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Finance

Streaming Royalties Are Bullshit A Musicians Case For Universal Income

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Royalties Are Bullshit: A Musician’s Case For Basic Income….. “This song is Copyrighted in U.S., under Seal of Copyright #154085, for a period of 28 years, and anybody caught singin’ it without our permission, will be mighty good friends of ourn, cause we don’t give a dern. Publish it. Write it. Sing it. Swing to it. Yodel it. We wrote it, that’s all we wanted to do.”

-Woody Guthrie, copyright notice, This Land Is Your Land

Royalties are bullshit.

I say this as a musician, and as a songwriter. But let me go a step further: royalties have always been bullshit. The first problem? They’re not going to musicians, and they never have.

If money is being made, something is being sold. That something has to be a product, something that can be counted. Originally it would have been sheet music, before recorded music was widely available. Later on, it meant records, then tapes, CDs, downloads, streams, as well as licensing rights – use in a specific film, or for a particular commercial. There is a product. Someone is buying it. Some of that money goes towards the cost of producing, distributing, and marketing that product; some of it goes to the artist, as royalties.

Well, a little bit of it goes to the artist.

As Billboard notes, “An accurate map of royalty pathways would be a tangled mess.” It’s not easy to get paid.

Some royalties are set by the government, some are negotiated, some are paid through groups. For example, I license my music through TuneCore, which strikes deals with a series of digital music outlets, like iTunes and Spotify, each of which offers different terms of payment. Spotify pays artists, on average, $0.007 cents per stream.

Example of royalties earned for artist Jarrod Barker. Russian streamer Yandex awarded 8/100th of a penny for track streaming. Mr. Barker would need 99,992 additional streams to earn a dollar!
Example of royalties earned for artist Jarrod Barker. Russian streamer Yandex awarded 8/100th of a penny for track streaming. Mr. Barker would need 99,992 additional streams to earn a dollar!

Beyond that, if you are “fortunate” enough to work with a major record label, there are restrictive terms and conditions. Techdirt quotes Tim Quirk of Too Much Joy explaining the Kafkaesque math [emphasis mine]:

A word here about that unrecouped balance, for those uninitiated in the complex mechanics of major label accounting. While our royalty statement shows Too Much Joy in the red with Warner Bros. (now by only $395,214.71 after that $62.47 digital windfall), this doesn’t mean Warner “lost” nearly $400,000 on the band. That’s how much they spent on us, and we don’t see any royalty checks until it’s paid back, but it doesn’t get paid back out of the full price of every album sold. It gets paid back out of the band’s share of every album sold, which is roughly 10% of the retail price. So, using round numbers to make the math as easy as possible to understand, let’s say Warner Bros. spent something like $450,000 total on TMJ. If Warner sold 15,000 copies of each of the three TMJ records they released at a wholesale price of $10 each, they would have earned back the $450,000. But if those records were retailing for $15, TMJ would have only paid back $67,500, and our statement would show an unrecouped balance of $382,500.

Of course, none of this is new, really. The history of artists getting screwed by record labels is as long as the history of record labels, and includes everything from the creative math above to outright theft, failure to count sales, or inventive stunts like Fantasy Records accusing John Fogerty of plagiarizing himself. But bear with me, because it gets worse.

In the music industry today, there are a few people who are making money from royalties- and they’re making nearly all of it. More specifically, the top one percent of earners are taking in 77% of the recorded music revenue. Strikingly, these are many of the same artists who are now “at war” with YouTube. Artists such as Taylor Swift and Paul McCartney are convinced that YouTube is making money from their music by selling ads and subscriptions, and not paying adequate royalties. And they’re not wrong; YouTube is definitely making money by selling ads and subscriptions, and there’s no question that most of that is not going to the artists.

However, this is a stupid argument.

It’s a stupid argument because a tiny group of people that’s making the lion’s share of all recorded musical income is concerned that a new service doesn’t adequately compensate them; the major record labels feel the same way, of course. It’s a “war” that leaves out 99% of the musicians out there trying to make music and make a living, and it doesn’t really matter how they settle the conflict.

So let’s say, hypothetically, that we eliminate royalties. This raises a fundamental question.

How do we compensate and credit artists for their work?

I believe the answer is basic income, but first let’s take a closer look at that question. At a glance, it seems like it should be simple: pay them for their music. But what does that mean? It quickly gets complicated.

Part of the problem is that we as a culture equate value with ownership. If musicians have created a song, this thinking goes, and that song has value, they must own it, like any other form of property. But that’s ridiculous, and it’s pretty easy to see how quickly it becomes truly absurd.

For example, take a classic blues song, like Big Mama Thornton’s “Hound Dog.” Is that her tune? Yes! Does she deserve credit for it? Absolutely. Big Mama Thornton has a special place in blues history, and rightly so. But is it the first example of a 12-bar blues? No, of course not. Is it the first time someone used lyrics about a dog? Is it the first time someone used the call-and-response verse structure of a repeated first line and different last line? No, and no. And even though she made it a hit, the lyrics were by Leiber and Stoller. So which part of the song does she “own”? Is it just that specific recording? If so, how much does the bass player own, or the drummer? Do you pay royalties for playing it on the radio? What if it’s on the radio, and you tape it? What if you give that tape to a friend? I know, I know, nobody tapes anything off the radio anymore. What if you cover it in a bar? What if you sing it in your living room? What if you sing it in your living room and upload it to YouTube? What if you share the MP3? Where do we draw the lines?

Woody Guthrie, speaking from the folk music tradition, said “New words, new song.” Bob Dylan took that lesson to heart, both in early works like “Masters of War,” which took a melody from an English folk song called “Nottamun Town,” and in more recent releases. On Modern Times he lifted lines from a Civil War era Confederate poet named Henry Timrod, and used the arrangement of Muddy Waters’ “Rollin’ and Tumblin'” with re-written lyrics and the same title.

I don’t mean to discount Big Mama Thornton, or disparage Bob Dylan. I’m a big fan of both. What I want to illustrate is that “property” and “ownership” is a meaningless way to look at music, because it’s a living, inherited tradition. Everybody got something from somebody. Every electric guitar player owes something to T-Bone Walker, and T-Bone owes something to Blind Lemon Jefferson. Every folk singer owes something to Woody Guthrie and Pete Seeger. And more to the point, if you ask any great musician, they will tell you who they got it from. Eric Clapton tells people about Buddy Guy, but if you put a microphone in front of Buddy he’s going to tell you about Muddy Waters, BB King, Guitar Slim. The greats are always ready to turn around and credit the people who came before them, because that’s how a living musical tradition works.

So again: how do we compensate and credit artists for their work?

Splitting the question

One answer is to split up the question. When you think about it, it’s really two different questions. Let’s look at the second part first: how do we acknowledge and appreciate and credit the work that artists do? This is especially important because many important contributions to music, art, and human history generally, were made by people who get erased from popular culture- in particular women, LGBTQ folks, and people of color (Ma Rainey, for example, was all three). They are erased, in part, because there is money to be made by erasing them.

The uninformed still think “Hound Dog” and “That’s All Right” are Elvis Presley tunes. And while Presley himself was quick to credit his influences, most people have never heard of Arthur Crudup, and everyone’s heard of Elvis. Sometimes people were erased several times over; early blues music was driven by women like Bessie Smith, Ma Rainey, and Sister Rosetta Tharpe, who were largely displaced by black men, who then had their music co-opted by white guys playing rock’n’roll versions of the same songs. Some made serious efforts to show people where the music had its roots – The Rolling Stones, appearing on the show Shindig in 1965, insisted that Howlin’ Wolf also get to perform. On the other hand, Led Zeppelin took Willie Dixon’s song “You Need Love,” and recorded it as “Whole Lotta Love,” without ever mentioning where they got it. It’s ironic, since Dixon himself was notorious for taking credit and royalties for other people’s work, often by offering to “take care of the paperwork” on a new tune.

So how do we make sure we credit and acknowledge artists? One way, I believe, is to end a system of compensation based on owning something that cannot be owned. In a system like we have now, where the focus is on ownership of a particular sound, or song, or style, there is a real financial incentive to take credit. In the case of the record labels, you can even get the actual rights to an artist’s songs. If we disconnect the money from the “ownership” of the music, we are removing part of the incentive to pretend that new music doesn’t freely flow from old music.

Universal Basic Income

To be clear, I’m not suggesting artists should not be paid. There are different ways to support artists, and the internet has allowed for a lot of direct interaction between artists and fans. There are crowdfunding sites like Kickstarter and Patreon, there are independent music platforms like BandCamp and CDBaby. They’ve got their advantages and disadvantages, but what I’m advocating is something simpler, more widespread and direct: universal basic income.

Universal basic income, sometimes called emancipatory basic income or simply “basic income,” is an easy idea to understand: you give everybody money. Everybody. Rich people, poor people, working people, the unemployed, the young, the old, everybody. Everybody gets a salary. It’s not a lucrative salary, but enough to make sure you can provide for yourself.

First, let me clear something up: this is not a wild, crazy, utopian idea. It’s a serious proposal, that is increasingly being treated as such. Even Forbes ran a piece called “Universal Basic Income Is Not Crazy.” Of course, it works better if you already have some of the social framework much of the world takes for granted: child care, family leave, health care. But let’s leave those aside for a moment to look at basic income from the musician’s perspective. What is the impact for working musicians?

Quit Your Day Job

Many, if not most, working musicians [and artists CP] support themselves with a day job. This includes long-time performers with steady gigs, people who have gone on world tours and recorded on dozens of albums. Buddy Guy drove a tow truck into his thirties. Composer Philip Glass worked as a plumber and taxi driver until he was 41. Wes Montgomery worked in a factory from 7am to 3pm and played gigs until 2am.

Let me tell you: it’s not easy. As a musician, you already have to balance many competing demands: playing gigs, traveling, booking and promoting shows, recording new material, rehearsing a band. Being a professional musician is, effectively, more than one job already. Now try to schedule all that around a conventional job structure that wants you working at 8 or 9 in the morning, 5 days a week, regardless of where you played last night or when you got home. It’s hard to fit all of it in, and that’s without stopping to consider that it might be nice to sleep occasionally or even see your family now and then.

One reason basic income is sometimes called “emancipatory” is because it frees you from this burden. You’re still going to be out there hustling for gigs, scheduling sessions, trying to record and promote and – let’s be real – get paid. Basic income doesn’t eliminate the desire or possibility for people to make money by working, it just means you don’t have to worry about starving or getting evicted while you do it. And let’s remember, most of the money musicians make doesn’t come from royalties anyway. People are getting paid for gigs, for shows, for studio sessions, for tours, sometimes for merchandise or direct sales (in particular if you’re producing your stuff independently).

Make The Music You Want To Make

Musicians make compromises all the time. Sometimes it’s about timing: you want to put something out, and you can’t afford to wait, so you settle- you keep a take that could have been better, you scratch a song that needs a few more sessions to come together. Sometimes it’s about the sound: a record label wants to market you a particular way, a track needs to be “radio friendly” to get airplay. Sometimes it’s just about resources: recording and producing music, even with all the advances in digital technology, is a laborious, expensive process. For some players, there’s also the trade-off between taking gigs that might pay better but be musically unfulfilling (think wedding band or corporate events) versus pursuing a musical vision that might not have a ready-made market. And, of course, there’s that most precious of all resources, time, which is often given over in huge amounts to the aforementioned day job.

