Category Archives: Finance

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

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.

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

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.

Should You Take Out a Second Mortgage?

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

Providing Relief to Ukrainian Refugee’s and Their Pets

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.

Crypto Currency Pop Quiz

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.

How To Choose A Mortgage Broker

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

NFTs meteoric rise in 2022

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. 

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

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.

Tinder suing for 2 billion dollars over stock devaluation

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 livesbut 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. 

Considering the Investment Value of a Retirement Home

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  

Why Everyone Should Strive To Pay Off Their Mortgage Quicker

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. 

Influence of COVID-19 on luxury refurbished market

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.

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

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.

formula 1: $100 Million Cryptocurrency Sponsorship

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.

Ecommerce Is Evolving And Here’s How

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

Why Getting a Business off the ground takes Guts

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.

There Are New Forms Of Money On The Horizon

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 evolvingFor the Silo, Danielle Mowbray /creditangel.co.uk

Future of spending with digital money

PC’s- Canada Realty Market Fueled by Money Laundering

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.

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

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. 

How a small independent online business can benefit from advertising

Source: Pexels

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.

Wyland paints team usa Tokyo Olympics surf boards

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.

Bitcoin Can Now be Purchased Through PayPal but is it Ready for the Average Internet User?

After many years of toying with the notion of moving into the cryptocurrency market, 2020 finally saw PayPal admit to its ongoing interest, and embrace Bitcoin (and others) within its existing online payment services

gold-colored Bitcoin

The news has, within the crypto circles, been long anticipated. Following a disastrous attempt at collaborating with tech giants like Facebook and Mastercard on the Libra Project a while back, it looked as though PayPal may have gone shy on the idea altogether. That, coupled with the fact that interest in bitcoin and other cryptocurrencies among the ‘general digital public’ failed to take off in the way that was once predicted, made it seem as though a mainstream uptake of virtual currencies was nothing more than a pipe dream.


Of course, all that has now changed, and the company has finally enabled all users to buy, sell and store cryptocurrencies within its platform.
But, will this bring the average internet user to crypto for once and for all, or will the alternative currency remain relatively niche online, in spite of efforts to make it more accessible? Read more below.

Online Payment Services Are Adapting to User Requirements Better than Ever Before


In its heyday, PayPal was the go-to online payment service for anyone looking to make their digital dealings safer, more convenient, and more efficient. Rather than storing their personal details with multiple sites and companies, users could provide them once and once only, and allow PayPal to handle the security side of things.


The only issue was that PayPal was famed for its high transaction fees – both for merchants, and customers.


Now, the realm of online payment services has evolved to ensure that companies have fine-tuned their process for a relevant service – and that, in the process, transaction fees are kept competitive. In the realm of the online entertainment industry, digital casinos now offer Idebit deposit options for Canadian players over 18, for instance; in the US, vastly popular apps like Cash App and Venmo enable instant peer-to-peer payments with minimal processing fees.


There are two consequences to this evolution within the online payment services industry. For one, digital payment services are growing more attuned to the needs, concerns and demands of their users than ever before. They have to, if they are going to compete with the years in which PayPal has stood as the paradigm for payment security. This means that, for the average internet user, crypto will remain largely obsolete; they can feel safe in the payments they make online, and do not need to explore other avenues.


Secondly, it means that PayPal is facing significant competition on all sides, and that more and more users run the risk of abandoning the service altogether in favour of something cheaper, more convenient and easier to use.

Does the Average User Even Need Crypto?

PayPal is infamous for keeping the details of its new projects close to its chest, which means that we cannot be sure exactly what their motivations behind embracing crypto really are. Some already believe that it is ensuring a revolutionary stimulus for Bitcoin. It may simply be another move intended to ensure that they keep up with digital trends, rather than a fully-fledged commitment to the future of online payments.
In reality, many using the internet today have no need of crypto. Sure, it is safer and more private – something we all need to prioritize – but so are the services currently working to unseat PayPal at what it does best: simplicity.


