Friday, April 30, 2021

4 Ways To Develop Your Business Money Mindset Muscle!

 

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If you are someone who has been working to be an effective business owner or entrepreneur, you've got to learn the art of development. But when you start to take away the layers of running any sort of business, whether it is at home or you have made the leap into a fully-fledged company, you need to remember the importance of your mindset. What can you do to ensure that your philosophy is geared towards development?



Approach Problems from Every Angle 

Lateral thinking is vital. When we start to think differently, we begin to develop in a far braver and organic fashion. It's crucial to see things from another perspective. They may help you realize a different component of your vision, or even help you acquire extra resources. For example, if you are looking for research and development tax credit services, you can improve your scope by looking at other businesses and what they've done to achieve this. It's also about changing different aspects of your life, which can change your perspective. 



Constantly Keep Moving 

We face new challenges every single day. Many business owners feel that they shouldn't make mistakes. But part of being in charge of any organization is about embracing the excitement of new challenges. What's more, you need to find new opportunities. And as scary as this may seem at the outset, when you put yourself in challenging situations, you learn the skills to develop them, which also establishes improvements in your confidence. So many people think that mistakes are bad and nothing else. But mistakes are the best way for us to get value.



Prioritize Self-Development 

We need to walk the walk, and we need to talk the talk. Many entrepreneurs think that they need to spout off facts and figures, but in order to truly build up a business, you've got to get into the right mindset. Looking to improve yourself is crucial, as this will enhance your business. 




Address Your Vision 

If you think that the goal is to earn money, you need to change your vision. Learning the art of committing to your vision is what will drive you forward. You had an idea for a business a long time ago, but your duty is to see it through to the bitter end. This means you have to keep checking if you are committing to your vision. There are so many things that we need to do during a typical business day that it can start to chip away at our vision, and knock it down. Therefore, doubt creeps in, which gives rise to business mistakes and changing the vision. However, you need to go back to that vision on a regular basis to see if you can still implement it effectively. Because we get trapped by various tasks, we start to lose sight of the bigger picture. All you need to do is take a little bit of time every day to remember why you are doing this, and it can help you work harder.



Making Money From Money - The Top 5 Finance Based Careers

 If money is what you want, then there is no better option than work with it. Indeed, the careers that often pay the most are the ones most strongly tied to the financial world. Of course, before you make such an important decision, it's well worth finding out about some of the most popular and profitable careers in the world of finance. Something that you can do by reading the post below. 


Financial advisor


The first career to consider if you love working with money is becoming a financial advisor. Indeed, the best part about this job is that you get to use your expertise in a wide range of financial fields such as investing, pensions, and real estate to help your client achieve their dreams. 



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Of course, because this is primarily a client-facing role, you will need to have good people skills as well as a solid understanding of tax, investment, and pension law. Also, you’ll need an inquisitive mind as you will be solving financial conundrums for your clients too. Sort of like a detective but with money. 


Like most higher-level financial jobs you will need a bachelor's degree in a related field and can earn around $70-90,000 a year.


Accountant


The next money-related career you may wish to consider is becoming an accountant. In such a role your overall duties will be to prepare financial records, as well as ensure they are correctly updated and analyzed. In particular, you will need to be able to help businesses to ensure they run in the most financially effective manner, something that will require assessing profits and losses, assets, and tax payments. 


When choosing to work in accountancy you can stay general, or choose to specialize in a niche area. Indeed, choosing the correct niche can be an excellent way to boost your earning potential and the demand for your skills. After all, someone that understands the industry in which they work, as well as accounting theory, can be a very valuable asset indeed. 


Of course, if you do choose to specialize you will need to complete specialist training such as the courses offered by Copas.org for the oil can gas field. However, you can be sure that any costs you payout on such training will be well worth the return you can expect from them. 


To be an accountant you will need at least an undergraduate degree in accounting or a related subject. Although, it is sometimes possible to earn these while working at the same time. There are also additional professionals exams that you will need to be successful at to practice. The salary you can expect is around £80,000 a year. 

 

Financial analyst


Last of all, if you want to make money by working with money then being a financial analyst maybe your dream job. A financial analyst's chief role is to have a firm grasp on the market and so be able to make recommendations to those wishing to invest. 


Of course, there is a great deal of work that needs to happen behind the scenes for them to be able to do this including monitoring market signals and using analytic software to stay ahead of the trends. 