Basic income removes the immediacy of financial pressures, and frees up a lot of time. Does that mean we won’t have choices to make? No, of course not. There are always choices, and there are always constraints, and even if we get basic income that won’t turn time itself into a limitless resource. But it changes the balance of the decision.

Creative Liberation: Supported By Research

Right now, across the country, there are brilliant artists whose music could change and enrich our culture in ways we can’t imagine, and we don’t get to hear them. They’re stuck working day jobs, playing the gigs that pay the bills, and trying to fit their creativity into commercial constraints. Pause for a moment, and imagine the explosion of new sounds and ideas we can liberate with basic income.

As a musician, that paragraph felt intuitively true to me. However, a number of people who were kind enough to review an early draft of this essay suggested that my point might be better served if I backed it up with “evidence” and “examples.” Of course, there’s not exactly a one-to-one comparison available, so I’m going to draw on some similar programs and related ideas.

First: the MacArthur “Genius” grants. These fellowships are awarded to people who are already recognized to be exceptional; they provide a no-strings-attached stipend of USD$625,000 over five years. Obviously that’s a lot more than “basic” income, but they underpin the idea that simply providing creative people with resources allows them greater freedom to explore, discover, and create. In a review of their program and its effectiveness, The MacArthur Foundation found that 93% of the fellows reported greater financial stability (no surprise) and 88% reported an increased opportunity to express creativity. Three quarters felt it lead them to make riskier, more ambitious choices in their work.

Some might argue that the fellowships exhibit a selection bias, since they go to people already known to be creative. However, there’s good reason to believe that supporting the poorest and most marginalized offers even greater benefits. Dissent magazine recounts the history of the Federal Writers Project, which offered “unemployed” writers guaranteed income by giving a fixed salary to produce travelogues or other commissioned writings:

…with regular paychecks, FWP writers could experiment with more creative projects at the same time. Over the course of eight years, the program employed over 6,600 writers, including Nelson Algren, Jack Conroy, Zora Neale Hurston, Richard Wright, and Ralph Ellison. The FWP enabled new classes of Americans to become “professional” writers.

While employed by the FWP, these writers—most notably writers of color—wrote fiction that challenged the political status quo, and they revolutionized literary form in order to do so. To be sure, many of these writers developed their politics in pre-FWP years, but stable employment facilitated their political and artistic ambitions—by providing them with steady income, connecting them to other writers, and offering literary inspiration. From 1936–37, between posts at the Federal Theatre Project and the FWP, Hurston wrote her beautiful and troubling novel Their Eyes Were Watching God, a book celebrated today for its inventive use of black vernacular. Wright spearheaded the “Chicago Renaissance,” a creative community strengthened and supported by FWP projects in the state of Illinois. Meanwhile, in New York City, Ellison was conducting FWP oral histories when, as he reported it, he stumbled across a man who described himself as “invisible.” This encounter would be the genesis for his Invisible Man, surely one of the strangest and most significant novels of the twentieth century.

I recognize that the subjective self-evaluation of MacArthur fellows and even the impressive work of FWP authors can be considered, to some extent, anecdotal evidence. But there is also controlled research, and what it shows is the flip side of the coin: that poverty impedes cognitive function. Lead by Harvard economist Sendhil Mullainathan, the team found that “experimentally induced thoughts about finances reduced cognitive performance among poor but not in well-off participants.” They also found that farmers showed diminished cognitive ability before harvest, when they were poor, compared to after harvest when they were relatively rich. That’s after controlling for free time, nutrition, work effort, and stress.

If you’ve ever been broke and had bills to pay, this is not news. It’s hard to focus when you have a huge bill hanging over your head and no immediate prospect for paying it off. When you’re in a position of financial hardship, a portion of your brain is effectively set aside to repeating over and over again, “AAAH THE RENT AAAH THE RENT AAAH THE RENT.” Or the hospital bill, or the car payment, etc. You know the classic sci-fi trope that imagines what you could do if you could harness the full power of your brain? Turns out it doesn’t require genetic engineering – you just need to be able to pay your bills.

I would argue that we are effectively paying a cultural opportunity cost in the form of lost creativity. Coming back to music, anthropologist David Graeber puts it this way:

“Back in the 20th century, every decade or so, England would create an incredible musical movement that would take over the world. Why is it not happening anymore? Well, all these bands were living on welfare! Take a bunch of working class kids, give them enough money for them to hang around and play together, and you get the Beatles. Where is the next John Lennon? Probably packing boxes in a supermarket somewhere.”

The Robot Imperative – It’s Not Just About Musicians

I realize we’re covering a lot of ground here, and we’re about to talk about robots. So first, a quick recap

Royalties don’t go to (most) musicians.

Royalties don’t make sense because they rely on ownership of something that cannot be meaningfully owned.

This system of ownership creates financial incentives to take credit for other people’s work.

Eliminating royalties forces us to confront the fundamental question of how we credit and compensate artists for their work.

Basic income answers part of that question – compensation – while eliminating royalties removes, at least in part, the financial incentive to take credit.

Basic income liberates musicians from the constraints of a day job and the pressures of commercial music.

Evidence supports the idea that this liberation leads to more, and more adventurous, creative work.
In short, basic income separates the idea that people have value from the idea that they must own something valuable.

All of that has been true for quite some time, and in fact arguments for basic income are as old as Thomas Paine. But there is a huge, disruptive change happening that makes this a much more urgent question, not just for musicians but for everyone. Namely, robots. Robots and computer automation are about to eliminate huge numbers of jobs (think tens of millions). Some are in the news right now: Uber is testing self-driving cars in Pittsburgh. Driverless trucking is not far behind, taking 3.5 million jobs with it. And it’s not just truckers: designers, fast food workers, accountants, financial analysts, doctors, hotel concierges. Thousands of news stories are being written by robots. An Oxford University study estimates that 47% of total employment may be at risk. Even jazz musicians have to be worried.

In short, the day job could be going away, and not just for musicians. The question is, what will we do with these millions of people, once they’re out of work? Will we insist that truckers can all get jobs doing social media? Will a few wealthy people retreat behind high walls and leave the rest of us to fight for the scraps of employment through a fog of financial worry and expensive, short term trade-offs?

Or will we embrace basic income, recognize that people have innate value, and unleash a wild torrent of creative exploration the likes of which we’ve never heard before? For the Silo, Anthony Moser. www.anthonymoser.com
@mosermusic

Supplemental: Basic Income Earth Network
HYPERLINK “http://www.huffingtonpost.com/scott-santens/the-economist-just-came-o_b_7447312.html”The Basic Affordability of Basic Income
HYPERLINK “http://www.france24.com/en/20160825-finland-test-out-basic-income-scheme”Finland to try basic income
HYPERLINK “https://www.thenation.com/article/a-basic-income-would-upend-americas-work-ethic-and-thats-a-good-thing/”A Basic Income Would Upend America’s Work Ethic
HYPERLINK “http://qz.com/765902/ubi-wouldnt-mean-everyone-quits-working/”UBI Would Change The Nature Of Work

Royalties and copyright:
The Music Industry is a Parasite And Copyright Is Dead by Steve Albini
Free Culture by Lawrence Lessig

PS – My music is available on iTunes, Spotify, YouTube, Bandcamp, and a host of other digital music services. If you catch me at a gig, you can buy an album for name-your-price. And if anyone ever uploads it to The Pirate Bay, torrent with my blessing. As Woody Guthrie would say, “Publish it. Write it. Sing it. Swing to it. Yodel it. We wrote it, that’s all we wanted to do.”

Finance

How To Attract New Customers

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New customers are essential to long-term business growth. The more customers you attract, the easier it will be for your company to grow. But how to attract new customers every day? Here are some ideas for gaining new customers.

  1. Understand your customers

To gain new clients, you must first understand who your ideal customers are. This allows you to target and nurture them into making a purchase. So, before you do anything else, make sure you have accurate information about the customers you want to reach. Creating a buyer persona is a great way to improve your targeting.

  1. Find the best channels for attracting new customers

When you know your customers, it’s easier to find them in the places they frequent the most. This could be done on social media platforms such as Facebook, Twitter, or Instagram. Or at your physical store. Analyzing your current customers to understand where they came from is the best way to know where you are likely to gain more customers. 

Wall mounted prisma-print makes for a perfect outdoor display sign.

If you got them through mail or social media, you’re likely to get more if you target the same channel. However, if most of your customers discovered you with your physical store, you should focus on an outdoor display sign for example.

While it is acceptable to focus on one channel, especially if it is promising, a multichannel marketing strategy is recommended. Keep in mind that one channel can backfire.

  1. Set objectives for attracting new customers

Setting goals motivates you to stay on track. Consider the following for the best experience when and after setting goals:

  • Make a list of everything you want to accomplish.
  • Analyze and prioritize your objectives.
  • Set a time limit to meet those objectives.
  • Begin with short-term objectives.
  1. Recognize the purchasing procedure

How do customers contact you to make a purchase? If you know the answer to this question, it will be much easier to make the necessary changes to attract new customers. For example, if you discover that the majority of your customers are completing purchases on your site (which is not mobile-friendly), you can speed up the improvement process to attract more people.

  1. Create compelling content

There is no other way to put it. Simply ensure that every piece of content you publish or share with your prospects establishes you as an expert in your field. This will encourage more people to interact with your content. You can even hire someone to create content for you if you find the DIY route too difficult. 

Nothing can stop you from gaining new customers if you create content that your target audience is looking for and do it well. Remember that people enjoy reading and sharing rich content.

Finance

How To Make Money Quickly?

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Having side cash from time to time, or even better continually, is a great source of wealth. 

Not only that it enables you to collect money for something that you really need, but it really can boost your emergency fund, or just let you spoil yourself from time to time. 

To get extra money and get it fast you can do several different jobs from ride-share services to doing some online surveys – they all pay differently, but they all will get you extra money. 

Here are some of the best ways to earn money quickly this year. 

Start With Home Care Services

You will be surprised to learn that additional help in-home care areas are always more than welcome. 

With Boomers retiring and Millennials taking over the job market, it seems only logical for Millennials to provide additional care for senior citizens. Not only that you can find home care services jobs in Canada easily and fast, but next to quick money this type of job will also bring you a safe working environment, great companionship, and also provide you with a flexible work schedule, and an opportunity to learn new skills. 

Sell Your Used Items 

This is an old one, but a gold one. 

Use well-known offline and online marketplaces, such as Craigslist, to sell items that no longer serve you. 

You may not enjoy them anymore, but someone will be more than happy to welcome an original lamp from the 19th century or a preserved CD from ’90. 

Do your best to present the product well:

  • Take great photos
  • Provide an accurate and brief description
  • Post items online

Pro tip: High-quality clothes and perfumes are the first to sell

Think also about selling old electronics, including tablets, fitness trackers, game consoles, and laptops. 