Bitcoin is not simple – in fact, it is far from it. PayPal’s move toward the realm of virtual currencies does not make the technology itself any simple or more accessible to those who hold only limited knowledge about it, and only by targeting these user groups does it look likely that they will begin to embrace this alternative currency. For the Silo, Mildred Austria.

How Sixty Percent Of Consumers Have Changed Shopping Behaviors Due To Covid

Global Consumer Spending to Plunge by 8.6% to $44.3trn by end of 2020

The coronavirus pandemic has changed almost every aspect of people’s daily lives, and consumer spending is no exception. The uncertainty of the COVID-19 crisis caused considerable changes in consumer habits, forcing them to cut down their budgets and prioritize spending.

According to data presented by StockApps.com, the coronavirus outbreak is expected to cut global consumer spending to $44.3trn in 2020, an 8.6% plunge year-over-year.

$4.2trn Drop in Spending Amid COVID-19 Crisis

Falling consumer spending has significant effects on overall Gross domestic product (GDP) growth, considering it accounts for almost 70% of GDP.

Before the COVID-19 crisis, global consumer spending has witnessed steady growth for five years in a row, revealed Statista, IMF, United Nations, World Bank, and Eurostat data. In 2015, it amounted to over $41.5trn. Over the next twelve months, this figure rose to $42.5trn and continued growing. Statistics show that in 2019, consumers worldwide spent a total of $48.5trn, the highest amount in a decade.

However, the coronavirus crisis triggered a sharp fall in 2020, with global consumer spending expected to plunge by $4.2trn year-over-year. Nevertheless, statistics show the following years are set to witness a recovery, with consumer spending growing by 20% to $53.5bn in 2022.

Statista data also revealed that Switzerland represents the leading country globally, with over $40,000 in consumer spending per capita in 2020. Luxembourg ranked second with around $5,000 less than that. Iceland, Denmark, and Norway follow, with $34,300, $25,800, and $25,600, respectively.

60% of Consumers Changed their Shopping Behavior

The Mc Kinsey & Company survey showed consumers became increasingly cautious with their spending in 2020. Even after countries lifted lock-downs, many consumers still see their incomes fall, forcing them to reduce budgets and change shopping habits.

Statistics show that increased time spent indoors led to significant growth in consumer spending on groceries, household, and home entertainment. Brazil, South Africa, and India lead in this category, with up to 30% consumer spending growth. Major consumer markets like the United States, United Kingdom, Germany, and China witnessed around 15% grocery shopping growth in the first half of the year.

However, with consumers being mindful of their spending and turning to less expensive products, 2020 has witnessed a plunge in clothes and accessories, outside entertainment, services, travel, and transportation spending. Respondents in all countries said they cut down spending in these categories between 20% and 50%.

The McKinsey survey also revealed the COVID-19 outbreak triggered a significant change in the shopping mindset. More than 60% of consumers globally have tried a different brand or shopped at another retailer during the crisis, mostly for convenience, value, and quality.

In China and the United States, over 75% of consumers reported trying a new shopping method, and 60% plan to stick with it post-crisis. The United Kingdom and Germany follow with 71% and 54% of consumers who practiced new shopping behavior. In Japan, where lockdowns weren’t imposed, only 33% of consumers changed their shopping mindset. For the Silo by Jastra Kranjec.

Featured image- Wicker basket by George’s Baskets.

Violence Against Women Costs Lesotho South Africa $113 Million USD Annually

Lesotho–South Africa relations - Wikipedia
Lesotho, South Africa- Commonwealth member.
A recent Commonwealth report has revealed violence against women and girls costs Lesotho more than $113 million (about 1.9 billion Lesotho loti) a year. The report estimates the total cost, including loss of income and expenses associated with medical, legal and police support, equates to around 5.5 per cent of Lesotho’s gross domestic product (GDP).

