Friday, March 24, 2017

Famous People Offer The Masses Some Much-Need Financial Advice

money advice from famous people
Not all rich people are famous, and not all famous people are rich. But there’s a good enough correlation between the two to hypothesize that they might be related. There’s a lot of financial advice out there on the internet, but most of it isn’t actually written by people who have a lot of money. In fact, it’s usually stuff that’s been regurgitated from top magazines and finance websites without much thought or insight.

Getting your financial advice from people who are poor is a little bit like getting diet advice from an obese person. It isn’t necessarily wrong. But why would you listen, when there are dozens of slim, healthy nutritionists ready and willing to give you advice.

Here’s what some famous people had to say about managing your personal finances.

Henry Ford

Henry Ford was a visionary in many ways. Not only did he start a car company that has survived for more than a hundred years, but he also wanted to spread the wealth around, paying his workers nearly double the going rate in the 1920s.

Ford had some advice for younger people. He said that old men were always imploring the younger generation to save their money for retirement. But Ford said that that was a total waste of time. He didn’t save a nickel until he was forty years old. It’s much better he said, to invest in oneself.

James Burgh

James Burgh was a major political figure. He was certainly somebody who could understand why people might want to go to a personal injury lawyer. His advice was to prepare for change while you’re rich and hope for it while you’re poor. His advice was never to give up and do things that would allow you to smooth your income in good and bad times.

John D. Rockefeller

John D. Rockefeller was the richest man to have ever lived. Converted into today’s money, it’s estimated that he would have a fortune of more than $150 billion, or about twice as much as Warren Buffet. He once said that the power to make money was a gift bestowed by God. He said that having been given this gift, it was his duty to use it and to make as much money as he possibly could so that he could then use it to improve the lives of his fellow man.

Mark Cuban

Mark Cuban is a modern billionaire. His advice to people is to be smart shoppers. Many people plow their money into indexed funds and savings accounts. But he says that you can make far greater returns on your own personal spending. If you know that a business is going to be a success because you’re intimately involved in the industry, invest in it. Don’t bother buying stock options from people you don’t know who themselves don’t know how well they will perform.

Donald Trump

Trump offers three pieces of advice. Stick with what you know, listen to your gut and understand that some of your best investments are those you don’t make.

Thursday, March 23, 2017

Making Money - The Ways You Haven't Thought Of Yet

different ways of money making
Saving money in the modern market is becoming more and more difficult as time goes on. We have to contend with the fluctuating value of our own currencies, which, if you take a fleeting look at any news report, is getting worse wherever you are in the western world. President Trump’s time in the White House has had an impact on the global market, and the impact of Britain leaving the EU is having an effect on the British pound, and things will only start to get worse before it gets better. Loathe as I am to start on such a dour note, what does this mean for the common man? Well, the impact it has on everything will be affected, house prices, your credit score, and inflation will all change. It means that for younger people just starting out in the world, whether they have just left university or they are entering into a profession, their money will not travel as far as it once did. The amount of people who are unable to acquire a mortgage even though they are working full-time is staggering. And even couples where both partners work are unable to get the mortgage for the home they want and have to settle for an apartment or a house that doesn’t suit their living arrangements, it can be somewhat demoralizing. And while we all can say that we could do with more money, what can we do to actually achieve this? Here are some approaches that may help you out in the modern world, and some that may be a bit left of center.

Working Freelance

This may sound somewhat counter intuitive, but it depends on how you work it. The first point to make about working freelance is that you have untapped potential in your earnings if you can work 12 hours a day for 7 days a week, the opportunity is there for you, so you do need to look at the health side of things. And although it is, in essence, working two jobs (or more), if you can balance your life out this means you can earn a lot of money in a short space of time. So if you are in the middle of procuring a mortgage while being self-employed, the banks tend to look at a few years of your earnings so they can get a better idea of your financial situation. They do this by looking at your tax returns, so if you can work in two self-employed occupations to bump your finances up past a certain threshold, it means you will look better on paper, and the bank is more likely to give you a suitable mortgage. The personal impacts are, of course, massive and are worth considering. But if you can obtain freelance contracts through companies that have different deadlines for work, or require you to do as much work as you can and get paid for your effort rather than having to dedicate yourself to a strict working schedule, you can organize your life better and get a good balance. The benefits to freelance and self-employed contracts are that you can work from home for a lot of them. It ultimately depends on the nature of the job itself, but there are roles where you can transcribe voice commands, or transcribe meetings or hearings with a deadline that is not within 24 hours, leaving you to plan ahead and earn as much money as you are humanly capable of. There are many part-time endeavors that you can invest some time in while you work at home. Things like online surveys that pay per survey you complete, so you do not need to work to a clock, but these can pay pittance, but if every penny counts, and you are tied to work at home, then it is incredibly convenient for you. The self-employed freelancer route has been a popular choice for younger people looking for more freedom from the standard workfare, and this has so many positives going for it when you are looking for a quick cash injection over a short space of time.

