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Getting The Right Protection For Your Life And Business

Getting The Right Protection For Your Life And Business

How well are your life and your business covered in the event of any major problem? By this I do not just mean is your life insured, and your business carrying liability insurance as well as property insurance, but are you fully covered for all eventualities?

There are many things that may occur in life that you may think you have adequately protected against, only to find life throws you a curved ball that changes everything at home or at work. These days it is vital that you think in detail about what protection you need in place in your life to cover off as many potential problems as possible.

This particularly applies if you are self employed or are the owner of a business. This is because if you are self employed and are ill or get injured and cannot work, unless you are insured for loss of earnings then you could find that things get very difficult indeed. The same applies if you own your own business, if you died your life insurance might cover your family and home, but what would happen to your business? Could it carry on? Have you even made a will covering this eventuality? Many people forget this when making a will and only focus on personal assets.

You need sound financial advice on not only ensuring that you have the correct insurances in place to cover such eventualities, but also it is wise to seek advice as to how you can plan things to keep your business going should you be absent from your business for any length of time or even permanently.

You also need to take advice if you are in a partnership, as to what happens to the other partners share should either of you die, if not you could find your partners family sell their share to a complete stranger or even a business rival.

The good news is with the right advice and financial planning and protection in place then many of these problems can easily be catered for, however it is vital that you put protection in place before any of these problems occur as if you wait until they occur then it is simply too late. If you are self employed and do not have sickness cover then you could easily lose your contract, your income and then your house in a very quick time indeed. So put the right financial protection in place for your life and your business before a problem occurs.…

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Principles of Financial Success You Must Know (Part 1)

Principles of Financial Success You Must Know (Part 1)

Financial success simply means the achievement of the financial status you have dreamt of. What has been your dream? Is it to become a billionaire, a millionaire or simply to be able to afford three square meals daily? Whatever dream you have, you should know that they are realizable if you set out to pursue them diligently and vigorously.

Some people erroneously believe that the only way to succeed in life is to work hard, harder and harder. It is actually good to work hard because success does not come on a platter of gold. But it takes more than just hard work alone to succeed in your business or financial life.

If your desire is to succeed after reading this article and after participating in my training course, then you have to be prepared to observe the following principles:

1. Spend less than you earn: In order to get financial liberty one needs to spend less than one earns. You must not consume everything you earn at the end of each month. You must have something left from your salary or business profits: don’t spend everything without anything to save for the future. It is the one that you have left at the end of your expenses that contributes to make you rich, not what you spent. Your expenses actually make you poorer and make someone else richer. So when next you are tempted to spend the whole of your monthly salary you should resist the temptation.

2. Pay yourself first: It is strange to so many people that they should first pay themselves before making any expenses from their monthly income. When you receive your salary/wage for instance, you have to remove your tithe first; then pay yourself certain percentage (say 5-10%) of your income before spending the rest on whatever you desire.

3. Plan for uncertainty: Always envisage problems and think of a way of overcoming such problems should they arise in the future. Think of you, your wife or your child falling sick suddenly. Think of you being presented with an opportunity to buy a valuable property at a very cheap price. Imagine a company you have been waiting to invest in suddenly presenting you with the opportunity to buy its stock. You must have some money kept in a separate account to take care of such situations. Make sure to deposit some amounts into such account periodically.

4. Be financially literate: Business success requires some level of financial training. For you to win a gold medal in athletics you need physical training; in order to succeed in farming you need basic training in farming or agricultural science. To be a successful engineer you need to attend a university, polytechnic or a technical college. In the same vein, business and financial management require basic training for one to do well. You should not jump into a business where you have no basic or elementary knowledge otherwise you will loose your hard-earned income.

5. Set long term goals: You need to set long-term goals and work towards achieving them. You must define where you wish to be in the next 1, 5, 10, 15 or 20 years. Knowing where you want to be would propel you into working out the modalities for getting there. If possible, write down your goals and keep them close to where you can see them often. Reading them often would keep reminding you that you have unfinished task that needs to be accomplished.…

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How to Talk to Your Spouse or Partner About Finances

How to Talk to Your Spouse or Partner About Finances

You probably know the old saying. The one that says the three topics you should avoid talking about are: (1) religious beliefs, (2) national politics, and (3) finances. While the first two are questionable, it’s vitally important to have personal finance discussions with your spouse or partner. Understanding how to speak about money, in a helpful and worthwhile way, can create the best foundation for both your relationship as well as your financial well-being.