Again to get into this field, as you can see from the post at cfainstitute.org you will need an undergraduate degree, usually in economics or a related subject. You can expect a salary of around $80,000- 90,000 a year. 





Thursday, April 29, 2021

Writing A Will: 7 Steps You Must Take

 

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Many people postpone writing their wills. Nobody wants to think about what will happen to their assets when they’re gone. But it is, unfortunately, one of those necessary things in life - something you just have to knuckle down and do. 


In this post, we take a look at the various steps you must go through if you want to write a legal will. Here’s what to do: 


  1. Decide How You’ll Write It


When it comes to writing a will, you have two choices: you can either get a professional to draft it for you, or you can use software. As you might imagine, the software version is much cheaper - sometimes free - but the professional version is more reliable.


In general, people with simple estates choose software templates while those with more complicated positions pay a lawyer. The wording in the will needs to be perfect. Don’t try to write it yourself. If you do, your beneficiaries could face legal wrangling. And they might not get access to your property at all. 


  1. Choose Your Beneficiaries And Executor


The next step is to choose your beneficiaries and executor. The beneficiaries are the people who collect various assets you own, and the executor is the person who makes sure that they get them. 


Ideally, the executor should be somebody you trust and who will always act in your best interest, no matter what the will says. Many people choose an attorney or a bank official as an executor as well, since these people will often act neutrally, in accordance with the desires stated on your will. 


  1. Be Specific About Who Gets What


When allocating parts of your estate, be explicit about who gets what. Don’t leave any wiggle room. 


If you plan on placing assets, such as your house, into a trust, read this at Seller's Advantage. Trusts work differently from regular estates, so you’ll need to consider additional planning. 


  1. Be Careful About How You Distribute Assets


You also need to be careful about who gets what. Just writing down, “50 percent each to both my children” won’t cut it. You need to be detailed in a way that the executor can interpret practically when allocating your possessions. 


  1. Attach A Letter To The Will


Many will writers also like to attach letters to their wills, providing a final parting message to the beneficiaries. The shape and form this takes depend entirely on your personal circumstances. Many will writers use it as an opportunity to encourage the amicable distribution of the estate. 


  1. Gather Your Witnesses


For a will to become valid, you’ll need to sign it in front of two witnesses - preferably younger people you trust who can advocate for you in the future, should there be any issues with your estate. Depending on the laws in your area, they may have to sign the will as well. If you’re in doubt, you can always film the event and upload it to a secure platform, telling the executor that’s what you’ve done.


  1. Find A Safe Place For Your Will


Keep your will locked away out of danger. Always share a copy with your attorney. 


Wednesday, April 28, 2021

Simple Investment Mistakes That Could Cost You A Lot

Investing is something we all have our own style in approaching, and because of this, we can all make little mistakes here and there. However, when you’re a beginner investor, you’re likely to make bigger, more frequent mistakes than a veteran investor, and that’s something we need to focus on right now. 


Because even what seems like the smallest and simplest mistakes could cost you a lot. You want to build a good portfolio here and make a good profit over your efforts, and that’s not going to happen unless you’re in the know! So, without further ado, here are the simple investment mistakes you need to know about, to ensure you don’t make them in the near future. 


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Using Money You Need


Investing is something that should only be done with money you don’t need to use in the near future. Indeed, big investors such as Wayne Blazejczyk would suggest a strategy of safe investment based on this very concept - if you need the capital in the next 5 years, it shouldn’t be poured into an investment account or the stock market. 


Because if you need to take it out before this time, you won’t see much of a return. In the case of investment savings accounts, you might even incur large fees that’ll be hard to deal with, and that’s certainly going to poison you against investment in the future. So, make sure the investment cash is spare before you invest it anywhere! 


Not Taking Your Time


Investing takes time. It’s something that should be spread out over a period of months, rather than done all at once, as this allows you to keep up with the market as it goes on. You’ll be able to watch as the market goes up and down, and be better able to determine risk. 


Most of all, it’ll ensure one volatile investment doesn’t tank you in record time, because you’ll be investing again somewhere else in a couple days' time. So, do your research, take your time, and come up with an investment schedule to keep your money on its toes. 


Not Diversifying Enough


Having a diverse investment portfolio is key to making a profitable return on all of your investments. Think of them as one big investment with many parts, rather than small, single ones here and there, and you’ll really see the use of investing in more than the company. 


