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You hear about a cash advance being expensive, but have you ever really looked at what gets charged and how much it affects your finances? Let’s take a look at an average cash advance where the borrower received $200.
There are some distinct qualities of a cash advance lender that you should be aware of before you apply for a loan. You will have to choose one company out of thousands, maybe even hundreds of thousands; how do you cipher through? Generally speaking, there are certain characteristics of a cash advance company you can look for which will help narrow your choice selection.
This article was originally published on Cash Money Life | Personal Finance, Investing, & Career at Using Rapportive to Screen Emails and Control How Others See You.
GMail is the most useful email program I have come across. I use a single GMail account to manage about a dozen different email accounts for my business. Handling everything in one place makes for easier management and helps me keep my sanity! Aside from being able to manage multiple email accounts through one login, [...]
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I take a close look at the history of subprime mortgage loans between 2001 and 2007 to see if there was any pattern evident that could have led people to foresee, and thus forestall, the crisis that…
Visit Stern on Finance for the full article
As I decide to write again after a long long time, I wondered whether to change the Name of the Blog as all soap operas do. You know change the name slightly, add a couple of z’s, etc.
However, given the current scene, when practically everything you look at is suffering, where the ones who have been assumed to be immortals for long are suddenly faced with destruction, where superpowers are at the verge of losing their long held supremacy, where everything is in Red, where Murphy looks like the voice of the Lord, and at the micro level you feel that you are the biggest victim of all crisis. But when you look inside and pause everything around you for a second, you feel that there is a one in a million chance that you can bounce back, you feel that you still got a chance. You believe that the drought would end with the rain and that the Phoenix shall rise again.
A short article about the difference between corporate and micro finance. The basic difference lies in the amount of funds transferred between the bank and clients.
Whenever we start a new venture, the first thing that we invariably do is planning. And when it comes to finance and business, needless to say, planning becomes an indispensable activity. So what is financial planning? Financial Planning can be termed as a process in which financial needs are assessed first, objectives to achieve monetary goals are set (which include investments) and assets and resources are evaluated and ways to increase them are devised. Why is financial planning important? Of course! This is important! This activity not only allows the person to learn about planning his finances but also helps him understand the importance of cash flows and investments that come handy in the most unexpected situations. How is financial planning done? Yes, this is what this article is all about: the financial planning process steps! Keep reading.
Steps in Financial Planning
Financial planning is an integral part of financial management. This activity requires a lot of study and research, before one goes about drawing a plan and implementing it. Not to miss an important point on this subject, risk assessment is an integral part of any planning. So let’s understand the key financial planning process steps. Below are the key steps to consider in your financial planning process.
Identifying Financial Needs
The primary responsibility in the financial planning is conducting a need analysis. An investor has a number of needs of which he needs to prioritize the important ones and plan accordingly. The important goals which are preset are, education of children, down payment of a house, health requirements, life insurance and retirement. Following these needs are the means to increase the wealth in terms of cash and property. Also a person needs to have concrete answers for the following questionnaire:
* What are your investment goals?
* How much money do you have for investments?
* Do you invest in stocks, bonds and mutual funds?
* Are your financial needs short term or are you headed for long term financial planning?
* What benefits are expected from your investments?
Gathering Financial Data
Now that you have identified the financial needs, the second step should be to consolidate your financial planning worksheet to understand your cash flow, investments and liabilities. This can consume a day to week’s time depending on your needs. Take the help of a financial planner who would help you out with this marathon. The documents needed for this process would include:
* Assets, Liabilities, tax deductions and tax returns
* Balance sheets
* Income and expenditure statements
* Employee benefit plan booklets
* Retirement planning documents
* Wills and trusts
* Insurance policies
* Investment statements
* Brokerage house statements
* Bank statements
Besides, the planner will also require some more data like:
* What is your retirement age?
* What income is anticipated post retirement?
* How would you want your property to be distributed?
* What is the current economy state and where is it headed towards?
* How much inflation can occur in near future?
The planner will also make a risk tolerance assessment of your personal attitude (aggressive, moderate or conservative) towards financial affairs and at the end of the data gathering process, he is bound to get a hang of what is your current financial state and what it will be or can be in near future.
Developing the Financial Plan
Here starts the actual work of your financial planner who has to devise effective means of developing a fool proof financial planning process. Steps to develop the financial plan start with the following:
* Documenting your plan to fulfill protection, health and retirement. Also wealth creation and preservation requirements are included.
* Explaining to you about the pros and cons of every rationale included in the plan (keeping in mind the risk appetite of the investor: you).
* Understanding the tax laws and the financial operative framework of the system.
Presenting the Financial Plan
Once the financial plan is well documented, your financial planner will proofread it and present it to you. In the first round of presentation, you have to study the documentation thoroughly, with your spouse. Take your time, and if you have doubts, jot them down in a list and pass them on to your planner. He will give you clear answers for all the doubts raised and then once you have agreed, the planner will make an implementation check list. So the next mode of the financial planning is implementing the well documented financial plan into action.
Implementing the Financial Plan
This is a pivotal phase of the financial planning process steps. And also this period takes longer time (approx. 4-6 months) than the previous stages of the financial planning. During this phase, intricate details like tax planning, retirement planning, insurance concerns and estate/property planning are discussed thoroughly. To get a clearance on certain issues, attorneys may be involved for guiding and helping out with certain queries. Quite possible, that at the end of the implementation, your financial plan may have more then 20 recommendations (of which some may be major and strategic). So, it depends on you and your planner as to how you want these recommendations to be incorporated. But yes, your financial plan is now ready!
Monitoring the Financial Plan
Once the plan is on roll, it does not mean that the financial planner is required no more. He has to be retained to provide you with periodic updates on portfolio reviews, insurance updates, investment options, tax planning sessions and changing market conditions. Besides, you need to keep your ears open to the planner’s alerts on risks that can possibly crop up due to fluctuating economical conditions.
Hope this article on financial planning process steps was informative! So now, you might have understood the importance of financial planning and also you must have understood personal financial planning process steps! One could say, if the planning is complete, your job is halfway done! So, prepare your financial plans meticulously and reap the financial benefits. After all, every penny invested is every penny earned!
I’m old enough to remember the time before personal computers, cell phones and the internet. A time when sending letters overnight by Federal Express was considered a radical idea. The dawn of the 21st century has seen an explosion in technological innovation with home computers, the internet and smart phones coming of age; and there are three new technologies being developed that will be more important than even these and truly change the way the world works. In fact, they will change things so radically that we could change the very nature of our global economy. A post-monetary world; perhaps!
When it comes to short-term loans, there are crucial pieces of information you want to know firsthand. Online payday loans and cash advances are attractive money solutions because of their no credit check applications. These fast money opportunities are easy to apply for via computer, laptop, tablet or smartphone.
Chinese Government came out with a new policy a few days back related to agriculture. Having looked at how the demand for food is rising in the country and having looked at the food crisis in the early half of 2008, they were quick to understand the urgency to come up with an idea which ensures their food security. Hence the policy measure which allows for the farmers to go for contract farming. By bringing in large areas of farmlands and professionalism China has shown that it means business. As the land would be on lease and as claimed by the government they would “create markets” so that the farmers get a good price for the land, chances of misuse is minimized.(discounting the levels of corruption for the moment)
Though this is not the first time this has been done in any part of the world, the ingenuity comes out from the fact that the major reason for this policy was to improve the rural incomes. China suffers from high levels of income disparity between the urban and the rural areas. Another vision is to increase urban population to 50% of the total population. Hence, removing people dependent on agriculture was important. This would really go a long way in improving the conditions.