Tag: financial
Why Personal Lenders Like SkyCap Financial Provide
A loan may be a helpful resource if you need extra money for a specific purpose. But, there are a number of factors to consider before deciding what type of loan is best for your financial situation. Broadly speaking, you have a choice between personal loans offered by banks and alternative lenders or payday loans, available through smaller retail outlets. Personal Loans: Personal loans offered by financial institutions such as banks or credit card companies are usually for large amounts of cash (i.e., $25,000 and over). A credit check is often required before approval and the lenders perform due diligence on the credit history of their applicants. Personal loans are also often installment-based with regular re-payments made to the lender. A personal loan can serve as a smart option for those with high credit scores looking for a relatively large amount of cash, perhaps to buy a car or to renovate a home. Relatively new to the Canadian market, personal loans can also be provided through online applications via alternative lenders. Online loans may be an option to choose from if you are seeking a smaller loan amount (under $10,000) and expect to pay back the loan quickly. Main benefits that online lenders provide are speed and convenience. You spend a few minutes completing the online application and the amount is deposited directly into your bank account, often within 24 hours. Case in point, Kingston, Ontario-based SkyCap Financial is one of the leaders in Canada in providing a quick and easy online loan application process. SkyCap Financial specializes in helping people with low credit or poor credit gain financial assistance, offering short-term loans ranging from $500 to $10,000. The lender bases its lending decisions on credibility, stability and the current income of the applicant and works to provide quick decisions on loan applications. Payday Loans: We’ve all seen the stores with the “quick cash” signs. Payday lenders prey upon those who are in desperate situations and in need of quick access to cash. They advertise themselves as a convenient and reliable source for same day funding. In reality, however, most payday loans come with extremely high interest rates. No due diligence is done and loans are provided solely based on whether the borrower has a job and can show a pay cheque. “Payday loans are almost always a bad idea as borrowers typically get stuck is what is referred to as the payday loan cycle,” says Loans Canada. This cycle occurs when a borrower needs to keep taking out more and more payday loans just to cover the previous ones. Bottom Line: Whatever type of loan you choose, make sure you feel comfortable that you can afford the payments and make sure the loan is structured in a way that you don’t feel trapped. Although you are pretty safe with personal loans through banks and alternative lenders, payday loans are another story, and best avoided, if possible. Read Also: How To Start Your Career As A Financial Advisor? Benefits Of NBFC Business Loans
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5 Must-Have Long-Term Goals for A Secure Future
Most of us would agree that it’s vital to set goals and make plans to achieve them. People do it all the time. For instance: Goal: ‘Lose 5kg’ Plan: ‘Eat less and exercise more’ But financial goals, which are the life-changing goals of all, are often put on the back burner. Retiring early, setting up a business, or building an investment portfolio worth millions can all seem a bit too hard. You should prepare long-term goals that can help you to achieve your objectives. However, it's not! With a bit of understanding and help, financial goals can be set, plans can be put into place, and the desired nest egg can be achieved. Here are a few long-term goals worth setting: 1. Having an Emergency Fund for The Rainy Days : Life can bring economic uncertainty to many, and even for the financially secure, life happens, in the form of domestic catastrophes, medical bills, and other unplanned expenses. Therefore, it’s vital to have an emergency fund that can offer peace of mind and financial relief in such untoward situations. As a general rule, it’s good to have an emergency fund that would cover three to six months of your living expenses. So, calculate and know how much you need and set aside a certain amount from your paycheck every month. Over the years, this fund will grow, which you can use in case of an unexpected event, or when you are in financial strain. 2. Ditching Debts and Dues for Good : Being in debt can be a stressful experience for anyone, and no matter what your circumstance is, if you have a loan, you are obligated to pay it back. Even if you have life-altering experiences like getting into an accident, losing your job, or increased expenses due to having a child. Hence, repaying the outstanding debt and clearing of all dues is important, especially to know where you stand with respect to money matters. A simple way to clear your debts is to develop a budget that tracks your income and expenses. This will help know whether you have money left over, called the surplus. The goal is to increase the surplus and use it to pay down your debt. 3. Building Your Retirement Fund : Although retirement may feel like a million years away, it doesn’t matter - now is the time to plan for your retirement. Investing and saving is a critical part of leading a financially independent life post-retirement. The good news is, investing even a small amount each month will pay off later in life. Along these lines, decide what you will need during your golden years - expenses like healthcare, household costs, and additional leisure expenses. Once you know your needs, find a suitable retirement plan which can cater to those. Put simply, save, invest, and ensure yourself as a fallback option for your future. 