A look at the economic impact of IoT

The Internet of Things (IoT) essentially works by giving devices an ability to network and communicate with other devices. It combines the physical world with the digital; everyday objects are infused with technology for an exclusive online identity, to be able to interact with the external environment, and to deliver more value, explains business professional Steve Sorensen.

Today, IoT is already disrupting various industries, offering an array of sensors that detect all kinds of dangers and risks in businesses, rewarding customers who’ve fully committed to such devices, and penalizing culprits like hackers. It should continue to further automize and increase efficiency and cost savings, even as it improves companies’ bottom lines.

The central feature of embedded technology in IoT devices will lead to great reductions in waste, especially of perishable goods and materials lost due to manufacturing issues. Also, by allowing increased and even real-time access to data, IoT will lead to better and timely business decisions. The economy is already benefiting from IoT’s ushering of more-connected mobile devices, allowing both individuals and companies to rely on apps for fast transactions.

But more importantly, the Internet of Things is greatly increasing the variety of available jobs, particularly those related to data gathering, the development of analytics software, sales and maintenance of hardware, and data analysis. Soon, IoT’s effect on IT and modern customer support will become full-blown, even as the accompanying need for monitoring services increases, Steve Sorensen adds.

Steve Sorensen is a Certified Public Accountant and business writer from Colorado. He regularly monitors current economic conditions and the changing market, as well as consults on issues involving employee embezzlement. More on Steve and his work here.

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The interesting life of an investment banking analyst

I’m Steve Sorensen, CPA from Colorado and I love talking about finance and banking. I love giving advice and sharing what I’ve learned with anyone interested.

Last weekend, I went out with an old friend of mine who used to live in Colorado, but is now based in Michigan. She works as an investment banking analyst, and she shared with me what her professional life was like.

Investment banking analysts also dispense both financial and strategic advice to people in the private sector, corporations, and government institutions. My friend mentioned just how she got to where she was, starting as a rookie analyst. She went into investment banking to learn the ins and outs, and processes. She began learning how to do financial analysis, draft memorandums and spreadsheets (and spreadsheet models). If that sounds like a lot of work, it’s because it is.

After four years, she gained enough experience to throw her name in the hat for the vacant investment banking analyst job at her company. She got it. This was three years ago. She started by helping clients develop the right investments based on who the client was and what the client needed.

After her first year, she started reviewing client portfolios, picking investments that were profitable and ones that had to be let go or worked on.

Today, she’s learning how to look at investment options and sound opportunities for various types of clients. In a few months, she expects to handle debt insurance and stock of some clients, while studying the mechanics of mergers and acquisitions.

It all sounds good, and as long as you put in the hard work, she says, it can be a very lucrative job. I believe her.

This is Steve Sorensen, signing off.

Steve Sorensen from Colorado is a Certified Public Accountant who gives financial advice to clients both in the public and private sectors, including issues such as embezzlement. Head over to this page for more updates.

 

Five steps to help you pay off student loans faster

Student loans have the tendency to drag you and your hopes down. The manner you tackle this part of your finances can either make you or break you. There are many great ways to get your way out of it, but not everything will be appropriate for your situation.

While it may seem challenging, paying more than the minimum payment can actually pay off your student loans much faster. Not only will you get rid of debt quickly, but your credit score will also thank you. Whenever you can, make extra payments. According to Certified Public Accountant and business writer Steve Sorensen, paying off debt aggressively is a good practice in staying out of debt.

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If you’ve found a job straight out of college, your work’s probably not paying as much as you thought it would be. Find a side hustle to help you save a little while paying off your student loans. Having the loans stay with you longer can hurt your credit score and your lifestyle. In college, some people get used to living the “poor student life”. If possible, prolong this approach in order to save more money to pay off student loans.

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Steve Sorensen believes that one of the best steps to get rid of student loans faster is to pay them off while you’re still in school. Make a few more sacrifices and see your loans getting smaller. By the time you graduate from college, your loans won’t be as significant as your peers’.

 

Steve Sorensen at your service. I’m a Certified Public Accountant and a business writer from Colorado. I give financial counseling to a wide range of clientele in both the public and private sectors. Head over to this blog for more updates.

 

Benefits of foreign exchange trading

A lot of buzz has been going around about foreign exchange or Forex. Forex trading allows an individual to buy and sell currency to make profit. It utilizes all major and minor currencies as their values move in real time. Essentially, you can make money by buying a currency when it’s low and sell it when its value increases or sell a currency that’s high of value and buy it back when its value decreases. All margins are then converted into profit.

