Posts tagged: financial assistance

Personal Financial Management – A knowledge base

manageable financesFinancial management has to be one of the most daunting and demanding tasks that can cause an individual stress. There is simply no margin for error, and a slight misappropriation could have far reaching effects in the immediate future or sometimes later in life. Now, more than ever before, personal finances are at a greater risk thanks to the availability of easy digital spending platforms. Purchases are made easier by swiping or just by a touch of a button, and bank accounts are accessible through a myriad of services. With a few clicks a person can have thousands of dollars of credit and being destroying their financial future.

The Essence of Personal Financial Management

Basically, personal financial management entails understanding your financial situation at current state, and making plans for the future with what you have. It could also be taken to simply mean watching your spending, and saving what you can. It is important to be careful as someone can easily overextend themselves with just a couple bad moves.

The Specifics of Managing your Finances

Income and Cash Flow management

The easiest way of making the most out of your income is by putting in place a mechanism to track and understand what you get versus what you spend, and finally being able to gain capital for covering other additional concerns, as well as setting the stage for a bright future. However, what challenges most individuals is the means of tracking those finances.

Tracking your finances

Financial experts will tell you that the best way to track your finances is by keeping records of every single financial activity. It’s that simple.

Your financial trajectory will be drawn by calculating your monthly, weekly, or daily income against the amount you spend over the same period. Remember, in addition to your daily expenses and other miscellaneous expenses, other amenities such as rent, insurance, subscriptions, etc, should be included in your record. That way you’ll be in a good position to see the real picture and take the necessary steps.

By having such a detailed record, you will be able to qualify expenses in order of necessity, and somehow cut down on the ones you deem unnecessary, or those that you can do without. Luckily, today there are apps dedicated for the purposes of recording personal emoluments instead of keeping an Excel sheet (which is not a bad idea at all). When you can look at all of your expenditures at once, it makes it much easier to figure out where you are going wrong.

Financial Security and Growth Management

Insurance and investment have been listed by experts as areas of great importance. However, these are areas associated with persons who qualify, or can afford some expendable capital even after balancing their other expenses.

Insurance, for instance is listed as a basic requirement for modern living. You will need to identify a good insurance that promises to secure the well being of your family when hard times come, and no one knows when they do.

Investment on the other hand is dictated by a number of issues, like how and when to venture. It boils down to thinking strategically and taking risks, through what is projected to provide financial stability in future.

The best way to go about it is through starting off with a professional to manage your investments. It is an expensive venture, but the importance of lowering the risk outweighs the deal.

Putting up Liquid Savings

Part of the money meant for savings and growth should be accessible should an emergency arise. This could mean either maintaining a savings account with an emergency clause, or investing in a long term venture but with the ability to secure quick transactions during emergency. Ideally, it’s good enough to have enough money to live on for six months or more if a major issue arises.

Summary

The idea here is to practice individual financial discipline and to understand the different strategies of financial management, and how and when to execute them. A complete financial plan is what constitutes a stable financial future, but discipline is paramount. It takes dedication and sacrifice to attain the above, even when low or high risks are involved.

To learn more about investing and finance, check out this website.

Online Financial Market Trading Scams: Should You be Concerned?

money trading“I loved Internet businesses, having built and sold one. And I loved the financial business, despite the fact that it was almost all a scam.” – James Altucher

One of the most critical elements of transacting in any form online is the need to pay attention to Internet security. his point is illustrated by the latest news releases such as Facebook’s most recent security breach that was discovered on 25 September 2018. In this incident, about 50 million user accounts had their personal data compromised in one form or the other.

Additionally, Google announced that they are shutting down Google Plus because of a security bug that was discovered in the second quarter of 2018. As an aside, the company did not announce the issue when they discovered it as they were concerned about “regulatory scrutiny and reputational damage.”

However, be that as it may, the salient point here is that Internet security breaches occur across all sectors of the online world, including the online trading industry. Consequently, the hype around, and emphasis on, ensuring that you are in a position to protect your personal information, especially social security numbers, identity numbers and banking details cannot be underestimated or ignored.

Answering the question: Should you be concerned about online trading scams?

Personal Internet security across all Internet channels is equally important and should never be underestimated. However, this article’s emphasis is on the online financial trading industry. Thus, further discussions will be limited to this sector even though the basic principles are relevant across all aspects of global Internet usage.

The simple answer to the question of whether you should be concerned about fraudulent online trading brokers is: Yes. For all the reasons as set out in www.jonesmutualscam.com, not only should you be aware that dishonest online brokers are waiting to divest you of your finances, you should also actively investigate all online brokers for their legitimacy before you open a trading account with them.

Ways to find online trading scams

Consequently, the most crucial question that must be asked and answered is how to determine whether an online trading website is owned (and operated) by a fraudulent or legitimate company.