The cost of $113 million means each Lesotho citizen loses at least $50 every year to violence against women and girls.The cost of $113 million means each Lesotho citizen loses at least $50 every year to violence against women and girls.

The bulk – $45usd million – is attributed to legal protection, healthcare, social services and learning loss.

This is more than twice the amount – $21 million – Lesotho spent on health, education and energy in the last fiscal year. The report sets out policy recommendations for the health, education, legal and private sectors to better meet the needs of victims, which include: Updating the forms used for collecting data on violence against women and girls; Using digital services to collect and share the data with stakeholders; Training staff responsible for recording, analyzing and sharing data; Developing a broad approach involving all sectors to prevent the abuse; and making strategic shifts to allocate resources to carry out these recommendations.

Commonwealth Secretary-General Patricia Scotland said: “This report proves once again that ending violence against woman and girls is not only the right thing to do but it is also the smart thing to do and beneficial to us all. “Tackling this issue will prevent immense pain and suffering for individuals and communities and will also end the damage this violence does to our economies and prosperity. “As the first report of its kind to focus on Lesotho in this way, our intention is that it should provide the basis for designing more clearly focused national policies and programs, and help ensure that adequate resources are allocated for priorities such as training service providers.

“The findings put a price tag on the endemic scourge of gender-based violence, and demonstrate that the consequences of ignoring the problem are far higher than the cost of taking preventative and remedial action. “By providing the baseline for a series of periodic costing studies and practical intervention, we hope the report will help pave the way towards significant progress on eliminating violence against women and girls, thereby saving many lives.”

The loss of income for women who experience violence due to missed days of work and lost productivity comes to $22usd million annually. Income losses result in less spending which triggers a negative impact on commodity demand and supply of goods and services. Lesotho’s Minister of Gender and Youth, Sport and Recreation Mahali Phamotse said: “Violence against women and girls is a problem in Lesotho which affects national development.“

The report will help Lesotho come up with appropriate strategies that will help eradicate violence against women and girls as we are now aware of its causes and economic implications. “The report calls for immediate action through which my ministry will embark on a project to ensure the protection of women and girls.”

In Lesotho, about one in three women experience sexual or physical violence in their lifetime, similar to the global prevalence rate. The Commonwealth worked with Lesotho’s Ministry of Gender and Youth, Sport and Recreation to conduct the study and produce this report.

This is the second country report completed by the Commonwealth. The first was produced for Seychelles in 2018. Read: The Economic Cost of Violence Against Women and Girls: A Study of Lesotho 

The Commonwealth is a voluntary association of 54 independent and equal sovereign states and includes Canada. Our combined population is 2.4 billion, of which more than 60 per cent is aged 29 or under. The Commonwealth spans the globe and includes both advanced economies and developing countries. Thirty-two of our members are small states, many of which are island nations.

The Commonwealth Secretariat supports member countries to build democratic and inclusive institutions, strengthen governance and promote justice and human rights. Our work helps to grow economies and boost trade, deliver national resilience, empower young people, and address threats such as climate change, debt and inequality. Member countries are supported by a network of more than 80 intergovernmental, civil society, cultural and professional organisations.
 
For the Silo, Snober Abbasi.

Commonwealth Charity Match Will See Cricket Legends Bat For Barbados

Cricket legends will play a ‘Peace at the Crease’ charity cricket match later this year in Barbados on 17 October.

Proceeds will support activities to promote peace and tolerance in disadvantaged communities across the Commonwealth.

Commonwealth Secretary-General, Patricia Scotland, and Barbados Cricket Association president, Conde Riley, announced the event on Saturday.

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The match coincides with the 15th United Nations Conference on Trade and Development (UNCTAD) quadrennial meeting taking place in Barbados. 

Legends from the game will form Barbados XI and Commonwealth XI teams to play a T20 match at the Kensington Oval in Barbados.