The great thing about electronics is that if you cannot sell them, you can always trade them and get something that you can actually sell.

Freelance Online

Use large platforms for freelancers such as UpWork and Fiverr to get an online gig. 

These sites are more than packed with different opportunities for people of various skills to land a job. Think about a position such as a virtual assistant, or a data entry assistant. 

Good to know: It may take a while to get your first job, but in the long run this can be an ongoing source of additional money.

Can you guess how these gift cards tie in?

10 Ideas On How To Make Money Quickly

  1. Sell unused gift cards
  2. Be an affiliate marketer
  3. Take online surveys
  4. Tutor students
  5. Delivery 
  6. Sell on eBay
  7. Sell photos
  8. Teach English online
  9. Pet sitting
  10. Dog Walking

There are dozens of different ways to earn money quickly and continually. 

Before you start, be honest and know how much time you can invest in working on the side. 

Once you determine that know what skills you can actually use to get that extra money. From there, find a place where your skills can be put to good use and sold. 

In the meantime, check your loft and see what you have around collecting dust and sell.

Philanthropy

WFP BREAKS RECORD WITH FOOD SUPPORT IN SOMALIA AMID FAMINE RISK

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MOGADISHU – The United Nations World Food Programme is delivering life-saving food and nutrition assistance to record numbers of people in Somalia, with over 4 million people a month receiving urgent humanitarian support to prevent famine in the face of the region’s worst drought in over 40 years.

The scale-up has helped keep the worst outcomes of Somalia’s hunger crisis at bay so far.

But the situation on the ground remains dire, with lives and livelihoods being lost. WFP is racing against time to avert a projected famine and a death toll that could reach the tens or even hundreds of thousands.

Somalia, Baidoa, 12 October 2022 Nuuriya Ali Mohammed Nuur (30) and her baby Mohammed Nuur Mohammed (2 years old) travelled to Baidoa from a rural town in Southwest state. After four failed rainy seasons, all of Nuuriya’s livestock died due to the drought. She lost ten cows and one donkey which supported her livelihood. She has ten children and was only able to bring four children with her and the oldest stayed behind with their father. There were several stops on her journey to Baidoa, including walking on foot until she reached transportation to reach the camp. Her child was weak and malnourished when she arrived, but with WFP assistance he is starting to gain weight and become healthier. With no expectation to return and nothing left for her at home, she now lives in an IDP camp on the outskirts of Baidoa town, receiving both WFP relief assistance and nutrition services. She is receiving emergency relief cash assistance, each month receiving a mobile cash transfer to buy food. For nutrition, WFP is providing screening services for the baby, nutrition educational services for the mother on child nutrition, distribution of plumpy food for the baby, and referral to relief assistance receiving cash transfers. Photo: WFP/Geneva Costopulos

Additional information:

Somalia, Galkayo, Galmudug state, 6 August 2022 In the photo: struggling livestock goats and farmer in Qarqora, Galmudug. Photo: WFP/Geneva Costopulos
  • Nutrition prevention activities were almost entirely suspended from the second quarter of 2022 as WFP was forced to prioritize treatment services due to limited funds. The agency has resumed some prevention activities for children and pregnant or breastfeeding women and is working to do more.
  • WFP is reaching new rural areas, including in the famine risk districts of Baidoa and Burhakaba, with food assistance and cash transfers. WFP’s mobile money transfers are an efficient way to getting assistance rapidly to people in hard-to-reach areas.
  • WFP deployed a new helicopter in Somalia in September to deliver food assistance to hard-to-reach areas and get aid workers to the places they are needed most. The WFP-led Logistics Cluster is also using the helicopter to deliver humanitarian relief on behalf of other UN agencies and NGOs. The helicopter has so far conducted over 30 flights in September and October.
  • WFP is the largest humanitarian agency in Somalia, with 12 offices across the country providing coverage in every state.
  • WFP’s massive scale-up has largely been made possible thanks to timely support from key donors, particularly in recent months. It is essential that this is maintained. WFP has a funding gap of US$ 412 million / CAD$ 565.3 million across all activities for the next six months to March 2023, including a shortfall of US$ 315 million/ CAD$ 432.2 million for life-saving food relief and nutrition assistance.

The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

Featured image: Somalia, Baidoa, 12 October 2022 Nuuriya Ali Mohammed Nuur and her baby Mohammed Nuur Mohammed travelled to Baidoa from a rural town in Southwest state. After four failed rainy seasons, all of Nuuriya’s livestock died due to the drought. She lost ten cows and one donkey which supported her livelihood. She has ten children and was only able to bring four children with her and the oldest stayed behind with their father. There were several stops on her journey to Baidoa, including walking on foot until she reached transportation to reach the camp. Her child was weak and malnourished when she arrived, but with WFP assistance he is starting to gain weight and become healthier. With no expectation to return and nothing left for her at home, she now lives in an IDP camp on the outskirts of Baidoa town, receiving both WFP relief assistance and nutrition services. Photo: WFP/Geneva Costopulos

Finance

This Quiz Tests Your Knowledge Of Paper Money Faces

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You’ve likely seen paper money from all over the planet. Maybe you have an aunt living in Australia that sends you dollars in the mail every year for your birthday or perhaps on your commute to work each day you pass by a currency exchange kiosk- you know the type: colorful bills from all over the world decorating the walls. 

But how well do you know the faces of world currencies? Is it the King or Queen on the face of the Swedish Krona or neither? Which former US President is found on the five dollar bill?
Take this fun test and discover some pretty cool facts about paper money faces.

Long live hard cash!


Finance

How Do Canada Provinces Grade In Taxpayer Fiscal Transparency?

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September 15, 2022 – Taxpayers and citizens need greater fiscal transparency from Canada’s federal, provincial and territorial governments, says the latest report from the C.D. Howe Institute.

In “The Right to Know: Grading the Fiscal Transparency of Canada’s Senior Governments, 2022,” William B.P. Robson and Nicholas Dahir graded these governments’ budgets, estimates and financial statements on how well they let legislators and voters understand their fiscal plans and hold them to account for fulfilling them. The grades range from A to D. While some of the governments present helpful and timely budgets and financial statements, others fall badly short.

The authors underline that budgets, estimates and financial statements must let interested but non-expert users find and understand and act on key information.

“Taxpayers’ and citizens’ ability to monitor, influence and react to how legislators and officials manage public funds is fundamental to representative government,” say Robson and Dahir. “We need to check that legislators and government officials are acting in the interest of the people they represent, and we need to respond if we conclude that they are acting negligently or in their own interest. Financial reports are key tools for monitoring governments’ performance of their fiduciary duties.”

image: Prime Minister of Canada Justin Trudeau website. Link to Transparency PDF: https://pm.gc.ca/en/news/backgrounders/2015/11/27/open-and-accountable-government

While much of the financial information presented to legislators and the public by Canada’s governments has improved over time, the assigned grades reveal significant shortfalls. This year’s report card covers year-end financial statements for fiscal year 2020/21 and budgets and estimates for 2021/22. The results were as follows:

  • Manitoba, British Colombia and the Northwest Territories trailed the the class with grades of D;
  • The federal government got a D+ – which was actually an improvement from an F last year, when it failed to produce a budget;
  • Newfoundland and Labrador also got a D+;
  • Nova Scotia scored a C and Prince Edward Island scored a C+;
  • Quebec scored a B- and Ontario scored a B;
  • Nunavut, Saskatchewan, and New Brunswick each scored B+;
  • Alberta and Yukon topped the class with grades of A and A- respectively.

These governments tax, spend and borrow hundreds of billions of dollars, and the fiscal impact of the COVID-19 pandemic will make their financial position all the more important in the future. The authors conclude: “This annual report card hopes to encourage further progress and limit backsliding. Canadians can get more transparent financial reporting and better fiscal accountability from their governments, if they demand it.” For the Silo, Lauren Malyk.

For more than 60 years, the C.D. Howe Institute has researched and published on policy challenges and potential solutions aimed at improving the performance of Canada’s economy and raising Canadians’ living standards.

Read the Full Report

Featured image via GIFT- The Global Initiative for Fiscal Transparency

Finance

Threat to Prosperity: Canada Should Mind Business Investment Gap

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August, 2022 – Business investment in Canada is so weak that capital per member of the labour force is falling, and the implications for incomes and competitiveness are ominous. Governments, particularly the federal government, need to get serious about growth to get workers more of the tools they require to compete and thrive, according to a new report from the C.D. Howe Institute.

In “Decapitalization: Weak Business Investment Threatens Canadian Prosperity”, authors William B.P. Robson and Mawakina Bafale write that since 2015 Canada’s stock of capital per available worker has been declining and its rate of gross investment per worker has been well below that in the United States and other OECD countries.

Capital= Business “bread and butter”

They examine why Canada might be lagging as well as what action to take.

“Business investment and productivity are closely related: productivity growth inspires investment by creating opportunities, and investment drives productivity growth by equipping workers with more and better tools,” says Robson. “Investment per available worker lower in Canada than abroad tells us that businesses see less opportunity in Canada, and prefigures weaker growth in Canadian earnings and living standards than in other OECD countries.”

New investment per available worker in Canada, adjusted for purchasing power, was only slightly above 50 cents for every dollar of investment per available United States worker in 2021 – lower than at any point since the beginning of the 1990s. In addition, in 2022, OECD projections show that Canadian workers will likely enjoy only 73 cents of new capital for every dollar enjoyed by their counterparts in the OECD excluding the US, according to Robson and Bafale.

The authors’ calculations from OECD projections for 2022 show $20,400 of new capital per available worker this year for OECD countries excluding the United States, compared to $14,800 for Canada.

In other words, new capital per available worker in Canada will be more than one-quarter less than in those countries this year.

Declines in the stock of machinery and equipment (M&E) and intellectual property (IPP) per member of the workforce are particularly worrisome, the authors explain, because those types of capital may be particularly important for economy-wide productivity. “Whatever special messages the recent M&E and IPP numbers may convey, the message from stocks of business capital overall is clear: the average member of Canada’s labour force began 2022 with less capital to work with than she or he had in 2014,” says Bafale.

Robson and Bafale identify a few probable causes for Canada’s dismal investment performance. These include: weak business in the natural resource industries; restricted access to finance for small and mid-size firms; a loss in Canada’s competitive edge in business taxation, notably against the United States; an uncongenial environment for IP investment; regulatory uncertainly; unpredictable fiscal policy; and governments’ in-house spending and transfers to households that are steering resources into consumption and housing rather than non-residential investment.

Is business investment capital trajectory predetermined?

“The prospect that Canadians will find themselves increasingly relegated to lower value-added activities relative to workers in the United States and elsewhere, who are raising their productivity and earnings faster, should spur Canadian policymakers to action,” conclude Robson and Bafale. “The first step is to recognize that recent trends are a symptom of threats to Canada’s prosperity and competitiveness – that low business investment is a problem that governments can and should address.”

