Posts tagged: funding

Need Some Extra Cash? You Could Get It Without Working Harder

more money in needThere might come a time in your life when you could do with some extra capital. Maybe you want to start a business, or you fancy taking the kids away for the holiday of a lifetime? Either way, most people think they have to work harder than they do at the moment to build their bank balances. However, in many instances, it’s possible to do that without making too many changes to your routine. Believe it or not, the average family wastes thousands of dollars every single year, and so you just need to stop doing that as soon as possible. The advice below should come in handy.

Transfer the balance from your credit cards

Lots of people take out credit cards and then only make the minimum payment every month. That is fine for the first year because most cards come with 0% interest. However, after twelve months, the provider will often begin to charge interest on the balance, and that’s where folks tend to make mistakes. If you continue to send the minimum amount, you will never make a dent in the debt according to sites like thesimpledollar.com. So, search online for a new credit card that offers 0% on balance transfers. You can then move the money you owe to a different creditor and continue reducing the amount you owe.

Look for a debt consolidation deal

Debt consolidation arrangements have many advantages including:

  • Only having to deal with one creditor
  • A single affordable monthly payment
  • Lots of breathing space

The people behind debtconsolidationprograms.co and other industry leaders claim that a significant percentage of individuals could benefit from a deal of that nature. In most instances, you just have to get in touch with a consolidation expert and explain your situation. They will then take a look at your finances and let you know if they can assist or not.

Use comparison sites to find better contracts

You live in the digital age, and so it makes sense that you should use technology to your advantage. There are many different price comparison websites around today for almost everything. That means you could secure some astonishing savings if you visit the right domains and shop around. People who compare deals online could save a fortune on:

  • Home energy
  • Home insurance
  • Cell phone contracts
  • Car insurance
  • And more

If you’re not aware of the top comparison domains at the moment, just search Google, and you should discover lots of sites that will help you to reduce your outgoings.

The suggestions made in this article are almost guaranteed to provide you with some extra cash. Now you just have to work out the best ways of spending that money to improve your situation even further. Some people might want to use it to start a business or make investments. Others may choose to pay more than the minimum amount each month and get themselves out of debt a little faster. The decision is down to the individual. Just make sure you don’t waste the money or get yourself deeper into financial trouble.

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10 Crucial Things To Consider Before You Invest

investment mattersAny smart person who wants to make more money will look into making investments. If there’s one thing for certain, it’s that investing your money in various ways is much smarter than simply putting it into savings.

Investing will make your money grow much faster than a savings account will – especially since interest rates have remained stagnant for quite some time now. Bear in mind that inflation will have an affect on the money you save, meaning that it will be worth much less in the future. Putting your money into the right investments ensures that your money retains it’s value or grows in value.

Here are 10 crucial things you should be considering before you invest:

1. The Best Use Of Your Money

The first thing you need to consider is whether investing is the best use of your money. Of course it is at some point, but right now, you may have other priorities. For example, paying off debts first and foremost is crucial. The longer you’re in debt, the more interest you pay. Paying off your debts ASAP will ensure you have more money freed up for investing in the future.

Health insurance is also a good shout. You never know what the future could hold, and this way, you’ll have peace of mind even though you’re not plowing every cent you have into a savings account.

That being said, you should have a cash cushion of at least 6 months expenses. You never know what could be around the corner. Consider every eventuality. May you need to take a pay cut? Could you lose your job if the company goes bankrupt? Lots of things can happen, so being prepared for them is a must. Just make sure you have your money in an easy access account!

Once you have these things, you can confidently begin investing your money!

2. Goals For Investing

You should know your goals for investing, as this will determine where you put your money. If you’re on the verge of retirement, safer investments are best for you. Bonds are fairly safe so look into those.

You can afford to take a moderate risk if you won’t need the money too soon. In this case, stable companies that pay out dividends are a good option. You can maybe take aggressive risks for higher gains – best for keeping your money in investments for quite some time. Look into companies that are focused on growth and investing money back into the business.

You can even potentially start investing for two different goals. For example, investing for a house downpayment which is short term, and investing to retire which is long term. Having goals like this will make you more financially secure and smart both now and in the future.

Know exactly what the goal of your investing is so you can make the right choices!

3. How Old You Are

Being young has its advantages when it comes to investing, but don’t panic if you’re older. It’s never too late to start, you may just need to alter what you’re doing a little to make it work.

When you’re young, you tend to be more secure, have less responsibilities, and have more disposable income. It’s also easier to pick yourself back up and brush yourself off after making a mistake. In your 20s especially, your biggest asset is time. Make the most of it when you’re young by making riskier investments and taking advantage of the fact you have more time for compound interest.

4. The Time Before You Need The Money

Some investments will have shorter goals, some won’t. Bear in mind that some investments come with charges if surrendered or redeemed before a holding period is up.

