You know, cryptocurrency is creating a huge buzz these days.

And it’s not just that, it is one of the most volatile assets that anybody could invest in today.

But still, despite all this, many are convinced that it is seemingly the money of the future.

Bitcoin is so popular that even your favorite athletes are taking a swing at these digital investments.

But, why do these athletes dabble in something so uncertain?

It’s pretty simple, actually.

With all the buzz around cryptocurrencies and the Bitcoin price going to the moon, it’s no wonder that many of these athletes are taking their salaries in Bitcoin today.

Even some of the most popular NBA players are getting their just desserts from crypto.

So, if you’re curious to know which of your favorite NBA stars are embracing Bitcoin, how they’re doing it, and what kind of impact this could have on sports finance in general, you only need to keep on reading.

Overview of NBA Athletes Investing in Bitcoin

It’s 2024 and more and more of our favorite NBA stars are dabbling with the world of crypto today.

And with stars like Spencer Dinwiddie and Andre Iguodala leading the way, it’s no wonder why many others are getting into Bitcoin too.

You know, the NBA has also made some partnerships with crypto companies to jump on this bandwagon that has taken the sports industry by storm.

DID YOU KNOW?
As of 2022, crypto firms have spent over $2 billion on sports sponsorships, including the NBA, Major League Baseball, Formula 1, and Drone Racing League.

List of NBA Players Who Have Invested in Bitcoin

Spencer Dinwiddie played as a point guard for the Brooklyn Nets and has just recently signed a contract with the Los Angeles Lakers.

He is pretty well-known in the industry for his scoring and playmaking abilities, as well as for his involvement with Bitcoin investments.

In fact, he even tried to tokenize his NBA contract when the NFT craze was at an all-time high.

Andre Iguodala is a superstar four-time NBA Champion with the Golden State Warriors, former All-Star, NBA Finals MVP, and two-time Olympic Gold Medalist.

This Golden State Warriors star joined up with the CashApp app.

It is still unknown how much of his contract would have converted to crypto, but he made about $2.6 million in the 21-22 season alone.

Iguodala decided to take part of his salary in early January, when the coin price was peaking at around $42,000, it has since dropped below $30,000.

Klay Thompson might just have been discussing his finances with Iguodala because, roughly around the same time, he too decided to take part of his NBA salary through Bitcoin investments.

Following in the Footsteps

Just like these NBA players, many other sports athletes are following these trends as they see the potential of smart wealth management and invest opportunities in these digital assets.

In fact, recently, NFL star Russel Okung made headlines when he converted over half of his $ 13 million NFL salary to Bitcoin through his partnership with Strike.

NBA’s Partnership with Cryptocurrency Companies

Taking a cue from the players, the NBA has also started dabbling in the world of crypto to expand their investment portfolios.

It has formed partnerships with many crypto companies, which has opened doors for new collaborative opportunities.

Besides, these collaborations also allow fans to engage with their favorite sport through digital platforms.

Plus, this has also opened up more channels for potential endorsements and sponsorships for the players.

Impact on the NBA and Future Predictions

You know, the NBA player’s investments in Bitcoin could pretty much influence the adoption of crypto for the sports industry as a whole.

Increased Adoption of Cryptocurrency in Sports

Crypto is getting more and more popular among athletes as a mode of payment, with NBA players at the forefront of the trend.

Many more athletes are choosing to opt for Bitcoin as their preferred mode of receiving salary.

This also means that Bitcoin will become a more widely accepted form of compensation in the future.

Besides all this, it also brings into question its implications on the traditional sponsorship and marketing partnerships that the sports teams of the present enjoy.

Potential for Athletes to Be Paid in Bitcoin

You know, Bitcoin can pretty much change how the sports industry operates in the future.

It is basically a decentralized, secure payment option that also keeps a tamperproof ledger for all its transactions.

This gives the athletes more control over their earnings and also keeps their transaction costs low, as it’s not controlled by any central authority.

Bitcoin also gives the athletes a way to diversify their investment portfolios.  

Speculations on the Future of Bitcoin in the Sports Industry

When you take a deeper look at the potential of Bitcoin for the sports industry as a whole, it can bring in some pretty huge changes.