Even if you are not married, if you share some amount of fiscal duties with someone else in your household, it is recommended you communicate about your finances. Even though we know we should do it, not everyone recognizes how to have successful “money chats” that don’t cause hurt feelings or even anxiety. This is most often because talking about money calmly and constructively is difficult when you do so only after a problem has already arisen. All things considered, it is usually fairly challenging to maintain your calm just after your significant other just revealed to you that you are having problems paying your bills, or maybe when you are they have just now made a precarious funding shift. As opposed to making unplanned or quickly arranged interactions concerning your economic destiny, address the matter in a way that will definitely lead to the best situation, logically.

Find a Great Money Manager

When most people begin a romantic relationship, few think about the need to be prepared in terms of financial responsibilities. Even worse than not planning, is the perception that money problems will merely go away or work themselves out without any effort. Needless to say, that’s obviously untrue. Research findings suggest that the more people disagree about finances, the greater chance they’ll split up. That is precisely why it is vital that you discuss your family assets often, and do so effectively. One method to do that is by seeking the advice of a fiscal manager, together, not separately. These financial managers work alongside you to produce suitable financial targets, and also give you support in accomplishing your financial goals. They are able to serve as an impartial and objective 3rd party, can inform each of you regarding your financial investment options/opportunities, and also make it easier to resolve issues on the subject of monetary decision-making.

Schedule Financial Conferences

But do not merely rely upon a paid monetary advisor, but be accountable for you and your significant other’s financial resources. The two of you should set a regular date during which you will sit together and talk about your budget. It is imperative that you go over the fiscal assets both of you have in common, in addition to the income you’ve made and use separate from each other. Throughout every single money meeting one of you ought to record the ideas you talked about, just in case the info is required down the road. And don’t be afraid to make these meetings interesting and fun: employ posters that lay out your goals, use photos, video, etc., to make your point. Clearly, discussing finances can be difficult for many, and doing stuff to lighten the climate will make these discussions pleasant and productive.

Throughout these sessions, both of you need to go over how well you’re managing your money, household finances, and sticking to a budget. Ensure that you talk about your combined as well as separate assets, and focus on techniques for repaying debts. If you’ve got investments like a 401k or IRA, look over the most recent earnings statements so you are both aware of how much money is in each account. And also try to discuss your own individual financial goals, as well as how well you’re progressing towards them.

Establish Financial Objectives and Budget

It is essential to create a personalized economic plan that you and your partner create independently, but that includes household finances as well. This procedure is really useful for couples who may experience differences in how they spend money. For instance, your spouse or partner might set a long term aspiration of saving a certain amount for retirement. Even though it’s not your personal goal, you are more likely to aid in their attempts because you’ve discussed it. Similarly, when your spouse is aware that you possess a certain goal, they will probably be more likely to try and help, and much less inclined to unwittingly do stuff to undercut your independent or common fiscal ambitions.

In addition, it is important to make a plan concerning the daily managing of funds. A great technique is to construct a spending plan (linking to your pay periods), and make use of it. One option is to set up an envelope system for all expenditures. Being that the …

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Personal Finance – How to Track Your Spendings

Personal Finance – How to Track Your Spendings

If you suspect you are overspending, you need to save. But saving itself is a habit that needs to be cultivated over time. What now? Fortunately, you could track your spending. Analyzing on what you spend is the best way to avoid overspending. How do you track your expenses? Well, by writing down on a piece of journal with a pen of course!

If this is your first time, it can be awkward. This is especially true if you are already an adult. Good habits of saving should be learned since childhood already. Nevertheless, it is never too late.

