Accounting Math

First off, one of the most useful types of math is the math that is used in accounting. Accounting involves basic arithmetic, mathematical comparisons, deductions, figure analysis and calculation, and more. Most accounting tasks involve lots of math and lots of numbers. Accounting programs have boomed in the past years as there has been a high demand for accountants. If you are looking into accounting as a future career, there are definitely some types of accounting math that will prove very useful for you.

Statistics

Another type of math that is commonly used in career fields is statistics. There are lots of statistics principles and properties that are used all the time in careers. For example, the Pearson correlation coefficient is critical to Six Sigma. Luckily, you don’t have to specifically specialize in statistics as a career in order to learn those skills. For example, many business managers find it useful to know some statistics in order to run their company.

Linear Math

Accounting and statistics might seem like some of the obvious types of math that are used in careers. However, linear math is another type of math that is used in many careers, like architecture, for example. Architecture and design are some of the careers that frequently use linear programming math and other types of math such as college algebra, trigonometry, calculus, probability. This helps them to design structures that will have great safety and integrity, as well as beautiful design.

So, next time that you complain about your required math classes, remember that the skills that you are learning could literally pay off in the future. There are lots of different kinds of careers like accounting, statistics, and linear math that could open up a lot of doors for your future career and lead you to something that you truly enjoy. Talk to your math teacher or an educational counselor today to see how your math education can help you in the future.

Check out this article on more careers for math lovers!

Companies Check Your Credit

Companies like insurance companies check your credit score before offering you rates. The better your credit score, the better rate they are willing to give you. This is the same for banks offering loans and credit cards, private lenders, and even landlords when applying to rent an apartment. Your credit score is a marker of your financial risk to lenders and companies, a good score meaning you are a less risky choice, and a low score indicating that you may be a financial risk to that company. Keeping a good credit score means these companies will be more impressed with your ability to pay them back.

Get a More Favorable Loan

Credit score is one of the largest factors involved in determining how much and how favorable the terms of a loan you get will be. Everything from home loans to business loans and personal loan rates and rules will be affected by your credit score. Good credit can help you buy a home when the time comes. If you have maintained a good credit score for your life, banks will be more willing to give you a larger and better rate on your mortgage, allowing you to buy more house for cheaper.

Easier to Rent an Apartment

Landlords almost always check your credit score as a part of your renters’ application. And if your credit score is bad, landlords can turn down your application, making it difficult for you to get an apartment, even if you make a solid income. When your credit score is good, landlords have confidence in your ability to pay your rent, and that makes you a desirable tenant. With a good credit score, you will find that apartment hunting becomes much easier.

There are countless benefits to a good credit score. Having a good credit score is the best thing you can do for long term financial freedom and well-being. Capitalize on these three major benefits of a good credit score and improve your score today

Interested in figuring out more about your financial situation? Check out our business calculators!

Installing New Flooring

Measuring to install new flooring isn’t as easy as it seems. Rooms are rarely perfect rectangles. Most have small closets, hallways, or doorway areas that you need to account for. Finding the square footage requires both measuring areas and adding them up.

Tile and plank flooring are sold in boxes, so that adds another step to the puzzle. You’ll have to determine your square footage and then find out how many square feet each box will cover.

Changing Out Cabinets

Before you change out your cabinets, you’ll need to measure the width, height, and depth, and sometimes angles and cutouts like space for a dishwasher. It’s best to start by drawing a diagram of your kitchen. 

If you’re updating your cabinets rather than replacing them, the job will also go more smoothly if you apply math. For example, you may need to calculate the volume of your cabinet before installing improvements such as pull-out shelves. Installing pull-out shelves can be easy, and is a great way to make it easier to get to what you need once you’re all done with the project.

Painting a Room

Before you paint a room, you need to know how much paint to buy. You don’t want to fall short and need to take another trip to the store, but you also don’t want to buy too much extra. Often, custom-mixed tints aren’t easily returnable.

Many people don’t allow for the areas you don’t have to paint, such as doorways, windows, and built-in cabinets or other features. The area of these items should be subtracted from the total square feet that you figured. That could save you a gallon or two.

Creating a New Garden

When creating a new garden, you’ll need to figure how many plants to buy to fill it up. This involves figuring the square footage and accounting for the number of inches needed between plants. If plants are spaced too closely, they won’t grow well.

For garden edging, you must measure the perimeter of the garden in order to determine how much edging to buy. It will be easy if you buy edging sold by linear feet. If you use bricks, you’ll need to divide the perimeter by the length of the brick to determine how many bricks to buy.

Making a Fire Pit

Fire pits are typically round, so your geometry skills will come in handy. You will need to figure how much gravel to line the pit with. Bags of gravel are usually measured in cubic feet. Use the formula ?R squared to find the area of your fire pit.

