If you’re like most startup entrepreneurs or small business owners, you started your business on a shoestring budget, and are trying to remain in operation as frugally as possible. You might not draw much of a salary for yourself, but at the same time, you’re too busy to start another full-time job.
Many people dream of a brighter, more financially secure future, but it can often feel like an unachievable feat for many. Yet, it doesn’t have to be. Read the 12 ways to secure your financial future.
- Research Financial Planning Services
Never rush into making a financial decision, as this could determine your security and happiness in the future. For this reason, you should make an informed decision before hiring financial planning services. You should thoroughly research every individual, organization or business that offers any financial planning or investment products, services or advice. Always check their registrations and licenses through either the Certified Financial Planner Board of Standards (CFB) or the state securities agency. This will ensure your savings and retirement investment is in safe hands.
- Avoid Get Rich Quick Schemes
If a financial opportunity sounds too good to be true, it probably is. Spontaneous financial decisions can play havoc with your bank balance, so never invest in a hurry to secure an opportunity. There could be a reason why they are providing limited time deals, as they want you to make a financial investment in a hurry, so you don’t have time to do your homework on the opportunity. If you ever feel pressured to invest, it is a wise idea to step away from the so-called opportunity, which could be one of the best financial decisions you ever make.
- Start Saving
The more money you save over the years, the more comfortable your retirement will be. Open a high-interest savings account to maximize your finances. The amount of interest you receive each year will, however, be determined by the current interest rates. Browse the market to identify the best saving accounts for your money.
- Manage Debt
A failure to manage debt could result in you accruing more debt over time. It will therefore make it harder to escape the vicious circle. Develop a debt management plan to effectively take control of your finances. You should start by attempting to pay off your most expensive debt first, which typically come with high-interest rate charges, such as credit cards, personal loans and student loans. You could even consolidate debts into one smaller monthly repayment, so you can reduce the interest rates to save a considerable amount of money.
- Spend Smarter
Improve your finances and prevent debt by spending your money a little smarter. Look for areas where you can cut back on expenditure. For example, you could skip the daily coffee on your way to work, or you could make your own lunch rather than visiting a restaurant every day. You can trust you will save a substantial amount of money over time. Identify want over need to reduce unnecessary expenses that could impact your financial future.
- Consider Your Future Finances
Protect your finances by saving for the future. For example, if you are a parent to young children, it might be a wise idea to start saving for their college education, which could be ten to 15 years from now. You may also want to establish a trust fund, so they will have a financial safety net once they leave college.
- Pay Off Your Mortgage
Your mortgage will more than likely be your biggest expense each month. You can therefore enjoy a healthier financial future by paying off your mortgage. All you need to do is overpay on your mortgage each month to pay for your property at a faster rate, which will also reduce the interest rate on the property. You can then enjoy a mortgage-free life, which will allow you to considerably increase your savings.
- Credit Shelter Trusts
It goes without saying that your family are very much a factor in a secure financial future. For this reason, you will want to ensure your loved ones are financially protected following your death. For this reason, you should consider a credit shelter trust, also known as a bypass trust. This will allow the donor to bequeath an amount up to the value of the estate tax exemption, and the remainder will be passed to their partner tax-free thanks to unlimited marital estate tax reduction. Visit Practical Planning System to find out more.
- Talk to Loved Ones About Money
It is never a wise idea to hide financial secrets from your partner. Couples must be open and honest not only about their existing finances, but their financial goals. Make time to discuss your financial dreams, so you can both work towards a shared vision. If you have children, sit them down to teach them about the value of money and the importance of hard work, which can ensure they are financially responsible throughout their life.
- Be Cautious with Personal Information
Unfortunately, there are many unscrupulous people in the world who will happily steal your hard-earned money. For this reason, you must be cautious with your personal information. Never give your bank account details, social security number or private information to any individual or organization you have not verified or do not know. Many criminals will often attempt to gain this information via email, over the phone or on various websites.
- Review Your Financial History
Identity theft can impact your financial future. Routinely review your financial history to ensure you are not a victim. For example, regularly review your bank statements, question credit card charges and pay close attention to your credit report. It could result in financial losses or damage to your credit report, which could impact your ability to secure a mortgage or loan.
- Insurance Coverage
Insurance coverage can provide financial protection to safeguard your lifestyle and money. For example, you can take out life, car, health, disability and homeowners insurance coverages. It is also important to review your coverages regularly to ensure they are consistent with the initial quotation, as you may need to adjust the coverage amounts following a major event, such as a serious illness or burglary.