4. Funding Your Child’s Higher Education : Your child’s dreams can become a reality when you support him or her, emotionally and financially. Quality education should be on your and your child’s wish list. Setting up an investment plan that can help with the higher education of your child is a good idea. To do so, find a reliable child education plan that can help you create a substantial corpus for your child’s education and future needs. 5. Expanding Assets for Your Family : Other than making arrangements for expenses, it is essential to create a secure base of wealth for your loved ones so that you can support them and maintain the lifestyle you have now. Investment in unit-linked insurance plans (ULIPs)is a good way to achieve financial growth as well as protect your family’s future in your absence. ULIPs enable you to make significant returns with a relatively low investment every month, while also offering insurance protection to you. Other benefits of unit-linked insurance plans are: Flexibility to choose your fund option- equity, debt or balanced Encourages goal-based saving for child education, retirement etc. The top-up facility gives the flexibility to change your premium amount You can opt for riders like Critical Illness and Accidental Death benefit You get ULIP tax benefits under Section 80C and Section 80D It’s never too late to get started. Pick one or all the financial goals listed above and start setting yourself up for your secure future. Read Also : Getting Your Personal Finances In Order With A Proper Budget Strategy These Small Changes Will Change Your Finances For The Better
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How to become a sub-broker?
To become a reputed and successful entrepreneur, it takes hard work. In India, the opportunities for launching new businesses are umpteen, but the competition is fierce. There is no magic mantra that can help one company find success within record time. It requires dedication, perseverance, and knowledge. Sub-brokers are entrepreneurs with immense potential for making a profit. They are not trading members of stock exchanges, but they can act on the behalf of one. They can also assist business owners and new investors to buy or sell securities through registered trade members. The opportunities of a sub-broker business are plenty. If you have a fair idea of the share market and its products, it is going to be a rewarding business for you. In fact, it is a rewarding profession for novices as well. Anyone with the aptitude for share trading and the will to learn about the share market should be able to master the necessary skills of a sub-broker. What are the necessary qualifications of a sub-broker? The qualifying criteria remain more or less constant across the country for sub-brokers. Here’s a list of the edibility requirement for joining the elites – The person should have a graduate degree. Any subject should do, but the aptitude for share trading is a must. The applicant should have passed their 10+2 examinations at the least. They should know about the financial markets of the country. They should either have the qualification that gives them the knowledge of it or previous experience that gives them the insight of the share markets. He or she should also be able to manage basic financial transactions. They should have the latest information on the economic, socioeconomic, political and environmental scenario in the country. That is because every change in the scenario impacts the share market. They should know how to operate computers. The applicant must also be able to learn specific trading and monitoring software necessary for the process. Nothing can replace good communication skill for sub-brokers. They should be able to convince and comfort their clients during and after investment. It is a highly competitive niche and reliable skills of communication can give you an edge over your competitors. They should be good at management. You must remember that every business is about great management. Nothing can take the place of management when it boils down to man, market, and money. The aspiring sub-broker should clear the basic NISM modules on mutual funds, equities, F&O, and commodities. These regulations ensure that all sub-broking work should follow the completion of these modules. How to find a stockbroker to work with? Next, it is time for the sub-broker to find a broker as a partner. It is the most crucial step towards setting up the sub-broking business and you need to keep a few things in mind before you go down this path – i. Pick a good broker Finding a good stockbroker does not mean looking for one with a lucrative office or higher profit share. The broker you should look for should be reputed in the market, should be trustworthy and active. Make a list of the priority values you want to see in your stockbroker. Consult with your friends, family and fellow sub-brokers during the selection process. Check the broker’s profile before you go into