Skills To Take You Ahead In Your Finance Job

Before you start searching for a job in finance, you need to possess the right kind of skill set to take you a long way. These are the skills that most employers expect in any candidate showing up in an interview for a finance job. So, better prepare yourself in advance and ensure to have all of these to nail it in your first job interview itself. It wouldn’t be difficult at all if you hail from a finance background. You just need to know the employers’ expectations so as to live up to each one of them. So, here is a list of such skills that would surely add-on to your abilities before you show up for the interview.

Key Skills for a Finance Professionals:

A finance professional has to be good with numbers. Accounting, taxation, auditing, preparing financial statements are the primitive things that you are expected to do, while you take on a job in finance. Besides, some other skills required to qualify for such a profile includes Tally, analysis of investment banking, mergers & acquisition, Equity & Debt Research, deal structuring, SAP, MIS, and Budgets.

Besides, a person in finance is expected to be efficient with other things like fund planning, internal audit, statutory audit, costing, financial modelling, and project evaluation as well.

Non-financial Skills:

On your way ahead in the finance sector, the above detailed skills will surely help you, but some other non-financial skills too need to be considered. While you are serving as a finance professional in a company, you will have to work in coordination with the people in other departments and clients. In such a situation, you need to confident enough to make the other person understand your point of view. For this, you need good communication skills so as to be clear to the people you deal with.

Management Skills

Management is one of the responsibilities that comes to every professional after a relevant experience and this implies in finance sector too. After a certain point of time, management becomes a part of your job, and especially in this profile, a person has to deal with different departments and clients. Thus, management skills have to be on your check list while you evaluate yourself to be eligible for an opportunity.

Problem Solving

Problems will be there on your path every now and then, irrespective of the nature of work. So, you should always be able to handle those obstacles falling on your path.

Tech Savvy

Technology is now a skill that every professional should be accustomed to. In finance industry too, you are expected to be familiar with the most commonly used software and applications. So, you better be ready for it before you aim to get into the industry.

Finance Your Vending Machine Business

There are two distinct pillars of starting and maintaining a successful business – passion for the business and the ability to finance the vision.

Perhaps the most important thing in business is passion. The second most important aspect of starting a successful business is financing the venture. It’s the lifeblood of a business. Without it, the business is merely an idea backed only by passion.

Unfortunately, passion comes from within and can’t be taught.

On the other hand, finding and obtaining financing for your vending machine business can. Let’s go through the options and determine which best fits your needs.

Financing Your Business on Your Own

Check your bank account. Do you have enough money to purchase a refurbished soda machine for $1,500-$2,500 and cover your monthly living expenses? If so, that’s great! You’ll likely have enough funding for your initial vending machine investment as well as the vendible products you intend to sell.

If you don’t have enough in your bank account, don’t worry. You’re not alone. Many people are in the same position. Fortunately, there are still plenty of other ways to finance your passion.

Family Ties

Everyone has family and there’s usually someone who can spare enough to finance your vending machine venture. Oftentimes this will be the most flexible financing option. Repayment schedules aren’t strictly enforced and interest charged is minimal, if at all. In most cases, it’s less about the money and more about your family members just wanting to see you succeed.

Bottling Companies can offer alternatives

Bottling companies want to grow their market share at nearly any cost and will supply your business with a vending machine free of charge. In most cases, they’ll even service it at no cost to you! Financing is not even necessary! The only thing you have to pay for is the product that goes into the machines. However, bottling companies may sell the vendible products to you at a price higher than what you would pay to a wholesaler. Also, if the machine breaks, the bottling company may take longer to perform the necessary repairs. Of course, you’ll have to weigh the pros and cons to determine if it’s the right situation for you.

Financing through a supplier

Larger distributors and re-sellers of new and refurbished vending machines have the ability to offer financing to your business at a reasonable cost. This is the most common option used by many vending business start-ups. It’s quick, simple, convenient, and straightforward. Purchasing the machine and agreeing on the terms of the financing are all done in one meeting between you and the dealer.

The only word of caution is to know how much the it’s really worth. Do some research on eBay or other reputable sites to get an idea. This will give you a rough understanding of the cost of various vending machines.

Financing through Small Business Administration

Although the SBA is an agency specifically designed to assist new and small businesses obtain financing, vending machine businesses have a harder time than others getting approved. Since vending machine businesses are predominantly cash-only businesses, many banks will shy away because this is perceived as higher risk to them. Additionally, the SBA requires several documents and lots of information about the proposed business which requires time and expertise.

