Finance

Taking care of your finances is something we all look at and need to at least once in our lives, to be sure that we have either savings put away for a rainy day, that our retirement is somewhat if not completely taken care of, and that we have emergency funds for ‘just in case.’

But what seems daunting for most people looking to begin a savings or open an account where you can have a direct debit put money away each month but that is still easily accessible if a situation came up that needed immediate monetary aid.

The importance of a bank account and savings.

The most amazing fact about money and banking, in general, is that the practice has been around for centuries with the oldest (and STILL operational) bank opened as early as the 1400s. In ancient Greek, Roman, and Egyptian times there is evidence of money lending and ‘credit’ shown to be used in the form of tokens and the more common and popular option of cattle and the art of bartering (see more about that here https://en.wikipedia.org/wiki/Barter ) which has developed into the modern banking we know today.

So, the big question is, why do we need to have an account? Why can’t we do what the old wives’ tales express of keeping your money in a jar or under the mattress?

Firstly, because you may end up needing too many jars and then you’ll need to store or hide them so that your money is not ‘on display’. Secondly, sleeping on anything other than a bamboo gel mattress (personal preference) is not going to be comfortable, and as the money piles up so will the height of the mattress.

Every person has their reason for wanting or opening a banking account, let’s take a quick look at the topmost prioritized reasons why.

• Safety. This was a big factor for a lot of people, knowing that their hard-earned money is safe and sound in the account as opposed to in the home somewhere is a big weight off the shoulders. If you were to be burgled your physical money is not protected and it is essentially ‘free’ money for the thief.
• Simplicity. All homes have large appliances and equipment, and speaking from experience having just moved into our newly built home (but not yet complete- are they ever) the larger appliance also come with large price tags. Going into a shop with a bag full of cash that’s been recently printed might be best left to the movies. We are more than likely needing to pay with a debit or credit card which not only saves you walking around with a bulging wallet, but you have the evidence that the transaction has been approved and gone through.
• Spending. Seeing all the transactions in one place helps you to keep an eye on what you are spending, to keep on track with savings you may be accumulating till you have enough to purchase what you need and to tweak your budget as you see fit. It is easy enough to get carried away with a bank account full of money, so having it broken down into an easy-to-read format makes life that much simpler.

Many customers and bankers have a different reason for having a bank account, and that’s fine, each to their own as my granny used to say, see this link to learn more about the topic and to evaluate if you are on the right track with your financial plans.

There are different accounts and plans suitable for everyone and their needs, as well as to fit their current earnings, and to work with the banks and representatives to put even a few dollars away each month.

Emergency financial assistance.

Life as we know it is full of surprises, no matter how much we think we have things under control, Mother Nature likes to throw us a curveball from time to time and keep us on our toes. The problem with this is it usually comes with needing some form of finance, and quickly. However, we don’t all have immediate access to a big pool of money and so the credit part of banking comes into play.

If you think about it, we have all had some experience, albeit small, with a line of credit. It may have been as small as asking your parents for a few hundred dollars to buy the latest trainers available only for a limited time and which is why you needed the money then and there. Or perhaps you are wanting to buy a new car and you need the lump sum of a deposit to secure the vehicle.

This large sum of money is best applied for and accepted by large institutions that have the financial stability to support you temporarily. People who have opened a credit union money market account have essentially had the silver lining in their dark cloud and the request to their prayers answered, and you could have the same.

There is always a way to get a helping hand in life, be it through your friends, family members, or a banking institution that understands we all need help from time to time there is something for everyone.

You have the chance to make a better life for yourself with a financial lifeboat, and if you do it through a banking business company then all the better, live the quality of life you deserve.

 

The real estate industry is one of the biggest industries in the United States. Currently, this industry is seeing a large increase in activity in many areas throughout the nation. This is largely due to the fact that interest rates on mortgage loans are fairly low right now. It is also significantly due to the fact a lot of people are spending more time at home now.

There are many areas in the nation that are experiencing what is considered a seller’s market. These markets are the ones that typically have more potential buyers than houses listed for sale. Other areas are seeing what is considered a buyer’s market. These markets are the ones in which there are less potential buyers than homes listed for sale. Some areas, although not many, are seeing a balanced market.

Phoenix/Scottsdale, Arizona

The Phoenix, Arizona market, which also includes the popular city of Scottsdale, is one of the hottest markets in the real estate industry. This area offers residents beautiful weather almost year-round and is ideal for people who live active lifestyles.

You will find some incredible real estate for sale in Scottsdale, Arizona, with options ranging from beautiful condos in popular subdivisions to spacious luxury homes in peaceful areas.