Investing In Gold

Investing comes in many different shapes and forms, and if you are looking for a long-term investment, gold seems to be the one that is talked of in savvy circles. With any investing, there are pros and cons, but there are also different types of gold to invest in, so you should weigh up which ones are the best for you. There are ETFs (exchange-traded funds) and these shares similar to funds that track an index. You can buy and sell these through stockbrokers or investment brokers. Unit trusts are run by fund managers, and they invest in bullion as well as gold-mining companies. You can purchase bullion coins or bars that are made for investment reasons. You could buy gold physically via trading platforms such as BullionVault. They can be purchased or sold in small units and are stored in vaults (so you don’t have to keep them at home!). Gold is a fickle stock to trade in, and there are services online, like gold signal, that keep investors up to date on the movements, but there are pros and cons to bear in mind. Gold doesn’t pay income, which means that it is a difficult asset to value; the price changes a lot and can slump down or spike up as often as the wind changes direction. But as positives go, it doesn’t move with other assets, like property; and it is viewed as the best insurance against perils like inflation that could cause issues with the global stock markets.

Look At Digital Currency

The popularity of cryptocurrency and Bitcoin specifically is showing how the internet is transforming how we are dealing with our money now. This is a relatively new form of currency, but although it hasn’t reached the stock market, it is being touted as a major investment. There are even online stores that will accept Bitcoin! Invented in 2008, its whole premise is about the ledger, which is not run by any central organization (like a bank). And the currency monitored on the ledger (the ledger is known as the Blockchain) is earned by people who use their computer power or hardware to record transactions onto the Blockchain, these people are known as miners. The procedure might be a little complex to follow, but if you have a piece of computer hardware that has the power to record these transactions, it means you have a massive leg up on the operation because it is more in demand now than ever before. So if you have a powerful computer, you could do additional mining in your spare time and amass a huge amount of Bitcoin. There are pros and cons to this, of course, the downside to this type of currency is that it isn’t officially recognized in the eyes of many people. But if you are able to source out places online that will accept Bitcoin, and there are quite a few, then it is money that you don’t need to spend in the real world. As it isn’t devalued by processing fees and charges that the banks would add to the process, it is an unsullied form of money. But with this way of earning, if you need to invest in a computer to cope with the amount of processes that you intend to do, it may take some time to recoup what you originally spent, and, here’s the clincher, there is only a certain amount of currency available in the world. So once that currency becomes devalued or runs out, it is impossible to “print” more. As with any trading online, it can become a full-time career, and there are many financial advisors that work with Bitcoin, and there are businesses whose sole purpose is to trade in Bitcoin. So while it is a currency that may be under the radar in comparison to the “real-life” currency, it is going overground in a big way. 

Proceed With Caution… 

The peril in looking for money quick may mean you are so desperate, you will click on the first Payday Loans website and fill out your details. But the high interest in these types of loans will mean you are probably going to spend a lot more in paying it back than the amount you took out in the first place. If you are looking for a quick way to have some more money, an overdraft extension is a lot less impactful. It can affect your credit score if you are declined, but the financial implications won't be as bad as the debt you could accrue, and by getting another loan to pay off your loan could put you in a very bad cycle, one that is nigh on impossible to get out of! 

There are many ways to earn money in the modern world, and from old ways to digital ways to just being savvier with your working habits, there are options out there for you.

Wednesday, March 22, 2017

Beating The Salesmen When You Buy A Car

Talking to someone who wants to sell you something can be very difficult. You know that they will say whatever they can to make a sale. And, this may involve not being entirely truthful with you. But, like most things sales is just a game. And, if you know how to play it, it gets much easier to control these sorts of situations. Which is exactly what needs to be done if you want to save money on your next car. To help you out, this post will be helping you to beat the salesmen. And, get a better deal on your next car.