The biggest weakness of an investor is recency bias. Recency bias is a phenomenon when the investor is more mindful of the events that have taken place recently rather than things that have occurred in the past. This results in investing decisions, which are not apt and may result in losses. Continue reading “Five Tips to Become a Successful Investor”
Most small businesses start out with working capital that is sourced from personal savings and angel investors, or loans from family or friends. Trade credit is often relied upon to expand the business in its early stages, but this practical for only certain types of retail businesses. Continue reading “Working Capital Options for Small Businesses”
A lack of qualified teachers always seems to top the list of needs for most schools. However, there is an even greater need when it comes to running an educational institution, and that is a need for a qualified accountant to manage the budget. Actually, there are several reasons for someone with a bachelors degree in accounting should be on staff, and all of them center on budget and tax reporting laws. Continue reading “Why Every School Needs an Accountant to Manage Their Budget”
Home warranties are designed to offer peace of mind that any break down in the home appliances will be fixed without bothering you. Even though product warranties last for at least 10 years, it is important to consider what is not covered in that period as you may think. Home warranty services go beyond the services offered by the homeowner’s insurance and therefore, they are becoming very popular with the passage of time. Continue reading “Top home warranty companies in the UK”
Purchasing a dream car is itself a complex decision making process. One needs to look at features, price, service support, brand value, looks and what not, for taking the final leap of faith! One cannot even forget the associated taxes when you make a choice among so many confusing parameters. So many decision points are involved while buying a car. Continue reading “Choosing a car insurance – Food for thought”
It has been more than a decade since the first iPhone was launched by Apple. Recently, the company launched its next flagship model – the iPhone X.
The updated version hasn’t disappointed many people, thanks to its sleeker features. For example, iPhone X has 5.8″ OLED display, faster A11 Bionic processor, glass body, Face ID, edge-to-edge display, wireless inductive charging, Animoji and much more. However, the sleeker look comes at a cost: Apple’s latest smartphone has been priced at an eye-popping Rs 1.15 lakh. Its exorbitant pricing has spooked many people in India. But, is it really that difficult to buy an iPhone X? Continue reading “Owning an iPhone X: is it really that difficult?”
Across the nation, there is a fast and growing trend of investors looking around for the best rental property “turnkey” projects to park their hard-earned money in. Though these investments are considerably new for people belonging to the single-family investment segment, they are providing strong opportunities for their investors. Continue reading “High Return Real Investing with Experts is the Right Way to Go!”
Hedge funds got a bad rap in the 2007 Great Recession that took years to recover from. Their exclusivity, too, has alienated many potential investors despite the advantages this brings. Here are 3 reasons to invest in hedge funds. We’ll also address concerns that sometimes scare people away from considering these investment options. Continue reading “3 Reasons You Should Consider Investing in Hedge Funds”
Earning a good lot of money in your life is not all that you should aim at. Your aim should be always to save a considerable amount as well for an emergency period or such situation when you would no more be able to earn for you and your family. Keeping this investor psyche in mind most of the investment products are being designed today. One of the important pockets for investing your money in the mutual fund business is the Arbitrage Fund. Continue reading “Crux of Arbitrage Funds”
The Age of Digital brings endless possibilities for digital-savvy people ready to capture growth opportunities. The digitisation of accounting services, means that users have the ability to access professional and personal data at any time and from anywhere. Accounting software offers opportunities for users to fine tune their financial processes, record accurate data quickly and make informed decisions based on real-time information. Continue reading “5 Ways to Fine Tune Your Financial Processes Through Accounting Software”
The most common questions- When do I start investing in mutual funds? Is this the right time? Should I wait for the markets to correct? As Warren Buffet rightly quoted- “You only have to do very few things right in your life, so long as you don’t do too many things wrong.” Continue reading “What is the ‘Right’ Time to Start Your Mutual Fund Investment?”
You might have heard the adage that says, spend money more if you want to earn more. It is good that you are managing your business with savings that you have accumulated so far, however, have you thought about taking a loan for your business? As a growing business, don’t you think, you should go with a loan to further boost its growth. Continue reading “Good to Great of Loan for your Business Activity”
A common dilemma faced by potential borrowers seeking a small business loan is—Where to shop for loans? Should they approach a bank or go with a non-banking financial company (NBFC)? Both are the financial entities which are offering excellent deals to customers with varied borrowing needs. Continue reading “Banks Vs NBFCs: From Where to Get a Small Business Loan?”
Starting a business can be expensive, especially if you need bespoke equipment to get the show on the road. Computers are not so expensive these days, but if you want to invest in some top-of-the-range Apple Macs to power your graphic design agency or you need lasers for a beauty salon, the costs will soon begin to bust your budget. The good news is that there are several ways you can save money and maintain a positive cash flow for your startup. Continue reading “How to Minimize the Cost of Purchasing Business Technology”
Are you looking out for a best life insurance plan? Well if that’s the scenario then it’s important for you to do some research before selecting a well-suited policy plan for you. However, when you are looking to make things convenient you need to make a series of question that you need to ask. Since there are multiple plans available in the market it’s very important that you select one which can give you maximum benefit. Continue reading “Questions you should ask before choosing a life insurance”
You can now easily open a savings account online from the comforts of your home if you have a 12 digit Aadhar Number and a smart phone. Yes, the mobile banking in India has made this possible.