For starters, it can change how sponsorships and endorsement deals are done in the future.

Bitcoin is presently trading for $49,500, which is 144% higher than last year’s low of $20,000.

Conclusion

Many NBA players are actively embracing Bitcoin as part of their contract deals.

Adding cryptocurrency investments could give these athletes some great, practical, and efficient ways to manage their finances.

Bitcoin has some pretty huge potential for growth and innovation in the future.

The post NBA Athletes Embracing Bitcoin: A Look at Their Investments appeared first on A Place to Satisfy Your Inner Geek.

The government of the United States collected 425 billion U.S. dollars as tax revenue from corporations in 2022. According to the predictions of Statista, this number will constantly increase in the coming years. 

Paying taxes is compulsory for all entrepreneurs and business owners on the revenue generated by their ventures. Individuals and enterprises who are inside the tax bracket should consider this as a responsibility rather than a burden because the development of the nation depends on taxes. 

You should equally focus on overpaying your taxes as with underpaying. An effective tax planning strategy can help you save time and reduce tax liabilities. In this article, we will get familiar with the top 5 tax relief measures that will surely decrease your tax liabilities. 

Top 5 Tax Relief Measures

Several provisions of the government allow taxpayers to make investments from taxable money and cut off the part of taxation. Apart from that, there are several more measures you can use to reduce the taxable amount legally. Here are the Top 5 measures for tax relief:

Capital Allowances Uncovered

You must have heard from your CA about What are capital allowances and how they help in tax deduction. In simple terms, In the process of capital allowance, companies can claim certain expenses and costs of assets from the profit to reduce the taxable revenue. 

Capital allowance can be claimed on the following assets according to a fixed rate:

• Motor vehicles 
• Commercial buildings
• Plant and Machinery
• Computer software 
• Special intangible assets
• Retail and shopping centers

When enterprises acquire or improve property, they can claim capital allowances on some assets related to building.  The main benefit of capital allowance for businesses is that it increases their cash flow. 

This cash can be used in other operations later on.  It reduces the operating cost of the business and increases profitability.   Perks of capital allowance motivate organizations to invest in new technologies and innovations.  

Identifying Eligible Assets and Expenditures

Identification of assets and expenditures that are eligible for tax-saving measures is necessary.  Because you can implement the provisions and measures of tax relief only when you know the eligible components. 

As discussed earlier, you can identify the parts of your newly acquired and improved assets in the building to take advantage of tax relief provisions and increase the cash flow of the business. 

On the other hand, you can drastically decrease the taxable amount by identifying the appropriate expenditures under the provision of tax deductions.  Here are some of the main expenditures eligible for tax deduction.

• Cost of research and development.
• Employee training expenses.
• Expenses on eco-friendly technology.

You must be knowledgeable about the tax laws and regulations to effectively identify the eligible assets and expenditures for tax deduction.   You can also get help from an industry professional. 

An experienced and knowledgeable tax expert will not only help you identify the eligible resources but also ensure that your business takes full advantage of tax relief policies and measures. 

Interesting Fact
The Above graph shows the tax pillars and natural resource revenue in Latin America and the Caribbean (% of GDP)

Innovative Approaches To Tax Relief

Conventional approaches to tax saving are not as effective as they were in previous years. Because of this, innovative approaches to reducing taxable amounts are getting popular rapidly.  

Targeted tax incentives for specific industries and regions are the one method among all innovative approaches. The government can encourage investments and innovations in a specified industry by reducing the tax ratios. 

It will not only help taxpayers but also drive growth in the desired sector of the economy.   Targeted tax incentives provide immediate perks to business owners and support long-term development. 

Another innovative approach to tax relief can be to provide tax credits and incentives to encourage research and development industries.

These innovative approaches reduce the tax liability of entrepreneurs and help them work on innovative projects.  

Donate For Worthy Causes: 

Businesses can use tax-deductible donations to promote worthy causes in society. This measure will not only give you financial benefits but also help you fulfill social responsibilities.  

Tax-deductible donations are the sum of goods and money businesses donate to charity. It also helps in the unofficial marketing of your brand. You can sponsor charitable events and activities to establish your brand name on the local and national levels. 