Peer-to-Peer Lending

Over the last several years, peer-to-peer lending websites have sprung up to provide affordable financing to all types of businesses, including those in the vending machine business. Although this type of financing is less conventional than other methods, it can be very effective. As the owner, you can provide basic information about yourself and your business. Within seconds, you can be pre-approved for financing. Funding is generally deposited into your checking account within days of credit approval. Interest rates and fees are straightforward and relatively low. This financing option works similar to a regular business loan where your vending machine business must pay back what it borrows plus interest on an installment basis.

Crowdfunding

Another highly unconventional option to finance your vending machine business start-up is through crowdfunding. Similar to peer-to-peer lending websites, crowdfunding is a recent phenomenon that has proliferated on the Internet. The concept is different but fairly straightforward. Create a compelling campaign to finance your vending machine business on a crowdfunding website. Users then visit the website and contribute to the campaign if they find it worth giving to. Instead of having to pay the money back with interest over time, like a traditional loan, your vending machine business can offer something else of value. For example, you could offer vending coupons for free drinks from your machines as an incentive to give. It’s definitely unconventional but it’s better than financing your vending machine business through loans.

The Bottom Line

When considering the many options to finance your vending machine business start-up, know what you’re giving up in return for the money. The more expensive the financing, the less money your vending machine business will generate in profits for you. Consider all your options, make an informed decision, and act on your passion.

Best of luck and happy vending!

Finances Can Make or Break a Marriage

Most first marriages start with high hopes and dreams that the uninitiated lovers share in boundless enthusiasm. Such optimism often includes an assumed trust and faith in one another. At the beginning of a new life together it can be easier to share assets and debts equally. As the marriage progresses and years are added to the relationship there are many factors that contribute to a decline in enthusiasm for sharing the money equally such as egos, selfishness, varied ideas about necessities versus wants, etc. Adversity sets in, as it does for all of us. Perhaps there are problems holding a job, or health issues arise, or maybe accidents occur or maybe it is as simple as mistakes which are made while balancing the checkbook. As troubles tax a couple’s finances resentment might build as one or both partners look back and wonder if they could have been more prosperous by staying single. If finances are kept separate the chances of working through such adversity together are lessened. Isolated into whats yours is yours and whats mine is mine people feel alone and disheartened even though they share life with another person through marriage. On the other hand, if finances are shared both partners are equally responsible for the successful financial outcome of the union. By jointly holding the money each spouse seeks the inputs and wisdom of the other to manage the accounts for maximum profit. What challenges one faces both face together. What success one achieves both enjoy together.

“When you get married you become one.” “Money is a key area that helps bring unity.” David Ramsey, Financial Expert. “… spouses should combine all finances and work together towards common agreed upon goals… Separate money equals greed. The bottom line is this: couples that plan their lives and finances together are much more successful financially and with their relationships.” –Marriage and Money – Dave Ramsey vs. Suze Orman, March 20, 2012

The old saying goes ‘There is no I in team’. Is marriage a contract between me and me, I and I, or is marriage about we, our, us? Going into life together can be tremendously beneficial to both partners. When two become one in all things each becomes more than they are by themselves. Math changes from 1+1=2 to 2 together = anything is possible. Many families have a tradition of saving their nickles and dimes to use to go on vacation. It strikes one as ridiculous to consider each family member saving to go on vacation separately. Mom saves to go see Grandma and Dad saves to go camping and Marsha saves for Disneyland while little Johnny saves to go to the ice cream parlor down the street. Agreeing upon a mutual activity takes negotiation and more effort than going on separate vacations, but it also builds shared memories that are held precious later.

This is not to say that one partner should demure in passiveness and yield to their spouse all financial opinions and decisions. Often there are stark differences in the perspective each companion uses to view resource usage and risk management with. One spouse may be analytical in nature and the other might make their decisions from more of an emotional base. Such dissimilar viewpoints can make it challenging to reach an equilibrium both are comfortable with. It may seem easier just to separate finances. However such a decision can result in grave consequences. “Divorce attorneys have told me that when money is the issue that brings a couple in to see them, as it often is, the specific issue is usually that the husband and wife were living separate financial lives. Want to mess up your marriage? Live separate financial lives.” How to Mess Up Your Marriage, Monday, December 12th, 2011, Matt Bell, author of Money and Marriage.

Is there more to a union of two souls than that of corporate mergers? Ironically, finances are often merged in shared business arrangements yet there are some who recommend the opposite approach for couples as if married companions are “… Independent Operators, my term for pairs who keep their accounts entirely separate.” Jessica Crouse.