Because when you think of investing like this, you’ll be able to instantly spot that just one investment can tank your portfolio in short order. But when there are a lot more baskets to put your eggs in, if one is lost, the others will still remain unaffected. And when you have limited capital to work with, this is more important than ever. 


Many people make investment mistakes, even when they’re years in, and consider themselves experts! However, if you’re a beginner investor, make sure you don’t fall into the traps of any of the points above. 


Tuesday, April 27, 2021

4 Mistakes You Must Avoid Buying A Home

 Are you thinking about buying a home? If so, then it’s important to avoid some of the more common mistakes that you can run into with your property. These are the pitfalls that you need to watch out for when you are buying a home. 


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Not Saving Enough 


One of the key mistakes that you can make is underestimating the money that you need to buy a home. People often only think in terms of the deposit and the mortgage rates. However, when you are purchasing a property, you should also consider more aspects of a home financing guide. For instance, you need to make sure that you essentially have a rainy day fund saved as well. This will ensure that you can pay for some of the costs that you might not expect. For instance, there might be certain parts of the property that need to be replaced when you move in. At the very least, you should consider putting new locks on the doors of your home. 


If It Seems Too Good To Be True…


Then it probably is. Specifically, you should think about the fixer-upper. Fixer-uppers are often on the market for far less than the typical home. This makes them attractive to buyers who previously thought they were not in a strong enough situation financially to invest in a new property. The problem with fixer-uppers is that they can have a lot of issues lurking underneath the surface. Many of which could cost significantly more than you are prepared for in the long term. 


Buying In The Wrong Location 


Another reason that the costs of a new home might be low could be the location. If a home is in a poor location, then it’s always going to cost far less on the market. But this can lead to issues in the future, particularly when it’s time to sell. If the area where a home is built has no real infrastructure, then you’re going to struggle to attract future buyers. This can even lead to a mortgage shortfall or mean that you have to wait for the local government to develop the area in question. 


Trusting The Seller


Finally, you need to be wary about putting all your trust in a seller. Remember, for the most part, they don’t have your best interests in mind. Instead, they will be looking for ways to make the most money from a potential sale, even if that results in you paying more than you should. It’s important to ask questions too. If you ask questions, a homeowner or realtor is legally required to respond honestly. 


We hope this helps you avoid some of the key mistakes that you must keep in mind when you are buying a home. If you take the right steps here, then you’ll be able to guarantee that you do get the home you need for a price that you can afford. You can also ensure that you miss some of the traps lurking on the real estate market. 

3 Tips for First Time Home Buyers Post-Covid

 

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Covid-19 has touched every aspect of modern life including how we interact with each other, schooling our children, and especially business transactions. The impact of the pandemic has been disastrous for the world’s economies and this has extended through banking, businesses of all sizes, and real estate.

The unpredictable nature of the pandemic that has caused so much lockdown and restrictions means that house prices actually rose in 2020 as many people were forced to work from home, which meant that they needed more space. However, many industry analysts predict that the housing market won’t sustain this boom and may collapse at any time.

In order to protect yourself should you wish to buy right now, there are some things you can do, such as:

  • Use a reputable firm

  • Expect market fluctuation

  • Insist on a visit or inspection

As with anything involving large amounts of money, it is always advised to use a well-known and respected real estate firm when buying a property while owing to the imminently predicted collapse, you should expect prices to be as volatile as the pandemic itself and always insist on a proper visit so you or a professional can inspect the home.

Research a Good Agent

There are probably many real estate companies in your area and knowing which one to choose can sometimes be a daunting task. When Googling any company you will always get the odd negative review, no matter the reputation of the firm but this is usually a disgruntled customer who expected more than the firm could possibly deliver or even a rival firm posting negative press.

For this reason, it is advised that you don’t use the internet as a source of information when deciding on a real estate company and instead visit the company offices. While there, get to know the agents and their practice as reputable firms such as Matin Real Estate will always welcome prospective clients and offer advice. Visit more than one and choose the one that feels right for you and your requirements.

Keep an Eye on the Market

The pandemic had an unexpected effect on the housing market in that it actually increased in value by a significant amount of $2.5 Trillion in 2020 and through to 2021. Many believe this is directly related to the fact that many people needed more space to work from home and therefore savvy sellers saw an opportunity to make the most of their property prices as it quickly became a seller’s market and the bubble began.

However, like any bubble before it, including the 2008 housing market bubble that caused an entire world economy to crash, this one is expected to burst also. Considering you are looking to buy, you could hold off until housing prices inevitably decrease as the post-pandemic bubble deflates and they return to normal and reasonable numbers.

