Category Archives: Finance

Personal Loan

Living Comfortably with Personal Loans

There are times when everyone needs a little financial help. Unfortunately, it can happen to anyone, but a person might know that the debt is only temporary. So, rather than bothering friends and family, the person in debt might choose to find a professional business that specializes in money lending.

There are good money lenders and there are not so great ones. Sometimes, the bank can be a source that will loan money. Lines of credit are designed for this sole purpose. Just make sure to get disability insurance on the loan just in case one is unable to pay back due to medical circumstances.

A payday money lender can work for many people as they give short term loans until a person’s next cheque. Provided that the individual does not get fired, this can help the individual tide oneself over. No one likes to live pay cheque to pay cheque, however, these convenient services can help people who need a little bit of a boost.

Credit cards from any loaning institution can also help to build credit while giving extra spending cash. The interest on these cards is quite a sizable fee, however, if the purchases are paid off each month on time, then this is virtually a free way to borrow a couple thousand for a month.

When a person has circumstances that prevent paying back the money lenders on time, that is what friends and family are for. Let them be a last resort rather than a first choice so that that bridge is never completely burned.

A personal loan can mean the difference between eviction or foreclosure, and keeping one’s home. It can also mean that a person does not have a car repossessed. For these important reasons, take care in choosing a money lender that can give the right personal loan for individual circumstances and time frames.

tax

4 Advantages to Hiring a Tax Filing Company

tax

IRS rules change from year to year and if you aren’t aware of how these laws will affect your tax situation, it’s very likely that you will benefit from hiring a company to provide tax services Singapore. These professionals can get you all of the credits and deductions you deserve while offering sound tax advice for the future.

There are many advantages to hiring a professional tax company. Below, we give you a detailed explanation of how these professionals can give you the most bang for your buck this tax season.

Tax Professionals Know the Laws

If you have gotten married, had a child or run your own business, you are most likely to benefit from seeking tax help from a qualified professional. Experts can help you get the highest refund while taking the burden of filing off of your hands.

 Tax Pros Can Get You Deductions You May Not Know About

Did you know that if you run a home based business, there’s a deduction for a home office? Do you know how to calculate the percentage of rent/mortgage and utilities you can claim as a deduction? Your tax filing company knows all of these answers and more. Seeking the help of a tax pro can help you get the best possible refund while getting you every deduction of which you’re entitled.

Tax Forms Can Be a Headache

It’s true – tax forms can be headache inducing. If you are like most people, you either don’t want to wade through a plethora of tax forms or you just don’t have time. In order to avoid migraines and save some time, hiring a tax filing company is the key to less stress during tax season.

Tax Filing Companies Can Help in Case of an Audit

If you think that the IRS might come knocking on your door, consider the advantages that come along with hiring a third party company to help you. While your signature is on the bottom line of the IRS form, these professionals can assist you in the event of an audit.

In conclusion, complicated tax forms are best left to the professionals who have spent countless hours educating themselves on the tax code. These companies know where to find you the greatest amount of deductions and want to get you the highest refund possible. Trust your taxes to those who have studied the laws and can offer their help if the IRS decides to audit you.

compound-interest

The Power of Compound Interest

compound-interest

In simple terms, compound interest is interest that is added to the principle of the loan. Once the interest has been added; this extra interest will then earn more interest on top of its initial interest. This type of interest is not just used for loans its also used for saving accounts, investments and various types of deposits. The rule of 72 can also be used in conjunction with compound interest so that people can plan out their retirement for the future.

Compound Interest and Savings Accounts

Consumers will benefit greatly from the use of compound interest when used in conjunction with a savings account. Some savings accounts can be set up with this financial benefit from banks that offer this type of service. Credit unions are other types of deposit based accounts where compound interest can be used.

Investments where Compound Interest can be used

Stocks, zero-coupon bonds, mutual funds and money market accounts are financial investments that use compound interest. Compound interests can be set up for dividends and returns with these these types of investment accounts.

Using Compound Interest for the Rule of 72 and Retirement

The rule of 72 is a financial equation that can be used to figure out the number of years that it will take for a person to double their money at given interest rate. The equation is outlined below.

72 ÷ by the amount of interest (for this example 10%) = 7.2 years. 

In other words it will take 7.2 years for a person to double the amount of money that they invested into a particular account with compound interest.