Salesmen will use a host of different tactics to get their job done. But, ultimately, they will usually be willing to settle on less if it gets them a sale. Most customers won’t question the first price that they are given for an item. But, with something as large as a car; it’s alright to make an offer or ask for some reductions. The very first place to look is the car itself. If it has any imperfections which haven’t been disclosed or it has something wrong with it; you can try to get a lower price. But, you need to do more.

One of the best ways to get a good price on a car is to simply wait. The salesmen will be unwilling to go low straight away. Instead, they will be trying to get as much out of you as possible. But, the longer they have to wait; the more eager they will be to get rid of the car. Going to other garages and seeing other cars is a great way to make a salesmen lower their prices. It can also help if you talk about other deals that you’ve seen at local garages. But, only do this if you’ve actually seen a deal; the salesmen will know what other garages have.

In most places, sales staff are required to tell customers about any deals that hey have running. But, only if the customer actually asks for the information. If you are trying to buy a car, you should always ask about any promotions that are running. Doing this will give you a chance to hear about money you could save on the current car of interest. And, it may open up other options to you as well. Most garages will always have some sort of deal on. These deals can save you a large amount of the car’s value. So, they’re worth pursuing.

Once you know which car you want to buy, you can seal the deal. Usually, you will have to pay for the car before you can take it away. But, if you can’t do this, most garages will have their own system for no deposit car finance. This will allow you to drive the car away on the same day that you buy it. And, will negate the need to save money.

Hopefully, this will give you the inspiration you need to save some money on your next car. It can be hard to see through the tactics that salesmen use. But, it’s worth it. These sorts of methods can save you a lot of money. And, you’ll probably even be able to get a better car out of it.

Wednesday, March 15, 2017

Financial Steps to Take After the Passing of a Loved One

post life finance
The passing of a loved one is perhaps one of the most stressful times in anyone’s life. The grief is bad enough, but when you’re also forced to deal with financial issues and the likelihood of a will and inheritance, things can turn ugly really fast. There are many legal processes involved and you’re going to need to scan through a lot of paperwork in order to get the right help.

The hardest part about taking these financial steps is that you need to try and keep your head straight while still mourning the passing of your family member. You probably aren’t ready to make any decisions, and the urgency required is sometimes enough to make you snap and lose it. However, you have to do your best to try and remain calm and focused because there could be a lot at stake. If you need some extra help, this article from huffingtonpost.com has a couple of great tips to help you cope with your current situation.

Funeral Expenses

The first logical step will be to speak with a funeral home. They will help you decide how to deal with the body and where to move it to. If there was no funeral plan in place, then you may need to make decisions on the fly and determine what the best course of action is as time goes by. Hiring a funeral director is the easiest way to manage the entire process, but it’s almost the most costly. Call around for the best quotes and hire a service that suits your needs and stays within your budget. You could also save money and arrange it yourself, but this can take a lot of effort.

Speak With a Lawyer

If the deceased family member has written a Will, then the information inside of it will probably name an executor who will carry everything out. It’s important that you contact a firm such as asb-law.com if you want to have a reliable executor help you deal with all of the proceedings and help you manage all of the costs involved. It’s important that before you agree to work with a legal professional, you ask how much it will cost you. A flat rate is desirable because you don’t want hidden costs or surprises to catch you off guard later in the future. They might also charge you a percentage of all of the assets which could add up to a relatively large bill.

Taking Control of Finances

If possible, contact a financial advisor if you need help to deal with the financial aftermath. If that’s not possible or if it will take some time to arrange your first meeting, then there are steps you can take to lighten the load. For starters, arrange all the necessary paperwork such as financial statements. Try to gather any documentation related to the deceased’s assets, such as insurance policies, real estate documents and business documents.

You want to make sure that you have enough income to pay for rent, insurance policies and other necessary expenses after the passing of your loved one. If this isn’t an issue, then the next step you should take is to follow up on life insurance policies and let your loved one’s friends and co-workers know that they have passed away. You might also qualify for financial aid if the passing of your loved one has severely affected your income and ability to pay for living expenses.

Tuesday, March 14, 2017

The Recipe For Escaping Debt: Key Ingredients Financial Freedom

escaping debts
Facing financial difficulty is never nice. As the letters and final warning keep arriving at your doorstep, you will no doubt endure a lot of sleepless nights. Quite simply, escaping debt has to be your financial priority.