Here is a summary of the most pertinent points to determine whether an online trading company is genuine or fraudulent:

Risk warning (or the lack thereof)

Does the broker’s website prominently display the following risk warning (or a variant thereof)?

“Online CFD Trading has the potential to yield high profits, but it also involves significant risks. For this reason, consumers are advised not to trade funds that they cannot afford to lose. The trading outcome is dependent upon an unpredictable market. It is possible to lose one’s initial investment, and we… recommend that traders devise a money management system… to protect their investments.”

The rationale behind the need for genuine brokers to prominently display this information is that, apart from the fact that it is a legal requirement, it is a reliable indicator that the broker is vested in its traders’ success rather than accruing large sums of money for itself.

On the other hand, a scam broker wants to relieve you of your money by convincing you that trading on its online trading platform is virtually risk-free. Furthermore, the scam broker would like to you believe that it is safe to invest large sums of money at any given moment. However, sight should not be lost of the fact that the opposite is true. And you should only invest money that you can afford to lose.

Thus, it is crucial to stay away from all online financial market brokers that insist that CFD trading is either low-risk or risk-free.

Website UX and UI

An online broker’s website’s usability (UX) and user-interface (UI) are essential parts of a trader’s success and profitability. And a bona fide broker will invest in an easy-to-use, simple to understand website and online trading platform.

Conversely, if the online trading platform, as well as the rest of the site’s navigation, is not intuitive and simple to understand, then it is not worth opening an account with this broker. Moreover, a sloppy, difficult to use website can also be a clear indication of a fraudulent broker.

Buying a New Home Is No More a Distant Dream

money for homeEvery individual dreams of purchasing their own home. A safe place where they might want to raise a family, or look after their parents. While the rising cost of real estate often dissuades people from the task, it’s important to remember that with the help of a home loan, your dream home is no longer just a distant hope that won’t be fulfilled.

If you’re hoping to realise your ultimate dream of owning a home, let’s take a look at a few steps that will help you along your journey.

1. Get Your Priorities in Order

Before you even start looking for a house, it’s important that you understand what you’re looking for. Do you want a home that’s in the middle of the city where you work, or do you want something that’s a bit quieter and closer to your hometown? Think about whether you want a large house with a garden or park nearby, or if you’re content with a smaller home with a good view. Figure out what is most important for you to have in your home. This makes the selection process much easier.

2. Outline Your Budget

Whether you’re funding the house by yourself or applying for a loan, it’s important that you have an estimate of how much you can afford to spend on a home. Even if you do take out a loan, you’ll have to factor in the EMIs that you will have to repay into your monthly budget. For a better understanding of what you can afford every month, you can use an online home loan EMI calculator. Once you have your budget and priorities in order, you’ll be able to find a home that meets your needs.

3. Create a Shortlist

The house-hunting process is generally quite a long-drawn one. You may see several houses before you find one that you truly identify with. If you’re lucky, you may like a home the instant you walk in and see it. However, this isn’t always the case. Once you’ve seen a wide selection of houses, you should make a list of the ones that you would definitely consider buying. Then you can list out the pros and cons of each home before making your final decision.

4. Find Financing

Unless you’ve won the lottery or you’ve been saving incredibly well over the last few years, you’ll probably require a loan to cover the cost of your new home. There are a number of loan options available to you, and you will need to find one that fits your needs. Depending on your requirements, you could find a loan that offers higher financing, better interest rates, or quicker disbursals. You could also use a home loan calculator to find out the kind of EMIs you would be required to pay based on the interest rates being offered.

5. Budget for Your EMIs

Now that you’ve found your perfect home and got a loan to finance it, it’s a good idea to come up with a repayment plan. You may have to readjust your monthly budget to factor in your EMIs and curb your expenditure a little. Of course, it goes without saying that you should also ensure you put away some amount of your savings for any financial emergencies that may come your way.

With our 5 quick tips, you could soon be on your way to finding your dream home and settling down with your family. Remember, a home loan doesn’t have to be a burden, it could be the stepping stone that helps you achieve your dreams.

How should you plan for a proper trading method?

money tradingTrading is simple and hard at the same time. It could be either one for you. Or you might experience both while you are in this business. But, if you manage to make a good and simple plan for the growth of your business, it will be very easy for you to maintain your trading performance. With time you can improve your performance and quality of your trading. For that, you must have a basic method of trading. It will be the skeleton for your trading process. And all of the fleshes can be modified according to your preferences. Today we are going to talk about a simple method of trading. Hope you will use this technique for designing your trading approach.

