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4 Ways to Send a Money Transfer Online

4 Ways to Send a Money Transfer Online

The Internet has opened up a wide range of possibilities on what can be done remotely. In fact, the way in which the Internet has taken over many functions makes us wonder how we got by before the Internet became popular. Paying for goods & services, sending, and transferring money is one of the many things that the Internet has made possible.

The rise of smartphones has also pushed the limits of mobile banking as more people find fewer reasons to go to the bank for financial transactions. Most banks have apps that you can use for your banking needs right there on your mobile device. However, the transaction costs of some of such apps might not make much sense. This post seeks to provide you with information on some other ways that you can transfer money online with ease, speed, and lesser transaction costs.

1. PayPal

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    PayPal is probably the oldest way to send and transfer money online. PayPal is designed to take the hassle out of the need to enter in your financial information every time you need to make a transaction. Apart from the fear that your financial details could end up in the hand of cyber criminals, typing out series of credit card numbers might get tiring on the small screen of most Smartphones.

    PayPal allows you to send/transfer money simply with your email address. PayPal is accepted in most online stores; hence, you only need to input your PayPal email address at checkout. If you receive funds into your PayPal account, you can also withdraw the funds into your bank account. PayPal also provides PayPal MasterCard that you can use in stores.

    2. Square

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      Square Cash is relatively younger in the online payments industry; it has gained significant traction and the firm had its IPO last month. Square seeks to become a peer-to-peer payment service that allows you to send money to people’s debit card directly. Square’s appeal lies in the fact that it supports iOS, Android, and Windows Phone—there’s also a dedicated Square Cash Web app.

      Square is also business-centric. Square Cash for Business is designed to help small business owners receive payments without credit card readers. The new $Cashtag allows people to pay directly from their debit cards, and it allows the businesses to receive the money into their accounts. Square is still in its growth stage, but the platform might become a major online payment platform once it signs up enough users.

      3. BitGold

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        BitGold is an online payment solution that looks to the past to solve the problems of the present time in order to avoid problems in the future. BitGold allows you to buy physical gold, which you can then leave in your account as a store of value because gold tends to keep its value longer than other asset classes. You can also transfer gold online to other BitGold users with minimal fees. It is a great alternatives to regular online money transfer services. You can use the gold to pay for online transactions through a Prepaid MasterCard that you’ll be issued. You can use the card anywhere that the major credit cards are accepted. You can also use the prepaid card to withdraw local currency via ATMs.

        BitGold is still young and it might not offer the perfect peer-to-peer payment system because its user base is still growing. However, the fact that you get to keep your funds in gold bullion ensures that you enjoy all the benefit of the stability in gold prices without having to worry about safety deposit boxes for gold bars. If you’d rather keep the physical gold, you can request BitGold to send you the gold in your account as physical gold cubes or gold bars.

        4. Bitcoin

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          If the idea of sending, transferring, or receiving money without a paper trail interests you, Bitcoin might be your best bet for sending money online. Bitcoin is completely decentralized, anonymous, fast and cheap. You’ll need some computer skills if you want to go the hardcore way of mining bitcoin, but you can easily fund your bitcoin wallet by purchasing bitcoin from one of the many merchants in town.

          Bitcoin tries to keep its value insulated from the manipulation of fiscal and monetary authorities—the move should ensure a fair distribution of wealth that gives everybody a fair chance to earn money. However, Bitcoin is not immune from volatility caused by events in the news. If you choose to keep your money in bitcoin, you should be ready to deal with the wild swings in its market value.

          Featured photo credit: Universal Studios Florida by Theme Park Tourist via Flcikr via flickr.com