The job market is another draw to this area. There are literally hundreds of job opportunities from many large companies. Amazon, Intel, Wells Fargo, and Banner Health are some of the largest employers in the Phoenix metropolitan area.

The inventory of housing is another reason people are investing in the Phoenix and Scottsdale area. The median housing price in Phoenix is around $275,000 and is around $475,000 in Scottsdale. The inventory of houses in the valley is considered low. This shortage of houses is allowing property values to steadily rise.

Investors also like this area due to the property laws that allow short term rentals. Airbnb rentals, short term leases, and other rental options are allowed in the Phoenix and Scottsdale areas. This is a great feature as the area is a well-known hotspot for spring break vacationers and other travelers who need short term accommodations.

Nashville, Tennessee

Nashville, Tennessee is another city that is a great place for real estate investments. Nashville is currently seeing a boom in construction in the housing market. It is also experiencing an influx in businesses that are looking for a centrally located site with fairly temperate weather year long. Nissan, Vanderbuilt, and St. Thomas Hospital are among the top employers in this beautiful city.

The inventory of housing options is another great reason to invest in Nashville. The inventory includes a wide range of housing styles to meet any household’s needs and budget. These properties range from historical plantations to modern, newly constructed, condominiums.

The median house price in Nashville is currently around $375,000. The median rental price in this city ranges from around $1,200 to $1,400 per month.

Charlotte, North Carolina

Charlotte, North Carolina is another awesome southern city that is a great place for real estate investments. Charlotte offers its residents a high stand of living in a business-friendly environment. The area has a lot of opportunity for growth and the population is warm and friendly.

There are lots of exciting things to do and places to explore. Some of these places, such as the NASCAR Hall Of Fame, also represent the largest employers in the area.

The housing market offers prospective buyers a variety of housing options to choose from. Single family residences of various sizes make up the majority of the housing inventory. However, there are also condominiums, townhouses, patio homes, and other architectural options to choose from. The median housing price in Charlotte is currently around $340,000. The most popular neighborhoods include Eastover, Uptown Charlotte, and The South End.

Tampa, Florida

Tampa, Florida is another great southern city to purchase residential properties. Tampa is located near the middle of Florida’s western coastline. The weather, ambiance, and variety of entertainment options are among the many reasons why Tampa is a popular city. There are also dozens of job opportunities located here. Tech Data, Jabil, WellCare Health Plans, SYKES, and Publix Supermarkets are some of the top employers for Tampa’s residents.

The housing market is another draw for many people to the Tampa, Florida area. The inventory of houses include small single family residences, luxurious estates, modern condominiums, and tons of waterfront residences. Residential properties range from around $150,000 up to over $10,000,000. The median price, however, is around $312,000. Short term rentals, as well as long term leases, are also acceptable in Tampa. The median rental price is around $1,225 per month.

Boise, Idaho

Boise, Idaho is one of the most popular northern cities for people to invest in real estate. It is one of the most affordable cities in the nation. Prices for homes range from under $100,000 up to over $1,000,000. The median price, however, is around $475,000. Rental properties are also allowed here and are fairly common. The median rental price in Boise is currently around $1500 per month.

The area of Boise, Idaho is great for active individuals who enjoy experiencing all four seasons. There are tons of exciting things to do in the city, both indoors and outside. Dozens of museums, art galleries, and other exhibits make for great learning opportunities. The Boise River Greenbelt is another popular destination for many people who enjoy walking, skating, biking, and other outdoor activities.

There is tons of room for growth, both in housing and in employment opportunities, in Boise too. There are dozens of employers in the city and plans for more to move to the area in the near future. Some of the biggest employers currently include Albertsons. Micron Technology, St. Luke’s Health Systems, and HP Inc.

Final Thoughts

Cities that offer higher standards of living for less money than California and New York are seeing an increase in population and job opportunities. Many of these cities are located in areas that offer hospitable living conditions.

The Phoenix and Scottsdale areas, located in Arizona, are among the hottest real estate markets in the nation. Nashville, Tampa, and Charlotte are also popular cities located in the southern region of the nation. Boise, Idaho is one of the most popular northern cities.

Applying for a home loan is something that requires a lot of research and preparation. Time spent making sure that you have everything in order will save you a lot of stress down the road. Here are a few tips to help you get the best deal on your home loan.

You Will Need To Have Your Financial History In Order

Go over your credit history and get any outstanding issues resolved. Loan providers are looking for a good credit rating. They will be also be looking at any credit card debt, your overdraft history, gaps in employment, and any late payments that you have made in the past. Be prepared to explain any discrepancies.

You Will Need To Find A Trustworthy Loan Provider

Read the fine print on your loan offer. What may seem like a good deal may be hiding a lot of hidden fees and unfavorable repayment options that could put you in a worse financial position than you started in.