Once you’re in that hole, escaping it can feel like a nightmare. But if you equip yourself with a winning plan of action, there’s nothing to stop you working your way toward a far brighter outcome. You’ll need to master several elements before seeing those outcomes, however.

Here are the crucial ingredients that’ll help you achieve those goals.

Action

First and foremost, you need to appreciate that actions speak louder than words. The longer you stay in debt, the worse your situation will become. While a little planning is vital, wasting time simply isn’t an option.

Desperate times require big decisions, and downsizing property is one option that may unlock a brighter future. Discover how to sell your house fast, and you’ll be able to clear those debts before the interest mounts any higher. In turn, this should allow you to enjoy your future with far greater impact.

Apart from anything else, staying in debt will continue to mess with your mind. Take the required action to overcome those problems, and you will not regret it.

Togetherness

Facing debt can feel like a very lonely situation. Help is available, however; you just need to know where it’s found. Perhaps the best starting point is your friends and family. Of course, you don’t like the thought of borrowing money from loved ones. As long as you create a solid agreement, though, it can be the perfect way to gain relief.

If this isn’t an option, there are other solutions out there. From consolidation loans to government schemes, there are ways to make the process feel less daunting. Simply sharing your problem will give you a better chance of defeating it. So stop trying to fight the battle alone.

Negotiation

Creditors aren’t the big enemies you’ve probably painted them out to be. While they have a duty to get their money back, many of them are more than willing to discuss individual issues. However, they cannot allow you to buy extra time if you aren’t willing to open those communications.

Simply ignoring the debts will result in more aggressive debt collecting tactics. This guide on negotiations should help you prepare for those important talks, and could allow you to buy a little extra time. As long as you’re making the other positive moves, this could make a world of difference.

Sustainability

Finally, escaping debt shouldn’t just bring temporary relief. This financial chapter should be the wake-up call needed to implement positive change forever. Otherwise, you’ll find yourself trapped in an endless cycle void of long-term freedom.

Use this as a chance to re-think your financial management. By having a tighter grasp on spending and other financial elements, you should avoid sinking back into debt. Meanwhile, you should also try to keep one eye focused on building a retirement fund.

Quite frankly, there’s no substitute for knowing that your long-term financial health is looking great. If that’s not an incentive to start acting with greater responsibility, then what is?

Monday, March 13, 2017

Get Started In Property Investment Here!

investment in properties
Property investment is a great way to make money. First, because you can actually see something as you part from your cash, which is better than the virtual possession of stocks and indices. Also, the profit margins can be huge, and you can really make a killing if you know what you are doing with real estate. The experience comes with time, but to get into your first development you need to take help from wherever you can get it. These following tips aren’t all encompassing, but they can help you think of things you may not have yet considered which can give you some ideas and increase your chance of success.

Consider Overseas Properties

You don’t need to invest in a property down the road, overseas properties can be really profitable. Just look at this Palm Beach real estate. It has perfect buy to let potential. People always want to spend time in the sun and you can rent it out to holidaymakers. You can even use it yourself as a holiday home. Developing homes abroad can give you significant return depending on where you choose to build. If you go for development the return is guaranteed, because there will be other investors, like yourself, who are looking to buy to let. It can seem daunting at first, crossing state lines or going overseas to invest in property. Because you aren’t there all the time it can be frustrating too. But if you manage it well enough it can still be the perfect investment.

Know Tradesmen

If you are looking to build your own home, or make significant renovations to a home before you sell it you would be well placed to go into a form of partnership with a tradesman. Labour fees can eat into your profit margin so building a relationship with a tradesman can be really beneficial. He himself will know other people in the trade, like plumbers or electricians who can also help you out. It is all about limiting the costs of construction and development as much as possible, if you do this your profit increases. If you go into partnership with someone there may be no tradesman fees whatsoever. Plan it well and work it out in your favour. It can be hard finding someone for your first investment, but after a few developments you may start building relationships with key people.

Do Your Research

You need to be smart and do your research. Don’t just jump at a property because you think it has potential. Look at the other properties in the area and research what they sold as. Check with the local council to see if there are any impending building works coming up that could impact, for the better or worse, the intended properties value. Check local amenities like schools and shops, look at the type of people living in the area, the transport links, etc. If you do your research like this you are more likely to find yourself a property that will make you a decent profit.