To get the dice rolling, get your hands on the following:

– Your recent pay slips

– Tax documents (especially the returns)

– Banking bills, payment records (offline and online)

– Registers for chequebook (this includes cancelled cheques) and debit card transaction history

– Credit card bills

Compile the documents necessary to keep track of 12 months period of spending.

But if your spending patterns are consistent throughout, you can reduce it to a 6 months time frame. Whenever you make a huge spending, be sure to include that month when the expenses occurred.

Cash payments are hard to track

This is because they do not have a paper trail. How do you solve this? Easy. Record everything you buy with cash during a week time period. Sometimes, you might get lazy and estimate the amount. This is also fine to do.

Label your expenditures into useful categories

Classify them into sections like taxes, house, food, transportation, lifestyle, debt repayments, leisure, personal care, health care, insurance and so on.…

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Things To Do Before You Make Your First Sales Call

Things To Do Before You Make Your First Sales Call

Imagine you are making your first sales call with the intention of selling a financial product or service to a potential client. This can be a truly daunting task! You are likely to have conversations with “Gate keepers”, PA’s, EA’s, Switch board operators and other staff who do not have the authority to purchase your product or service in the first place. In addition you may be delaying them from doing their daily work and adding to their stress levels. This may lead to them refusing to take the telephone conversation any further and have the effect of impacting on your self confidence too.

Now, I don’t know about you, but I heard many children’s stories when growing up that have a moral or teaching point embedded in them. One that springs to mind is that of Robert the Bruce, who despite losing many battles with the English, finally won freedom for Scotland. The moral being: try, try and try again until you succeed.

This may seem like a good moral story, however, in the field of business or indeed life, this could be disastrous. The word “try” itself implies failure. If you are “trying” to do something you are not actually doing it! If you are trying to win, this implies you are losing. If you think back to how many times you may have heard the phrase “I will really try to make it…… “. Now compare this with the phrase “I will definitely be there”. They’re worlds apart, aren’t they?

In business, yes you can try things but if they do not work you must try something else until you find one that works. Alternatively, you can learn from others mistakes and utilize techniques that have a higher success rate than others. Simply trying without gauging results is like watching a movie several times and expecting a different result each time.

It is a fact that it is getting harder and harder to talk to the right decision maker/buyer, especially in a larger organization. You have to remember that people are busier than they have ever been at work. The key decision makers are normally the busiest, running from meeting to meeting, so catching them may be extremely difficult.

Below, I have listed some of the main things to do before you even consider making your first sales call to a company:

Research: Before making your first sales call you must research the organization thoroughly. Looking at the company’s website is a good start. It can give you a good idea of the organizational structure however you may still not get the names of individuals you require to make your sale.

Human Resources Department: Most of the larger organizations have a Human Resources department. This is the key department to contact and simply talking to one of the HR team can give you valuable insight into the buying power of key individuals within the organization.

Offer Value:Every time you contact a member of staff regardless of who they may be you should ensure that you enhance that person’s day rather than add to their work pressures. Simply by talking politely to them or using a little humour may be enough. For others a free report that is relevant to the work they do. Become known in the company for being helpful and distinguish yourself from your competitors.

Belief in your products or services: It is important for you to believe in your own product or services. If you can show a client in a totally congruent way that your product or service can solve an actual problem or issue that they have, they are more likely to want to speak to you.

Position yourself in the market place: Be seen as the industry specialist. A potential client is more likely to contact you if you are a perceived expert in solving their problems.

Use different types of communication: There are a number of different mediums you can use: fax, mail, postcards, CD’s/DVD’s, email, invitation for a free coffee at a local coffee house. The idea is to be creative so that you are not considered to be the same as your competitors.A�

After you have laid the groundwork by utilizing the above, then it’s time to consider making your first sales call. By this time you should have a real feel for the business and the people working for it. At this stage you may have a few contacts in the company who could recommend your services to the key decision maker, or at the very least you will be aware of who the key decision maker is.

If you work in the financial services arena, whether as an IFA, broker, fund manager, investment specialist the same …

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How to Keep Insurance Cost Down

How to Keep Insurance Cost Down

Auto insurance providers will normally base the rates on several factors like your driving record or type of vehicle you own and its history. Listed below are several ways in which you can get lower rates or cheap car insurance.