Once you start donating to a social cause your competitors are most likely to do the same for similar activities which will ultimately help society. 

NGOs and other organizations working for a social cause get huge benefits when any business donates them an amount.  

It is advised to always keep a record of receipts, pay stubs, or bank records to show the legitimacy of donations whenever required.

Buy Vehicles: 

Buying vehicles for business use can deduct your taxable income.  You can analyze how many times you need vehicles for client meetings and other organizational operations. 

Based on requirements, you can buy motor vehicles for daily use. If you are using the car partially or completely for business, you can claim a business vehicle tax deduction on it. 

Some people use the same vehicles for personal and business use, they can claim the percentage of use for business in this condition. Following are the few conditions of business use of vehicles:

• For client meetings
• Meeting with suppliers
• Delivering items to customers.
• Meeting accountants and lawyers. 

Wrap-Up

Tax relief measures help business owners to reduce the tax burden legally. Entrepreneurs can opt for these measures to deduct taxable profits and invest that money somewhere else. 

Nowadays,  various online tax management tools are available, through which you can streamline your tax filing process. Hiring a tax expert  will help you benefit from all the ways to reduce tax. 

A knowledgeable and experienced tax expert will provide you with different ways to manage profits and reduce taxable amounts. 

In this post, we discussed the 5 most effective measures of tax relief. If you find this article helpful, share it with your fellow business owners and entrepreneurs. 

The post Enhancing Business Finance: The Power of Tax Relief Measures appeared first on A Place to Satisfy Your Inner Geek.

Disclaimer:
The contents of this article are for knowledge purposes only and do not constitute any investment or financial advice.
Please do your due diligence before putting your money into any scheme or platform.

The world of online trading is a pretty chaotic place to be, and finding an online broker who can help you navigate this chaos is even harder.

In this article, we will get more familiar with one such platform.

ArbiTrustCapital has been making waves in the online trading community recently.

So, What is ArbiTrustCapital?

Simply speaking, it is a new type of online trading platform that has a huge library of features that can easily match the preferences of any kind of trader.

It is a one stop shop to make trading wisely.

With access to multiple global markets, traders can now pretty much diversify their portfolios into a much larger pool of assets.

Plus, the platform is jam-packed with features that have something that both new and experienced traders can use.

Aside from this, the platform has a range of account options for traders of different skill levels and investment capacities.

Also, ArbiTrustCapital is pretty committed to giving fast and quick customer support.

This means that any queries or issues raised by the traders will be answered without much delay with satisfactory solutions.

Looking at ArbiTrustCapital’s Trading Assets

Well, the main appeal of the platform is that it offers traders the ability to trade in more than 200+ different types of assets.

For Forex, you have a pretty expansive selection of currency pairs to choose from.

The traders can choose from a selection of any major, minor, or exotic pairs of currencies.

This allows for a broad range of strategies they can use to find opportunities to make a huge profit. 

And with other options like crypto pairs, stocks, and indices, traders can very easily round out their investment portfolio with a variety of options. 

Key Insights into the ArbiTrustCapital Trading Platform

This platform is designed so that both beginners and experienced traders can use it with ease.

The platform is pretty user-friendly and easy to navigate.

With its minimalistic user interface, it balances simplicity with advanced functionality, giving traders an environment where they can focus more on trading without being confused.

Here are some of the key features of this platform:

Speed is pretty much everything in the world of trading.

ArbiTrustCapital gives its users pretty fast and near-to-real-time order executions.

This feature is especially important for traders who want to make it in the Forex market, where every second counts.

Traders are also able to customize their interface to suit their trading preferences and needs.

They are also able to create some pretty custom charts and tables so that they can easily identify trading opportunities.

DID YOU KNOW?
When people talk about stock exchanges, they talk about the New York Stock Exchange (NYSE) or the NASDAQ. These two are the biggest stock exchanges in the world. But there are over 60 stock exchanges in the world.

Understanding the Different Trading Account Types

ArbiTrustCapital has a multi-level account system that is made with the different skill levels and investment capacities of traders in mind.

This means that traders can easily find an account type that fits in with their trading style.

There are basically four different types of accounts offered by ArbiTrustCapital:

It is a great option for beginners who are looking to step into the world of trading for the first time.