We mentioned it earlier, but the sooner you need the money, the less risky your investments should be!

5. Your Risk Tolerance

Not everyone can take risks with their money past a certain level. You may worry as you have responsibilities and dependents, or it can be something simple. The ups and downs of the stock market can make some people uncomfortable.

A higher return may not be worth the stress or losing sleep over, so bear that in mind. Consider your personality and what you expect you can handle in terms of investment risks. Bear in mind that you don’t have to navigate this minefield alone. There are financial planners, wealth advisers, and robo-advisers to guide you through the process.

6. A Diversified Investment Portfolio

A diversified investment portfolio is recommended for anybody and everybody who wants to invest. You can invest in many things, including:

  • Different companies
  • Industry sectors
  • Markets
  • Asset classes

Having all of your money in stocks can’t be considered a diverse portfolio. Having diversity in your portfolio can help protect you from market fluctuations. The more powerful your portfolio will be if you take the time do this, and the more smoothly things will run for you.

7. How Involved You Want To Be In Your Investments

You can be as involved as you like when it comes to your investments. You can work on them everyday, or take a backseat and let a dedicated professional do this for you. If you don’t have the time, you can delegate portfolio management to a financial advisor. You could even hire a property manager if you’ve invested your money in property. There’s barely any need for you to be involved at all, but it’s totally your preference.

8. Is There An Expert You Can Speak To?

If you’re totally confused, there are places you can find experts. There are dedicated people out there that can advise you, and networking on LinkedIn could even be an option. By doing this, you might just come up with questions you didn’t even realize that you should be asking.

Look for a professional investor or an investment banker and see what you can find out.

9. Do You Understand Growth?

To understand growth, an investor has to dig into the key financial statements. The things like balance sheets, income statements, and cash-flow statements. In the consumer sector you can ask for retail level sales too. Understanding growth is key to ensuring you’re putting your money into the right investments.

10. Knowing Your Exit Strategy

Above all else, you need to know exit scenarios for the industry that interests you. Having an exit strategy is crucial if you want to avoid potential disasters. You can take different things into account, such as how big the company is and the margins. Whatever you do, make sure you develop an exit strategy that suits you and makes you feel comfortable.

Now you’ve considered these 10 crucial things, you should have a good idea of what step to take next. Do you need to pay off your debts, save up a cash cushion, or find an expert to guide you? It can all seem complicated at first, but you don’t need to be an expert or even a business person to invest. Everybody should invest, as it can be a very smart way to use your money.

If you don’t think you have the cash to invest right now, take a good look at your budget and spending. Chances are, you’re buying many luxuries that can be cut back and better spent on your investments. If you’re going to experience investment success, you need to get serious about it.

Do you have any tips and thoughts on investing? Leave them below!

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Mid-Thirties? Worried About Retirement? Check This Out!

retirement issuesAs people approach their mid-thirties, many folks begin to worry about what might happen to them after they retire. At the moment, those individuals will have no trouble finding a job that pays decent wages and keeps a roof over their heads. However, that is going to change as they move closer to retirement age, and so it’s essential that everyone creates a plan. The advice below should assist readers in making sure they leave no stone unturned when it comes to preparing for the financial implications. So, put the information to good use and stop stressing so much!

Choosing a private pension plan

Most employers offer pension plans to their workers these days. Indeed, that is a legal requirement in some western countries because the government is struggling to cover the costs of state programs. However, there are also lots of private companies that offer excellent deals if people are willing to shop around. It’s sensible for everyone to opt for a private pension by their mid-thirties because that will give people enough time to build a substantial nest egg. Here are some tips for finding the best solution:

  • Shop around
  • Compare products
  • Perform an affordability assessment
  • Check for any hidden charges or fees

Making smart investments

Some folks like the idea of using their savings to make investments and create profit. That is a fantastic move, and it could enable people to retire a little earlier than most others. Of course, there are many different risks involved, and it’s always possible to lose everything. So, savvy individuals will make sure they use the services of a broker when they’re just starting out. Also, it’s handy if new investors target the most stable markets to ensure they reap lots of rewards. Everyone should have heard the term “derivative trading” before, but what is a CFD when it’s at home? Anyone who wants to launch themselves into the investment world to pay for their retirement will have to perform a lot of research so they can answer that question.

Paying your mortgage debt

The most substantial debt most people face relates to their home mortgage. Everyone should try to clear the balance and pay as much money as possible to the bank while they’re still working. The last thing anyone wants to do is default on their payments when they only have a few thousand dollars left. There are a few different options on the table, but the most sensible ideas are:

  • Increasing mortgage payments while you still have a job
  • Selling the house and buying somewhere different
  • Finding a deal that enables you to sell the property and rent it back

If people manage to get rid of their mortgage debt, they shouldn’t face as much pressure when the time comes, and they retire.