 But you’ll also need to figure out how deep you want the gravel to be. Take that number and multiply it by the square footage. That will give you the cubic feet needed. To figure the number of bags, divide the total cubic footage by the cubic footage covered by each bag.

Putting Up Shelves

Whether you’re putting up shelves for a practical or a decorative purpose, you want them to be even and at the right height. If you have more than one shelf, you’ll also want them to be evenly spaced. Measuring the height of the shelf is fairly easy, but remember to add an inch for the thickness of the shelf itself.

You may also need to center the shelf between two objects or corners. Measure the distance and the length of the shelf. Then, subtract the length of the shelf from the total distance and divide by 2. That will give you the number of inches of space to leave on each side of your shelf.

Installing a Swimming Pool

Before buying a swimming pool, you’ll need to determine what size and shape to buy. You’ll need to figure out the total square footage of your yard, minus the buffer areas you need for the distance between the pool and the house, trees, sheds, and other obstacles.

Draw a diagram of your available space and then figure the area of the pool you are considering. Pools may be round, oval, or rectangular, so you’ll need to know how to find the square footage of each. Add extra room for stakes, supports, steps, the filter, and other accessories. 

Every home improvement project demonstrates math in action, and the more you know, the easier the job will go. Review your skills if they’re rusty, and get your kids involved so they get real-world practice in math.

Worried about getting your conversions right? Check out this calculator!

Take Advantage of Deductions and Credits

Tax deductions and credits can help lower your income taxes. Tax credits decrease how much in taxes you owe, while deductions decrease how much of your income is taxed. There are a few credits to be aware of that can help keep businesses at a manageable level. A few examples of these credits are health insurance premiums and medical leave, making businesses accessible to those with disabilities, and hiring employees that are underserved like ex-felons.  

Make Sure Your Property Taxes Are Fair

Property taxes are based on the property value. This means that the amount can vary greatly depending on where your business is located, and the type of property. You want to make sure these taxes are fair, so you aren’t paying more than necessary in taxes. Consulting a certified appraiser is often the first step that commercial property owners take when looking to avoid a property tax hike. Your businesses assets, such as equipment, computers, or machinery, are also included in the property taxes. Different categories are taxed differently, so you should make sure they are within the correct tax category.

Get a Handle on Payroll Taxes

You as the business owner are responsible for your employees’ taxes, even if you are using a payroll company. You want to make sure these are being done correctly to save you time and money. There are penalties if these aren’t done correctly, such as if they are late or not paid. There are both federal and state payroll taxes. The main federal taxes include social security and Medicare. State payroll taxes include unemployment insurance, and some states also include disability insurance. While the employee owes some, so does the employer. You can make sure all of these are correct, so you don’t pay more than necessary or accrue fines.  

Making sure your taxes are under control can help your business save unnecessary costs in the form of taxes. Keeping your taxes under control will ultimately help you be profitable. When in doubt, don’t hesitate to have a network of trusted professionals who can help.  

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Avoid High Interest Debt

First off, your home equity can help you to avoid high-interest debt. You can use your home equity for credit in place of high-interest credit, which will help you to stay out of debt. Generally, interest rates are lower on home equity lines of credit than other lines of credit such as credit cards. 

Build Wealth Long-Term

Another great use of your home equity is to build long-term wealth. You can increase your home’s equity by paying off your mortgage and updating your home. As you take care of your home and renovate it over time, your home equity will increase. This will create a source of secure income that could increase over time. This is an especially good approach currently, as the market is booming and home prices and worth are constantly increasing. Home equity can be used for many things, including funding some of your retirement expenses if necessary. 

Consider a Home Equity Loan

While a home equity loan isn’t for everyone, it could be incredibly beneficial for you if you’re ever in a financial emergency. While there is some risk that accompanies this option, it could help you in a difficult situation, such as paying medical bills while you’re on medical rest and unable to work. Another similar option is using your home equity for a reverse mortgage, which will convert your equity into cash that can be used for retirement, long-term health care, and similar situations. 

When considering your assets, finances, and savings, don’t forget about your home equity. It is a source of wealth that can increase over time if you take care of your home properly. Your home equity can provide safety and financial security in the latter part of your life if you build it earlier on in life. Talk to a financial advisor today to see how your home equity can be a financial benefit for you.

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Age of the Car

A car can lose at least 20% of its original value within the first year of ownership. The good news is that every year after that, it levels out. The exact rate of your car’s depreciation depends on multiple factors. Because car companies release new models of their cars every year, older versions are regarded as less valuable. The natural wear the car experiences also shows the age of the car. Buyers are more likely to pay more for a new car than an old one (unless you have an antique that has been kept in pristine condition). This can and will affect the value of your vehicle.

