Business

Talks about Mommy Ginger’s business tips and advice for momtrepreneurs. She shares valuable knowledge on topics like branding, marketing and consumer insight.

What You Should Know if You’re in the Middle of a Lawsuit

I have a friend who’s in a middle of a lawsuit right now and it got me wondering about people who are in this situation. I’ve always been a fan of courtroom dramas so I wanted to know more about this. I gathered some information fo people who are in a middle of a lawsuit.

It’s not always easy to find out that you’re in the middle of a lawsuit. You might be looking for information on how to deal with it or trying to figure out what you should do next. This blog post is designed to help people like you who are in the middle of a lawsuit and need some guidance on what they should know.

Photo by Sora Shimazaki from Pexels

#1 Keep all the relevant documentation safe

You need to keep all of the paperwork related to your lawsuit together, so it’s easy for you or someone else to find later on if necessary. This is especially important during a lawsuit because having everything documented will make things easier for your lawyer, and they can use that information as evidence in court.

Keep this documentation organized from the beginning, even if you’re not going through a lawsuit right now. Suppose anything happens at any point down the road where you need proof of something. In that case, it could be helpful to have a record saved somewhere safe, like an encrypted file stored online, or simply kept with other relevant documents in one place (like a filing cabinet). It might also help to take photos of important documents if you can.

#2 Don’t say anything that might be harmful to your case

You should limit the amount of information you share about your lawsuit in public, especially on social media. You never know what someone might do with that information or who they will tell it to. The last thing you want is for someone else to sabotage your case by sharing something important before you’re ready for them, too, because then there’s nothing you can do to fix it. 

And even if no one does anything malicious, sometimes people just don’t think things through and may say something without meaning harm which could also be damaging, so try not to let this happen either way, even if all of this seems like overkill, at least keep conversations relevant only towards the topic of your specific lawsuit off social media so other non-involved parties won’t get confused or have to keep up with too many details.

#3 Get a good lawyer and listen to their advice

It’s important to keep in mind that you need quality representation for car accident cases and someone who knows what they’re doing and is trained for this specific reason. If you end up getting a bad one, then it might not be their fault because there are plenty of lawyers out there who may have experience but don’t know how to win the case or do anything beneficial with that information. 

Make sure your lawyer has good reviews from other people so you can trust them, otherwise find someone else if necessary until you feel confident enough about their skillset. And always listen to what your lawyer says. Even though it seems like common sense, sometimes the best thing for your case is something simple that most people wouldn’t think of themselves without being told specifically what needs to happen next.

#4 Don’t hide anything from your lawyer

Your lawyer needs to know everything so they can be the most effective, which means you shouldn’t keep anything a secret. They will find out anyway, and it could damage your relationship with them if you hold back information that might have been helpful for their case just because you didn’t want to share something personal or embarrassing. 

If there’s not much time, then at least tell them all of the important details about what happened before meeting with them in person, so they don’t waste any time asking questions when they already know most of what went on (and this is true even during mediation).

What Stocks to Buy When you have $100 on GoTrade

I posted on Facebook that I was testing out GoTrade, and a lot of friends responded. GoTrade is an application where I purchase foreign (mostly US) stocks. I made an intro blog post on Gotrade here: Buy Foreign Stocks with GoTrade

Personally, I find it to be more convenient than the other platforms, because of these things:

a. GoTrade allows me to purchase fractional shares. In other platforms, I need to purchase at least 1 share of stock for some popular stocks. But some of these these popular stocks costs hundreds of dollars to just purchase 1 share. With GoTrade, I can buy fractional shares and get in on the action when gains are seen from these stock shares.

b. I love that it’s so easy to cash in. You can cash in using GCASH, a UnionBank Account or a BPI account. I’m sure they will add more soon, but these three options are enough for me.

c. Withdrawing from GoTrade is also very convenient with a very affordable transaction fee of $4. And the money is deposited in a matter of minutes with instant withdrawals.

One question that I was asked by friends when I posted is which stocks did I buy.

I started with depositing $100 right off the bat (I wanted to experiment and test quickly). By the way, please do not take this post as financial advice. I am not a financial advisor or financial planner. I only share what I have experienced and what I am doing with my personal portfolio.

