Category Archives: Finance

The Financial Literacy Month And Boost Your Kid’s Money Management Skills

Research shows that youth in America have a lack of understanding when it comes to proper money management skills. Teaching kids how to appropriately manage their finances is essential so they have the necessary tools to become financially responsible adults. Below are tips to help teach children about appropriate money management.

Use Cash – It may be true that credit and debit cards are more convenient to use, but children pay attention to how adults manage their money. Using plastic doesn’t allow them to see the actual interchange of money for purchases. Let the kids see that in order to make a purchase you have to hand over cold hard cash.

Don’t Spend the Money As Soon as You Get It – Always lead by example. Before you go shopping always create a budget, spell out what you intend to buy and compare prices of each item. Teach children that it pays to plan all your purchases before you buy.

Teach Kids About the Importance of an Allowance – Most allowances are tied to chores like making beds, doing dishes or taking out the trash. It’s always beneficial to give them the opportunity to earn additional money for larger chores. However you chose to dole out the allowance, it’s also important to accentuate that saving and sharing are just as important as spending. Teach kids to set aside money in their piggy banks or use a bank account to reserve portions of their allowance.

Bank & ATM Visits – Visiting the bank or the local ATM is a perfect way to explain where money comes from. Explain that banks don’t just give out money but it’s a place to keep the money they’ve earned. Call and arrange with your local credit union a tour of the branch to show how money is stored and dispensed.

Delayed Gratification – Teaching kids that good things come to those who wait will help battle the buy now, pay later attitude. Always reinforce the idea that waiting pays off. This approach could help them ward off credit card debt later in life.

Brand Names Do Not Always Mean Better – Reinforce that it’s not always beneficial to shop by brands. At the grocery store illustrate that generic products can save significant amounts of money for people on a budget.

Keep Track of Their Money – Show children the importance of knowing where their money is going. Have them keep track of their money in a notebook or on the computer. You can even make a file where they can organize their store receipts and bank statements.

Wants vs. Needs – At the center of any good money management program is the capacity to differentiate between wants and needs. This realization will help build the groundwork for managing finances as an adult.

Build a Budget – Have your child sit down with you and generate a monthly budget. Explain the reasons to keep track of all monthly expenses and then see how much money is left over to either save or make a purchase they want instead of need.

Create a Wish List – It’s hard for everyone to have priorities, so sit down with your kids and make a wish list of everything they want to do with their money. It will help to rank the items on the list by importance.

Games & Other Budgeting Activities – Games like Monopoly, Life and Easy Money are great ways for parents to practice money management skills with children. Research the Internet for other fun ideas and activities to promote children’s financial literacy.

Make the Most of Their Savings – Present your child with different savings accounts that could earn them interest like CD’s, bonds or regular savings accounts. Work with an interest calculator to show them how their money can grow over time with basic monthly interest. I’m sure they will be amazed.

Sound money management is a life skill you can teach your children, especially when they are young. Using yourself as an example is very important as they engage what’s going on around them. Make sure your lessons are age appropriate in an effort to lay a solid foundation for good money management skills as they grow into young adults.

Tips To Select The Best Leasing Company For Your Car Wash Equipment

Have you decided to start a car wash business? If so, you will need to determine how you will be acquiring the equipment needed for your business. Though loans are a good option, one of the most popular ways to procure car wash equipment is leasing. If you wish to know more about the leasing options available to you, just contact the leasing companies in your area. But be sure to carefully filter them so that you only associate with good leasing companies.

What To Look For In A Leasing Company

When you have decided to procure your car wash equipment by leasing, your next decision would be to select a leasing company. To ensure that you only associate with a good leasing company, you should keep the following things in mind –

Lease Types: One of the first things to look for in a leasing company is the type of lease offered. Generally, there are two types of lease offered by a leasing company. A lease which allows you to own the equipment after the lease period is known as the Purchase Option lease. The second type of lease is called a Fair market Value (FMV) lease. But in an FMV lease, you do not own the equipment after the lease period. So knowing what types of lease are offered by a leasing company is very important if you wish to own the equipment after the lease period ends. Additionally, both lease will have two different repayment amounts. Usually, the monthly payment for the Purchase Option lease will be more expensive than an FMV lease. So if you are looking for the cheapest lease, then you should definitely enquire as to whether the company offers an FMV lease. Generally, most of the leasing companies offer both types of leases and as such, you should not face too much problem in this regard.