1. Your vehicle has at least one or several anti-theft gadgets installed.

Insurance companies can give discounts as high as 15% on your comprehensive coverage as long as you have very effective anti-theft gadgets installed on your vehicle. Usually, the most effective of these gadgets are already built-in by the vehicle makers. One of the most effective is the motor cut-off switch. It is a device that disables the motor if the correct key is not inserted.

2. You decided to combine your insurance policies with the same insurer.

If you already have a current policy like homeowner’s insurance with the insurer, you could get a 10 to 15% discount on your auto insurance.

3. You have a good and stable credit score.

Generally, insurers consider drivers or vehicle owners with good credit scores as good customers who deserve lower auto insurance rates. The insurance company will check your credit scores as part of their routine check. You have to check your credit standing from time to time in order to ensure that there are no adverse reports on you. If there is a negative report on your credit standing, you must do all you can to have it removed.

4. Some vehicles get lower insurance rates.

Statistics and scientific crash tests have shown that some vehicles are better at saving its driver and passengers from injuries during accidents. Owners of such safe vehicles are given a discount on their personal injury protection coverage or its equivalent. However, insurers also take into account the amount of damage that certain vehicles can inflict on other vehicles during accidents. Such a vehicle can get a higher premium because of the large amount of damage it can inflict. Sports utility vehicles usually pay higher premiums because of this while many sedans and minivans do not.

5. Auto insurance providers give discounts to safe drivers.

Insurance companies could give discounts by as much as 40% to those they deem as safe drivers. If you have not been involved in any vehicular accidents or traffic violations for the past three years, you are eligible for such a discount. Those who successfully passed a defensive driving course are also qualified for lower rates.…

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What You Can Buy Vs What You Can Afford

What You Can Buy Vs What You Can Afford

Here do We find two friends strolling along in the mall on a lazy Saturday afternoon. Passing by their favorite clothing store they quickly duck in to check if the new fall line has finally come out. Grinning with glee they stare rapt at the new clothing on display. What a day of days!

One of them quickly picks up a shirt and when the other asks “can You afford that?” they receive a smug smile in reply.

“Of course it’s only $200.”

“Wait a sec, how much do You have in Your account again??” asks the friend bewildered. Now comes a large show of teeth from the pursuer of a purchase.

“$205!” the soon to be purchaser exclaims.

Even though this story is attempting to illustrate my point in the extreme it is still true that individuals can confuse what they can buy with their bank balance to what they can afford with it.

For example it is true that You could buy a Ferrari if You had $250,000 in Your bank account and were making $100,000 a year but that doesn’t mean You can afford it.

Running costs, servicing, the cost to Your savings and investment plans have to be taken in to consideration.

When these are taken in to consideration then it can be seen that buying something and affording to buy it are two very different matters indeed.

Though I have covered the topic of spending wisely in other articles I’d like to re-express it here.

When going out to buy things consider how much they cost in a broader sense. If You want to have a given amount of money in the next 5 years is the purchase You are about to make going to help that goal or hurt it?

Are You living beyond Your means by buying things which then eat into Your savings every month?

Are You only paying the minimum on Your credit cards?

Have You taken out loans to buy things and not to invest the money so that You have a higher return which will pay back the loan and leave You with a profit?

If You are engaging in any of these actions then You are not living a life You can afford and reconsidering Your fiscal habits is in order.

Remember, all of those things You want are going to be in the stores in 6 months or even 6 years and if they aren’t by the time You get there something better will be waiting for You.

Whenever You are getting discouraged by the fact that one of Your friends ‘already has’ a ‘new car’ or ‘new watch’ or ‘new apartment’ You have to understand that maybe they have had better fiscal habits than You and that is why they have those things.

I’ve expressed it before but I will express it again. It is better to learn to do things the right way once no matter how long it takes or how hard it is than to do the wrong things again and again until the cows come home.

For more information on fiscal habits please feel Free to read My Article ‘Stop Saving!’

Thank You for Your Time & Have a Beautiful Day.…