So for that $100, I placed them in these stocks.

  1. TESLA

I was attracted to purchase US stocks because I saw that a lot of vloggers where talking about AMC (during the time I started). Personally though, that time, I really wanted to purchase TESLA stocks. This is how I stumbled upon GoTrade.

So I initially placed $10 on this stock.

I then wanted to test out purchasing other stocks so I researched about it and wanted to place in ETFs. ETFs are exchanged traded funds. ETFs are like mutual funds, but ETFs are bought and sold throughout the day on stock exchanges. ETFs are basically created for individuals who want to mitigate risks, because instead of purchasing just one stock, the ETF helps you by actually investing in different stocks.

I was so excited to see ETFs from Vanguard in GoTrade. Vanguard is a trusted name when it comes to ETFs for most investors. They have different ETFs focusing in different sets of stocks. The ones that I purchased are VTI, VOO and VGT.

Other stock shares that I bought initially are those of the Pharmaceutical company, Moderna and that of a tech company, which is Google (for obvious reasons). I also later on invested in a lot more technology companies (which I will share in a different post soon).

Another segment that I was looking at was REITs or Real Estate Investment Trusts. REITs are basically investing on Real Estate without really owning properties for rent such as commercial spaces, malls, etc. We know that Real Estate investing is nice to have in our portfolio, but while I save up to purchase properties, REITs will do. I’ve been noticing that now, local companies like Robinsons Land and Megaworld are releasing REITs.

In GoTrade, they have different choices of REITs. I personally invested in O or Realty Income, Ares Commercial Real Estate and LTC Properties. Feel free though to research more about these different companies.

So there you have it. So for my $100, these are the companies that I invested in.

Some things to note…

I do dollar cost averaging, so I make it a habit to place a little amount every week if possible. I place around $20 a week at least (as much as possible).

I also check on the stocks that issue out dividends. You can check it on GoTrade by checking the Dividend Yield of the stock.

So that’s it for my answer to what did I purchase with $100 dollars. Hope this article helps.

If you haven’t downloaded GoTrade, you can look for it in the App store or Google playstore. You can use my invitation code to get in.

Use this invitation code so you can use Gotrade! It’s by invitation only 🙂

If you have any questions, feel free to comment on the section below! Have a great day!

Taxation for Philippine Social Media Influencers

Whenever my content creator friends and social media influencers would ask me when is it the best time to pay taxes, I would always tell them that once you are earning, you have to pay. And this is not because I want to be some goody two shoes in this industry, but personally, what I value most is peace of mind. So today, let’s go through this RMC about Taxation for Social Media Influencers.

Believe me! I had my fair share of missed tax filings and books that were not updated years ago, and it was not a fun thing to go through. I had to pay exorbitant fees, but I couldn’t blame anybody else. Paying taxes is the responsibility of the tax payer, so I couldn’t blame my accountant or blame the BIR for charging me. Having no knowledge of the law is not an excuse, so we all better brush up on learning about taxes.

Why are we discussing this? Yesterday, our tax ministry, the BIR, released a Revenue Memorandum Circular (RMC) or a memo reminding everyone that all Social Media Influencers to file and pay their taxes. This is RMC97-2021. Some of you would ask “who are Social Media Influencers”? So the BIR actually gave a run down of who these people are and they specifically mentioned those who are under the YouTube Partner Program or basically people who are earning from Youtube.

But, if you earn via direct advertising, meaning you get paid by brands, or you earn via other platforms like Facebook (via support badges, stars, etc.), Twitch (via bits and subs), Kumu (via in app gifts, etc.), Instagram, even Affiliate commissions, please please please do pay taxes for these things, well. The law states that if you earn any income on Philippine soil, you will have to declare taxes for these earnings.

So how do you begin?

I wrote a blog post before where I explained how you can start paying taxes as a freelancer: A FREELANCER’S AND CONSULTANT’S GUIDE TO USING TAXUMO

Feel free to go through this post.

In the RMC, BIR also goes through the allowable deductions or basically, what are the expenses that you can declare. It also goes through compliance from registration, to updating your books and filing and paying taxes (which I discussed in the shared linked above for Freelancers).