business with him or her. ii. You should be ready for the full-time commitment Being a sub-broker is not a part-time hobby. It is a business and a full-time commitment. You will almost never be off the clock. Even when you will be away from your desk, you will be receiving updates on your mobile phones. Staying connected 24/7/365 will ensure that you will always be ready when a big business opportunity knocks on your door. iii. You need to be more than the average sub-broker Clients expect a lot more than the usual assistance and dealing. It is a competitive market, and you need to cater to your clients’ needs for market advice, investment aide, and product selection. Every client now deals in multiple products like mutual funds, currency, equities, and securities. It has become the responsibility of the sub-broker to advise them on the selection of products to avail the best investment opportunity at the time. What are the finishing touches of becoming a fine sub-broker? Get your own client database Becoming a good sub-broker takes a lot of practice and time. It is important to have databases of people, who are likely to become your clients soon. It is possibly the only profession where cold calls are still valuable and useful. The first stage of the database may consist of your family, friends, ex-colleagues and social media contacts only, but you need to start working on that data. You will have to go through multiple rounds of meetings with your clients, explain the prospects, your business USP and their chances of making profits in the long run. Build your network Finding a reliable sub-broker is a challenge for many regular share market clients. You need to fill that gap and become the sub-broker they can trust. So, do not push sales from the first round of calling and meeting. Ask for references once you establish a relationship with the client. Attend networking meetings. They might be a tad bit cliché, but they are always effective in getting new leads for the new sub-broker. Yes, you should expect to find them the moment you step in. It will take some time for others to warm up to you and for you to notice the new opportunities in the market. Keep yourself updated Lastly, no great sub-broker can remain great without regular brush-up of their market knowledge. So, go ahead, install some of the best market update applications, follow rewarding share trading blogs and follow the news on the changes in the financial policies of the country that can affect the market. To offer your clients a little more than the next sub-broker is offering, stay updated with the international market news as well. The ups and downs of the global market always influence the prices in the Indian share market. Read Also : How To Choose The Best Broker For You How Real Estate Factors Into Business Decisions
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How to do bookkeeping in Malta minus complications
Bookkeeping and accountancy are always seen as a complicated and tedious process. It does not have to be because you just do a book as long as your know-how. The major purpose of the book is recording financial of the organization. Learn the basics of doing books in Malta so that you eliminate perceived complications from this process. Bookkeeping is the procedure of recording your financial transactions as a business in the year. It is among the necessary processes that your business cannot survive without. The bookkeeper is the one to do your books. The importance of this book Even though it is viewed as the routine task and does not directly contribute to the process of generating income for the business, it has to be among the priorities of the business for the following reasons. The generated records from the book are good for getting you the finance you need for the business. This is usually the basic requirement from lenders before approving a loan for your business. Also, your records will determine the financial obligations of your business to the taxman so as to provide the required deductions as reflected in the records. In case you are not able to give these documents and fail in fulfilling your obligation, you may end up facing huge penalties. Your books have the ability to determine the steps you require to improve your business operations and how to take the business to another level. Minus accurate diagnosis of financial conditions, you will not have the ability to handle cash flow in the right way. It is assumed that the most crucial individual in the organization is the accounting clerk or bookkeeper. Why is it that there is a lot of value for the bookkeeper or accountant? The underlying reason is that the business will not see progress when it does not have transaction records. For the financial institution or business entity to move forward, it requires an organization of financial records. This is crucial for having the ability to plot growth and to have the ability to design or contrive an action plan for growth. Bookkeeping in Malta is, therefore, a process of recording financial transactions of a firm. The bookkeeper will keep track of transactions of the business or company and then prepare a report that can be consolidated into a daybook that consists of sales receipts, payments, purchases, receipts for the business entity or firm. After the consolidation of these reports, they will then be utilized by accountants to formulate an income statement plus a balance