Types Of Repayment: You should also consider the types of repayment offered by the leasing company. Some companies will only provide a fixed repayment option in which you will have to pay a fixed amount every month over the lease period. This is the normal repayment option offered by most leasing companies. But some companies may offer an alternative repayment plan in which your monthly payment becomes lower as the lease period progress, to keep up with the decrease in the value of the equipment. For example, you may pay $500 per month for a $20000 equipment this year. But if the equipment is revalued at $12000 next year, you may only need to pay $300 per month.

Collateral: Another major factor you should consider is the collateral required by the leasing company. Normally, your equipment itself is sufficient collateral and companies never ask for any additional collateral. However, if your credit situation is very bad, then you may be required to submit an additional collateral. If such a situation arises, it is better that you search for another leasing company who can lease to you without any additional collateral. As said earlier, usually your equipment itself is the only collateral required by the company. As such, you are less likely to encounter such a problem.

Initial Expenses: You also should have a clear idea of the initial expenses you will incur to obtain the lease. There may be expenses like application fees and such. You should ask the company about the full expenses related to the lease. Additionally, leasing companies will expect you to pay a few months’ lease payments in advance. This may impact capital funds significantly, especially if your capital is limited. So it is very important that you know how many months’ advance you will have to pay. If you are lucky, you may come across a leasing company who do not require any advance payments.

It is also better to check the history of the leasing company to ensure that you do not get entangled in any fraudulent companies. Make sure that they have long years of experience in leasing equipment and that their customer testimonials are also positive. Associating with a reputable leasing company will go a long way in making your equipment acquisition a quick and stress free affair.

Practical Wealth Creation Plans with Equity Investments You Need to Know

Everyone aspires to live a peaceful life after retirement, but most people struggle to create enough pool of wealth that they can utilize to enjoy their retired life without depending on anyone. So what is the best way then? Well, several financial experts suggest different ideas for creating wealth. However, one of the most tried and tested and reliable ways is to invest in equities. To be able to earn valuable returns through your investment, you need to develop new investment strategies constantly, execute the ideas perfectly, keep researching the market, stay abreast with the latest happenings and do a lot of other things, which are discussed below:

Set yourself a practical financial goal

One of the key aspects of wealth creation plans is being meticulous. Based on your risk taking abilities and your financial goals, you need to chalk out a plan on how you are going to accomplish it. First and foremost you need to analyze your current and future financial standing as well as clearly define your needs. Based on the amount of money you can spare to invest, you need to decide where to spend your hard-earned money so that you can get maximum returns. You also need to decide the time-period that you want to stay invested in and your growth potentials. It is no secret that equity investment has changed people’s life, there are several cases where people have earned a fortune, and there are also those who have lost everything.

Research, research, research

One of the key aspects of being successful in the investment market is proper research; it is your strongest weapon. Several people say that investing in equities is like gambling, however, this is not true. With thorough research about every equity you are investing in, you would exactly know, which equity would provide you quick growth. It is pivotal that you look at the past performance of the equities, this would help you know if the equity has performed consistently and it would also give you a fair idea about how it would perform in the near future. Don’t just invest your money but also spend your time in researching about the companies.

Create a good portfolio

Once you have researched and identified the potentially high value equities, the next step is to invest in right quantities. Avoid investing too much in a single stock, it is best advised to scatter your investments. You need not have to essentially invest in 40 or 50 stocks, just invest in four or five best stocks. Bigger portfolios are hard to manage as well as it is practically impossible to keep a tab on each and every stock. However, there are studies that suggest investing in 20 to 25 stocks is ideal because it keeps the risk constant.