Miles Driven

The miles you have driven in your car makes a big impact on potential sale price. The average person drives 12,000 to 15,000 miles a year. The higher the mileage, the more likely mechanical problems will occur. It is a natural part of owning and using a car. However, if you have 100,000+ miles on your car, buyers will be concerned with what they can get out of the car before it dies on them. This means you have about six years of great use before resale value depreciates even more. You can save mileage with everyday decisions to limit your trips around town, or by choosing to rent a car when planning a big road trip.

Appearance of the Car

Obviously when purchasing a new or used car, you want the car to look and feel nice. Appearance has a huge impact on your car’s value. Rust damage and a dirty engine will lose value on the car. A dent or scrape can also turn potential buyers away. Bumper stickers and enhancements will also bring down the value of a car. Paint protection helps your car stay in better shape, which can help you keep the aesthetic value higher. Investing in subtle auto body work will increase the overall aesthetic and value of your car in the long run.

Interior Condition

The interior condition of your car will also have a big impact on the resale value. If you have smoked, eaten, spilled things, or done anything that would tarnish the inside of the car, the value will go down. When someone purchases a used car, they don’t want to be reminded of the previous owners. Unfamiliar and unpleasant smells are a direct turn off. If your upholstery has holes or parts are either missing or broken, the value will also go down. Generally, leather seats that are cleaned and conditioned regularly hold their value and hide their age very well.

Current Fuel Prices

Believe it or not, current fuel prices affect used car values. If gas prices are high, individuals are more likely to want an electric or hybrid car. If gas is cheap and diesel is high, then there will likely be individuals looking to make a trade. Investing in a car that gets great mileage, tends to have more resale value and leeway when it comes to fluctuating gas prices. Unfortunately, if you are eager to sell, you will just have to deal with whatever the current fuel prices are. It is also important to note that as electric cars become more integrated and charging stations more popular, their resale value is increasing. Investing in an electric or hybrid car may not be a bad option if looking to capitalize on your investment in a few years.

Mechanical Condition

When selling a car, the buyer wants to make sure that it will be worth their investment. They don’t want to put more money into it than it is worth. Your car’s value relies greatly on its mechanical condition. If the check engine light is on, there are issues with the engine, transmission, or suspension, the cost it would take to repair comes out of the overall value. Bald tires, worn brake pads, and bad headlights also take away from its value. Often, the cost to get simple mechanical repairs done is cheaper than what you would lose on the resale. Investing in a few mechanical fixes prior to listing will give the buyer confidence in what they are purchasing and you have more money in your pocket.

Geographical Location

Where you live has a big impact on the resale value of your car. For example, a tropical climate does not have a high demand for four-wheel drive vehicles that are good in snow. A real-wheel drive convertible is much more common in that type of climate. Depending on the popularity and resources available, electric vehicles can either be seen as a commodity or a hindrance. The size of the vehicle will also play a factor when you look at the family unit size within your area. Sometimes you need to list your car in various places to find the right buyer.

The attachment you have to your car may increase the value it has in your mind. Unfortunately, new owners don’t care about the ballads you shouted at the top of your lungs, or the road trips you’ve taken in this car. You’ve been through a lot with your car, but that doesn’t mean the new owner will pay the extra price tag to compensate for your memories. Keep your car clean, perform regular maintenance, and take care of problems the moment they come up to keep your car happy and the value high.

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Dividend Stocks

A dividend stock is a stock where the owner of the share receives a set amount each year per share. For example, if you own 20 shares of a stock and the company’s dividend is a dollar, you can expect to make $20 from your stocks that year.

Finding the right kinds of dividend stocks to invest in can be challenging. The ideal is to find a stock with a low purchase price and a high dividend. But be aware that the stocks with the highest yield won’t always make you the most money. For example, if you buy a share of a penny stock for $.25 and the dividend is $.50, you’ll technically be making twice the amount of the purchase price. While this sounds great, you’re still only making $.25 off the stock.

Real Estate

Real estate is another great way to earn passive income. Start by thinking about what kind of real estate would work for you. For example, if you are mainly hoping to have the apartment stay consistently occupied by tenants, purchasing an apartment or house near a college campus can allow you to lease out each room. And because of your location, you’ll have a consistent stream of people to rent to. The only downside? College-age tenants can be harder on your buildings than other kinds of tenants.

While owning a rental property can seem like a lot of work, with management it can be a seamless passive investment. Find a great management company to work with and they can handle maintenance requests.

Flip Retail Products

Flipping retail products can be another way to make passive income, but it might involve a little more upfront effort. If you can find a retailer that sells a certain product at a lower price than what the average consumer would expect to purchase for it, try selling that product on Amazon or another online platform. Then forward the orders to your retailer.