Supplemental- Are you a small Canadian business frustrated with the difficulties involved in accessing capital? For example, our experience has shown that the multitude of Business Development Corporations operate with autonomy but without accountability, poor vision and nepotism. Essentially, gleaning business plans and strategies before revealing ‘jump through these application hoops” which include personal finance and personal life details. It is sobering to discover that they also receive a hefty commission % for every applicant they ‘certify as successful’. Do you agree or have you had a more positive experience? We want to hear from you in the comments below.

Finance

Why Financial Industry Needs To ‘Get Real’ About Cyber Security

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Why the Financial Sector?

Within the global sector of cyber security, the two major areas that are constantly under attack are financial and governmental. Financial organizations that hold consumer data, in particular those that provide financial services to retail and commercial customers, including banks, investment companies, real estate firms, retail banking and insurance companies, are an obvious target for the simple fact that this is where the money is. At the end of the day, unless an attack is of a personal nature, in which the reputation of an individual or business is targeted, monetary assets are the endgame.

Now imagine a cyber threat the same as you would a burglar walking down the street. When a thief leaves their home, they do not necessarily know what they are going to target, unless they have done some reconnaissance and are after something specific. In most cases, however, the target itself is not premeditated. And a house which is more vulnerable and has less defences, will always be the first point of call. Given the choice between a house with an open window and lights out, and a house with attack dogs, security cameras and search lights, nine times out of ten a burglar will take the opportunity to infiltrate the house with the open window. Why? Because it is easier and quicker to break into this house successfully.

Image result for cyberattack

The same applies within the finance industry. If there is a vulnerability, it will be the first target. In response, banks and financial institutions require tailored and sophisticated security to support their systems and people, and to defend against an onslaught of complex and aggressive cyber-attacks. Not only must security compliance within the financial sector be tenfold, but it is essential that security precautions evolve, to mirror the growing threat landscape.

But as new cyber threats develop daily, this is easier said than done.

Anti-Fraud Systems 

To uphold compliance, and elements such as GDPR, antifraud systems within the finance industry have developed significantly over the last few years to safeguard credentials. To do this a combination of key codes, two factor authentication, voice ID, behavioral analysis, one-time passcodes, protective messaging, and digital fingerprinting have been widely integrated.

In fact, if you look at the document, ‘Comparison of banking providers’ fraud controls’, from the Financial Conduct Authority (FCA), the majority of banks use a combination of these systems. With organisations including the Bank of Scotland, First Direct, Halifax and HSBC, using touch identification. An element that would seem almost impossible to recreate virtually.

But cyber criminals have a concerningly accurate knowledge of the internal workings of banking and banking systems. And, in 2019, an arena known on the dark web as Genesis Market was uncovered. Within Genesis Market, digital fingerprints, stolen from PC’s, were/are sold. And, with each fingerprint, a user’s digital identity provides the means to bypass security measures and gain access to accounts.

According to darknetstats, Genesis Market is accessible by invitation alone. Once in, not only are fingerprints available, but so are passwords, credit card information, cookies and more.

Captain Kirk eye scanned in Wrath of Khan.
Admiral Kirk retina scan in progress. Star Trek 2: The Wrath of Khan

It is no wonder that retina scanners are developing in the biometrics/banking sphere.

Internal Threats

It can be argued that the reason why many cyber criminals know so much about the inner workings of financial organisations is because, at one point or another, many worked legitimately within the industry. Internal teams pose as much of a threat as external attacks. In every Bond film there is always an insider guy.

Sean Bean Thomas Mason Ludlow Solid Shirt from GoldenEye | TheTake | Sean bean, Ludlow, Image
The Insider guy in 1995’s James Bond film GoldenEye. Alec Trevelyan (006), aka Janus.

But whether an attack is malicious or accidental, internal security breaches are regular occurrences. Which us why User Behavior Analytics is crucial to understand the actions within a team, and to highlight and stop unusual activity before the damage is done. 

Another element that is important to recognize with regards to internal threats, is that many employees/insiders are completely unaware that they are a threat in the first place. Take, for instance, an employee working remotely. This employee may be sat at a local café where they decide to work on a company device. If this device was unknowingly hacked while using a different Wi-Fi, the user may be completely unaware that they are spreading malicious malware via their device throughout the company.

Ransomware

Say a crime group has gained access to personal accounts. The next logical step is to blackmail the victim/organization via ransomware. Unfortunately, as a public security breach would cause mass panic and many potential lawsuits, banks will often pay off cyber criminals into an anonymous cryptocurrency account, rather than lose client data. Crime groups know this.

Sometimes victims speak out, but this does not always end well.

Take Travelex, the currency exchange company, for instance. Following an attack by a Sodinokibi ransomware in January, $6 million usd was demanded in exchange for 5GB of personal data. Since the attack, Travelex has fallen into administration, with PwC saying that the ‘foreign exchange firm was acutely impacted by COVID and the recent cyber-attack.’

Dubai Airports extends Travelex foreign exchange contract for five years - The Moodie Davitt Report - The Moodie Davitt Report

For financial organisations, ransomware can and will destroy a whole business. And, if they lock you out of an account, you are finished.

App Developments

Apps surrounding investment and finance have grown substantially in 2020. This, in part, is a good thing, as the ability to invest online is quick and easy, and accessible to all. But due to the demand, many of these apps were developed quickly and are underprepared for cyber-attacks.

For instance, many do not provide two-factor authentication, are not supported by the appropriate regulations, are not patched or maintained properly, and do not have contingency plans in place to mitigate the effects of a cyber-attack. As a result, personal information of app users is relatively easy to steal and sell. This can be done by creating duplicate fraudulent apps to trick the user. On these duplicate apps, the imagery and language of the genuine app is mirrored. And, once the personal information is supplied, both real and virtual money is then accessible. Thus, the circle of ransomware ensues. 

COVID-19

Another element to take into consideration over the past two years and counting is, of course, COVID-19. According to an article by ComputerWeekly, ‘what has been referred to as an “unprecedented anomaly”, cyber criminals were and to some degree still are increasingly targeting the financial services sector during the Covid-19 coronavirus pandemic, with attacks on banks and other financial institutions spiking by 38% between February and March of 2020 to account for 52% of all attacks observed by VMware’s Carbon Black Cloud.’

COVID-19 has altered cyber security on a global scale and in every vertical.

Third-Party Risk

These days, few organisations work on their own. The majority use third parties, including vendors, partners, e-mail providers, service providers, web hosting, law firms, data management companies, subcontractors and so on. With regards to many of these, from IT systems to sensitive information shared with legal teams, these third parties could easily be a backdoor into your financial systems for attackers to infiltrate.

According to Ponemon Institute, ‘53% of organisations have experience one or more data breaches caused by a third party, costing an average of $7.5 million to remediate.’ For a large organisation, this can be crippling. And can wipe out a small organisation in a matter of minutes.

To manage third parties, financial organisations must have the ability to detect threats, and the capability to respond to them. Which requires the right combination of people, processes, and technologies.

But half the battle is locating vulnerabilities in the first place. Which is why cyber resiliency needs to be sharp, and why investing in the best managed security services is essential. From Firewall Management, to Decoy Deception and Honeypots, it is important to know what services will support an organisation best. This will depend on factors including location, company size, current security measures and more.

Considerations

Cyber threats will continue to grow into 2023. That much is clear.

Financial organizations have either already tackled a cyber-attack, will tackle one in the very near future, or may be a target of one currently, but are simply unaware of the fact.

Effective security comes down to three key elements. Processes, people and technology. Processes must run seamlessly alongside the organisation. Security experts must have the capability to detect, react and understand the context of a risk. And the technology must be superior, to keep up with cyber threats.  All elements are equally as important, and you must have all three to ensure security.

In times like these security measures are more crucial than ever. Especially for those within finance. So that our life savings are secure, the security of our loved ones is maintained, and the livelihoods of those employed within the financial world continues. Contact SecurityHQ for a free consultation to learn more. For the Silo, Eleanor Barlow.

Finance

Even Tropical Realty “Feeling The Pinch” As Bahamas Island Lists Without Reserve

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A Bahamas Island You Can Own! (Maybe)

If you want to live like Nicolas Cage, David Copperfield, Johnny Depp, Faith Hill and Tim McGraw, who own islands in the Bahamas, the 721-acre Little Ragged Island is going to auction.

Little Ragged Island, also known as St. Andrews, is currently listed at $14.5 million USD or $18.8 million CAD. This pristine island is located on the southernmost part of the Bahamas with miles of sandy beach and the Bahamas’ calm, blue waters. The property will sell with “no reserve” to the highest bidder regardless of price.

According to the listing from Sotheby’s Concierge Auctions, “St. Andrew’s offers a blank canvas of rolling hills and calm warm waters awaiting boundless opportunities for development.

Be it a picturesque residential settlement, an expansive tropical estate with miles of private beaches to wander, or a boutique resort with more than enough acreage left to add an entire 18-hole golf course. Surrounded by azure ocean waters and fringed with pristine white sand beaches, elevations vary from sea level to a hilly 40 feet (12.2 meters).”

The auction runs from July 25th to July 29th at Sotheby’s casothebys.com website. Buyers can bid remotely from almost anywhere in the world. From our friends at toptenrealestatedeals.com.

Finance

Should You Take Out a Second Mortgage?

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With housing prices cooling off a bit but still generally soaring in cities across Canada, many homeowners are asking themselves how they can cash in on the market without actually having to sell their property. For many, a second mortgage will be the ideal way to do so.  

Second mortgages are one of the perfect mortgage solutions for homeowners who want to tap into their home equity to get lump-sum cash payments at low rates of interest. If you want to know if a second mortgage is right for you, here are three questions you should ask yourself. 

1. How Much Home Equity Do I Have? 

Before you start approaching mortgage brokers about a second mortgage, it’s a good idea to do some calculations around home equity, as the amount of money available to you through a second mortgage is determined by how much home equity you have.  

Fortunately, home equity is easy to calculate: simply subtract your existing mortgage from the current market value of your property. The difference is your home equity — the amount of your home value that you own outright.  

If you don’t know how much your home is worth, you can use a free calculator like this one to get a general estimate based on the going rate for properties in your neighbourhood. 

2. Should I Get a Home Equity Loan or Refinance? 

Generally speaking, there are two ways a homeowner can cash out a percentage of their equity: through refinancing or through a second mortgage. Both can be good ways to unlock capital, but which option you go for will depend in part on your financial situation. 

  • Refinancing: When you refinance your home, you replace an existing mortgage loan with a new mortgage loan. This new loan can be negotiated to include a cash payout based on your home equity, and while cashing out will likely extend the time it takes to pay off your mortgage, you will still only be dealing with a single mortgage loan.  
  • Second Mortgage: A second mortgage is an additional mortgage loan taken on against your home equity. Because it is an additional loan, it will usually come at a higher interest rate. 

In Canada, most mortgages are refinanced every five years, but they can also be refinanced more frequently. But if you already have a low interest rate on your existing mortgage and rates are increasing, a second mortgage may be the cheapest way to turn equity into cash. 

3. Will this Loan Save Me Money? 

A second mortgage can be a powerful financial tool, but it isn’t free money: you will still need to pay it back with interest, so you should be careful about how you use it.  

