Monthly Archives: December 2016
Sometimes, even when we try our best to manage our finances, debt problems can get in the way. Unexpected circumstances such as sickness, loss of job, divorce, or business failure can quickly put us in a bad debt situation. However, being in debt doesn’t have to be a hopeless situation. In this article, we’ll discuss how you can flee from debt through different types of consolidation.
Some credit counseling agencies would recommend a debt consolidation program for consumers with extreme debts. Finding a reliable credit counseling agency should give you the assistance you need in handling your debt problem. An experienced credit counselor should give practical and efficient advice on how you can create a repayment plan, avoid incurring new debts, and prioritize your repayment.
Debt Consolidation Loan
One way to consolidate debts is by obtaining a loan. The money loaned would be used to pay all your existing debts from different creditors. In turn, you’ll be subjected with only one lender – your debt consolidation company. Thus, the stress and pressure of dealing with different creditors is instantly eliminated. Furthermore, by consolidating debts into a single account, you won’t have to pay multiple interest rates so you can save more and use the money for repayment.
Debt Repayment Representative
A debt repayment agency can negotiate with your lenders to reduce your debts and modify your payment terms. Each month, you’ll submit your payments to your debt repayment agency- who in turn, would distribute your payments to the appropriate lenders. Nevertheless, it’s very important to make sure that you’re dealing with a reliable company and that all your payments are submitted accordingly.
Credit Repair Clinics
Watch out for agencies or even non-profit groups who promise to give an instant “fix” or instant “repair” to your debt problems. Remember that the only way you can get over your debt problem is by paying off your debts. If the charges in your account are accurate, there’s no way an agency can erase or delete these charges from your credit report. Even worse, these agencies who disguise themselves as “credit repair groups” may use your personal information against you.
A credit counseling agency may also negotiate with your creditors through debt settlement. Debt settlement can reduce your debts from 50% to 60% or even more. However, if your creditor agrees with a settlement, you are expected to submit your payment in full at the soonest possible time.
There are some people who are capable of doing anything in order to get succeed but there are also people who are going to be successful in a certain business only and not by any businesses he/she wants to join. As home businesses today are arising many business entrepreneurs changing their recent business or jobs into home business.
We cannot deny the fact that traditional businesses are declining and we have to find an effective alternative ways in order to solve the problem. We are afraid of investing a big amount of money to a business that we don’t really know. But in home business there are lots of business opportunities offer that don’t need capital investment or may be you only needs just a single equipment to perform the task. Like online business, you’ll just need an internet connection at home and your impressive skills in order to earn money.
Here are some important tips and ideas you have to get notice and after reading it you have to apply it automatically in order to succeed but if you think you fail to do it much better to stop it early before it will get worse. Find another business opportunities that really appropriate to you as if you have a passion on it.
*Assess your talents Just what I told earlier you have to find your passion, skills or talents because in that way you really give your best. You can come up to a unique and great idea that you will use for a progressive operation of your business.
*Give your business ideas the home-based business test. If you are intent on starting a home-based business where you actually get to work at home, also cross off any business that could be operated as a home-based business but wouldnt allow you to work at home. For example, in the short list of sample business ideas above, I would cross off “business manager”, as this would involve off-site work.
Many people who want to start home-based businesses stop here. They’ve come up with an idea for a home-based business that they like and feel theyll be good at, so they plunge into it at this point.
Dont make this mistake! If you do, you run an extremely high risk of investing months of your time, energy and money in a losing venture and seeing the home-based business you had such hopes for fail. As I said in the introduction, the secret to starting a home-based business that will succeed is to work through the entire business selection process.
*Figure out the profit angle. Let say you have a great talent for something and the skills that enable you to express it, but if people aren’t willing to pay you for the product or service, it wont work as a business. You have to be sure that people are willing to pay for the products and services you render to them and be sure to have a sufficient income in that kind business.
Note that you decide how much income is enough. Many people run part-time home-based businesses that supplement their income and are perfectly satisfied with that. If you are planning to start a home-based business that will provide all of your income, however, you have to research the profit-making ability of your business idea very seriously.
During the Past 8 years of my career as Financial Advisor, we have rarely been approached by Women for Financial Planning.
Women tend to leave their Financial Planning to their Husband/Father, and most of the times there is a huge mismatch between the Actual Need and Action Taken.
Thankfully, in the past 1 year we have been noticing a shift in this attitude and many Working Women have approached us for Financial Planning and they have been getting Good Results and have discovered a new found confidence in them.
This Blog is inspired by Women who have started taking their Financial Planning in own hands and dedicated to those who are waiting in the wings to do so.
There are some special challenges and hassles that women need to face in their life, and especially when it is about securing their finances.
Many women seem comfortable leaving their long-term finances and retirement planning to their Husband/Father.
If in the past they’ve taken a backseat to their husband in terms of family’s finances, it’s time for them to get in the driver’s seat.
While nearly 100 per cent of women are Confident about managing their day to day household finances, but many don’t feel confident in investing or protecting their income or assets on their own.