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          4 Ways to Send a Money Transfer Online INDX.guru 8 Powerful Hidden Features in Stock Market Apps You’ve Probably Missed 4 Apps To Turn You Into A Stock Market Pro (You Should Use) “I would be so successful if someone just gave me a shot”, you might think. Why not be the one to give youreself a shot? Many people out there have mindsets and attitudes that set them up for failure. They might answer my question with, “That's a crazy idea!” or “I've already tried that!” but how much of that is just making excuses? When it comes to limiting your own success, there are ten particular mindsets that turn those answers into self-fulfilling prophecy: 1. Loafing You'll write that novel just as soon as you're done with your favorite show. Oh, but now you're hungry. You'll get started after a snack. Oh, but now that snack has made you sleepy – a little nap couldn't hurt, right? One of the hardest parts, and the most obvious, of achieving success is the actual work. Procrastinating, making excuses or tricking yourself into loafing is just going to cement the fact that nothing will ever get done. It might not sound pretty, or even too easy, but the easiest way to get to success is to just jump in and get going (which is exactly how I got started). 2. Blaming It's not your fault you're not successful – the industry is bad, you don't have the money, etc, etc. When it comes down to it, however, who is the one responsible for your success? You. This is the day and age where people are launching successful start-ups in a few months, getting published online and finding their way to success one way or another. Some things might be out of your control, but blaming others is just going to waste the energy and time you need to get going. 3. Sour-grapes Being envious of the success of others is almost as bad as blaming them. All the time and energy you could be putting into your own goals is going towards a person who more than likely has done nothing but show you that the goal is attainable. You don't have to be applauding their success, but being envious and sour about it is a waste of time – let it roll off your shoulders and dig down towards accomplishing your own goals. 4. Minimizing others success Again, you don't have to be cheering and raving about the success of others, but minimizing their accomplishments looks bad on you and on your own goals. If you attained success, would you want others rolling their eyes and treating it like it is not a big deal in the slightest? I highly doubt it. “So they climbed Mount Everest, big whoop. Plenty of people have done it before”. Have you? 5. Talking You're going to do this, you're going to do that – the proof is in the pudding, ultimately. Talking about your goals and what you're going to accomplish is all well and good, but talking time is better spent actually doing. Talking about your goals has actually been shown to make you less likely to reach them, so zip up those chattering lips and dive in. 6. Making assumptions You know what they say about the word ‘assume’, it makes (a word I’ll leave out of this article) out of ‘u’ and ‘me’ . Unsuccessful people are the best at making assumptions without considering other outlets or opportunities. Missed chance after missed chance can put anyone behind or completely ruin something that you poured a lot of hard work into. People are often surprised at what happens if they take a chance instead of listening to that little pessimist inside their heads. ‘Never assume’ is good advice and it is a mindset you should get out of as quickly as possible. 7. Procrastinating This one is obvious, isn't it? It's about the same as loafing, but even worse because it applies to multiple areas of our lives. That big project? Eh, its not due for a week. My dreams? Eh, I'm going to be taking a class to learn how to write in a few months, I can relax until then. Procrastinating isn't the friend of successful people. Many of them had to learn how to either make procrastination work for them or to barrel through it and press on, even with the proverbial sloth demanding you park it on the couch. 8. Naysaying “It will never work. It is impossible, I just can't ...”. That is about when it is time to take a good look at yourself. There are a plethora of people out there that once thought the same thing: you can't get a man into space, you can't find a way for a human to fly, you can't cure a disease. Well, people did what was once considered impossible. If they can defy the entire world, why can't you defy your internal pessimist and get there? Don't tell yourself that it is impossible. In the world we live in today, it seems like impossible is becoming a word that gets weaker every day, and the same is true of your goals. 9. Consuming Fast food, energy drinks, trash TV – your brain is sobbing at the thought. With all the time spent taking in things that are not good for your brain or body, how can anyone expect it to happily balance out and produce the stuff you need to achieve success? Your output should be greater than your input; though you don't have to take the starving artist spiel literally. The point is, your production is where the value is, not the absorption. 10. Quitting “Well, I tried.” Sure, you tried once. That horse is shaking its head and trotting off to find someone who will get back on it. There's nothing necessarily wrong with cutting your losses sometimes. After all, no experience is ever truly wasted, but quitting is the top enemy to successful people. If you believe in something, if you want to find that success, there is no road map. You may very well have to carve your own path through treacherous jungle. If you give up the first time a mosquito bites you then you've doomed yourself already. Success, in large part, is about the human being in the arena. People cheer for them, their struggle and victory, but the person who watches idly and scoffs, having never tried has also never really lived. Mindsets are not set in stone. It is never too late to get started and change your perspective. After all, achieving success is completely up to you – you are the one making excuses and holding yourself back. You are also the one that will decide when it is time to stand up and get back into that arena. 10 Bad Habits That Stop People From Achieving Success 5 Tools We Always Use Which Actually Make Us Unproductive 5 Tools We Always Use Which Actually Make Us Unproductive

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          Published on May 7, 2019

          How to Invest for Retirement (The Smart and Stress-Free Way)

          How to Invest for Retirement (The Smart and Stress-Free Way)

          When it comes to stocks, I bet you feel like you have no idea what you’re doing.

          Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

          Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

          You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

          Here’s how to invest for retirement the smart and stress-free way:

          1. Know Clearly Why You Invest

          Odds are you already know why should invest for retirement.

          But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

          • Will you spend more time with your family?
          • What does retirement mean to you?
          • Are you looking to launch that business you’ve been holding off for years?

          Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

          Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

          2. Figure out When to Invest

          “The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

          It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

          The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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          A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

          Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

          3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

          Investing your money well depends on your emotions.

          Why?

          Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

          Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

          Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

          Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

          4. Open a Reliable Retirement Account

          Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

          If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

          You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

          1. Vanguard
          2. TD Ameritrade
          3. Charles Schwab

          5. Challenge Yourself to Invest Consistently

          Committing to invest for retirement is hard, but continuing to do so is harder.

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          Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

          That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

          Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

          A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

          6. Consider Where to Invest Your Money

          The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

          Robo Advisors

          Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

          Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

          Bonds

          Think of bonds as “IOUs” to whomever you buy them from.

          Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

          Here are the different types of bond categories:[5]

          1. Treasury bonds
          2. Government bonds
          3. Corporate bonds
          4. Foreign bonds
          5. Mortgage-backed bonds
          6. Municipal bonds

          Mutual Funds

          Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

          One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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          Real Estate

          Yes, buying a home is an investment when done correctly.

          Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

          This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

          But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

          Savings Accounts

          Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

          7. Master Disincline to Dodge Short Success

          Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

          So how can you master delayed gratification?

          By building your discipline.

          Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

          Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

          8. Aggressively Invest on This One Investment

          I’ve mentioned several types of investments but haven’t covered the most important one.

          It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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          More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

          But, how can you invest yourself?

          Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

          Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

          But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

          Retire Happy with Excess Money

          The key to a secure financial future doesn’t only belong to financial experts.

          It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

          I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

          Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

          One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

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          Featured photo credit: Matthew Bennett via unsplash.com

          Reference

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