travel to different countries.
  • Start practicing that hobby you didn’t have time for.

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These Are the Federal Income Tax Deadlines of This Year

Check out the dates on which you have to pay your taxes from last year.

Taxes are mandatory payments we must make to the State according to the amount and form dictated by law. They are used to finance education, healthcare, the provision of justice and security, the fight against poverty, and the promotion of different economic sectors. That is why they are essential for the economy and well-being of a nation.

Now, a tax deadline is the last date on which we can comply with this responsibility. In this article, we will show you the deadlines for 2021.

Tax deadlines in 2021

This year’s deadline for federal tax filing and taxpayers to pay what they owe the Internal Revenue Service (IRS) is April 15, 2021. By law, the IRS can impose penalties on those who fail to file a return and pay before the deadline.

  • Individual Income Tax Returns: April 15, 2021.
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  • Estimated Tax Payments for Tax Year 2020 (IRS Form 1040): The fourth and final estimated payment for the tax year 2020 is due January 15, 2021.
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  • Corporate Income Tax Returns (IRS Form 1065): March 15, 2021, due September 15, 2021.
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  • C Corporation Tax Returns (IRS Form 1120): April 15, 2021, for C corporations operating in a calendar year. The extended deadline is October 15, 2021. The tax deadline for C Corporation returns is the 15th day of the fourth month following the end of the corporation’s tax year if the corporation operates in a tax year, rather than a calendar year.
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  • S Corporation returns (IRS Form 1120-S): March 15, 2021, for corporations operating in a calendar year. The tax deadline is September 15, 2021. The deadline for S-corp and corporate returns is the 15th of the fourth month following the end of the tax year if they are in a tax year rather than a calendar year.

What happens when you miss a tax deadline?

Penalties for late filing are usually 5 percent per month on unpaid taxes or part of a month for late filing.

If you do not comply with the tax deadlines, you will generally have a penalty of 0.5 to 1 percent of your unpaid taxes. The penalty applies monthly or part of the month after the deadline when the taxes are not paid.

Don’t leave your duties to the last minute. Meet the tax deadlines and avoid the headache of having to pay extra in penalties, interest, or ultimately lawyers.

 

These are the 2021 deadlines to pay your taxes.

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Save Money on Home Bills During Winter With Our Tips

Saving money during winter is not impossible.

Winter may be a tough season, but It’s possible to save money

Home bills usually increase in the winter season. Heating and lighting in times of cold weather and less sunlight inevitably increase expenses.

But there are ways to save some money on domestic bills during winter. Here are some useful tips!

Tips to save money during winter

  • The recommended temperature in your home during these months should not be above 20º, not only for financial issues but also for your health. If it is warm inside, the contrast with the outside temperature will affect us when we come out. That is why it is important to keep the heating controlled. There are ways to do this without having to face the cold. For example, closing blinds and windows when night falls.

 

  • Another usual expense is ordering food from home. Going out in the low temperatures can be very inconvenient, so the point is not about never resorting to food delivery, but not to fall into the temptation of spending money every single night. We recommend going to the supermarket at least once a week to get everything you need at home.

 

  • Try to keep a constant temperature that does not exceed 22ºC because that is the most efficient. One between 15º and 17º C is enough to be comfortable at night.

 

  • A good idea might be installing a thermostat to regulate the air conditioning of your home. You can save between 8% and 13% of energy by using thermostatic valves or programmable thermostats on the radiators.

 

  • Do not cover the radiators. The ideal location for them is under the windows because the filtered air helps to distribute the heat.

 

  • Use blinds. Raise them during the day to let in sunlight and warm your home naturally. At night, lower them so they can trap some of the remaining heat. Reinforcing the insulation can be of great help during winter. 40% of the leaks are caused by unprotected windows.

 

  • Turn off the tv/computer screens. Turning them off instead of leaving them on standby can significantly increase our winter savings.

 

We hope you can save some money during this winter season just by following these simple tips.

 

Paying home bills during winter can be a big challenge.

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Learn How to Save Money on Your Christmas Gifts

There are many excellent gifts, but be careful not to spend too much money on them.

Christmas is a gift-giving time! We usually fill our carts with presents for all our family and friends, but some people can go over the top and spend too much money on them. That’s why we offer you these five tips to save money when buying Christmas gifts.

Make a budget and don’t overspend

Before going out to buy gifts, you need a clear view of your financial possibilities. That will help you determine the spending capacity and allow you to make better decisions. Setting a maximum budget may keep you from overspending. Write down a list of the things you plan on buying for each person and calculate the approximate amount of money you will need.

5 ways to save money on Christmas gifts

Start buying ahead of time

Most people leave gift-shopping to the last minute and rush to grab whatever they can a few days before Christmas arrives. Stores tend to increase prices as days go by, so a good time to buy as many presents as you can is during Black Friday, Cyber Monday, or Green Monday. Taking advantage of the discounts most stores offer will help you save money significantly.

Consider DIY (Do It Yourself) gifts

You can also make some presents yourself for your family and friends. You will only need to find some reusable materials or buy a couple of things to make them. A homemade gift has more sentimental value to the person receiving it because they know you made it especially for them.

Search for online offers

In recent years, online shopping has become more common thanks to how convenient it is and the infinite number of offers you can find in online stores. Many businesses offer their products and services at lower prices when purchased through the internet.

Buy second-hand gifts

Another option to save money on Christmas is buying second-hand gifts. You can find excellent products and items in perfect condition at thrift stores and garage sales.

So if you don’t want to spend too much or go over your credit card limit, you must take some time to analyze your finances carefully. Following these tips will help you save money and find a Christmas gift for all your loved ones.

Christmas can be an expensive holiday. Check out how to save money on gifts this year.

Create a Holiday Budget and Stick to It With These Tips

On a holiday budget, you can save money.

Every year, the holiday season comes, and money runs out. For many, the expenses accumulate over time because they tend to overspend during Christmas. But this year can be different! In today’s article, we’ll give you some tips for creating a holiday budget and sticking to it.

Steps to create a holiday budget

If you make a budget, you can organize your shopping, find gifts for everyone, and enjoy the celebrations while keeping your peace of mind. There are many activities we usually do when the holiday season arrives. These are some of the things you should include in your holiday budget:

  • Christmas gifts. 
  • Holiday meals. 
  • Social events.
  • Christmas activities.

How to stick to your holiday budget

Budgets don’t just work for Christmas. You can use them at any time of the year. They can help you plan family trips, shopping, and much more.

Make a budget with objectives.

Write down your monthly income (starting from the month you start planning). Your holiday budget should include all the money you receive each month, such as our paycheck, extra income, investment returns, etc.

Cover the necessary and constant expenses first.

First of all, you need to make sure you can cover the fixed costs first. Just because it’s Christmas doesn’t mean you won’t have to pay rent, do your grocery shopping, or cover other essential expenses. That is why you should always have a little money saved.

Determine how much you will get to spend

Think of what expenses are necessary and which ones you can share with others, like your family or friends. You may also want to make a list of the gifts you plan to give to your loved ones. Keep in mind that if you spend too much on Christmas presents, the less money you will have for family gatherings or trips.

Once you have all the activities listed, you can create a shopping list with everything you will need to buy for each activity. Use this list to start building your holiday budget.

Having a budget will allow you to check what is left to buy and how much you’ve already spent. And thanks to it, you may find opportunities to narrow down the list and save money.

Stick to your holiday budget with our tips!

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