The Secretary-General said: “I am very proud that Peace at the Crease – which draws on the ideals of cricket and the use of sport as a tool for the promotion of Commonwealth values – will soon be coming to the Caribbean.

“We are lighting the flame for peace and tolerance in the Caribbean. We hope it will spread to every region of our Commonwealth. I cannot wait for the game.”

The Secretary-General came up with the ‘Peace at the Crease’ initiative to use Commonwealth cricket connections to promote peace and development.

In 2018, the first match was played between the Popes XI and the Arch Bishop of Canterbury XI. The initiative has since grown into an independent ‘Peace at the Crease’ charity. 

President Conde Riley said: “Across the Caribbean, crime is going through the roof.  “We hope to use ‘Peace at the Crease’ and the Barbados season to sensitise everyone about where we are and what we need to do [for peacebuilding].”

Association vice-president Calvin Hope said the concept of ‘Peace at the Crease’ fits within the personality of all Barbadian cricket legends.  He added: “Cricket touches every household in Barbados. This initiative is a vehicle to renew Barbados’ hope.”

A similar event in Africa is currently being discussed, with Nairobi being considered as a potential venue. The Secretary-General thanked Kenyan Cabinet Secretary for Sports, Heritage and Culture, Amina Mohamed, for her ongoing support for the initiative.

More details about the charity match will be released soon. 

Can You Replace Your Windows And Doors During Winter In Kitchener?

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There are a number of reasons why you might want to replace your windows and doors in the winter. Either you’ve just moved in and want to upgrade them because they are old, or maybe you feel like they aren’t performing well, or perhaps even you may just feel like they are out-dated and that your home needs a new look. 

Windows and doors are an essential part of any home. They allow us to enter and exit our home, to let air and light in, but they are also designed to protect us from the elements and intruders when necessary. When they aren’t performing optimally, windows and doors can be the cause of heat loss in a home which can in turn make your furnace overwork – meaning you will be paying more on your energy bills.

When considering window replacement, it’s important that you find a window and door company in Kitchener that manufactures their products according to the highest energy standards. Look for a company that can offer you ENERGY STAR® certified windows that can help you lower your household energy bills by an average of 12 percent. Bonus: by lowering your energy consumption you are also helping to reduce greenhouse gas emissions.

Best Time to Replace Windows and Doors

You might be thinking that the middle of winter isn’t the most ideal time to contact your local window installer. Not only may it seem like it would be difficult for them to work in bad weather, but you’re probably also worried about the snow and cold getting into your home while they work.

Despite your worries, professional, certified window installers are typically able to install your units in one day. They also take precautions to ensure that your home is protected while they work, like by putting up plastic sheeting to keep the elements out and your things protected.

You can trust a window company that takes the time to assess your home and give you a quote before beginning work. The best ones will even do the measurements and check the work being done twice before starting – this ensures that everything is exactly to your specifications.

Once a day has been selected, your window and/or door installation team will likely ask you to move items at least two feet away from the areas being worked on. They’ll also ask if there is anything outdoors that they need to be careful of – like a favourite bush or flower bed.

By providing them with the information they need upfront, they’ll be able to prepare properly to make sure that nothing gets damaged in the process. If it’s just a straight replacement, things generally go smoothly and quickly, and as already noted can typically be finished in a day.

With the right windows and doors, you can protect your home from heat loss this winter, lower your energy bills, and also beautify the inside and outside of your home.

Why You Should Fix Up Your Roof Before Selling Your Home

If you’re planning on selling your home, you’re most likely overwhelmed with several different tasks around the house. Many homeowners will spend countless hours painting their walls, decluttering rooms and staging their homes before putting them on the market.

As important as these tasks are, they pale in comparison to the one thing that many homeowners fail to do: fix their roofs.

Although it may seem unnecessary, fixing your roof is an essential step for homeowners that want to make the most out of their properties.

Continue reading to learn more about why you should replace your roof before selling your home.

1 – Increase the Value of Your Home

Although it is a costly investment, a new roof can add a lot of value to a residential building.