Taking out a second mortgage to consolidate debt, or to build an addition on your house, are smart investments because they put your money to work by reducing your interest payments or enhancing the value of your property. This puts you in a better financial position than you would have been if you didn’t borrow the money.  

Doing a cost/benefit analysis and working out how much money borrowing against home equity will save you is the key to making a strategic decision. 

Given how much real estate values have gone up over the past few years, figuring out how you can use your newfound wealth to improve your financial situation is essential for good money management. If you want to know more about whether a second mortgage is right for you, get in touch with a local mortgage broker to explore interest rates and options.  

Feautured image: Precondo CA Via Unsplash/ Silo Content Production

Philanthropy

Providing Relief to Ukrainian Refugee’s and Their Pets

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Paws of War Is On The Ground in The Ukraine

NESCONSET, New York – (March, 2022) –Over 10 million people have fled Ukraine in the last three weeks, many of them taking their beloved pets. As they cross the border, escaping to safety, they need all the help they can get for themselves and their pets. The majority fled with just a few possessions and nothing to care for their pet. Paws of War has teamed up with its overseas partners to be there at the border, ready to provide refugees with what they need to care for their pets. They are desperately seeking financial donations from the community to help support their refugee relief efforts.

“The flood of refugees crossing the border has overwhelmed the limited resources available. Many organizations have come together to help with the crisis, Paws of War has focused on caring for people’s pets. For some, their pet is all they have left, and it would be devastating for them if they could not care for their pet or were forced to leave it behind,” explains Robert Misseri, co-founder of Paws of War. “We are glad that we are able to help bring some comfort and relief to the people fleeing the Ukraine, clutching their pet in their arms. Being a refugee with a pet makes everything 10 times harder. We will do everything we can to help them.”

Paws of War volunteers have been scrambling to source the supplies so desperately needed, and are rushing them to the aid stations they have set up on the border.

They provide people with pet food, water, crates, leashes, toys, and giving out critical vaccines for dogs otherwise they will be stopped at the border. They are also providing assistance getting the animals travel passports which includes the necessary vaccines so they can continue their journey to the EU. Some refugees are asking if they can foster their pet or have made the heartbreaking decision they cannot care for their pet and hope we can relocate them to a great home in America. They have also assisted with the set up an emergency animal makeshift shelter near the border, which has already taken in over 50 dogs and numerous cats.

They are seeking financial donations to help support the humanitarian crisis and bring relief to those fleeing Ukraine.

Getting supplies to the area has been extremely challenging and the only option has been to obtain them in the surrounding countries. 100% of the donations collected will be used to help Ukraine refugees care for their pets. Currently they are not collecting supplies as there is no readily available way to get them where they are needed the most, and the situation on the ground is constantly evolving. They hope to have a supply drive once a more permanent location is set up for this ongoing crisis. 

“We are already low in supplies and are getting many requests for help, as the refugees are desperate, and more keep arriving each day,” added Misseri. “Our mission is to be there at the border to provide some much-needed relief. We can’t do it alone, though. We would love and appreciate every person reading this to make donations to help support the mission, no matter how much it may be.”

To help Paws of War provide Ukrainian refugee relief for their pets as they cross the border, visit the site: https://pawsofwar.networkforgood.com/projects/156471-help-save-the-refugees-pets-of-ukraine  

Paws of War has helped veterans with numerous issues, including suicide, service and support dogs, companion cats and dogs, food insecurity, veterinary care, and animal rescue for deployed military. 

As the demand for Paws of War’s services grew, traditional fundraisers like galas and golf outings were sidelined, putting a crimp in the needed funding to keep these services going. Paws of War has a large loyal following of supporters and looks forward to working with new corporate sponsors to keep these life-saving programs running.

Finance

Crypto Currency Pop Quiz

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Which digital currency originated from the Doge meme and was originally introduced as a joke?

Is it the same currency that quickly developed into an online community and that was capitalized a few years ago at over $240 Million USD? Take this pop quiz challenge and find out.



Featured image via- darkwebnews.com

UPDATE- How Pi aims to democratize digital currency.

Finance

How To Choose A Mortgage Broker

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Searching for a mortgage broker can seem like an overwhelming process and you might not know where to begin. 

The search can be lengthy and if you are faced with an emergency situation and need fast funding, you might not have much time to do the proper research. Below is a list of the top things to consider when searching for the right mortgage broker for your needs. 

  1. Choose Someone Who Offers Solutions To Your Problems – Not all mortgage brokers are created equal. Some mortgage brokers have training in specialized areas like stopping power of sale or debt consolidation. Additionally, if you have been turned down by the bank due to poor credit, you will have a greater chance at securing a mortgage loan through a subprime mortgage broker as they have the skills and experience in dealing with complex applications. Thus, it’s important to select someone who can help provide a solution to the problem you are facing. 
  1. Do They Have A Good Reputation? – Check out their website, read their testimonials and reviews and preview their social media profiles. Mortgage brokers will at the very least have a website. View the company’s About Us or Team page to get a sense for who you will be working with and if they seem trustworthy. 
     
  1. Is The Brokerage Registered With the Better Business Bureau? –Ideally, the brokerage should be registered with the Better Business Bureau. A BBB accreditation means the business has met all the requirements to be granted accreditation status including completing an application form, undergoing a thorough business check and meeting the BBB’s standards.  
     
  1. Ask Them About Past Clients in Similar Situations – The brokerage’s approach to providing solutions is very important and they should be dedicated to a high level of customer service. Ask the mortgage broker if they have helped others with the same borrowing needs. The mortgage broker should have your best interest at heart – if not, look elsewhere! 
     
  1. Pick Someone Who Has Done Work Before in Your City or Area –Because you will be working closely with the mortgage broker, it makes sense to deal with someone who lives and works in your area because they will most likely have a strong connection with the community and can offer a more personalized approach to handing your application.  

Mortgage Brokers are becoming increasingly popular over banks and credit unions because of their ability to access a large number of lenders to secure the best rates. If you are unable to obtain a referral from a friend or family member, then by following these 5 tips, you’ll be sure to find the right individual that suits your needs. If you’ve done your research properly, then you should feel confident that you have chosen the right person to work with.  

Having a strong relationship with your mortgage broker is important in making sure they understand your unique needs and can provide the right advise. After all, it’s your financial wellbeing that is the greatest priority, so having an experienced person on your side who is dedicated to your needs is the most important.  Featured image: Shutterstock

Finance

NFTs meteoric rise in 2022

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2021 was the year of the NFT. We saw amazing levels of interest in NFTs arise as people began to recognize their usefulness as digital assets. Thanks to the rush of development and interest from this year, we can expect interest and adoption levels in 2022 to easily meet or even eclipse those that we have seen in 2021. 

2021 has really laid the groundwork for development in the Crypto industry as a whole and nowhere is this more apparent than with NFTs. Now that these digital assets have become recognized and appreciated as tangible assets; we can expect adoption rates to rise across the industry. Furthermore, developments across the industry will come into their own in 2022. Blocto, the digital wallet and Crypto provider, for instance, will continue to update its services including in the NFT field in the new year.

Mark Cuban Will Continue Paying His Employees Amid Coronavirus-Induced Economic Downturn
Mark Cuban. Image: Forbes

Mark Cuban, Dallas Mavericks owner and famous Shark Tank investor, sees the dual benefits of NFT development as well as the services that Blocto offers and has invested heavily in both Blocto and in the creation of NBA TopShots, which offers NFTs in the form of clips of NBA games that give person a literal piece of the game to own. 

CEO of Blocto, Hsuan Lee, sees the coming year as potentially one of the most important years in history for Crypto, especially when it comes to NFTs. AS NFTs grow in 2022, it is clear that their impact on the financial industry and their value as digital assets will surge as well. 

Finance

How to Use Your Home Equity to Deal with Unexpected Housing Costs

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If you don’t have any available savings, your home equity can provide an immediate source of funds. 

Even the most responsible homeowners can find themselves faced with an unexpected home emergency repair or maintenance issue without the cash on hand to deal with it. If this is you, you are not alone. There are solutions available that can help you tap into your home equity to fund those projects without having to take out an expensive loan with the bank. 

Consider a Home Equity Line of Credit (HELOC) 

A Home Equity Line of Credit enables homeowners to access up to 85% of the value of their home for what they need. If you have owned your home for a number of years, then you have built up equity that can be used as collateral.  

A Home Equity Line of Credit is designed specifically to help homeowners cover these unexpected costs without worrying about their level of savings or credit score. Taking out a HELOC is a fast and convenient borrowing option because you can access the funds you need, pay it off and borrow again if needed. 

To calculate your home equity, simply follow this equation: 

The value of your property – the balance remaining on your mortgage = your home equity 

In many cases, you will pay less to borrow against your home equity than if you were to get an unsecured loan or line of credit. When you choose to work with a mortgage broker instead of the bank, you can get access to more lending options and at a lower interest rate.  

Take Out a Second Mortgage 

Many homeowners are aware of HELOCs but haven’t considered that second mortgages are also an available option. Essentially, a second mortgage functions as an additional mortgage loan. Both mortgages will need to eventually be paid off but because they normally come with much lower interest rates than unsecured loans, they can be an appealing option to borrow much needed funds. 

With the value of Ontario homes increasing due to the booming real estate market, many homeowners are using this opportunity to access the value of their home.  

You can use your second mortgage for anything as long as you continue to make your repayments. So, if you have a home maintenance or renovation project in mind, then it’s a good idea to consider a second mortgage now instead of waiting until it becomes an emergency situation. 

Work with a Trusted Mortgage Broker 

A mortgage broker acts as the intermediary between the financial institution offering the loan and the individual seeking the loan to buy real estate. The mortgage broker works with both parties to ensure the loan gets approved. The main benefit of working with an experienced mortgage broker is that he or she can work with a wide variety of lenders to find the best terms and rates. 

For those who are self-employed or don’t have stellar credit, working with a mortgage broker is advantageous because they are experienced at working with complex situations. This is especially critical for anyone who requires fast funding and has been turned down for a loan by the bank. 

A mortgage broker like Burke Financial specializes in handing challenging applications and works with people who have varying needs and circumstances.  

Regardless of whatever life problem you are facing, a mortgage broker can help you explore your options and find a solution to your problem so you can get back to other life tasks. For the Silo by our friends at Burke Financial.

Finance

Tinder suing for 2 billion dollars over stock devaluation

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With closing arguments expected to begin next week, the Tinder/Match trial has once again proven that when things go wrong in the world of online dating, they go very, very wrong.

With the Ashley Madison dumpster fire still in our collective memory, the founder of Tinder is suing for $2 billion usd, alleging that two companies – Barry Diller’s IAC/InterActiveGroup and Match Group – artificially devalued Tinder before the group could exercise stock options in the online dating platform. They claim the companies created and communicated false information to investment bankers and covered up sexual misconduct accusations against a former Match Group executive as part of the scheme.

Sean Rad (arguably the best name ever for the founder of a dating app) and the other Tinder co-founders, who at the time of sale owned 20% of the company, argue that Diller and his team undertook activities to deeply undervalue Tinder at $3 billion usd. Rad’s claim is that Diller repeatedly lied to the banks and this dramatically reduced the acquisition price. 