But, before we discuss how you can open a savings account online in India, let us know what a savings bank account is and how it works? Continue reading “Now You Can Easily Open a Savings Account Online”
Teach your child the value of savings with their own fixed deposit, and get them to contribute to their future in a fun and educational manner.
Some of the biggest life lessons for children come by way of their parents. Children constantly observe their parents and begin mirroring their behaviour. So if the parents are sticklers for cleanliness, chances are that the child will pick up this trait and become conscious of being clean and tidy at home and school. But if parents constantly bicker and use abusive language towards each other, children will pick that up, too! They are always watching, observing and mimicking – so the best way to raise a well-rounded individual is to lead by example. Continue reading “Digitalize Your Child’s Piggy Bank!”
The real estate game attracts millions of investors who are seeking ways to maximize their earnings and potential net worth. Depending on your tastes, location and investment strategy, there are many different types of real estate investments to consider. From native land holdings to multi-unit apartment complexes, each investment strategy presents both opportunities and liabilities. Continue reading “Understanding Your Potential Liabilities in Real Estate Investment”
In the modern world, networking has become one of the best tools for professional growth. With the right network, one can acquire business information, progress in their career, and get employment opportunities in different organizations such as Freedom Financial Network. Continue reading “Identifying and Using Your Network: Strategies from Freedom Financial Network”
IT asset management (ITAM) is a practice that allows professionals to make smart decisions about hardware, software and inventory information. ITAM is growing more important for businesses each year. Due to regular advancements in information technology, humans interact with a complex web of hardware and software assets for business, finance and leisure. These diverse resources offer a wide range of benefits for profit-seeking businesses. However, IT assets must be managed properly to keep costs low. Continue reading “IT Asset Management Applications for Finance”
For secure investments, Public Provident Fund andFixed Deposit are great options. You should choose one based on what you need. Out of these two investment options, fixed deposits are often a preferred choice for busy salaried professionals who do not fall in the higher taxation brackets. Continue reading “How to decide among investment options?”
The global financial crisis that began in 2007/2008 quickly spiralled out of control and resulted in credit markets tightening up around the world. That crisis may be in the rear-view mirror, but the ramifications of it linger to this day. The failure of Lehman Brothers and the subprime mortgage crisis that precipitated the worst recession since 1929 has left a bad taste in the mouths of banks, non-bank lenders and the financial industry overall. For starters, credits markets have tightened considerably since 2008. Continue reading “Why Are Small Businesses Turning to Quick Financing?”
You’ve a killer business plan, a great vision and supportive family members and friends. The next biggest thing that comes into the picture is financing. Financing is required to start a business, scale it up to profitability and even sail through a rough patch. Financing varies depending upon the size and type of your business. Some businesses like online ventures need a small amount of funding while processing businesses require a substantial amount of capital. Small business funding can be an uphill task to attain and sometimes, many small business owners feel like they’ve run out of options. Continue reading “15 Sources of Funding For Small Business – A Detailed Analysis”
If you are wondering where to invest your money, property could hold all of the answers. Investing in property is a fantastic way to ensure that you get a return on your money. It is important to carefully consider what kind of real estate you would like to invest in. If you make the right decision, you could make a lot of money at a minimal risk to your personal finances. Continue reading “4 ways that property can help you to make money”
As an accountant, you know that the industry ebbs and flows throughout the year. During tax season, you are flooded with orders from people who are trying to avoid audits and the tax man. However, the rest of the year, things can get pretty lean, unless you have a few big clients that provide steady work. As such, you may have thought about growing your business, but do you know the best way to do that? Well, after reading this Andrew Argue review, you will. Continue reading “Take Your Accounting Firm To The Next Level With Andrew Argue”
Setting up your new business is a rewarding, exciting, if not stressful time of your life. You’re about to launch something that could completely revolutionize your life, and you’re finally able to work for yourself rather than for someone else’s company. Getting started is probably one of the hardest parts of being a business owner. You’ve got to try to work two jobs at once – unless you can take a break from a full-time salary. You’ve got to create a business plan that can withstand intense scrutiny. You’ve got to find ways to attract customers. You need to plug any skill gaps and work out whether you need contractors or in-house employees. Continue reading “Business Funding Routes You Probably Haven’t Considered Yet”
Money talks, and if you’re a business owner, it’s got an especially loud voice. As Forbes notes, eight of ten businesses fail and, for the vast majority of those, the reason is that they simply run out of money. So, how do you avoid falling down a financial black hole? Here are some steps to take to ensure that you stay on top of your money, rather than letting it get the better of you: Continue reading “What steps should you be taking to keep your finances in check?”
The growth of the Internet has made it possible for a lot of individuals to completely do away with the idea of having to travel several miles and work in a predefined time to earn. Today, it is possible to earn money from the comfort of their home, while also being free from any obligations or contracts over a long-term period. This freedom is provided by the rise of blog writing opportunities. Today, there are several sites that aid a freelance writer to earn money by completing writing jobs or even host their own blog. Here are the top 10. Continue reading “Top 10 Websites Where You Can Earn Money by Blogging”