The BIR goes on to remind the penalties for tax evasion and failure to file a return.

Penalties for Online and Social Media Influencers who evade taxes and who fail to file their taxes

After that, the BIR discusses double taxation. Double taxation is basically being taxed by the platforms that you use and being taxed as a professional. An example for this is that Google LLC withholds 24% of your earnings. Then when you declared in the Philippines as a tax payer, you will have to pay VAT/Percentage, Income tax and (if applicable) withheld taxes.

To avoid double taxation, one must secure a tax residency certificate (TRC) from the BIR and then this is submitted to the foreign platform who is applying taxes in their own countries. Note that this is only applicable to platforms and entities in countries that the Philippines has a tax treaty with.

What happens to your taxes in that foreign country? In the case of Google LLC, the previously withheld 24% will now become 15% and then you still have to pay taxes in the Philippines. Of course, for other platforms, they will have yet to share what their own taxes are.

So with the reminder yesterday, the last section of the RMC states this…

So there you have it. If you have questions or you need assistance, feel free to chat with Taxumo via the chat button on their site: https://www.taxumo.com or email them your inquiries customercare@taxumo.com.

What Type of Investor are you?

I started investing in US and foreign stocks a month back via GoTrade. If you want to start buying foreign stocks, too, you can use my invitation code, 458377 so you can use this app, too. Anyway, I’ve noticed that I’m the kind of investor who was doing Momentum Investing at first. This is the reason that I got to buy AMC stocks, much like my favorite YouTube vloggers.

But as soon as I saw and researched that the best way to go if you are more on the conservative side, is just do Dollar Cost Averaging.

What is Dollar Cost Averaging?

Dollar-cost averaging or Peso-cost averaging (since most of my readers are from the Philippines) is when you amke the same amount of investments at set regular intervals. Example, if you make a $10 investment on Vanguard Total Stock Market ETF every 30th of the month on Go Trade, that is cost averaging.

Use this invitation code so you can use Gotrade! It’s by invitation only 🙂

Why do people like this way of investing? I personally think that no matter how you try to predict the market, you can’t be 100% right. So the regular investments that you make at regular intervals just captures the market prices at all levels whether it rises or dips and thus, you mitigate the risk by “averaging” the prices out.

I personally find this investing strategy comforting. I used to check the markets daily (maybe I still do… haha!). But, now, I am more at peace and comfortable.

Also, there are other types of investing and some methods may work well for other people.

The other one is Momentum Investing, just like how I did it when I was starting.

Momentum buy stocks when they know that the prices are going to go up and sell stocks when the prices drop. I was fascinated at first by checking charts and studying trends, but then, personally I got tired of monitoring. But there are people who are really good at this. Stock traders and brokers are very experienced when it comes to this and they probably enjoy this as much as I enjoy watching shows on Netflix or playing games online. You can try this type of investing, too, but just know that there are risks involved.

The other type is value investing. I was watching a video yesterday of this vlogger going through some undervalued stocks that people don’t notice. That vlogger is a value investor and always looks out for these types of stocks. In the article that GoTrade shared with us, they mention that these “undervalued stocks are stocks with prices they believe are below the intrinsic value of the security”.

So when you buy stocks that are undervalued now and then they grow in value, your investments grow. In this kind of investment, you just need to know and look at different kinds of stocks and search for the ones that are undervalued.

And another type is Growth Investing. Just like the Venture Capitalists who are looking for the next big “unicorn”, growth investors are looking for the next big stock. These investors look at the trends and look at the growth potential of the company. Usually, since these are newly listed companies in the stock market, they don’t give out dividends.

And the last type that I know of is called Dividend Investing. Aside from Dollar Cost Averaging, I actually am also trying this out. I look for stocks that give a high divided yield, and then I DCA on those stocks. Usually, those that give out dividends are more established brands. But note that the frequency of dividend payouts are not guaranteed. If a company decides not to pay dividends for the year or quarter, it’s their choice.

So these are the types of investment strategies that I know of. Did I miss anything? How about you? What type of an investor are you?