Women need to be financially equipped on their own because of:
Change in Working Patterns: Men work uninterruptedly throughout their lives, women often need to take breaks ( Change in location after Marriage, Pregnancy, Children)
We have the much debated case of Mrs. Sudha Murthy- Wife of Mr. Narayana Murthy, Founder of Infosys. The couple was instrumental in building the Infosys dream. As the business started taking shape, the couple decided that one person was required to take care of their home and family.Mrs. Murthy gladly stepped aside to be the homemaker and let her husband fulfill his dream.
Longer Life Expectancy:The life expectancy for women is higher than men. So, the amount of retirement savings for women should also be higher. Statistics show that, on an average, women live 5 years longer than men, earn 25 percent less during their life time and work 11 years less in their careers.
Divorce and Relationship Breakdowns: Believe or not this is the hardest truth that anyone may face. Moreover, this not only affects one emotionally, but even has an adverse effect on one’s finances. Divorce and relationship breakdowns have more impact on a woman’s life compared to a man.
Financial planning for women provides a better and in depth understanding of the situations that can create a negative impact on the finances. This also helps them to consider different ways that can assist them in reaching their financial potential in future.
How can Financial Planning be done?
Let me add here, its not a ROCKET SCIENCE….anybody yes anybody can do their own personal Financial Planning.
Plan separately from your Spouse: It is important that women have a separate personal finance plan from her family, be her parents or her husband. With changing times the need for separate finances has increased. If a woman handles her own finances she is well prepared to handle money matters individually if the need arises. Knowledge of different investment avenues, savings and expenses is important to run a family.
Budgeting and Savings: Living on a budget is the best way to make sure that you are living within or below your means and we all know women can do a better budgeting than men. Budgeting begins with savings. Set a savings goal of lets say 5% to 15% of income per month, then one can plan spending around the balance. Spend less than you earn – it’s the secret to creating wealth.
Build an Emergency Fund: Do not touch it unless it is a real emergency. This is a savings or money market account that is easily accessible and holds three to six months of expenses. Start investing with very small amounts of money: Don’t let the fear of losing money, fear of failure, or fear of the unknown stop you from investing. Train your money to go forth and multiply.
Time your Investments: Giving time to your investments is important specially when there are specified goals to be met like Children’s education, marriage and self retirement. Demarcate clear boundaries: It’s important to do so with your spouse for routine expenses. It will be easier to determine personal monthly expenses and hence monthly savings. Track your savings and investments regularly: Do not follow the rule of set it and forget it. Review them on a half yearly or yearly basis.
It does not matter on what stage of your life you are in or whether you are Single or Married, Financial Planning should be your Priority!!
The concept of asset protection trust refers to an idea associated to a wide range of legal alternatives. This includes trusts that are designed to be on a basis that is discretionary. Usually, these kinds of trusts are designed to totally avoid, if not to significantly minimize, the effects of some civil responsibilities during bankruptcy, divorce and taxation payments. The shielding of assets included in these trusts necessitates the protection of people, known as beneficiaries, in the said lawful structure. This document will further explain the fundamental information on asset protection trust.
To have a better comprehension on this concept, it is essential to look into the past. These sorts of trusts were 1st conceptualized and realized in England, which focused on lessening the financial influence of tax on inheritance from citizens who passed away. In different versions, particularly in England and the States, principles like spendthrift and criteria concerning various interests of beneficiaries, creditors and settlors were later on included.
Usually, this process of protecting assets separates the integrated aspects of ownership: lawful ownership privileges and enjoyment of the fruits of the assets. To clarify further, the beneficiaries of such trusts are known as the beneficial people who own whatever fruits are produced by the trust assets. On the other hand, the same beneficiaries lose their legal ownership of such assets.
This form is actually in parallel with the rationale behind asset safety planning. One of the leading objectives for these plans is the shielding of assets away from claims of creditors, without violating laws on financial transaction trails and evasion of taxes.
In cases wherein creditors are officially permitted to collect from anyone, and if they choose to accumulate from the trusts of these people, the creditors could still gather the collection. However, the only real collectible sum would be tied to the interest only, which however is restricted by the level of interest a beneficiary has with all of the trusts.
Because of how such schemes are handled during litigation involving creditors, the interests of beneficiaries are kept to an optimally minimum level so as to deter creditors from collecting against such forms of assets. This offers a great means of protection for the shielding of assets for posterity.
It is very importance to mention that this type of arrangements have various prerequisites. Such prerequisites include conditions stipulating that there shall be a spendthrift clause, in most cases, and that it must be irrevocable. Some countries also provide some offshore settings to make these types of arrangements doable. Included in these nations are Nevis, Liechtenstein, the Cayman islands, Belize and Switzerland, just to name some.
These schemes are essential for anyone with a number of varying assets. Asset protection trust provides peace of mind and a sense of safeness for individuals would like to ensure that the hard earned assets they have worked hard for are minimally lowered by income taxArticle Submission, if not totally unaffected by it. Men and women alike must study their alternatives right away to make sure if whether these types of trusts will be a lot more beneficial to their existing situations.