With access to over 200+ assets, regular market reviews, and flexible leveraging of up to 1:100, traders can easily get comfortable with trading and gain more confidence.

The minimum balance requirement for this account is $250, making it easy for anyone to start trading easily.

This is a little bit more advanced of an option for experienced traders.

It comes with a dedicated senior account manager who will give the traders personalized guidance and support.

Aside from this, the traders get increased leverage options up to 1:200.

They also get better analysis tools as well as some good risk management options that can help them protect their assets from major losses.

Plus, the members of this account get access to monthly webinars, financial planning services, and priority withdrawals.

This account needs a minimum balance of $25,000 in the trading account.

This is an account designed to cater to the pros in the field.

With best-in-class features like leveraging options of 1:300, the traders can get more position scaling options.

Plus, they get the option of better trading and analysis tools with even faster withdrawal options.

The minimum balance for this account is around $100,000.

This is one of the most premium options available on the platform and access to it is only available by invitation as of now.

Traders get leverage up to 1:400 with almost no latency.

They get full access to all the tools, webinars, and in-depth market analysis available to them at any time.

They have the topmost priority in withdrawals, exclusive access to VIP events, and a special gift worth around $5000.

Evaluating its Customer Support

Customer support is the core of any online trading platform.

ArbiTrustCapital gives traders a pretty smooth experience in this sector.

Customer support is accessible through multiple channels, with the most popular being the live chat option.

Traders can easily get on the live chat and get connected to a customer support rep in little to no time. 

If their account level is high, they also get a dedicated support rep that will help them with all their needs.

From solving issues to helping them access important trading resources, ArbiTrustCapital is pretty committed to providing the best in class customer support that any trader could ever ask for.

Online Trading Platform Market size was valued at USD 8730 Million in 2021 and is projected to reach USD 13485 Million by 2030, growing at a CAGR of 4.9% from 2022 to 2030.

TL;DR: The Review

AbiTrustCapital is one of the few online trading platforms that gives its users access to a pretty diverse range of trading services.

It has redefined what online trading is. Plus, it also comes with more than 200+ trading options available.

And with its multi-layered account options, traders of any skill and investment capacity can find the best options for them on this platform.

Plus, they are also pretty committed to giving an excellent customer support experience for all tiers of the traders.

On a scale of 1 to 10, ArbiTrustCapital has earned an overall score of 6.5/10,This score is based on Trust, User Experience, Withdrawal Speed, and Customer Satisfaction Rates.

The post ArbiTrustCapital Review Helps Navigate the Trading World with Ease appeared first on A Place to Satisfy Your Inner Geek.

Doesn’t sound pleasant, right?  

But in a world where expenses are reluctantly rising, is it possible to save more money but don’t give up the fun stuff? It’s possible. 

Saving money is like a game where you find creative ways to keep more cash while still having a blast. 

One secret weapon in this game is a high yield checking account. It’s a cool way to grow your savings without cutting corners on your lifestyle. 

In this article, we’ll explore some fun and smart ways to save as a family.

Create a Budget Together

Creating a budget is not as complicated as you make it, it’s a simple pattern to scrutinize where your money is going or should be spent. 

However, you can think of making a budget like planning a family adventure, all you need to know is where you’re going and what you’ll need. 

Gather around and talk about what you spend money on – everything from ice cream runs to those monthly bills. 

Get your kids involved, too; it’s like a detective game where everyone helps to track down where the money goes. 

Once you know where your cash is going, you can spot easy places to save, like maybe cutting down on ordering pizza every week.

Shop Smarter

Shopping smarter is like a treasure hunt as you hunt for deals, clip coupons, or buy things in bulk when it makes sense. 

The kids should also be aware of how to compare prices and spot a good deal. It’s like a game where finding a lower price is a big win. 

Also, think about second-hand stores or swapping items with friends. It’s like a fashion show with a twist – finding cool stuff at lower prices.

Likewise, there are a lot of ways to save money in grocery stores but it all should begin with a shopping list. 

It frequently happens when we are on our way to pick up food and items, we fail to remember for what major thing we actually came out of our house. 