Think long term

Financial gurus from around the world have corroborated that the best way to get maximum benefit from equity investments is to stay invested for a longer period. Whilst is important to buy the right stock, it is equally important to hold them through different market cycles. The key to success in equity investment is not just picking the potentially valuable stock but also be patient over a period to see your money grow.

Reconstruction

It may happen that your risk taking capability would change due to change in financial status; you may face an unforeseen emergency situation or you may earn a large amount of money while you are still invested. In such circumstances, it is vital that you reconstruct your portfolio to your benefit; you can choose to invest more in the stocks that have been performing well in the past or you may want to withdraw from a few stocks that have not yield good returns.

This A Plan to Make Your Future Financially Secure

Pharma stocks are among the market darlings since a long time and have reached higher sharply in the last few months. Although the pharma funds may delay returns in the short run due to various compliance requirements, in the long run, they are a big shot. As of now with the growing mutual fund industry, the pharma mutual funds are considered to be one of the best-performing sector funds. Among them, the SBI Pharma Fund is the outperformer which has secured the best position in the market. With a NAV amounting to Rs.136.393 as on April 10, 2017, the fund has gained superior possession.

In the long run, every investor desires to invest in a fund that can multiply the income manifolds to provide a huge capital appreciation. On the flip side, the fund managers also get the chance to make the best bet of the invested capital while taking significant risk factors. The SBI Pharma Fund also aims to deliver the highest possible returns to the investors by allocating the funds in the most promising companies across the pharmaceutical sector. The fund is an outperformer in its category with excessive returns.

Investing in pharma sector is one of the best ways of making high growth on capital. The reason being is that this sector has high-growth potential. With a large size of the population in the country, the requirements of pharmacy are greater which make this industry high demanding. SBI Pharma Fund’s review has evaluated that the fund has major investments in the best companies which involve Sun Pharma, Strides Shasun, Aurobindo Pharm, Cipla, and Lupin. These entities have the potential of providing the expected returns on the investments.

SBI Pharma Fund Growth: A Brief Analysis

The primary objective of the scheme is to provide the investors with maximum growth opportunities through equity investments in stocks of growth-oriented sectors of the economy. There are five sub-funds dedicated to specific investment themes, viz., Information Technology, Pharmaceuticals, FMCG, Contrarian, and Emerging Businesses. These all endeavour to generate high-yielding returns on the investments in the long run.

The gains offered by the scheme in the past have been tremendous. The absolute annual returns of the scheme have reached up to 56.3 percent in the year 2014. The annualised returns on the scheme for its three- and five-year investments are 19.3 and 23.4 percent respectively, which are further noteworthy as compared to its peers.

SBI Pharma Growth Fund has the entire investment in the pharmaceutical or the healthcare industry. 97.01% of the total assets of Rs.1,037 crore as on March 31, 2017, is being put in the equity stocks and securities. The remaining assets are parked in the debt instruments in order to provide regular income and diversification.

Different Types of Home Loan Everyone Should Know

In India, applying for home loan is the most common and convenient way to buy a dream home. Research suggests that, over the past few years, with the growing number of financial institutions offering housing finances, the number of people applying for loan have increased manifold. The various benefits attached with getting a housing finance like tax cuts and banks offering different kinds of loans to suit different needs of the borrowers have only made housing finance more feasible for home buyers. For most of the people tax benefit is the biggest benefit from availing a home loan. The banks nowadays offer different kinds of loans or even customized loans that suit the needs of the borrowers. Such benefits have only made housing finance more feasible for home buyers. Below listed are a few of types of home loans available in the market:

Home purchase

This is the most common type of home loan prevalent in India and the most easily accessible variant. There are plenty of banks as well as private financial organizations that offer loan for home purchase at attractive interest rates. The key to avail the best deal is to make a thorough comparison of the quotes and choose the one that is most cost effective rather than just going with the bank that offers the lowest interest rate.

Land Purchase

Land purchase loan, as the name itself suggests, is availed for buying a piece of land on which you wish to build your real estate property. This loan can be obtained for building home for self-occupation or commercial use. Typically, most financial institutions in India offer loans up to 85% of the value of the land. This type of loan can prove beneficial for people who dream of building their house as per their needs rather than buying a ready-made apartment from a builder.