Tinder's $2 Billion Claim of Low-Ball Match Buyout Goes to Court - Bloomberg

IAC and Match hired high-profile lawyer Bill Carmody to represent them here. The same Bill Carmody that put $480 million usd in the pocket of WeWork’s comically villainous Adam Newman in a claim against SoftBank. And, yes, the same Bill Carmody that represented Uber against Waymo. 

The case, Rad v. IAC/InterActiveCorp, has taken several dramatic turns. While the trial was still in opening arguments on November 8th, IAC/Match called twice for a mistrial and failed both times. Character assasination has been the rule of the day throughout the trial, with a landscape of destroyed emails, personal vendettas, and  the requisite penis drawing. 

The case was expected to have wrapped up by Thanksgiving, but the Tinder founders are going to have to delay their feast a few days as the bad blood continues to boil in the courtroom. 

On Monday, Rad accused former Match Group CEO Greg Blatt of grabbing him during a break in the trial. Laughably – but showing how intense and polarized this case is – the incident between the two has been described as everything ranging from a failed attempt at a fist pump to an assault by Barry Diller’s henchman. 

So it’s understandable that it’s easy for people to see this case as perfect fodder for a Netflix series on American greed. The legal documents in the suit tell a story of a company looking to acquire another successful company in their particular vertical – here, the massive online dating space. Rather than pay fairly for the company, Diller and his companies created an elaborate fiction in the form of an unrealistic worst-case financial scenario for Tinder that valued the company at $3 billion usd, where a much more rosy yet still realistic valuation would have seen Tinder valued at up to $12 billion usd. 

Victory for Match/IAC here would be paying out significantly less than the $2 billion usd Rad claims that he and others in the suit are out of pocket given the facts of the claim. 

Tinder $2B Legal Battle is Finally Getting Its Day in Court - dot.LA

As Charlie Cartwright, a Florida lawyer points out:

“It’s possible that a case such as this, with so much at stake, could still settle before the judge puts the outcome in the hands of the jury.”

While both sides are resolved to win this heated case, settlement makes a lot of sense as Match simply doesn’t have $2 billion usd cash on hand, though they do surprisingly have access to well over $1 billion usd. A legal and regulatory analyst recently told the New York Post that a realistic settlement would be in the $300-$700 million usd range, yet a spokesperson for Match Group said that was entirely speculative. 

It’s probably not inaccurate speciation. Ultimately, it’s not like the Tinder founders and other executives haven’t done very well from running and selling Tinder anyway. So, for them, while the money is important, a moral victory wrapped in a healthy settlement figure might be the tasty and satisfying holiday feast they’re waiting for. 

This would also keep the case out of the hands of a jury. It’s important not to gloss over the fact that people are very polarized about not only apps that match people, but the characters who make these apps and run these businesses. The Ashley Madison scandal is recent enough for a jury to remember not only an app that ruined lives, but the nature of the people behind the business. 

Whether the case settles or is handed to a jury, the real issue here is that Tinder generated a massive amount of revenue over the years and grew into a very successful company. It’s just a question of how the ultimate pie that was actually created should have be equitably divided if the value of Tinder wasn’t manipulated. 

Finance

Considering the Investment Value of a Retirement Home

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Moving into a retirement home marks a special occasion because it signifies the beginning of your golden years. While this means that you can finally relax and start enjoying all of life’s greatest pleasures to their fullest extent, it shouldn’t mean that you can disregard financial planning either.  

Out of the Old and Into the New 

When you decide to capitalize on your lifelong investment property and use that money towards enjoying your retirement, you’ll likely follow through with a long-awaited plan to downsize. The reason for this isn’t merely financial; it is because, as an empty-nester, you no longer require all of the space that you once did when raising a family. You are also likely no longer interested in performing all of the continual maintenance that your old home requires. 

Moving into a Custom-Built Townhome  

However, just because you have decided to downsize doesn’t mean that you should enjoy your new home any to less extent. If you’re looking for a new location in southern Ontario, you can work with a Fort Erie home builder to create the custom townhome of your dreams.  

When you opt to partner with a company that builds custom homes, you’ll get access to more choices about how you’ll live during your retirement. Not only can you add extra rooms, but you’ll be able to decide on the look of aesthetic features like what type of flooring that your new home will contain in each room.  

Building Your Next Investment 

When you build a custom home, the choices you make about the final product where you’ll live can influence the value of your home. Extra rooms and fine-quality flooring options will increase the resale value of any property, as will opting for energy-efficient appliances. 

The Potential for Appreciation 

Given the growing popularity of the Niagara region, the most likely outcome regarding real estate will be a continued increase in value. If you’re interested in purchasing a home that will make a good investment property, then it will help to buy a custom option that allow you to gain more control over particulars and will be worth more than a previously owned property.  

Embrace the Active Adult Lifestyle 

While a newly-built custom home is sure to become a wise investment, that’s not all that retirement living is about. Buying a home in an active adult community will provide you with the opportunity to make social and active lifestyle choices that can contribute to better health and an increased lifespan. You’ll also be living near great beaches and easy access to nature.  

Given that the road ahead in life is always unpredictable, there’s never a bad time in your life to think about financial planning. After all, you want to ensure that you’ll be covered in the case of emergencies and that you have something leftover to leave to your children and grandchildren. To get started on your nest investment home, get in touch with a company that builds custom homes in the Niagara region.   For the Silo, Mila Urosevic.

Spotlight image:  Andrea Piacquadio Via Pexels  

Finance

Why Everyone Should Strive To Pay Off Their Mortgage Quicker

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Lots of people struggle to get a mortgage in the first place. It’s especially hard now because homes are so expensive. You start to think you’ll be paying off your mortgage for the rest of your life. 

Luckily, your finances will probably improve considerably over time. When they go up you should look into paying your mortgage early. Let’s look at some of the top reasons why it’s something you should aim for in the future. 

Extra Money To Enjoy Yourself 

Get It on Credit - Wikipedia

If people need to take out bad credit loans in Toronto, ON, they won’t have lots of disposable income. When you don’t have great credit you can’t enjoy yourself, but that’s not the case when you’re older. 

When you have more disposable income after paying off a mortgage, you’ll have much more money to spend on luxuries. If you need to keep paying a huge chunk of your income towards a mortgage your life won’t be as fun. 

Saving Lots Of Money In Interest 

Once you walk into Clover Mortgage Brokers in Toronto & GTA, they’ll let you know how much you can spend on a home. But it’s going to be a lot more over the lifetime of the mortgage due to interest payments. 

When you pay interest on a loan, it makes up a big chunk of your monthly payments in the beginning. The amount of interest you pay drops over time, but if you pay off the mortgage early you’ll no longer have to pay it.

 

Why Choose a Mortgage Broker in Canada? | Hatch Mortgages

It Eats Into Any Debts You Have 

Over the course of a lifetime, couples can generate a huge amount of debt. College tuition, car payments, and credit cards can sometimes be quite high. These debts won’t disappear once you pay your mortgage. 

Fortunately, once your mortgage is gone you’ll be able to focus 100% of your efforts on your other debts. It will take you one step closer to becoming debt-free, so you’ll have one less thing to worry about. 

A Mortgage Is A Secured Loan 

When you take out a mortgage it’s classified as a secure loan, which means when you don’t pay the loan they’ll be able to take your home away. In a perfect world, you’ll have as few secured loans as possible. 

You could pay a credit card instead of a mortgage, but it would mean they could take your home. Even though you won’t miss your credit card payments, they couldn’t take your home even if you did completely ignore them because a credit card isn’t classified as a secure loan. 

It’s Easier To Enjoy Retirement 

Nobody should have to pay debts when they’re retired. Sadly, so many people are struggling now, so it’s much more common than you think. It will eventually start to hurt your mental and physical health. 

How can you enjoy retirement if you’re always worrying? Maybe you’ll even have to stay on at work because you can’t afford to retire. Pay off your mortgage to ensure you don’t have any stress when you retire. 

Debt Isn't About Right Or Wrong - It's About Freedom

Don’t Leave It Too Late 

Nobody is saying you should try to pay off your mortgage as soon as possible, but it’s something you’ve got to start considering as the years go by. 

Finance

Influence of COVID-19 on luxury refurbished market

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The luxury market was one of the most adversely affected industries during the pandemic.

Between 2020 and 2021, people were stuck in lockdown to help prevent the spread, and as a result did not have a reason to go out purchasing luxury products.

Tax Implications if you are an NRI stuck in India due to COVID Lockdown - Tax and accounting services for domestic and overseas Indians | GKMTax.in

This naturally affected the sales of the luxury market, as jobs were being lost and the priority shifting from spending money to saving money. Luxury products are still desired, however getting access to brand new products was not manageable for the vast majority. This is where the business model, coined by Simon Kronenfeld came into play, which helped more individuals get access to luxury products.   

If you’re wondering who Simion Kronenfeld is, he is a business expert known for his revolutionary approach of re-selling refurbished products.

His business model had a strong impact towards the luxury market. Prior to 2001, consumers were only able to gain access to new luxury products and if the products had any damages they would be returned to the company. This created a problem as the company could no longer sell these unpackaged products. Nevertheless, Simon Kronenfeld found a solution. (Kronenfeld is a man with humble beginnings, who came from Israel to Canada and started off as a dishwasher.) In 2001, Kronenfeld founded Electronic Liquidators, which not only revolutionized the electronics market, but the entire resale market, which had a tremendous impact on the luxury market. 

Kronenfeld.

Simon Kronenfeld discovered that up until 2001, nobody was working on repackaging the products that were returned to a company.

Recognizing this gap in the market, Kronenfeld started his very own business focusing on this sector specifically. Simon Kronenfeld started repackaging the products that were returned to a company labeling them as refurbished products. These refurbished products were then sold at the second-tier shops, transforming these financially burdened products into a multi million dollar business in just the span of two years. This same business model was replicated by many other companies following the positive impact this model brought both on a financial level and on an environmental level. In this day and age, sustainability is everything, so this concept has become a multi million-dollar formula for businesses. In fact, most companies are now earning billions of dollars annually by repackaging the return products and selling these refurbished products. 

This had a massive positive effect on the luxury market, as the luxury market was losing millions of dollars every year because of returned products.

Now, however, revenue could be generated from refurbished products, and turn a profit.  There are a lot of platforms online that promote luxury resale at much more affordable costs, benefiting all parties involved, especially now during the pandemic where people are not actively buying new luxury products, opting for refurbished products seems to be the best solution since they come at more affordable prices yet still offer the practicality.  

While a number of industries were negatively impacted, the refurbished market mitigated the losses in the luxury market while also offering sustainability. The refurbished market focuses on a big portion of the population in virtually any country, as in reality a tiny percentage of the population is able to indulge in these luxuries. This model gives more people access to a higher lifestyle for less, while still expanding the business market and creating more jobs as a result of this niche. These refurbished products are much more appreciated in common households and provide a good source of revenue to the sellers capitalizing on this market and offering a win-win situation.  For the Silo, Michael Adams.

