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How to sort an ArrayList of Objects using Comparator in Java 8 - Ascending and Descending Order

There are a lot of examples of Sorting ArrayList in Java on the internet, but most of them use either String or Integer objects to explain sorting, which is not enough, because in real world you may have to sort a list of custom objects e.g. your domain or business objects like Employee, Book, Order, Trade etc. In order to sort an ArrayList of objects, you need two things, first a class to provider ordering and a method to provide sorting. If you know about ordering and sorting in Java then you know that Comparable and Comparator class is used to provide the ordering for objects. The Comparable interface provides natural order e.g. lexicographic order of String or name for Employees, while Comparator is used to provide custom order. It gives you the flexibility to sort your objects on the parameter you want e.g. you can sort a list of Coupon objects on the percentage discount, expiry dates, or based upon the total cost.