Home extension loan

At some point in life, everyone needs to upgrade their current home and make certain modifications, be it the addition of a new bedroom or extending the balcony. If you want to make any alterations to the existing structure of your home, you can avail home extension loan to fund the construction work. Before you apply for the loan, you first need to have a copy of permission letter from the concerned civic authorities sanctioning the structural modifications.

Home improvement loan

This type of loan is very similar to home extension loan, in the sense that you can avail funds under the scheme to carry out home improvement works like painting the exterior, undertake roof repair works, or refurbish the electrical and plumbing fittings in the home. Typically, this type of loan is availed by people who wish to increase the commercial value of their property so that they can demand a higher price for the same while selling it.

NRI loans

This home loan type as the name suggests is exclusively for non-residential Indians (people who are Indian citizens by birth but have settled or live abroad) who wish to invest in buying a property in India. Several banks in India offer lucrative home loan schemes for the NRIs at the most competitive interest rates and affordable repayment schedules.

Bridge Loan

This type of home is for people who want to sell their existing house and purchase a new home. A bridge loan is a financial arrangement with the lender that helps you get the required funds to pay for your new home until you find a buyer for your old house.

Stamp duty loan

When you buy any kind of real estate property, you are mandated to pay a stamp duty, which is usually about 1% to 2% of the property value. If you are unable to pay the amount, you can avail the stamp duty loan, which is specifically offered by banks for this purpose.

Things You Should know before investing in Mutual funds

Mutual funds are a means of investing money in a variety of assets such as gold, government bonds, equities and other securities. Mutual funds help you to diversify your investments and reduce investment risk as they invest in a broad range of securities. You can generate regular income from the funds or use it as a means to grow money in the long term. You can invest fixed amount of money regularly in mutual funds as per your financial plans and thus build wealth in the long term..

ICICI Pru MF offers different types of mutual funds. You can identify the right fund as per your needs and also compare the performances of funds before investing. The different types of funds include the following:

Equity fund

Equity funds provide potential for high growth and returns by investing in shares or equities. They are best suited for investors looking for long term investment horizon. They can be actively and passively managed. Equity funds are considered a high risk option as they are subject to market volatility however they can also generate big returns if you choose the right shares to invest in..

Debt funds

This fund mainly invests in bonds and other debt instruments. They are best for investors looking to optimize current income assuming low to moderate levels of risk. They are suitable for medium to long term investors.

Exchange traded funds

These funds are instruments that track an index, commodity or a basket of assets closely and trade like shares on an exchange. Exchange traded funds invests in stocks of companies, precious metal or currencies and are backed by physical holdings of a commodity. They give the flexibility to buy or sell units all through the day. They generate lower returns than equity funds.

Balanced funds

Balanced funds bridge the gap between the high risk equity and the low risk debt schemes. They are made up of a mix of equity stocks and bonds. They are best suited for investors looking for debt plus returns with a higher level of risk. These funds are a great place to start you investments in mutual funds.

Bad debts recovery, worst situation by day In Dubai

Recovering of debts and management of bad debts are becoming high concerns in Middle East, the fluctuation of the economy in State has made the number of debt recovery cases as high as the skyscrapers in there but they also have strict laws and regulation to protect the organization from debtors that may hurt the balance of statement of the company.

Dubai being the city of high tertiary industrial has number of debt recovery agencies with highly experienced advocates that ensure the companies about the recovery of debts. Commercial debt recovery is yet another huge market yielded but its demand in Middle east and so Companies like Dubai Debt Recovery, Fort Equity and CEDAR Financial claim that they not only manage your debts but to recover them successfully and the same time securing the debtor creditor relationships.

The bad debt cases involve faulty debts due to identity theft, fraud, mismanagement of invoices etc. and methods of recovering them originally were mortgaging properties until cases went on to the debtors not having any. The scenario such were quickly identified and yet has been solved till date by the best agencies not just on national forum but globally.

