ENTREPRENEURSHIP ABOUNDS – With the economy on the rebound and technology on the rise, there’s a lot of talk about start-ups. In fact, billionaire entrepreneur Richard Branson is calling this, “the year of the entrepreneur”, not just in California’s Silicone Valley, but across the US and around the world. The rise in entrepreneurship could be a result of employers wanting to save money by not paying benefits. Branson says entrepreneurs who want to succeed need to focus on having a purpose beyond profit.
THE RISING ROLE OF SOCIAL MEDIA & TECHNOLOGY – From small start-up businesses to big banks, more and more people are using social media and technology to do business. In fact, Cisco recently announced that there are now more mobile devices on Earth than people; can you believe that?!?! So this year, expect to see more finance based companies, like credit card companies and banks, with their own social media page and more promotions for customers. Maybe your small business should try this?
MORTGAGE RATE INCREASE – The real estate market is finally making a comeback with the end of the housing crisis. Foreclosure filings were the lowest last year in almost eight years. This year, analysts predict interest rates will go up three to five percent.
MOBILE APPS & PAYMENT METHODS – Last week, I wrote about how a rewards credit card (such as a hotel or airline) could be a great benefit. This year, many companies are adding apps that track your expenses or let you know where to shop. This year, expect to see more mobile payment apps and even person- to-person payment services to send, receive or request money from anyone including friends, family and even landlords. Bank of America, JPMorgan Chase and Wells Fargo have already introduced the funds transfer service. This could be a good idea for your small business to receive payments faster.
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Photo Credit: Rakratchada Torsap
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There are a lot of new finance trends for 2014. Hopefully, like those born in the year of the horse on the Chinese calendar, we are all skillful with our money. In the meantime, look out for these upcoming trends, which could help you save money in the future.