Healthy marriages are built upon compromise, respect for each other, and the willingness to entertain the thought that together you are smarter than you are separately. Nature witnesses to the efficacy of sharing the resources- even birds and animals bring home the bacon to be shared with the whole pride. Think about the survival rate of any animal species that behaved as if each was responsible separately for their maintenance and subsistence. “Life is not 50:50, nor should it be… when did this degrade from a marriage to a micromanaged contractual partnership?… I see a continuum from the first bit of separate money in a marriage to basically living as roommates.” Evolving Personal Finance: The Slippery Slope of Separate Money.

Sometimes we might find ourselves wondering why some people make the financial decisions they do. During the recent housing crisis many opinions were expressed via twitter, internet forums, and even talk shows about where the responsibility rested for so many foreclosures. Terms like ‘predatory lenders’ and ‘irresponsible borrowers’ were bandied about. It is natural to become couch quarterbacks and passenger seat drivers when viewing problems others encounter, especially when we had no contribution to such problems. How easy it becomes to do the same with a spouse when married partners hold the finances separately. Harboring criticism instead of openly communicating about financial troubles does little to foster unity in marriage.

“For this reason a man shall leave his father and his mother, and be joined to his wife; and they shall become one flesh” (Genesis 2:24). “So they are no longer two, but one flesh. What therefore God has joined together, let no man separate” (Matthew 19:6). Today it seems as if half of society would amend these Biblical verses to ‘For this reason a man shall leave his father and his mother, and be joined to his wife, except financially; and they shall become one flesh’ and ‘So they are no longer two, except the bank accounts, but one flesh. What therefore God has joined together, let no man separate, except the money’.

In this world of hyper competition stress rules. If children are part of a marriage the love and joy that come to parents can also be accompanied by even more stress as the demands on available resources grow. If outside influences threaten the financial stability of the family stress levels rise even higher. Money is one of the major contributors to divorce, and it’s easy to see why. Many people are constantly worried about taking care of their families, and as they grow older taking care of themselves through retirement. Such worry can breed fear. Fear can eat at the faith and trust in one another that was assumed at the start of life together. As faith and trust erodes the bonds of matrimony can begin to resemble chains tied to a sinking vessel where it becomes ‘every man for himself’. However, if couples are committed to each other ‘for richer, for poorer’ they can lean on each other for the strength necessary to endure and overcome the challenges of life in these modern times. Years of struggle and effort together can help forge a tie that can defy financial obstacles in favor of the security such strong bonds ensure. Such security might not be financially based, but instead it might find a strong foundation in emotion. This means that sometimes spouses have to choose what is most important to them- money or love.

While comparing the pros and cons of united versus separate finances in marriage a clear conclusion emerges that supports the unified approach. Consider the following from Engaged Marriage: “Reasons Why a Joint Bank Account is Best: Encourages regular communication about finances. Built-in accountability partner on spending matters. Fosters unity in money matters. Strong sense of working together to meet financial goals. Clear that all household income is treated as “our” money. No conflict or administrative work in ‘splitting up the bills’… The use of a single joint account also encourages (requires, really) open communication about your finances, which is absolutely critical to a successful marriage.” –Should Married Couples Have Joint or Separate Bank Accounts? By Dustin of Engaged Marriage.

A proponent of separate marital finances might argue that many of the benefits outlined herein can still be enjoyed even if spouses are not one with money. Without performing the work necessary for financial harmony it is like trying to describe the taste of salt to someone who has never experienced it before. There is just no substitute for experiencing the rewards other than doing the work it takes for two people to harmoniously live together financially. Communication can become improved as each works to understand the others’ point of view. Sacrifice can enhance mutual appreciation as companions work to compromise with each other. Trust grows as each spouse strives to achieve mutual goals set together. Sharing money in marriage is an opportunity, not a burden.

In summation, money can make or break a marriage. Just like most issues in life we can use it to achieve positive results or let it use us in which case negative results often occur. The easy road might seem to be separation of the marriage finances. However, putting aside the possible negative consequences a couple thus engaged will miss out on the opportunities to build an even stronger relationship with their spouse through working together in good faith and trust in one another. It does require work and sometimes it is hard. A couple will not realize the rewards from such hard work by avoiding the same through keeping their finances separate. That trust and faith in each other that was assumed at the start of their life together can, through such hard work, grow into absolute confidence as the years accumulate. I like the following quotation about shared marital finances and conclude with it as follows: “Call me weird, but I just don’t understand the logic of this. Call me old-fashioned, but I think marriage should be a partnership. Call me crazy, but I think separating your finances is a bad idea… (what) you are saying to each other is “I mostly trust you, but not with my money.” With this sort of attitude, how could you possibly fail??? ‘sarcasm drip, drip'” –Separate Finances: A Recipe for Marital Disaster, By Greg | August 28, 2012 | Debt, Income, Saving Money on Club Thrifty.