The flexible deals of these agencies allow companies and organizations to recover content debts, the first party and third party prosecution helps the companies in making full conclusion in order to reach to the point that is in favor of the debtors.

Chris Maranis, the business development manager for Exus, told The National newspaper about debt-collection systems he has built earlier this year. He was asked about how the system would work in maintaining the high rate of bad debts in Dubai this was what he brought in to the spot light.

“In collections we have certain phases, so you have what we call early collections. This is the area where a customer falls into arrears – for example, he misses his installment day and banks start to communicate with the customer in a friendly and polite manner to remind him of his obligations. As you can imagine, as time goes by the banks escalate their communications to the customer from multiple channels. They can do either from a call Centre. They can do it by sending reminder letters. They can do it by outsourcing to collections agencies or by sending emails and any other means of communications. All this management of the delinquent portfolio of this call center, of this letter sending, of this outsourcing, can be done by a system. But collections systems can offer many more things that can benefit the bank and the debtor. This is very important. Many aspects of these systems or features they offer help the bank but also they help the debtors. However, we have seen that most of the banks have systems that were deployed more than six or seven years ago and they do not offer the new tools such as warning signals.

Upon asking how it will work he said

“One of the quite interesting aspects is the collections segmentation, as we call it. For example, think that you are a bank and you have 1,000 delinquent customers. Each one of them is a person. They might all be delinquent, but the treatment you are going to give to each one of them should be adjusted, if not to each specific customer, then to patterns of customers you can identify. So you have different customers. You have customers who have a temporary inability to pay because they have a very temporary problem. Or you have customers who are the people who are skipping their obligations in a very organized way. These are different kinds of people. I can give you an example that is very simple but it will help you understand. Imagine you have a loan and it is due on the first day of each month and imagine you get your pay cheque from your employer on the fifth of the month. That means that each month you are probably going to be delinquent for four days. If the bank does not identify this pattern in your payment methods, they might be calling you every month on the second of the month to remind you that you are late. This will irritate you. This will make you take your loans and go to a different bank. So you see, this risk segmentation can help the bank but it also helps the debtors.”

Each day the cases related to recovering of debts are reaching the lawyers and agencies while each day the suicidal situation of the other side makes it to the headlines. The mutual understatements are yet to be solved in the high functioning state economy.

About One College Graduate Overcame a Six-Figure Student Loan Debt

After leaving college a few years ago, Stephanie Bousley found herself in the same predicament shared by over 40 million Americans; that of student loan debt. In fact, the holder of an MFA in film production owed nearly $200,000, a figure which soon ballooned to $289,000 after three unpaid internships.
Now, that’s no small amount of money to be set back with so early in life. Considering that the average salary in the U.S. stood at just over $48,000 in 2015, according to the Social Security Administration website, it is easy to understand why a six-figure student loan debt of that magnitude would be cause for concern.
But Bousley proved to be one not to panic. Instead, she buckled down and went about finding solutions to her debt woes. After all, she did get a first-class education for all her troubles, not only picking up several awards for her work in film production, but also holding bachelor’s degrees in international business and psychology.
It was then that she decided to use her education as leverage to get a well-paying job, which would make it easier to pay off her student loan debt and start building her future. Needless to say, that decision, while not being easy to fulfill, has worked out for her best interest. Today, Stephanie Bousley works in Singapore for one of the country’s largest hedge funds and has paid off most of her college debt. In addition, she is able to live pretty well with a high level of freedom, and travels frequently, while managing to spend time on her first love – script writing.
Wondering if this could be your story as well? The good thing is Bousley has decided to use her experience to help others who have been in similar situations. If you are currently facing high student loan debt, you are at the right place. This is your chance to get coaching on managing your debt, as well as valuable financial advice. Plus, find out how you can land high-paying jobs abroad.
Dealing with student loan debt can be pretty frustrating but, as you will find out, it doesn’t have to haunt you forever.

Financial management with technical support For You

Quick Banking Advizors is a company that provides technical support to its customers for managing various financial aspects of their business. The company has been providing a multitude of solutions for many companies and has developed a skilled and professional team for round the clock support. The QuickBooks accounting software helps in the following aspects of financial management.

