Archive for: March, 2021

Tips On How To Spend Your Windfall Income

Mar 06 2021 Published by admin under Uncategorized

As individuals, especially workers we sometimes get windfall incomes in forms of bonuses, profit shares, etc. However, a lot of the time the temptation is to spend the money on acquiring a new car, new clothes, shoes, new phones, among other things. While acquiring these things in themselves is not a bad idea, it is wiser to use windfall incomes for things that will have long term positive impart on our lives especially because we do not have a full grabs of what tomorrow will bring.

For workers just starting off or in mid level careers, it is really important not to squander windfall incomes on non-essentials.

Many years ago during the mid 2000s, when the banking and telecommunication really became big industries, many banks and telecommunication companies paid bonuses and profit shares to their staff on a yearly basis. Most new staff and mid level staff squandered their money on buying cars, renting new apartments in high brow areas and changing their wardrobes almost every 3 months. Nite clubs were packed every Friday night with each person almost trying to out do the other in terms money spent.

Today, the story is different. The global economy is almost comatose. Banks are no longer giving huge bonuses, neither are telecommunication companies doing any better. The oil industry is in shambles. Every industry is operating lean.

Windfall incomes will not come all the time as the economic realities have now shown us. So if you are fortunate to get a bonus or profit share that amounts to something reasonable, here are a few tips on how to spend wisely:

1) Invest in real estate: As much as this sounds like really over flogged, it is a wise counsel. A businessman once said, “the only Estate that is Real is Real Estate”. Real estate is big business. There is a huge demand for rental apartments especially mini flats and 2 bedroom flats. There are several real estate companies offering instalments payment options for those interested in buying land. You can invest your windfall income in buying a half plot or full plot of land. I will advice you buy from a real estate company rather than directly from the community especially if you do not have funds for immediate development.

The simple reason is that the real estate company usually would have sorted out community settlement issues with the land owners and so you can be rest assured that you land is at least secure from land grabbers. Also, by buying from a real estate company, you will benefit from quick capital appreciation of your investment and rapid development of the locations since there will be several people also buying and developing their property in that location. Another advantage of investing in real estate is that after developing the property, you can put it up for rent if you do not wish to reside in that location and use the rental income to pay for your rent in your desired location.

2) Invest in a part-time business: If you already have a business that you can run part- time alongside your full-time job, you should invest your windfall income in that business. You can buy the needed equipments or register for a training programme that will increase your expertise in that business area. If you do not already have business idea, you may want to consider doing some research to see what part-time business to invest in.

3) Invest in education: You can invest your windfall income in further education that will boost your profile and give you a better chance at a higher paying role in your industry or another industry entirely. You an also invest in the education of your loved ones like your spouse, children or siblings (if you have this responsibility thrust on you)

4) Invest in Marriage: Yes! you read me right.

This is for those who believe in marriage. If you have a partner and your really desire to spend the rest of your life with the person, then invest your windfall income towards settling down. You can start making down payments for some critical items on your list. Marriage is an investment in your lifetime happiness.

Comments are off for this post

7 Ways To Make Shipper-Carrier Relationships Better

Mar 06 2021 Published by admin under Uncategorized

Freight services are very important and load boards work great at connecting shippers with carriers. But the relationship between carrier and shippers ought to be good for the process to work out smoothly and be a win-win kind of a process. Fortunately, there are so many ways that can help improve the relationship between these two important people in the business. With stronger relationships, a reliable carrier network is maintained. By giving attention to carrier concerns, it is possible to build collaborative partnerships that are long lasting.

As a shipper, there are a few things that you can do to maintain a good relationship with your carrier.

1. Work for the good of everyone involved. This can be done by working with the carrier in determining which freights and lanes work the best. By working in conjunction with the carrier, then it is possible for profitability to be added to the network. It solidifies the relationship.

2. Honor commitment to the carriers. It is only when you honor your commitments to the carrier they will be able to honor theirs to you. Considering that carrier will usually base service price on data provided, then it is of importance that only accurate data should be provided. You should also ensure that you ship in tonnages and lanes that you say you will.

3. Be generous. This is in terms of the sharing opportunities that arise. When you bring new opportunities first to your carrier partner, then everybody will end up benefiting from an equitable agreement.

4. Start off with a plan. One of the best ways of avoiding a rocky start that could ruin an otherwise good relationship is to make sure that you start every new partnership with a plan. Allow a considerable amount of time for the carrier to get their system up and even train to take on new lanes and freights.

5. Avail all relevant data. The data that you provide during bidding process will largely determine how prepares the carrier is with regards to freight characteristics and location or even seasonal changes in terms of volume. It is therefore very important that you provide freight characteristic percentages and also monthly volume in addition to tonnage data and lane data that you give.

6. Keep communication lines open. Reviewing performance metrics, options and new services are always a good way of strengthening relationships. As a shipper consider holding regular meetings with carriers to discuss what matters most to the business. Using such meetings, you can come up with strategies to reduce costs and improve the business. Working together and communicating on a regular basis only solidifies the shipper-carrier relationship.

7. Embrace technology. In the same manner you expect real-time data on your shipments from your carriers you should make it equally easy for the carriers to transfer the data that you need. Choose programming options that offer them an accurate and smooth system of transferring the data that you need. There are so many technological tools that you can choose to make improvements to the business and relationship.

Comments are off for this post