“Success is the sum of small efforts, repeated day in and day out.”

<ol><li>Small, incremental changes </li><li>Employee involvement </li><li>Continuous improvement </li><li>Problem solving</li><li>Standardization </li><li>uality control </li></ol>

Core Principles Of Kaizen

Rather than making large, sweeping changes, Kaizen focuses on making small, gradual improvements on a regular basis. These incremental changes can accumulate to significant improvements overtime.<ul><li>Being 1% better everyday will result in you being 37 times better than you were at the start of the year</li><li>being 37.78 times better is a 3678% increase per year. </li></ul>

1.) Small, Incremental Changes

Kaizen emphasized the importance of involving all employees in the improvement process. Everyone is encouraged to contribute ideas and participating in identifying problems and solutions <ul><li>involving employees can give them a sense of ownership, encouraging better work. People tend to work better when they feel that their ideas have value </li><li>this also leads to more solutions being present, instead of having one person not involved in the production of an item determine what’s wrong with it.</li></ul>

2.) Employee Involvement

The philosophy is rooted in the idea that improvement is an ongoing process. There is always room for improvement, and the goal is to consistently seek ways to enhance processes and systems.<ul><li>its a fools game to believe that everything runs perfectly, and nothing needs to be changed. </li></ul>

3.) Continuous Improvement

Identifying and solving problems is a key part of Kaizen. The method encourages a systematic approach to problem solving and focuses on addressing the root, rather than just the symptoms.

4.) Problem Solving

Once a successful improvement is identified, it is standardized and incorporated into the regular process to ensure consistency and sustainability.

5.) Standardization

Kaizen often includes aspects of quality control and aims to improve the quality of products or services by refining the process.

6.) Quality Control

“Kaizen is a way of life, a philosophy, and a tool for continuous improvement. It is the process of making small, incremental improvements regularly, not only in business but in all aspects of life.”

The kaizen method is a Japanese philosophy and approach to continuous improvement. The term “Kaizen” comes from the Japanese words “Kai” (change) and “zen” (good), so it translates to “change for better” or “continuous improvement “

philosophy

Philosophy

personaldevelopment

Personal Development

habits

Habits

Simplified Kaizen Method

“Never spend your money before you have earned it.”

Common complex terms are as follows:<ol><li>APR</li><li>Grace Period </li><li>Credit Limit</li><li>Minimum Payment</li><li>Balance Transfer</li><li>Credit Score</li><li>Cash Advance</li><li>Statement Balance</li><li>Late Payment Fee</li><li>Foreign Transaction Fee</li></ol>

Need To Know Terms Of Credit Cards

APR represents the yearly interest rate charged on the outstanding balance of a credit card. It is expressed as a percentage.<ul><li>APR will be shown </li></ul>

Scenario: 	•	Credit Card APR: 18%	•	Balance: $1,000	•	Minimum Payment: $50 per month How APR Works: 	1.	Monthly Interest Rate: APR is typically expressed as an annual rate, but credit card companies usually calculate interest monthly. To find the monthly interest rate, you divide the APR by 12 (the number of months in a year). monthly interest rate = 18%/12 =0.015 = 1.5%	2.	Interest on Unpaid Balance: If you carry a balance of $1,000 from month to month, interest is charged on that balance.So, in the first month, if you carry the $1,000 balance without paying it off, you’ll be charged $15 interest

APR Example

The grace period is the period during which you can pay off your credit card balance without incurring any interest charges. It usually starts from the statement date and ends on the payment due date.

Grace Period

1.	Typical Duration: The grace period is usually around 21 to 25 days, depending on the credit card issuer.	2.	Interest-Free: If you pay your entire balance by the due date during the grace period, you won’t incur any interest charges on the purchases made during that billing cycle.	3.	Effect of Carrying a Balance: If you don’t pay off your balance in full, or if you’re carrying a balance from previous months, you typically won’t have a grace period on new purchases. Interest will start accruing immediately.	“4. Cash Advances and Balance transfers: not covered by GP interest occurs instantly

Key Points On Grace Period

The credit limit is the maximum amount of credit available on your credit card. It represents the cap on your spending, and exceeding this limit may result in additional fees or declined transactions.Your credit limit is determined by the income amount you tell the lender you make per year.credit limits can be negotiated and raised naturally by good spending habits, change in income, or by calling your lender and increasing your limit if need be.

Credit Limit

The minimum payment is the smallest amount you must pay each month to keep your credit card account in good standing. It is typically a percentage of your outstanding balance.

Minimum Payment

1.	Higher Balance: More purchases increase the balance, raising the minimum payment.	2.	Interest Rate Hike: A higher interest rate means a higher payment.	3.	Added Fees: Late fees or other charges increase the payment.	4.	End of Promo Rate: When a promotional interest rate ends, the payment may go up.	5.	Calculation Change: The card issuer changes how they calculate the minimum payment.	6.	New Debts: Balance transfers or cash advances increase the balance.	7.	Debt Program: Enrolling in a repayment program can raise the payment.

How Minimum Payments Can Rise Per Month

A balance transfer involves moving existing credit card debt from one card to another, usually with a lower interest rate. It can help consolidate debt and save on interest payments.Consequently, while a Balance transfer does not directly hurt your credit score, several factors related to it can.

Balance Transfer

Your credit score is a numerical representation of your creditworthiness. It is influenced by factors such as payment history, credit utilization, length of credit history, and more. A higher credit score indicates better creditworthiness.Credit scores typically range between 300 and 850, although the specific ranges may vary depending on the credit scoring model used.

Credit Score

A cash advance is when you withdraw cash from your credit card. It typically incurs high-interest rates, transaction fees, and may not have a grace period, making it an expensive way to obtain cash.Therefore, avoidance of this is possible through the use of a debit card instead of your credit card.

Cash Advance

The statement balance is the total amount you owe on your credit card at the end of a billing cycle. It includes purchases, fees, and any interest accrued during that period.Your statement balance can transfer over to the next months billing cycle if you only pay the minimum. This will result in interest being charged to the remaining balance, and reflected in the next statement balance.

Statement Balance

If you fail to make at least the minimum payment by the due date, a late payment fee may be charged. It is essential to pay on time to avoid this fee and negative impacts on your credit score.A late payment fee can also result in your bank manager contacting you to talk about your future business with the bank/issuer.

Late Payment Fee

This fee is charged when you make purchases in a foreign currency or outside your home country. It is usually a percentage of the transaction amount and can add to the cost of international purchases.Similarly to avoiding Cash Advance fees, there are numerous ways to avoid these charges.Foreign transaction fees can be avoided, if your card issuer states in the cards benefits, whether or not the card charges a transaction fee in other countries. Most do, but some of the higher end ones do not.

Foreign Transaction Fee

“If you buy things you do not need, soon you will have to sell things you need.”

Credit cards have become an integral part of our financial lives, offering convenience and purchasing power at our fingertips. However, navigating the world of credit cards can be daunting, especially when it comes to deciphering interest rates, fees, and complex terms.

Credit cards have become an integral part of our financial lives, offering convenience and purchasing power at our fingertips. However, navigating the world of credit cards can be daunting, especially when it comes to deciphering interest rates, fees, and complex terms. In this comprehensive guide to responsible credit card usage, we break down the essentials

Discover the world of business and economics.

Simplified Kaizen Method

Credit Card 101: Understanding Interest Rates, Fees, and Terms- Your Ultimate Guide to Responsible Credit Card Usage

Benjamin Slapelis