Long lasting trades is first

You might be thinking like a normal business while trading in a marketplace. But here, it is actually the opposite. To make profits, you don’t have to trade too much. If you can trade with efficiency for a long time, it will help you to make a good amount of profit. And the amount would be far better than winning multiple trades. This is the secret of the trading business, to be simple and relaxed. Because with that environment, your head remains sharper than being busy with trades. So, it can think properly and use the strategies in your trade’s plan correctly. And when you can execute a trade correctly and you keep it open for a long time, it will make you a lot of money in the end. So, always try the long trades.

Learning from your mistakes

Learning from your mistake is very hard. But the professional Aussie traders always rely on their past trade to make a decent profit from this market. You might be thinking about the digital journal in the CFD trading industry. Being new to this industry it’s very obvious you will get confused with the long-term outcome of this market. But this is just like your traditional business. You can’t make any real progress unless you trade the market with discipline. To be a disciplined trader you must work really hard. But this is not enough to ensure your profit factors. You must develop the unique skills to learn from your mistakes. Fix your existing issues with the extreme level of care and trade the market with logic. Forget about the big winners even though you have access to high leverage accounts.

Using the daily charts

Before executing any trades, you must observe the condition of the market first. For that, you will have to look at those price charts that are changing in real time. It defines the condition of a market in any current situation. Looking at the charts also have some effects on your trading performance. When you use the smaller time frame charts, it will bother you more than using a longer time frame chart. Because the prices will be frequently changing, you will have to look at them more often. You have to keep up with the market to trade. But, being too busy with chart watching, you might get distracted at the right moment you have to trade. So, you must use longer time frame charts for example at least with 1-hour time span.

Focusing on the position

Timing is necessary for your trades. Otherwise, they might not make good profits. Because the market is not obsolete and it is constantly changing. One minute it could be by your side and the other it can be the opposite side of your trades. So, you must trade with accuracy on time. It is not possible for every trader or every time. But, you must try to improve yourself with time. If you have the focus on timing, one day or another it will get right. Just stay relaxed and look for the right moment to pull the trigger.

What’s a Limited Company and How Do I Start One?

building businessWhen you are starting up a new business there are a number of different ways you can set it up – one of these options is to create a Limited Company – this creates a business which is entirely separate from you and your personal finances.

1. What is a Limited Company?

The company has its own business name and its own separate identify. You need a business bank account and the business can make profits or loss. It can pay taxes and have debt, of its own, all separate from you as the business owner.

You have to have a company bank account – it can’t be in your name – and all money earned by the company have to go into the company bank account but this is relatively simple to set up.

It is important to understand that the company is separate from you as a person – if you want to have more control and be more involved then it might be better to set up as a sole trader – when you and the business are one and the same.

2. How to set up a Limited Company

The first thing you need to do is choose your company name, and then decide where it will be based. You also need to decide who will be within your company as well. Once you have all that decided you need to think about shares – if you have more than one of you owning the company you will need to decide what percentage you each own. Find out exactly how to set up a limited company in this step by step guide from Crunch.

3. Shareholders

You are able to add shareholders to the company but you should seek professional advice on this side of things as there can be tax implications.

4. Register with Companies House

Once you have decided on everything, you need to go to Companies House website and register your company for a low fee. You can do the whole process online. They will check if any other businesses have the same name as you and will ask who your company director and company secretary are.

It is often possible to do this through an accountancy firm. You need to be aware that being a company director comes with legal responsibilities.

5. A Memorandum of Association

Companies House also require you to file a Memorandum of Association which outlines why the company was set up and how it will be run. It can be used in tax issues or legal proceedings so make sure it is drafted correctly. You can write it but keep it as simple as possible in that case.

6. Consider professional advice

While the process is simple, if you get it wrong it could cause problems further down the line so you might want to consider getting expert help from your accountant or from a company set up specialist. There will likely be a fee involved but it will be worth it to get everything right from the start.

7. Working with your accountant

An accountant will often provide the support to set up your company for free as long as they then continue to work with you to deliver your payroll and taxes and support your business on an ongoing basis. It is definitely worth looking into for all of the help and support which you will get for your business from day one.

8. The business bank account

You don’t necessarily need a High Street bank for your business bank account but there are plenty of other options out there which can be set up quickly to help your business get off the ground without delay.

9. HMRC help and guidance

As a new business owner you need to understand your expenses and tax obligations as well as VAT potentially so it’s worth checking the HMRC website as they have a lot of information and advice for business owners.

They also run regular webinars and advice sessions on all kinds of tax-related business issues so check out everything on there to make sure you register with them for tax and if you need to register for VAT etc..

Again, it’s better to make sure you get everything set up from day one, correctly, so that your business starts from a positive footing. If you have any questions or doubts about business taxes you can also seek help from your accountant.

Setting up a Limited Company is a fairly straightforward process but it’s important to work out if this is the best route for you by looking at all the options first. If you do decide it’s what you want to do, then seek professional advice, from you accountant, before starting out so that you make sure everything is done correctly right from the start for your new business, giving it a good foundation.