Assess the Suitability of a Property

Most real estate agencies will include an inspection clause in their contract when you offer a purchase of a home. This means that the final sale is only conditional on a final inspection by the buyers or a professional inspector in order to assess whether the property is in satisfactory condition. This is normally to inspect the state of the home, the grounds and assess any work that needs doing, however, post-Covid, this could also include a Covid-19 inspection.

When inspecting a prospective home, you could insist on a full and complete sanitization of the property in order to remove any potential Covid-19 infection that could be present on the home from the previous occupants, and especially if any of them has previously tested positive for Coronavirus. Then you can make the decision to move to the next phase of your life and although this might sound a little drastic, the virus can survive for a long time on some materials.



Thursday, April 22, 2021

Saving Money on Your Legal Fees

 

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Most of us will need legal representation at some point in our lives, whether because we’re going through a divorce, setting up our will, or suing for a personal injury. So, it’s a bit strange that we don’t see much talk about saving money on legal fees. Well, we’re going to change that by throwing out a few simple tips you may be able to utilize to save a little money next time you have a legal matter that needs to be dealt with.


Go no-win, no-fee


Okay, so this is not always possible, but in many situations, lawyers are willing to take on cases on a no-win, no-fee basis, which means, as you might expect, that if you do not win your case, you will not have to pay their fee. If this is an option available to you, you should consider taking it if you’re unsure what the outcome is likely to be, but you need to bear in mind that fees for this kind of arrangement can be more expensive, so be careful.


Do your research


When you’re researching legal representation to ensure that you get the best possible team for the job, you should also take the time to research the average costs of the legal work that you need them to do so that you’re in a better position to negotiate a fair price, or so you can go with the legal team/ individual who offers you the best possible price for the work.


Ask for a fixed fee


Talking to legal professionals caen be intimidating if you aren’t used to it,m but most of them are pleasant, fair people, so there is no reason why you should not at least try to negotiate a great deal with them, and chances are you will have the best results by asking them to offer you a fixed fee, which means you’ll pay one pre-negotiated price and not a cent more, no matter how the work goes.


Be organized


The better organized you are, the less money you will need to pay your legal team. If you have all of the relevant paperwork ready and organized, you won’t need to pay someone to sift through them and sort them out themselves, for example. Sure, it will take you more time, but time is money and if you need to save your cash, doing as much o the legwork as you can yourself is going to be a big help.


Do it yourself


Okay, so there are a lot of legal processes that you cannot and should not do yourself, such as high-asset divorces, but there are also many legal processes that you can pretty much take care of yourself like making your last will and testament or settle a minor injury claim, and doing so will obviously save you a lot of money. Just make assure you really do know what you are doing or you may end up having to pay in the end, and pay more!


Good luck with your legal dealings!


 


The Best Approach Towards Taking Out A Loan

There are many occasions in life when you might need to take out a loan. Most commonly, you might be buying a property of your own, or you could be starting a business and you need some initial capital to get it started. Whatever the reason for your need for a loan, you need to understand how you can best approach the entire situation. By having a strong understanding of this, you are much more likely to end up in a good financial position. You will also find that you have much less stress around the whole topic.


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In this post, we will therefore look at some of the main considerations you should bear in mind, and actions you should take, when you are taking out a loan. As long as you have thought about the following, you will find that you are in a much better psychological and financial standing.



Know Your Reason


It might sound elementary, but you do really need to know why you are taking out a loan - before you start applying for it. As we have seen already, there are a few common reasons people take out loans, with the most common being a mortgage for a home, or a business loan for a startup. You need to have a specific reason, because it protects you against one of the most common problems that can occur in the world of loans: taking out a loan just to get by.


If you are in a position where you are not able to afford your expenses, and you want to get a loan in order to afford rent and so on, that should set off alarm bells in your head. Ideally, you will step away from the idea of taking out a loan, and instead seek out financial help. In most cases, declaring bankruptcy is a better option than getting deeper into debt. At the very least, you should first seek to gain financial help from the people around you, as often that is enough to get out of a tricky situation.


As long as you know your reason, and it is for a specific cause, you are more likely to be in a good position to actually take out a loan, so don’t overlook this vital part of the process.