And due to this, we end up carrying products that are either already available or not in use, and that’s where the grocery list plays a vital role. 

Cut Unnecessary Expenses

Imagine that you are on a boat and because of the overload, your craft is drowning slowly. 

Now, in such a situation, any smart person will prefer to throw out the stuff that is no longer required or necessary, and that’s what cutting unnecessary expenses is like. 

Maybe skip that extra coffee shop visit or have a fun night at home instead of going out to the movies and nightclubs. 

These small changes are like tiny drops in a bucket that add up to a big splash of savings over time.

Remember, there’s no better time than now to reduce unnecessary expenses and take a step forward to allocate the money where it is truly needed.   

Use a High-Yield Checking Account

A high-yield account is like a superhero for your savings and a great place to stash your holiday spending money. 

Opening and using this tool is relatively simple and it helps your money grow faster because of higher interest rates. 

You can think of it as a magic pot where your money multiplies the longer it stays in. 

By keeping your savings in this account, you’re earning more without having to do anything extra. It’s a super-easy way to boost your family’s saving power.

SoFi states, “Every high-yield checking account also comes with a savings account that has a 4.60% APY.”

Plan Fun, Low-Cost Activities

Saving money doesn’t mean you have to stop having fun, you can still keep yourself entertained and on budget. 

All you need to do is find low-cost or free ways to have a blast e.g. you can go for a family bike ride, have a picnic in the park, budget-friendly camping trip,  break out a board game, puzzle, or deck of cards, or do a movie marathon at home, and many more.

There’s no doubt that these activities are not only cheaper but can be more memorable than expensive outings. 

Also, in this way, you not only save money but can actually bring your family closer with these shared experiences.

Major Statistic:
Total U.S. personal savings amounted to $802.1 billion as of April 2023. The personal savings rate (personal savings as a percentage of disposable personal income) was 4.1%.

Educate Your Family on Financial Literacy

Financial Literacy is a growing concern and both parents and schools must address it. 

You can make them involved in family budgeting decisions or can approach various other tools or software to inform them about how they can manage financial subjects. 

Explain how saving money can help them all reach big goals, like a family vacation or that gaming console they’ve been eyeing. 

Don’t make it a burden on them, rather teach the kids about money saving like giving them a secret map to treasure, so that they find joy in it. 

Turn it into a fun project with charts or a savings tracker. It’s a great way for the whole family to learn about the value of money and work together towards common goals.

Conclusion

Saving money as a family can be a fun and rewarding adventure. It’s about being smart with your spending, getting creative with your activities, and using tools like a high-yield checking account to make your money work for you. 

By working together, finding fun in saving, and teaching your kids the value of money, you can save more without feeling like you’re missing out on the good stuff. 

So start your family’s saving adventure today and watch your savings grow while still enjoying life to the fullest!

The post How Can Families Save More Without Compromising Their Lifestyle? appeared first on A Place to Satisfy Your Inner Geek.

Considering this, more people are sticking to ways by which they can manage their financial estate.

Here comes a set of techniques, strategies, and laws i.e. referred to as asset protection. 

You must be wondering can credit card companies garnish your wages? Yes, a credit card company can take legal action against the claims of creditors.

In this blog post, get to know how asset protection works, its strategies, and a few tips for the same.

A Brief Introduction to Asset Protection

Asset protection is responsible for safeguarding individuals or businesses from legal judgments, seizure, taxes, credit claims, or unwanted beneficiaries like former spouses. 

It is significant for individuals involved in a high-risk, occupation, or who have high-value assets.

Did You Know?:
As per the latest report, there are over 11,865 asset protection leads. These 11,865 leads are currently employed in the United States.

Amongst many instruments, use a few of them to protect assets before things go wrong. So, you must be prepared for it in case of a lawsuit or a state dispute. 

Asset protection is utilized by debtors for additional security when creditors are busy developing and planning debt collection strategies.

It ensures maximum inheritance left for the next generation following their death.

How Asset Protection Works?

The working of asset protection is based on various criteria. Those criteria define the level of security required. 

Below you can look at how it works and what factors play a significant role:

Knowing the identity of the creditor is vital. Also, one should educate themselves with the type of creditor.