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According to business consultant Steve Sorensen, people who delve into foreign exchange reap a wide variety of benefits. Perhaps the biggest one of all is its lucrative aspect. There are a lot of people who have given up their day jobs to focus on foreign exchange full time as you can easily earn a living trading currency. Of course it takes a while before you can master the market, so be sure not to go all in when you start.

Another benefit of doing foreign exchange is that you can do it from anywhere with internet connection. There are apps you can use on your computer, laptop, or even your mobile device which lets you trade virtually anywhere. The convenience it gives to people allows them to trade on the go and never miss out on a good trade.

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Unlike investment in stocks or bonds, you don’t need to hire an investment broker to get into foreign exchange. The apps used for foreign exchange are free of charge. They can also let you practice your skills with virtual currency.

Lastly, the market is almost always open. According to Steve Sorensen, the forex market is open virtually 24/7. When the market in the US closes, another one on the other side of the globe opens.

Steve Sorensen is a certified public accountant. He consults on business finance and investment, banking, and also on issues involving employee embezzlement. Visit this blog for more reads on his expertise.

Trends in digital banking fast shaping 2019

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The financial industry should undergo even more transformation due to developments in digital technologies, particularly the rise of AI and chatbots, Big Data analytics, and personalized services. With increased merchant expectations, the banking industry will become even more competitive; both credit unions and banks must keep customer service at the forefront of operations this 2019.

While the past years have seen third-party service providers thriving in terms of money and payment movement like P2P, big financial institutions will wrest back control with more modernized, digital banking platforms. The same will be true for local banks, which will realize that it’s not necessarily other community banks that are driving the competition but non-traditional and bigger financiers. The new approach will be driven by more sustainable strategies, which equate to replacing or updating legacy mobile and online products and services.

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Acquiring complete digital ownership will be the goal for many banks and credit unions, given that physical branches are starting to become less popular than online or digital channels. So, aside from the traditional branch managers, more and more financial institutions will assign top-level digital leaders whose main work will be to provide a clear-cut, defined digital roadmap.

All in all, 2019 is the year financial institutions will work on much-improved consumer experience and regaining their digital platforms. Expect personalization and AI to figure more into the various platforms of digital banking.

Hello, there. My name is Steve Sorensen, and I’m a certified public accountant and business writer from Colorado. I consult for business finance and investment, banking, and also on issues involving employee embezzlement. Visit this link to know more about me and my work.

Financial advice for future real estate developers

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The financial aspect of real estate development is not for the faint of heart.  If this is your first foray into real estate development, odds are everything is bigger than what you’re used to dealing with from the money to the risks involved.  One step in ensuring that you end your days unscathed and your projects intact is to know the basics of handling finances.

Here are a few more tips on the financial side of real estate development.

Take your taxes seriously

We’ve seen more than our share of real estate developers go down because they didn’t take taxes seriously.  While others may advise you to check for loopholes or simply forego the payment of taxes, we highly recommend that you do the opposite.

Stay updated, and never try to circumvent the tax laws.  Avoid late fees and avoid any legal hassle.  The IRS is a very serious organization, and if you have a good accountant, one of the first things he’ll tell you is to pay the right amount of taxes on time.

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Know your community

Knowing your neighbors is just as important as anything else when developing real estate.  Chances are the people in the immediate vicinity will be the first ones to scope out, invest in, or promote your property.

Knowing if the area is family-centric, millennial-dominated, or business-oriented, may help you decide on what kind of real estate they need.  Of course, this translates to huge profits in the long run.

Hi there, Steve Sorensen here. I do business consultation and financial counseling for both large and small enterprises. Check out my Twitter account for more info.

Thinking about investing in real estate? Here are a few money tips

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Investing in real estate is no joke.  Whether the investor is an individual or a business, looking for properties to purchase involves major spending.  However, the return on investment is also pretty lucrative, especially if you’re looking to either re-sell, have the property rented out, or convert it to residential spaces.

Here are a few important points to ponder as shared by experts in the real estate and finance industries for people and businesses looking to invest in real estate.

On down markets

Many rookie investors are hesitant to purchase anything, much less real estate, during a down market.  However, veteran investors say otherwise.  A down market is actually the best time to buy property since everything is cheaper, and there’s no way for the market to go but up.

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On REITs

Real estate investment trusts, or REITs are easy-to-use and great for younger investors who want to buy more affordable real estate and convert them into prime commercial properties.  REITs are also very liquid, which is a huge plus.

On residential properties

For younger investors looking to learn the ins and outs of investing in real estate, investing in residential properties is as good a place to start as any.  It’s not as complicated and still yields a huge payday, especially if the property is made into a number of apartments.

Hi there, Steve Sorensen here. I do business consultation and financial counseling for both large and small enterprises. Check out my Twitter account for more info.