The rule of 72 can be used to figure out a person’s retirement when they use compound interest. A person who uses compound interest on their retirement account, can accurately determine the amount of money they will have once they reach retirement age.

wallet

Simple and Powerful Ways to Stop Overspending

wallet

We live in a consumer society where every retailer and shopping mall is structured and operated with the sole intention of making you part with more money than you intended to.

One way in which the retail machine persuades us to part with hard earned cash is to play upon our emotions. Birthdays, Valentine’s and particularly Christmas are times of year packed full of advertising purporting that the more you spend the happier your loved ones will be this holiday season. We all want to enjoy the holidays but be sceptical of stores claiming that the way to do this is to buy, buy, buy.

Bear in mind that a lot of stress and arguments between people before, during and after holidays is caused by worrying about what to spend and then being unhappy to have overspent. Have a happier time by sticking to your budget and not having to regret the choices you made with money management.

Another easy way for retailers to make money is to promote high price tag items as special and desirable to give and receive. The big ticket items make us think we’re treating ourselves by buying this special item. Unless the high price reflects your genuine appreciation for the quality of the product then it isn’t worth that price to you.

There is an inbuilt competitiveness in human beings. Although this may serve us well in many life situations it allows us to be manipulated when buying things. The concept of “keeping up with the Jones” is well known; people spend, spend, spend on things they have no desire for because they want to compete with what other people have. Keep your priorities in mind, don’t buy things to impress others, buy something because you genuinely need or want it.

It’s free! Buy one get one free offers are fine if you use them wisely. This is essentially a way for stores to apply a 50% discount to a product without making you question the regular price of the item. If you get a free bag of rice with one you buy and then ration the food out the way you normally would then you’re winning. If you get a free bag of rice, eat twice as much and then come back to the store the next week when rice is full price and buy two more then the marketers have tricked you into consuming more and overspending.

Human beings have been hard-wired from the dawn of time to give more importance to the moment now than the moment later on down the line. The obvious reason being that unless you make the most of and survive the moment you are in then the moment yet to come may never happen.

The way around this is to never impulse buy. If you are out for one planned item and see another which you want but did not intend to buy, remove yourself from the environment. Go home and think about returning for the item another day. By removing the item from your immediate attention you can test how much you really want it. Advertisers are very good at designing ads and store layouts to pique the “must have it now” feeling. Chances are a few days later you’ll wonder what made you so interested in the first place.

By understanding how retailers are targeting your money management you can protect yourself from overspending and become a more considered consumer than ever before.

Common Thing among the Richest Person

There are people who become famous due to their talents, but others become famous due to their wealth. Some are born rich as they inherit the wealth from their families, while others inherit it from their parents and that makes them billionaires.

Below are 3 of the wealthiest in the world:

Bill Gates

Bill-Gates

He is the founder of Microsoft and this has made his life worth billions. The company makes him a lot of cash and his net worth is estimated at $79.2 billions. He also invests in selling shares from his company to add more to what he is getting. His succession plan includes his CEO’S, board members and founders to each have a succession plan of their own.

Carlos Slim Helu

Carlos-Slim-Helu

He is the second richest man with his net worth being estimated at $77.2 billions. He is the chairman of America Movil where he and his children own the largest share of the company. He created telecom and it continues to pay him a lot of money and he works with his children. He also has listed real estate where he paid a lot and became the biggest stake holder of New York Times with 17%. His succession plan is very simple as he has six children and he works with them. He has assigned each of them duties and responsibilities making it easier for them to manage the company on their own.

 Li Ka-Shing

Li-Ka-Shing

He is listed as Asia’s richest guy for the past 15 years. His companies have really done well and he recently came up with a new plan. He decided to separate his real estate assets from his huge business empire as this would help investors choose what they want easily. The companies are believed to give him a lot in addition to the real estate making him an estimated net worth of $70. He is believed to pave way for his eldest son as his succession plan to take over.

 Conclusion

They all become rich due to different factors but they have something in common in them and that is is a well thought out wealth succession plan. Being rich is one thing but it needs a succession plan to execute it. Without this, the business could collapse in a few months or years after the owner leaves or dies. It should be planned with care as it can affect and destroy everything including a family. The richest guys all have a succession plan as they know this is what will make their empires run for many more generations.