Finance

Interactive NFT collection goes live in 3D world to reflect crypto history

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CryptoTale has launched first of a kind non-fungible token (NFT) collection display which uses WebGL technology to allow a game-like 3D world experience to browse the artworks.

The collection initially launched with six custom NFTs including Rat Poison, Your Funds are SAFU, To The Moon, Bitcoin Pizza, Bitconeeeect, and Mt Gox. Each NFT is currently being auctioned and interested participants can bid from as low as 0.01 WETH.

The 3D artworks are reflecting events in cryptocurrency history like the infamous comments by billionaire investor Warren Buffet terming Bitcoin and cryptocurrencies as rat poison. The ten thousand Bitcoin pizza etc.

Overall, the auctioned NFTs are offering their potential collectors a piece of cryptocurrency history in a scarce virtual space. Since there are plans to convert game-like world’s land itself into NFTs. Essentially allowing other artists to potentially place their artwork on the same ground.

To bid for the artworks, interested parties can access the collectibles through OpenSea, the world’s largest NFT marketplace.

With the NFT market growing rapidly globally, CryptoTale plans to add more artworks in the future through collaboration with artists from different disciplines. The author behind the auctioned NFTs remains anonymous.

In recent months, NFTs have grown in popularity, with creators relying on the transformative role in ownership, commerce, and how creators connect directly with buyers, fans, and collectors.

Finance

formula 1: $100 Million Cryptocurrency Sponsorship

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Cryptocurrency partnerships and sponsorships entered the world of sports back in 2014. Teams can expand their advertising budget with cryptocurrency platforms to get more popularity for the brand. In 2014, the first crypto-backed campaign – ESPN events made a contract with Bit Pay (Bitcoin payment processor) worth $350 000 in a year. In addition, arsenal made 3-year sponsorship with Sportsbet.oi with the value of £1.5m per season. 

Teams like to explore other non-standard partnerships. The most common ones are coming from the igaming and casino industries (an example of one – Canadian online casino real money Betsafe). But, on the other hand, they occasionally steer away into new waters, and cryptocurrency sets a new precedent here. Of course, there’s a lot to go by in the igaming and casino industry, but crypto-investing space can also offer substantial funding, as you’ll now see. 

Cryptocurrency 

Improves Fan User Experience 

Cryptocurrency benefits sports teams with new and improved marketing activities. Fans are in the first place, while tickets, streams, and merchandise make money. Secure and transparent marketing activities provide excellent customer service for sports fans. In addition, fan engagement tokens are on the rise. A fan token is a kind of membership card. They can vote on essential questions in the club. If you would like to choose a kit design, charity initiative, or similar stuff, purchase a token of your favourite club.  
 
Above all, cryptocurrency provides users with low-cost money transfers, transparency, and easy 24/7 accessible platforms that make it easy to purchase wherever users want to.  

Formula One – $100 Million Worth Crypto Deal 

Formula One made a 5-year contract with Crypto.com. $100 million sponsorship will provide F1 with great marketing tools. In addition to that, Crypto is getting trackside places on every race. Presence at every race will remind of their global partnership deal. Crypto.com is one of the fastest-growing crypto platforms at the moment. They have more than 10 million users. Sponsorship between Crypto and Formula One will grow awareness on the global stage. Crypto.com has leading applications on App Store and Google Play. Also, their Crypto Visa card is one of the most popular cards for using cryptocurrencies. This card is available in more than 30 countries. Formula One is one of the most followed sports, and they are always in search of new ways to make their fans more engaged.

2021 British Grand Prix Qualifying report and highlights: Hamilton digs deep to beat Verstappen in qualifying and seal top grid slot for F1 Sprint | Formula 1®
2021 British Grand Prix sponsor Crypto

Formula One got a new audience with engagement with Crypto. Crypto is trying to make cryptocurrencies more available and understandable for fans to use. Following that, Crypto announced a brand new award that fans would see on the Belgian Grand Prix. 

Crypto and F1 – Environmentally Sensitive 

Formula One announced that by the year 2030, Formula One racing would become a Net Zero Carbon sport. Likewise, Crypto announced that it would become carbon negative within the next 18 months in the spirit of the new partnership. A clean crypto business will be a great example to lead for all other companies in the industry. To have carbon-neutral or carbon-free vehicles and the crypto industry would be a great example from these two big names in the sports and business industry. Sponsorship looks promising, and great things might be ahead. 

Formula One as a sport wants to be more fan engaged and follow new technologies. Here is what CEO said: “We are pleased to welcome Crypto.com to the Formula 1 family as we continue to attract progressive global brands anchored in performance and innovation.”  For the Silo, Ika.

Finance

Ecommerce Is Evolving And Here’s How

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Thanks to the digital technology, we can carry out commercial transactions online. We can buy and sell items or services, pay bills, make orders, and so much more.

Online enterprises are heavily relying on this commodity. This is why we have numerous  online businesses nowadays.

The infographic below from Subscriptionly will inform you about the current and future tech trends that will influence the ecommerce sector. Some of the main trends are as follows.

Personalized Experience

Technology has enabled online businesses to give their customers personalized shopping experiences. For e-shoppers, this has engendered an engaging and satisfying shopping experience.

Businesses recorded an increase in revenue by employing this concept, since 48% of customers spend more when their experience is personalized.

Automated Customer Service

AI has transformed the way customer queries and complaints are attended to. Consumers now have their issues promptly resolved. It was reported that, this year, AI handled 45% of customer queries on its own. And it does this swiftly and effectively, which is definitely a factor that makes customer support a positive experience.

Excellent customer service is essential to building customer loyalty. In fact, 42% of customers buy more when they are served properly.

It is projected that, by 2020, AI will handle 85% of customer interactions.

Cryptocurrency

Soon, commercial transactions will be carried out with cryptocurrency. Via the use of cryptocurrency (such as Bitcoin), customers will get to make secure payments quickly and conveniently.

Also, businesses that add cryptocurrency as a payment method will make better sales. One retail outfit did and in 5 months, it generated $2million alternative currency sales and a 60% boost in new customers.

Drone Delivery

In the nearest future, e-shoppers will possibly have their purchased items delivered the same day. When this become reality, customers will be happier and businesses will undergo a rise in brand awareness and sales. The 72% of shoppers stated they would shop and spend more if same day delivery was available.

A method that is being considered to initiate same day delivery is the drone delivery. DHL tried it and recorded a 70% improvement in first-attempt deliveries, and a 90% success in resolution of customers’ critical cases. When popularized, 40% of parcels will be drone-delivered in 2 hours by 2028. For the Silo, Josh Wardini.

Future of eCommerce Infographic

Finance

Why Getting a Business off the ground takes Guts

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Being an entrepreneur is a calling for those who not only cope well with risk, but thrive on the challenges it presents. Those who are satisfied by the comfort of a secure job and a steady paycheque need not apply.
Being an entrepreneur is a calling for those who not only cope well with risk, but thrive on the challenges it presents. Those who are satisfied by the comfort of a secure job and a steady paycheque need not apply.

It’s an idea that has crossed the minds of virtually everyone who has worked for somebody else, regardless of the job.

As you put in time and labour that ultimately benefits someone else’s business, it dawns on you: Why can’t I just set up shop and do this myself? Why can’t I be the one taking home the big money after all the bills are paid and enjoying the independence of running my own show?

They’re great questions, but the answers aren’t for everybody.

Actually making the decision to give up the security of a steady job, and the regular paycheque and benefits that come along with it, takes a lot of guts and perseverance — especially in today’s highly competitive economy.

Unless you are among the fortunate ones backed by deep resources, the bottom line is this: when you first set out to become an entrepreneur, you are truly on your own. It’s just you and your idea. And it will be the marketplace — relentlessly detached and unemotional — that determines whether you make it or not.

Budding entrepreneurs who do take the risk to start up their own business generally face two key barriers — capital and human resources.

Many entrepreneurs owe their initial success to the trust of friends and family members, who invest funds in their start-up idea. These types of loans can be troublesome if the proper precautions aren’t taken. Make certain the terms of all loans from friends or relatives are spelled out clearly in a promissory note prepared by a lawyer. You may not be dealing with a bank or a financial institution, but you have to treat repayment in the same manner to avoid conflict with your lenders, who also may happen to be your best friend or your sister.

It’s also important to keep your credit record as clean as possible and establish a line of credit, which you can access for instant cash flow at certain times.

Start-ups are limited to hire only the personnel who they can afford, which often means running on a skeleton staff who may not necessarily be those with the greatest skills and experience. This is why most of us who have conceived what we think is a great idea for a business usually choose too much of the work ourselves and wear many hats in the early days.

It can take a long time to find the right employees when you’re just starting out. Some of the top talent may be reticent to work for a small start-up because they are worried about how it will look on their resume, job security or getting a bigger paycheque.

You need to find candidates who share your entrepreneurial spirit and aren’t averse to taking risks. Look for people who want get in on the ground floor and grow with the business.

As you build your company and expand your market, it’s tremendously important to have a network of mentors whose advice and counsel you trust. No matter how much thought and preparation you put into your business plan, you won’t be able to anticipate everything ahead of you. The marketplace is constantly moving and evolving, causing you and your business to adapt. This is where mentors can help, offering guidance drawn from experiences they had during similar changes in their own journeys.

My own mentors have changed as my career progressed, but they all had a common trait that served me and my businesses well — perspective. They have been able to see things clearly from a distance when my own vision may have been clouded by emotion, allowing me to make more-effective decisions. Entrepreneurship is about taking chances, but not blind ones.

Being an entrepreneur is a calling for those who not only cope well with risk, but thrive on the challenges it presents. Those who are satisfied by the comfort of a secure job and a steady paycheque need not apply. For the Silo, Paola Abate.

Finance

There Are New Forms Of Money On The Horizon

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Take a look at these transactional trends to see how you might be spending your money in the future.

What does the future hold for the way we pay?

Paying for your purchases used to be to the most straightforward task around, you’d exchange your coins with the cashier and in return you’d receive your goods. Simple. But today, a modest transaction can involve some serious tech.

Whilst everything in the world seems to be making a switch to digital, money is no exception. Gone are the days of signing signatures, punching in pins and certainly, counting coins, but the advancements show no sign of stopping. As contactless method currently seems to offer the most convenient method of payment – it begs the question of what could possibly come next.

The use of physical cash is dwindling as more and more options become available to consumers.

Consider how the Corona virus lock downs have also affected the use of physical cash:  businesses and retail either favor interac and credit cards or outright refuse the use of cash transactions. Look to the infographic below for three of the most prominent examples of the way our spending habits are currently evolving.  For the Silo, Danielle Mowbray /creditangel.co.uk

Future of spending with digital money

Finance

PC’s- Canada Realty Market Fueled by Money Laundering

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Ottawa, ON – Brad Vis, Conservative Shadow Minister for Housing, and Gérard Deltell, House Leader of the Official Opposition, issued the following statement after the Liberals voted against a Conservative motion to address the housing crisis in Canada:

“Canada’s Conservatives are disappointed that the Trudeau government voted against addressing the growing housing and affordability crisis in Canada. 

“Conservatives asked for commonsense solutions to combat money laundering and foreign money pouring into the real estate market and called for measures to increase rental housing units and supply. 