Look To See If You Are Eligible For Benefits

Find any available local incentives and government benefits for home buyers. Veterans of the US military should apply for a VA Home Loan. The main advantage is that, because the loan is guaranteed or partially backed by the department of Veteran Affairs, lenders such as Hero Loans will offer a loan with no down payment and better rates than you will find elsewhere.

Create A Budget So You Know What You Can Afford

Draw up a budget and financial plan to avoid struggling to make payments later. Late payments run the risk of foreclosure and you may lose your house.

If you can afford it, paying a big deposit up front could get you a better deal on the rates of repayment. If you know that you are in line for a pay-rise or promotion, you can always look at refinancing your home loan later. The housing market is highly competitive right now so there will be pressure to move quickly, but stick to your plan.

Keep Checking For Hidden Fees

Find out which fees are avoidable and shop around to find the best loan deal. There will typically be administration or arrangement fees that will vary depending on the provider. Early repayment fees may be used to keep you from paying back ahead of schedule and causing the loan provider to lose out on interest.

Investing is the road map to attaining your financial goals. It means that you commit your money to a certain organization or government, which will eventually multiply your returns. A good investment comes in handy in the future. You can use the money as a retirement benefit, pay for the house you always wanted to mention but a few.

Therefore before you invest, you need to be familiar with both short-term and long-term investments so that you can make a rational financial decision in regards to investing your resources.

Short-Term Investment

A short-term investment is whereby you invest expecting returns in a very short period, usually within 12 months. You can turn the investment into cash once it matures. An example of a short-term investment is the treasury bills. Short-term investments are quite flexible and have a higher liquidity rate.

Long-term Investment

These are financial investments that you invest in for long periods. Some examples include real estate and college funds. Usually, individuals invest in items or funds that will accrue interest or value over time, maybe ten years or more. When it comes to a risky investment, long-term investments are best in ensuring loss recovery; therefore termed as aggressive investments.

Investing your money is a crucial decision that requires careful planning. You need to form a strategy and do your due diligence properly in order to determine the best course to direct your investment. There are various things to consider before you invest. This article covers some of the basics to consider before investing.

Diversify your investments

Before you invest, you need to consider the most successful asset categories. You need to invest in several of them in order to diversify your investment portfolio. It is better to take a risk in spreading your investment across various platforms so that if one goes down, the rest survive and multiply your returns, therefore, covering the loss incurred by the other investment. Also, you need to align your investments with your financial goals.

Have an Emergency Fund

Having an emergency fund will save you a lot of money in a financial disaster or job loss. It is wise to maintain an emergency fund that you can access when your investment goes sideways or lose your job and have to survive for the next few months before getting a new job. Also, consider taking insurance before you invest. This is one of the best financial decisions that an investor can make. Therefore, before investing, ensure you have a savings account that you can only access during emergencies such as medical bills or major repairs.

Evaluate Your Financial Plan

It is not advisable to go investing blindly. Scrutinize your finances and evaluate all your capabilities financially. Ensure that you are ready for whatever outcome before you invest. Ample preparation is key. Also, before making an investment, go over all your finances with an expert and get the best advice on how to invest your money according to your financial goals properly. Also, what amount of risk are you willing to take? Ask yourself this, and you will know what platforms you will channel your investments for better success and returns.

A Financial Planner

If you are a new investor, you need to get the proper advice from an experienced professional on how to navigate the investment market carefully. Before you commit your money towards a certain investment, get a financial advisor to help you know everything about the platform you are about to invest in and go over all the risks associated with the specific investment.

It is also important to conduct your own personal research before making your investments and verify whatever the financial planner advised you to do. Go over all your financial goals with a financial advisor so that they can be able to offer a tailored investment plan that best suits you.

Clearly Define Your Use for the Investment Money

This is another basic thing to consider before making an investment. There are short-term and long-term investments. By clearly defining the purpose for the investment, you will know what to invest in and know the amount of risk that you will be willing to take. For long-term investments, you can take a riskier investment compared to long-term investment.

Be Aware of Fraud Investments

You may invest in something that does not exist due to fraud and misleading adverts. Therefore, more research and consultation are advisable before making any investment. Your money is very important and thus, make sure you go through the proper channels before you make an investment.

Ensure You Understand Your Investment Options

Explore all the options you have and choose the best course of action. Be careful with your choices because you may incur a huge loss if you make the wrong investment option.

The business environment is highly dynamic and complex. A startup owner will face several in-advert challenges while trying to get the business established in the market. Several aspiring audit practitioners invest in franchises from established audit franchise providers instead of building an audit practice from scratch. This article throws light on what factors you should consider while choosing from the different auditing franchises.