Readers who might have concerned not mentioned in this post are advised to take a look around before they leave this site. There is an excellent retirement section that should cover all the most popular topics. When all’s said and done, preparing for retirement is not an exact science, and individuals should use some common sense and think outside of the box. Just make sure there is going to be enough money around so you can live a relaxing and comfortable life. That’s the goal.

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Stuck for Cash? 5 Short Term Solutions

money stuckWe’ve all found ourselves, at one time or another, financial strapped. It could be an unexpected car repair, a short work week or even an unexpected medical expense. Whatever the reason, it causes stress and anxiety, especially if you don’t know where to turn for solutions. These 5 short term solutions may just help you get by until your cash flow picks up again or until you can get past the unexpected expense.

1.Cash Loans/Short Term Loans

Cash loans don’t have the best reputation in the financial world, and that is mostly because they bear higher interest rates and can be easily abused. However, if you are in a bind and know that paying back the loan won’t be an issue, they can be a short term solution to a financial need. Be sure to read the terms, understand your obligations as the borrower, and plan ahead so you can ensure the money is paid back on time preventing further interest or penalties. A cash loan broker will connect you with multiple lenders who may offer different terms, rates etc. IneedmoneytodayASAP is a website that provides this service and you can visit their website here.

2. Sell Unwanted Items Online

You would be amazed at the amount of clutter you might find by simply cleaning out your garage or basement. You might find items you haven’t used in well over a year or more. These items are great candidates for online classified websites where you can sell you items locally and receive cash for them fairly quickly. Do a quick online search in your area for local buy and sell groups or even on social media for places to post your unwanted goods.

3. Visit the Pawn Shop

Similar to selling online, but much faster turn around, taking unwanted items to a pawn shop will yield you some extra cash. You will not be paid the full value of your item in most cases, since the shop will want to make money too. Alternatively, you could put valuable items in hock until you can pay to get them back. Be sure to read the terms so you know exactly how long you have before that item becomes property of the pawn shop.

4. Take the Bus, Walk or Car Pool

Simple but definitely cost effective, taking public transit or walking places will save you tonnes of money compared to driving everywhere. With the rising cost of fuel, driving is a costly commodity. You could talk to a co-worker and see about car pooling if public transit or walking are not an option. Even if you did this for a week, you would save a fair amount on gas.

5. Make Coffee at Home and Pack Lunches

While this short term solution won’t put cash in your pocket, it will keep the cash you have in there. Making a coffee at home every morning could save you between $1 and $2.50 per day for just one coffee. Packing your lunch from home will save you even more–somewhere around $10 per day! That’s around $2500 a year if you ate out every work day. Imagine that nice chunk of savings you could be using for more important things, in your bank account.

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The Essential Pre-Christmas Financial Check

pre xmas savings“Isn’t it a little bit early to think about Christmas? It’s not even been Halloween yet…”

Okay, so we’ll acknowledge the fact that that’s a legitimate complaint. Christmas seems to come earlier every year and this article isn’t helping that. However, there’s no denying the fact that for people who focus on the health of their personal finances, Christmas can be a testing time. That’s why it deserves focus this early on, even if it does feel strange to be contemplating buying gifts and decorating your home when the leaves have only just begun to change.

If you begin now, you have an early start on your Christmas preparations, meaning that you can survive the festive season with your financial state intact. There are four key questions you need to be able to answer, and then you can forget about Christmas until December.

Who Do You Have To Buy For?

Try and keep the list small, if you’re going to be financially responsible. Family members usually go to the top of the list. If you have a big family, then time.com have some great tips on how to keep it affordable.

Friends are more difficult, so it’s often best to just ask if they want to swap gifts, or would everyone prefer a get-together around Christmas in lieu of actual gifts. You’re unlikely to be the only one of your friendship group worrying about money, so it’s always worth venturing the idea.

How Much Are You Going To Spend On Each Person?

This decision is largely personal, depending on your financial circumstances. However, there are a few universal things you need to keep in mind:

Set yourself a budget per person and don’t exceed it; there will be something you can find within budget, if you’re willing to look hard enough to find it. Christmas gift guides will explode online in the next few months, so scan through them and see what might work. There’s no point setting a budget if you’re going to break it — plan to be very stringent with yourself, keep the numbers amenable to your financial circumstances, and be willing to hunt for good deals.

What Can Make Christmas More Affordable?

Obviously, saving for Christmas is the best way to make it affordable. However, if you haven’t saved anything yet, then it’s unlikely you’re going to be able to put away as much money as you need in time for December.

If that means you’re going to have to borrow to fund some of your Christmas frivolity, you need to make it as affordable as possible. Look through creditrepair.co to see how you can reduce the cost of borrowing, and move any existing debts onto low-interest repayment plans. Combine this with a little extra saving for the next few months, and your personal finances should come through the holiday period unscathed.

With the above answered, you — and your bank account — can look forward to Christmas, rather than dreading the financial toll it may take!

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