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Cryptocurrency and what lies ahead for banking and finance

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My name is Steve Sorensen, CPA. While being an accountant is my job, my passion lies with helping people with their finances by giving advice and discussing about the latest banking and financial trends. Image source: ethnews.com Today, I want to put the spotlight on one of the most popular (some would say infamous) financial and technological trends in recent times – cryptocurrency. The favored son of blockchain technology, no other technological breakthrough has held as much promise and controversy as cryptocurrency. The main issue for traditionalists is quite obvious – cryptocurrency does away with banks. This brings me to the second Steve Sorensen point – how has cryptocurrency affected global banking as a whole? Theoretically, fractional-reserve banking will shoulder most of the brunt of the changes brought about cryptocurrency. Financial experts foresee a shift to the overall number of credits given, which may threaten the stability of banking as a whole. Howe...
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Saving for the future with the present in mind

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Image source: ybs.co.uk When saving for the future, it’s a common idea that the present would look bleak and boring for many people. They may have to skip a few parties, a lot of out of town trips, and would have to be content with home-cooked meals for office lunches. While this may be true, one’s present can still be colorful even when saving for the years to come. Steve Sorensen embezzlement . Formulating a budget and strictly following it can give one a good financial perspective. When a person lives beyond their means, they are giving themselves a bad financial setup for the future. It’s important to create a significant gap between income and spending. Steer clear from lifestyle inflation . Getting a salary raise is great. However, if there is no need to add items to the budget, don’t. Steve Sorensen embezzlement . Image source: money.com Put the raise directly to the savings account, especially when it’s unexpected. This will ensure a wider gap between...
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Seven tips to help you generate more income amidst COVID-19

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Image source: fool.com Many employees lost their jobs or have their work on hold due to the global health crisis that is COVID-19. With majority of the industries working from home, there is an opportunity to make more money from online gigs. Online tutoring has been quite a stable industry for many years. Now that more students are using computers for learning, tutoring sites have job openings for those who are interested in teaching kids. Market your career expertise . Digital marketers, writers, and editors can sell their expertise on LinkedIn and other network building platforms. During these times, people are inclined to learn new skills and are willing to pay huge money to experts who can share their best practices. Steve Sorensen embezzlement . Image source: nursebuff.com Take online surveys . Brands and research groups are looking for individuals who can share their opinions on topics and are willing to spend a few minutes answering surveys. It’s not a h...
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