How to Choose the Right Audit Franchise

Selecting and buying a franchise is a big decision and investment. There are many things you must consider before choosing a franchise provider.

The Reputation of the Main Organization

The reputation and goodwill of the audit franchise you plan on opting for is a huge factor. Do your research to find out if the provider has built a good reputation. Go through the reviews and ratings. Your franchise will represent the franchise provider in many ways, and if the provider already has a good market reputation, your franchise will benefit significantly from it.

Training Programs Offered

The training programs offered by the organization will be of prime importance to you and your small franchise. Unlike other areas of a client’s business, finance should only be handled by trained professionals who understand the market, relevant legislations, and other intricacies. Financial advisory requires adequate knowledge and expertise.

As a startup, you will also need guidance in areas like marketing and operations. When you opt for an audit franchise, ensure the main organization will provide the required training and guidance.

Experience

The experience profile of the experts in the provider’s team is a major consideration. The experience should not be counted merely in the number of years they have been in service.

Audit is an extremely dynamic field. Your clients will reach out to you with a variety of cost and savings-related issues. You should be able to depend on the experience profile of the main team for guidance and advice.

Study the experience profile of the organization and establish that they have worked with a varied client base. If the organization’s experience is too specialized or specific, you may want to consider other options.

Standard and Working Style 

You must identify the level of quality standards of the franchise provider. Also, understand the working style of the provider and see if it works for you. Your franchise will work closely with the franchise provider frequently. This requires trust and comfort.

The recommendations provided by the main office will have a great impact on the success of audit franchises. You must be comfortable with the working style of the organization. It would be best to establish that the main office’s policies and ethics are not against your business ethics.

Choose an organization that displays flexibility. The organization will play the role of your back office, so they must be easy to communicate with.

Cost

Consider the price charged by different franchise providers. The cost of buying and running the audit franchise must suit your budget. You must also consider the size and scale of the franchise you plan to buy.

As a franchise owner, you will have to employ audit experts as part of your team. Assess and decide if you have adequate funds to employ them. While the franchise provider may guide you in marketing, you will be in charge of actual business development. Ensure your budget provides for the pre-operation costs.

Choose an Auditing Franchise Provider That’s Right for You

It would help if you chose a franchise provider that you are comfortable working with. Also, consider factors like the cost of buying the franchise, the return on investment, and prospective market opportunities. Investing in an audit franchise from an established audit franchise provider will give you more market reach.

Thousands of UK citizens work and live abroad. After some time, these people consider retiring in their residence country or elsewhere outside the UK. But before making this life-changing decision, there are many things you need to consider. Apart from your safety, healthy, and living arrangements, you also need to get your finances in order. After all, the point of retiring is to ensure that you live comfortably on your savings or pension fund.

Most people who retire abroad still have to worry about any remaining assets they have in the UK. The changing financial climate globally does pose a few implications. Also, your source of funds could be impacted by transfers, currency fluctuations, and taxes.

Managing your UK pension

The first major consideration is securing your pension. Most people have multiple pension pots from the state, their employer, as well as a private plan. Expats often consider a pension transfer because it makes accessing the funds more efficient. QROPS, for instance, is quite familiar for ex-pats especially since most financial advisers recommend this option. But, this scheme isn’t for everyone.

While it’s true that there are many opportunities that await those who transfer their pension to a QROPS, fees and exchange rates will apply. For ex-pat retirees, it’s critical to be cautious when considering transferring a pension pot overseas. You need to take the time to research the implications and talk to a reputable financial adviser about it. Like any ordinary investment, you need to assess the risks and make sure you choose what’s best for you on a long-term basis.

Drawing money out of your pension is another matter worth discussing. Although most countries have sophisticated banking systems, note that exchange rates and fees will still apply. You can keep your pension in the UK, or transfer your money into a local bank account. Make sure to weigh the pros and cons of each option so that you don’t unnecessarily diminish your funds.

Managing property left in the UK

Most people retire abroad without any intention of returning to the UK. As such, selling your property in the UK is a good financial move because you can use the money to fund your retirement. Once again, this option isn’t for everyone because it’s always good to have a backup plan. So what do you do if you want to keep your property in the UK?

One option is to rent out your property and release the equity. However, you’ll need someone to manage it while you’re away. The benefit here is that property prices are bound to increase. Additionally, you can keep your property and have a home to return to in case your plans don’t pan out.

If you aren’t sure about what to do with your UK property, you need to consult an advisor. There are plenty of things to consider when it comes to mortgage and property. First, weigh all the pros and cons of selling your home as compared to keeping it. Next, consider the taxes as well as the expenses of keeping the property or renting it out.

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