Managing payrolls

Payroll lists the employees working for a company and the wages that are paid to them every month. Payroll is also a financial record of the company in the form of salary, bonuses paid to the employees and also the necessary taxes paid by the company. The QuickBooks accounting software enables effective payroll management by the company. The software automatically calculates the salary paid to each employee by accounting for the taxes, bonuses, etc. The software also enables a company to maintain a record of the expenses. The Quickbook Online Support features installation, activation and upgradation, resolving issues relating to data or files import/export and issues about backup and restoring QuickBooks files.

Filing of taxes

Tax filing is an important part of the financial transactions of any organization or an individual. The process of tax filing is extremely complex and prone to mistakes. The fact that one mistake can prove costly also makes tax filing a crucial process for a company or individual. QuickBooks is a software that has made negotiating the complex maze of tax filing easier and faster for people. The experts provided by Quick Banking Advizors help in filing taxes using this software so that any chance of mistake is eliminated. Quickbooks Online Phone Number is a toll free number which enables the users to connect with the experts whenever the need arises. The experts provide customized support plan and always suggest productive actions.

Other features of QuickBooks

QuickBooks is available in the form of a mobile application which makes access highly convenient for the users. The mobile app consists of all the accounting features and is very easy to use.

QuickBooks enable swift generation of invoice for customers. It also enables storage of information as a backup. The app. is highly convenient for bookkeeping because it allows the users to easily maintain books by creating invoices, statements and expenses. The finances can be efficiently tracked by using QuickBooks. QuickBooks has also caused a paradigm shift in budget management.

The Quickbooks Online Customer Service Number is toll free and is always attended round the clock.

Hiring a Debt Collection Agent For You

If you own a business house, then I am sure you are quite worried about some stubborn customers who are refusing to pay, instead of a series of reminders and follow-ups, right? And that is why every company needs to hire a stable and skilled debt collection agent, who knows the dynamics and knowhow of this industry. It takes years of experience to gain the right amount of confidence and various other qualities, that only a successful negotiator possesses.

But apart from checking the number of experience in their bag, there are four other essential things that you should check. And yes, make sure that he or she is associated with the best collection agency. How will you find the best one? Well, simply browse through the internet and you will come across numerous agencies. Compare the prices, achievements and credentials in order to locate the best one in the lot.

So, here are the five traits I am talking about. Take a look.

 Salesmanship: They should have the qualities of a successful salesman. A successful agent always has tangible solutions ready and knows how to convince a party to make the payment on time. Squeezing out all kinds of required information is another trait of them. They know that there are many frustrated debtors and thus, deals with them tactfully. They do not use any kind of over-aggressive methods. Generally, a reputed business collection agency hires experienced and skilled professionals. But you should take a little initiative and communicate with the agent yourself so that you are left with no doubts.

 Acute knowledge of the industry: The entire process is not at all a cakewalk. In fact, it is quite complicated. A good negotiator has acute industry knowledge which includes the following:

1. Billing
2. Credit approval
3. Payment processes

While talking to him, make sure you ask a few questions, which will help you understand his knowledge on the industry. The science of negotiation requires a lot of skills other than the industry knowledge. For example, he or she should be an able master at understanding human psychology, so that they can understand the willingness of payment in a customer.

 Patience: One of the most important virtues of a successful debt collector is patience. They know that there is no point in hurrying, and the major mistakes are mostly committed when in a rush. Efficient collectors take a lot of time in gathering information and documenting them. So, this is another trait you must not forget to consider while hiring a debt collector. Search online for a reputed commercial collection agency so that you can contact a successful agent easily.

 Optimism: Deb collection professionals should have a strong sense of optimism. They always focus on a “win-win” situation. You will get a clear idea of this quality during the first or second meeting itself.

So, these are the top-most skills that you should be looking for in an agent. Apart from these four, he or she should brim with confidence and must be a good listener. So, don’t delay anymore and start your search for the best collection agency immediately. Save your accounts from going into the “bad debts” column in your final books of accounts.