Calculate Your Needs


Once you are very clear on the specific reason for taking out a loan, you need to make sure that you can work out exactly how much money you actually need to borrow. Those who don’t work this out fully are less likely to get the loan in the first place, because most lenders want to know exactly how the money will be spent, and might accidentally borrow too much, thereby meaning that they are in considerable debt later on in life.


So, spend as much time as you need to figure out the specific costs of whatever you are borrowing for. It’s okay to borrow slightly above that - most projects do end up costing more than you hoped - but don’t go too far. Once you know your specific needs, you can start to look at which loans will suit you best.


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Choose The Right Loan For Your Purpose


Sometimes, people are tempted to take out a loan that is advertised for a different purpose than the one they are actually going to use it for. There are many reasons a person might attempt this. An interest rate might be attractive, and you could find yourself thinking that you will save a lot of money this way. Or you might just be trying to claim more than you would be able to otherwise. But it’s a very bad idea to do this, for a few reasons.


First of all, and most importantly, if you don’t check and double-check what you are doing here, you might accidentally break the law. Often, it is necessary to actually use a loan for the intended purpose. Secondly, you are going to need to make sure that you are using a provider who specialises in what you are doing. So if you are buying property, an hdb housing loan is going to serve you so much better than a personal loan for those purposes. If you are starting a business, a business loan will always be best.


Choose the right loan for your specific purpose to avoid getting into trouble with the law, to keep your finances intact, and to reduce exposure to risk.


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Check The Small Print


Whatever kind of loan you do take out, you should endeavour to always check the small print as carefully as you can. If you fail to do this, it can prove to be devastating for your future financial position. You never know what might be hiding away at the bottom of the paperwork until you actually check, so make sure that you are doing that before you sign your name on the dotted line.


If you think you might need help with this, it is not a bad idea to hire a legal expert to give you a hand. That way, you can make sure that you are not being led down a path you would rather not take. For the modest fee of a paralegal, you could end up saving a lot of money further down the line.



Set Out Your Repayment Plan


At the very start of the loan, you should make sure that you have a clear idea of how you are actually going to be able to pay it all back. You should draw up a repayment plan as soon as possible, and before you actually sign for the loan itself. Often, your loan provider will want to see this anyway - but even if they don’t, it’s a wise move to make for yourself, so that you can make sure you are going to be able to repay whatever you borrow. If there is any doubt at all about paying it back, don’t do it, and seek alternatives instead.


6 Tips for Those Tough Financial Times

 

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No matter how good you are at managing your money, there is a good chance that you will go through at least one difficult financial time at some point in your life, and when that happens you need to be prepared, which is why we’ve put together some great tips for getting through those tough financial times as best you can.


1. Set up a budget


This is pretty much financial advice 101, and everyone should have a budget even when times are good, but it becomes even more important to create one when times are tough. Why? Because only when you know how much money you have coming in and going out can you see where you can cut back and make some savings.


2. Avoid using more credit


It can be so tempting to use your credit card more if you lost your employment or have a financial setback, but if you can avoid doing so, you really should because. Although it will help you get by in the short term, it will only ever make things worse in the long term as debts mount up and interest accrues. Explore other options like selling your home and downsizing or cashing in pensions instead, but think carefully before you act at all.


3. Try not to stress


It’s way easier said than done, we know, but if you can avoid stressing yourself out unnecessarily over your financial situation, you really should. I mean, if you can’t change a problem, there is absolutely no point upsetting yourself over it, and when you’re stressed, you won’t exactly be in the best frame of mind to come up with an action plan and get things back on track.


4. Get a side hustle


If you’re struggling financially, one of the best things you can do is find an extra source of money, and often a side hustle is the perfect solution, Side hustles tend to be fairly easy to set up and utilize skills you already have. From dog walking to freelance writing, there are so many ways to make money on the side that you should be able to find something that suits you. 


5. Pay your expensive debts first


Once you’ve covered essentials like your mortgage, food bills, and utilities, you should plow any spare money you have into paying off your highest interest debts first. Obviously, make minimum payments on all your debts, but any excess should go straight to that high debt. Once that’s paid off, do the same thing for the next highest and so on until you’re back on an even keel.


6. Get help


If you’re really struggling, seeking the help of a financial adviser, debt counselor or even a regular therapist may be a good idea., They can help you come up with solutions to your financial problems in the first instance, and hello you to deal with the stress and worry in the latter case.


Financial problems can be a real worry, but you can get through them, so stay positive, take action, and don’t worry about the stuff you can’t change.


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