sheet. Due to its extreme volatile nature, the work of the bookkeeper is very crucial for the functions of the firm, and are the first to get pirated by other firms or in case there is a takeover from another company by competitor entities, it is the role of the bookkeeper that stays put. Bookkeeping in Malta is not just the only crucial aspect to the business entity but is also very crucial for individuals. Most likely since the whole world is feeling its effects due to the financial crisis, bookkeepers, accountants, and accounts clerks are now increasing in their demand. Even companies specializing in information technology are cashing in on the requirement for the necessary bookkeeping packages by coming up with software solutions that will fit in the company type that is in need. There are also sites that are providing bookkeeping and accountancy services. You can do your books in two methods; you can record your entries manually or automate your process by use of reliable bookkeeping software. Since most of the tasks are routine entries, many businesses choose to go for automated processes by use of reliable and preferred software. The programs enable you to experience simplified bookkeeping in Malta to get accurate results. Read Also : Top Tips For Making Business Purchases Tips On Selecting A Storage Solution For Your Growing Business Why Every Business Needs Digital Marketing Getting Your Personal Finances In Order With A Proper Budget Strategy
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5 Perks of Having QuickBooks Pro for Your Business
QuickBooks main function is to simplify accounting in various aspects of a business. Intuit has released various versions of QuickBooks, so that different enterprise can select different versions of QuickBooks for their needs and requirements. QuickBooks Pro is one of the versions of QuickBooks software about which we are going to talk about today. This QuickBooks version is specifically designed for small companies. The features provided by QuickBooks can handle all the accounting functions including accounts receivable, accounts payable, credit card management, and financial reporting. The software is available for $219.95 in the US, this is great because earlier it used to cost $299.95 and now it is even more value for money. Cash Management- The software perfectly manages the cash flow and budget for small businesses. You can input the due dates for different kind of payments and the billing information can be added along with that. You can get printed checks directly through your QuickBooks software. For future audits you don’t have to manually record any transaction because all transactions are recorded automatically, this eliminates the need for paperwork. Expense Billing- In any type of business there various miscellaneous expenses like small purchases, meals, business travels, etc. These expenses may or may not be included in the client’s total bill, but because of their small amounts, they are disregarded and in the end, it is billed to the client only. In QuickBooks, you can maintain such record of all the expense and later go to them at the time of the billing. This will save some of the expenses for the clients and they won’t be any quarrel and even if there is, you would have a complete record which you show them. You can directly manage payrolls and taxes from the software itself. Invoices- Wouldn’t it be great, if the software does work and saves up a whole lot of labor and that too without any error that may happen in the case of human involvement? Well, QuickBooks does exactly that, it automatically tracks the sales and creates receipts and invoices any time you want, like if you have to send an invoice to the customer. The type of feature is very helpful if someone is buying the QuickBooks for retail business. You can even subscribe to QuickBooks checkbook solution, this provides with the ability to scan and deposit the checks into the program without manually entering the data. Reporting- Through QuickBooks, you can create various types of financial reports. These include yearly incomes, trends, expenses, and other documents. You can even create an excel sheet, in case you have to send the data to the client. Simple user interface- This one is obvious, the QuickBooks software makes every accounting activities very easy to complete and even does some of the work for you. There are various tutorials also on YouTube and on Intuit’s website, with their help you can explore all the useful set of features that QuickBooks provide. Planning- QuickBooks is advance planning too also for adding accounting data and also for planning your sales data, bills and other long term operations which your company performs. QuickBooks Pro can even produce tailored reports for your clients, managers, etc. which can provide you an informed view for your future planning decisions. Business Positions- with the QuickBooks Pro, you can generate a complete report of your company’s profit and loss with the profit and loss statement. You can also find out your top customer list at the end of the financial year and even after 6 months. Read More: How To Get Product Ideas For Your Ecommerce Business How To Get What You Want At Work By Strategic Negotiation How To Get Low Cost Life Insurance For Seniors 10 Tips To Design The Perfect Business Card What You Need To Be A Successful Entrepreneur
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