Finding sources of passive income will help you better use the money you are making. Know that making passive income tends to be the hardest at the beginning. But once you get over the initial hump, you’ll start seeing major payoffs from your efforts.

Read this next: What You Should Know About Filing Taxes

Know Your Break Even Point

One of the most important things you need to do when you are budgeting for your business is to know what you need in order to break even. With your break-even point in mind, your whole budget becomes much simpler. This is because you can use your break-even point as a starting point to help you set your prices. When you know you will be making more than it costs to operate your business, you are in a good place and can start building things up and working towards the future of your business.

Consider Start-Up Costs

Generally speaking, it is more expensive to start a business than to run it once it is started. Those additional costs are known as startup costs, and they are an important part of your budget, especially early on. Your startup costs will be different depending on the specifics of your business and the industry it is in. For instance, franchises cost different amounts, depending on what industry they are in. That means that you will need to do specific research to be able to accurately estimate your startup costs.

Remember It Gets Easier with Time

Your first business budget will always be the hardest one, but it will get easier as you get to know your business. The main difficulty is that when you are just starting out you don’t have past years to compare to. That means you need to do research to help you to figure out how much you will spend on various elements of your budget. Later in the life of your business you can use each year’s costs to help estimate the costs for the following year. This is a huge time saver as your business progresses.

Every business needs a budget, and with the right research and preparation, it can be pretty simple to pull it together. Make sure you set apart some time to work on your budget so you can make sure it gets done well. The more you work to make your estimates accurate the better it will be.

Read this next: What You Should Know About Filing Taxes

Understanding What You’re Selling

You can’t properly sell insurance policies to people if you don’t even understand them. Policies will include copays, deductibles, premiums, savings, percentage increases, and other factors that impact the price. Overall, selling insurance requires fairly basic math skills. However, it is important to understand these math skills so you can properly explain the details to your clients. A clear understanding of math can also help you answer specific questions your clients will have about their policies and the factors involved. You then can easily make quick calculations to help your clients see the merit in the policies you sell.

Projecting Income

When you work as an independent insurance agent, you’re likely in it partly for the earning potential. However, it can be difficult to get started and earn big in the beginning. With the right math skills, you can determine how much you are likely to make and compare it with what you will need to earn to make ends meet. Most agents quit because they don’t earn enough from sales quickly enough to make ends meet. This means you need to invest a serious amount of time to build up a client base. Using math skills, you can make the calculations necessary to see what you need to do to get the amount of money you need.

Analyze Statistics

To be a successful insurance agent, you need to be able to review and analyze statistics. Looking over statistics can help you notice patterns in people who are buying insurance, people who don’t have insurance, and potential leads you can follow. You can use analysis in three main ways. You can describe and summarize the data, make predictions about the data, and use predictions to make informed decisions. To use this data, you will need to understand certain math principles.

You may think that being an independent insurance agent is just like being a salesman. However, that is not the case. You need to be proficient in math to be successful and build up a client base.

Read this next: What You Should Know About Filing Taxes

It Isn’t That Scary

If you worry about the IRS bursting through your door, don’t be. Though it is illegal to commit tax fraud or tax evasion, so long as you are honest on all of your forms everything should be fine.

One reason that you might be concerned about filing taxes is the forms themselves. It can be easy to misunderstand the goal of some of the paperwork. However, some companies have provided exceptionally easy guidelines for you to get ready for tax season. Contact your work to figure out how your tax documents will be given to you, and you should be ready for action.

Don’t Be Late!

Life can be busy. You may be preoccupied with other things in your life—continuing to place taxes on the back burner of your mind. You don’t want to do this. Missing your taxes has consequences you want to avoid.

For starters, you forfeit any returns you may have received had you been punctual. If you rely on this money to fund other things in your life, this is reason enough to not forget. However, the IRS can also charge you a penalty fee. This tops out at 25 percent of the total taxes you owe for the year. At worst, you can face jail time for tax evasion. For these reasons, you shouldn’t forget to pay your taxes.

Keep Your Documents

After you have sent your taxes in, you still aren’t done. You must keep recent tax information in an easily accessible place—particularly if you own a business. These documents can be a resource for other government-sponsored licenses. If your business is undergoing a tax audit, they will ask to see this information.

A filing cabinet or digital folder should suffice. This information must hide behind a locked drawer or password. They contain important information that can be misused in the wrong hands.

Taxes may sound obnoxious, but if you know what you are doing, they aren’t something to be feared or concerned about. Get them done early. Make sure you understand how to get the best returns possible. You’ll have nothing to worry about.

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