“Experts say the government has ‘ignored’ calls to action and the cost of housing will jump another 13 per cent this year, making it even more impossible for first time home buyers to enter the market. Instead of supporting these commonsense solutions that experts have been calling for, the Trudeau Liberals instead chose to let down Canadians and continue their support for a system that favours foreign buyers and unaffordability for Canadians. 

“The Trudeau Liberals continue to double down on their ineffective, barely-used First Time Home Buyer Incentive, and pump billions of taxpayer dollars into a National Housing Strategy that has only seen Canadian housing become more unaffordable under its operation. The Trudeau government’s failures are ensuring the dream of homeownership is even more out of reach for Canadians. 

“If you are not worried about the cost of purchasing a home, you have three parties to choose from. If you are, you only have one choice – Canada’s Conservatives.”

The Conservative Opposition Day motion can be found here.

Office of Brad Vis, M.P.
Blair.Kesteven.817@parl.gc.ca
613-992-1275 Please mention The Silo when contacting.

Office of Gérard Deltell, M.P.
Nathan.Ellis@parl.gc.ca 
613-720-9245 Please mention The Silo when contacting.
 
Les libéraux votent contre le rêve de l’accès à la propriété des Canadiens 
 juin 2021


Ottawa (Ontario) – Gérard Deltell, leader de l’opposition à la Chambre, et Brad Vis, ministre du Cabinet fantôme conservateur responsable du Logement, ont fait la déclaration suivante après que les libéraux ont voté contre une motion conservatrice visant à répondre à la crise du logement au Canada :

« Les conservateurs du Canada sont déçus que le gouvernement Trudeau ait voté contre une réponse à la crise grandissante du logement et de l’abordabilité au Canada. 

« Les conservateurs ont demandé des solutions sensées pour lutter contre le blanchiment d’argent, l’apport des capitaux étrangers sur le marché immobilier, ainsi que des mesures pour augmenter le nombre et l’offre de logements. 

« Les experts disent que le gouvernement ‘ignore’ les appels à l’action et que le coût des habitations va augmenter de 13 pour cent cette année, rendant encore plus difficile pour les premiers acheteurs d’entrer sur le marché. Au lieu de soutenir les solutions sensées que réclament les experts, les libéraux de Trudeau préfèrent laisser tomber les Canadiens et continuer à soutenir un système qui favorise les acheteurs étrangers et augmente l’inabordabilité pour les Canadiens. 

« Les libéraux de Trudeau continuent de renchérir sur leur Incitatif à l’achat d’une première propriété, qui est inefficace et peu utilisé, et à mettre des milliards de dollars des contribuables dans une Stratégie nationale sur le logement qui fait en sorte que le coût des propriétés est de plus inabordable. À cause des échecs du gouvernement Trudeau, le rêve de l’accès à la propriété est encore plus hors de portée pour les Canadiens. 

« Si vous ne vous préoccupez pas du coût des habitations, vous avez le choix entre trois partis. Si vous vous en préoccupez, vous n’avez qu’un seul choix – les conservateurs du Canada. »

La motion de la journée de l’opposition conservatrice figure ici.
Finance

Digital Real Estate: What is it and What is it Waiting For?

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Ownership has been, is, and always will be a focus for politics and business. More recently, technology is challenging the concept, especially by probing what digital ownership looks like, is, and how it acts. Blockchain technology is at the forefront of this.  

Blockchain has had a bumpy ride so far. It entered discourse at the margins followed quickly by the promise of fundamentally altering the relationships of everyday citizens, big business, and governance. It had a utopic aura, that faint, washed light which accompanies hallelujah. The public and experts haven’t been as receptive as some would’ve expected or wished for.  

Thinking About Buying the Latest New Cryptocurrency or Token? | Investor.gov

One of the notable ways its exposed itself to the public sphere is through cryptocurrency, which has become a key topic of conversation in wider popular culture and not just technology since the end of 2020 and the beginning of 2021 with Bitcoin’s price continuing to break records and ceilings and the GameStop and Dogecoin drama. Now, more and more amateur investors are purchasing Bitcoin, Ethereum, and other cryptocurrencies instead of the more traditional option of stocks. The difficulty is, though, that no government recognises any cryptocurrency as legal tender, which bitcoin programmers will be happy with (as it has no desire to become centralised and regulated by central authorities) but, also, complicates its integration with society as no major retailor or store accepts it yet, limiting its scope as a tender and restricting to being an “asset”. However, Elon Musk’s Tesla has announced that customers are now able to purchase their vehicles with Bitcoin. It’s edging towards normality. 

Cryptocurrency’s existence as a purely digital asset is important to the larger question of digital ownership. Especially with regards to digital real estate and non-fungible tokens which are utilising blockchain technology. 

photo of outer space

Brief History of Digital Ownership 

There are two key points of note in history of digital ownership: website domains and streaming.  

Website domains are, in essence, real estate. Businesses have to purchase domain names. It’s how they’ll be found online. It’s not the only way, of course, due to the advancements of SEO and other marketing and advertising practices, but it’s an important piece. As with any physical business, a website needs to be found. Language is the corner-plots and square-footage. Some have sold for millions of dollars. Business.com currently holds the record at $345M. Ownership of these names and “plots” is paramount for being visited. 

Streaming is more recent development which has significantly altered ownership. Customers pay subscription fees which enable them to access a catalogue of creative products – music, films, TV shows, and books, for instance – but only as long as subscription fees are paid. Some services enable free access but customers have to contend with adverts. Nothing was owned by fans and the audience. The product could be available one day and be removed the next. 

Decentraland 

Digital real estate is heading into a new realm.  There are investors purchasing parts of digital, simulated worlds for thousands of dollars. Blockchain technology provides investors with a certificate of ownership, essentially. They are banking on these worlds becoming more populated in the future, which will see the value of their plots increase yielding a high ROI. 

Decentraland is another example of this kind of movement. It’s a fully decentralised virtual world, where the key smart contracts and assets are owned by a decentralised autonomous organisation (which is where stakeholders vote to make decisions for their business, with the weighting of votes dictated by their shares, and for which). Players can enter the world and offer in-game services, create products, just simply involve themselves in the social workings. Trading is prevalent. As with the above mentioned digital real estate, those within the world own their space. They make money within their plot and with the apps and parcels they build and trade. 

Non-Fungible Tokens

 

Non-Fungible Tokens: 101. From collectables into the beyond… | by Anabela Rea | Sylo | Medium
Examples of NFT tokens.

Non-fungible tokens (NFTs) have been making headlines recently as a digital collage was sold for $69M usd. Other instances include gifs of sporting moments being sold for thousands of dollars and digital trading cards going for similar prices. Kings of Leon released their most recent album on streaming services and as an NFT. What are they? NFTs are unique pieces of data which can’t be duplicated. It seeks to offer artists a direct-to-fan option which cuts out the middle-person in transactions and means fans own media. Importantly, though, artists can make money from selling parts of their songs to be used as samples or covers, and it guarantees that every use is noted and revenue is directed to the original creator. 

What blockchain enables is for owners – original or current – is access to continuous access to revenue and, also, transparency and legitimacy, where waters can’t be muddied and relationships are clearer. 

Finance

How a small independent online business can benefit from advertising

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Recent research has found that over 70% of people research a small business online before making a first purchase. The online space is therefore crucial in creating traction for a new business, product, or service since it is the place where a good first impression is made. Implementing a good website and marketing strategy is paramount here since they have the ability to create a presence within the desired market and communicate with potential customers. One particular activity that is evidently successful in creating visibility for a brand and its website is advertising. Developing an advertising strategy that not only promotes a brand but ensures a valued customer journey is essential, and we’ll take a look at why below.

Considering the consumer journey

Before even exploring advertisement options, a small business must first consider their potential customer, since they will essentially drive the business. Understanding the needs of an audience will be useful in deciding what advertisement options to pursue, as a business will gain an understanding of what platforms they can be found on, such as Facebook vs Instagram. In understanding their journey, a business will be more able to make customers’ experience with the brand more enjoyable and memorable, which means the customer will be more likely to consider and complete a purchase.

As a business, it’s also essential to safeguard customers on their journey, as this will prevent them from coming into any harm and consequently avoiding the brand. This can mainly be done by preventing harmful ads from reaching customers via anti-malvertising software found on Geoedge. This can be considered as a business investment for every organisation on the internet as it puts the customer first, in turn giving the company the potential to create more revenue via increased purchases. After all, it’s typical of most people to leave a site when they are bombarded with ads: prevention is better than cure in this instance.

Advertisement type

Source: Pexels

When it comes to creating a business ad, there’s more than one option to choose from and you can select a few or implement them all. Among the most popular are PPC, Display and SEO, not to mention social media. Whereas PPC and Display are essentially visual advertisements like banners that are displayed on websites across the internet to create attention and create traffic, SEO is a bit more technical.

SEO stands for search engine optimisation and essentially makes a website more visible among an array of competitors on search engine platforms like Google. By utilising this as an advertisement opportunity, it will help a domain’s authority ranking to increase, making a brand more visible to its audience. Plus, advertisements are also trackable and software like Comscore enables a small business to trial what advertisements work for them in order to modify them in the future.

Since the internet is accessed by millions daily, it’s easy for a new independent business to disappear within the plethora of businesses. Yet, by implementing an advertisement strategy that caters to and safeguards potential customers while creatively and strategically placing ads online, small businesses will start to see an increase in traffic.

Philanthropy

Wyland paints team usa Tokyo Olympics surf boards

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At the time of this writing, it is still unclear whether the already postponed Olympics will go ahead as planned for Summer. Tokyo Olympic officials have said reports of another cancellation are false and that enough Covid vaccines have been secured to vaccinate every citizen of Japan. That bodes well for the games going ahead. With that in mind let’s optimistically report on a story about one of our favorite Summer Olympic sports: Surfing.

This year, the Wyland Foundation will be supporting the efforts of the USA Surfing team at the Tokyo Olympics through fundraising merchandise and Wyland painted surfboards to be auctioned off. The Wyland Foundation will be integrating the efforts to maintain healthy waterways and coasts into this year’s National Mayor’s Challenge for Water Conservation with an emphasis on the recreational role water plays in our lives.

“Just painted two surfboards for the US Olympic surf team. Carissa Moore, 4 time world champion and a member of the US Olympic Team for the Tokyo games and I pictured here at Haleiwa Alli Beach Park. I’m proud to be a US Olympic artist. Aloha!” said marine life artist, Wyland.

For years, WylandFoundation.org has rallied the support of mayors and cities throughout the United States to urge constituents to consider their environmental impact. The group works on educating constituents about CO2 emitted from our homes and lifestyles. Thousands participate nationwide annually pledging to save billions of gallons of water.

About the Wyland Foundation

Founded in 1993 by environmental artist Wyland (best known for his series of 100 monumental marine life murals), the Wyland Foundation, a 501c3 non-profit organization dedicated to promoting, protecting, and preserving the world’s oceans, waterways, and marine life. The foundation encourages environmental awareness through community events, educational programs, and public art projects. For more information, go to wylandfoundation.org.