Statistics:
The pie chart mentioned above demonstrates asset protection associated with gender statistics. Whereas 28.0% of associates are women and 72.0% are men. However, the average asset protection associate age is 43 years old.

Suppose, the creditor is one of the large institutions like a government. In this case, the government is likely to possess more power over asset seizures. 

On the other side, private lenders hold less control over them.

Transmutation arrangements should be considered between the individual and their spouse if the debtor is an individual.

Fast Fact:
Transmutation arrangements refer to the agreements that are used to determine if the property is split equally or separately by couples.

Despite this, it should be taken into account if they are filing a lawsuit. 

This is drilled to ensure that the property rights for an asset are transferred before lawsuits are filed to safer individuals. 

The loan agreement included details about the type of claims and restrictions that may affect the strength of the protection required. 

Let’s understand with the help of an example:

At the time of bankruptcy, dischargeable claims can be utilized. This claim can be written off or “injuncted” by the court. 

Nonetheless, with a dischargeable claim you can protect your personal assets since it requires a low degree of asset protection.

It is advised to critically analyze the nature of the claim and the sorts of assets covered by a creditor. Because numerous claims available are exempt from creditor claims. 

For instance, the homestead exemption ensures the protection of homeowners against the compulsion to sell their homes for debt repayment obligations. 

Note that, power of attorney is appointed sometimes for protection. 

However, comprehend the assets included in the creditor’s claim and the possibility of each asset getting seized during the lawsuit. 

Asset Protection Strategies

In this section, we have included some inexpensive yet simple ways of protecting your assets:

LLC is responsible for protecting the owners of corporations, limited partnerships, and limited liability organizations. It ensures individual owners are not held responsible for the debt of the institutions. 

The usage of the aforementioned measures is sometimes considered immoral. 

Nonetheless, a slew of fraudulent transfer rules makes it illegal to transfer assets. That too, with the intent of delaying or defaulting on debt obligations. 

Likewise, laws followed in the United States permit creditors to pursue individuals via corporations and LLCs.

APT is a type of irrevocable trust allowed in states like Alaska, Delaware, Rhode Island, Nevada, and South Dakota. 

It is a comprehensive approach that offers a way to transfer portions of assets into a trust. These are run by an independent trustee.

In simple words, APT is a form of a bank that retains assets at the settlor’s discretion to protect them from creditors.

They can be either domestic or offshore whereas domestic trusts are not allowed in all states, but offshore trusts are.

It can work as an alternative to a prenuptial agreement. 

What else? APTs are well suited for individuals with high net worth and in professions at risk for lawsuits. For instance, doctors and real estate developers.

Property transfer rights allow individuals to transfer an asset to their spouse, relative, or close friends to protect them from the creditor’s claim. 

Therefore, debtors possess their assets without losing them to the creditors. 

Regardless, it can be quite risky, in case of conflict with family or friends since they legally own your assets.

Interesting Fact:
96% of all lawsuits are filed in the U.S.

However, legal jurisdiction regulates fraudulent transfers, and the debtors are accountable for delaying payments which may lead to fines or time in jail.

Tips for Asset Protection

A technique of asset protection should be integrated to prevent litigation around the property, foreclosure, or mortgage payment default. 

Despite this, here are a few tactics for asset owners or debtors to employ:

• Prepare early for any claim, liability, or lawsuit by establishing asset protection strategies.

• Recognize regulatory or judicial control.

• Failure to plan might lead to accusing the asset owner or attempting to conceal them by the court. 

• Own commercial insurance coverage. It will protect against legal fees during lawsuits.

To Sum Up,

Conclusively, understanding asset protection is no rocket science. It simply refers to a collection of legal tactics used to keep a debtor’s assets. 

Asset protection strategies to safeguard assets against claims by a creditor without the debtor’s engagement in criminal activities like fraudulent money transfers, tax evasion, etc. 

Regardless, it’s great to approach an expert lawyer for its planning. In the end, they hold expertise in their respective fields.

Consequently, it saves time and professionally stimulates the process. 

Also Read: How Can You Perform Better Asset Management in Modern Industry

The post How Asset Protection Works? appeared first on A Place to Satisfy Your Inner Geek.