Homebuyers are attracted to properties with new roofs. When they see a freshly installed roof, they get peace of mind because they know that they won’t have to replace it for several years.

The amount of value that a new roof adds depends on the materials that you use. If you are planning on replacing your roof, you should avoid using metal roofing. Although metal roofing can be attractive, many feel that traditional laminate shingles offer a larger return.

2 – Improved Curb Appeal

Anyone who has bought or sold a home knows how important curb appeal is. For those that don’t know, curb appeal is a term that signifies how attractive a building is from the outside. Homes that have a lot of curb appeal will get more attention from house hunters.

If you want your home to stand out from the local competition, you need to replace your roof as soon as possible. A fresh roof can be seen from down the street and gives any home a clean aesthetic. To get a better idea of how a new roof can improve a home’s curb appeal, be sure to scroll through websites like Metroroofing.ca.

3 – Prevent Future Issues

If you’re about to sell your home, you want to make sure that it is left in good condition for the next owner. Not only is this an act of common courtesy, but it also prevents you from being held responsible for issues that may occur in the future.

Disclosure is extremely important in the real estate world. Before selling your home, you’ll need to disclose any physical defects that you are aware of. Some examples of these issues include:

  • Pests
  • Leaks
  • Mold

To keep yourself (and the future homeowners) safe, you need to get your roof inspected by a professional. Roof inspectors are trained to identify minute issues that can’t be spotted by an inexperienced eye.

Even if you’re thankful for the roof over your head, you need to consider replacing it. This is especially true if you’re planning on selling your home in the near future. Not only can a new roof add value to your home, but it can also improve the overall curb appeal and prevent future issues.

Start Saving for an Emergency Fund

Debt is much more common than you think. Almost everyone has encountered it at least once in his or her life, and it’s nothing to be ashamed of. What is most important is being able to recognize it and address that you need help.

One way to get help is by consulting a not-for-profit credit counselling agency that offers holistic support in all aspects of debt maintenance. The right agency will offer advice on everything from how to spot and avoid credit repair scams to delivering judgment-free credit rebuilding advice through wise credit and money management.

To avoid future situations of financial uncertainty start saving for an emergency fund once you’ve been able to knock off some of your debt. Having a safety net will make you feel more stable in years to come, and as the title suggests, it’s always an excellent idea to have funds available if any sort of emergency takes place.

It takes time and dedication, but you’ll thank yourself later on when you can pay debts off in half the amount of time as it would normally take.

How Much Should You Save?

Of course, everyone’s situation is different. Depending on if you have a family or you live on your own, if there is a beloved pet that may require medical care — there are many factors that can affect how you should consider initiating your emergency fund.

It’s a common belief that a typical person should be able to access six-months of salary at any time. This is incredibly unrealistic for most people, but it can be a long-term goal.

Look at what you earn per month, and think of an amount that makes sense to set aside in a savings account each paycheque.

How to Build the Emergency Fund

Speak with your Credit Counsellor first to gain some insight on what your emergency fund could look like, and consider these ideas.

  • The first step is to save one month of living expenses. Sit down and plan out how much your food, entertainment, bills, rent, and so on cost. Work out how long it would take to save that amount, and set aside a chunk of money each month. Even if takes a few months, the point is that you’re working toward a goal.
  • If time and health allow, get supplemental income. Are you free on weekends to work a few shifts at your friend’s store? Perhaps you could take on an additional freelance writing or design gig to chip away at in the evenings. It’s hard work, but if you’re able to take on something a little extra, it will pay off.
  • Save your tax refund. It might not be possible to save the entire amount, but if you’re able to, do it! After you’ve filed your taxes and if you qualify for a refund, saving it can be a simple way to boost your savings.

Think about the benefits of opening an emergency fund. You’ll feel so much more secure and calm knowing that there are funds available in case something unpredictable happens.

You will get back on track and you can plan for the future.