Role Of A Financial Advisor 2015 In Sorting Out Your Finances

Role Of A Financial Advisor 2015 In Sorting Out Your Finances

Money is the most important thing in everybody’s life. There is no need to shake your head horizontally and say, ‘No, I don’t care about money’, because we all do. The world runs on money. If you have it, you’ll get all the respect and if you don’t, then even your closest of people abandon you. That was tall the philosophical part related to money. Now, come to the technicalities and the most important issue here is, how to manage your finances? Personal finance can be easily managed, even if you are not so intelligent in mathematics.

You can still be able to make out, if you have sufficient amount of finances or about to get totally broke. But, I want to discuss about the finance related to a company, where hundreds of people work. In such a location, managing finances would be a difficult task, so there is a need to call in the experts who can help sort out your finances. If you want to step up your financial goals, then you will need to take the help of an expert in this field of endeavor. There are many financial advisory services in the world, which provide all kinds of assistance to you related to your financial aspirations.

If you are about to meet a financial advisor, then you must not expect, that your financial knowledge is going to get increased after the meeting. There is no need to understand the concept in such a detail and increase your workload. The financial advisor is there to help you, so instead of being over smart, you should try to understand what he/she has to say. Most of the times, matters related to money are complicated and people have a very little or no understanding of the concept as well. This is perhaps the main reason why so many people are financially stranded.

If you think that by investing more money, you can solve your financial problem, then you are wrong. You will waste more of your precious money. All you need is an efficient financial advisor who can help you get out of the situation. First, he/she will solve the current issues and then, make policies that would bring your company back on the winning track. I would also like to mention another important fact, that financial advisors are not restricted to those individuals who have a high net-worth. The operation of a financial advisor is to give advice to his/her client and manage the finances.

It doesn’t matter, whether the client has a high or low net-worth. The financial advisor will just do his/her work. You will find many financial advisors that work only for the rich clients, but that’s their policy. There is no scarcity of the financial advisors who assist all sorts of clients regardless of what their net-worth is. You can ask all the questions related to fees, time and all other things that are running through your mind. Some financial advisors charge on an hourly basis, while some charge for the entire project. You will also find some financial advisors who only take commission from their clients.

You can choose according to your convenience. Many financial advisory firms have their own websites as well, so you can contact them through their websites and clear all your doubts. It is very important to have a clear picture of what you want to do and how. The financial advisor will play a major role in uplifting your business and sorting out your finances, so do everything in your hand to make sure that you hire the best one

Consultancy.UK is an online platform for the consulting industry and they are a very valuable tool for anyone in the industry. As well as having a team of consultants at their disposal, they also have links to other firms and details of their offices. Each consulting firm is listed in alphabetical order and their footprint is indicated. This is the number of countries that they operate in.

Unknown Money Saving Tips 2015- 4 Easy Ways to Cash in on These Unknown Money Saving Tips!

Unknown Money Saving Tips 2015- 4 Easy Ways to Cash in on These Unknown Money Saving Tips!

I remember the day I got my first bank account; I was 10. I remember my bank book too; it had an owl on it with a graduation cap on its head; I felt so grown up. Around about my 15th birthday I got my first real job and coincidentally had to upgrade my account. I didn’t realize it then but that upgrade allowed the bank to charge me for choosing to have an account with them! That was when the banking system began their legal confiscation of my money so I hated banks and banking fees at a very early age. To date, I haven’t paid a bank fee in over 15 years and I’ll share with you some of the unknown money-saving tips that I have used along the way!

Unknown Money Saving Tip #1 – Scrutinize Banking Fees – While banks are in business to serve the community and the customer, always remember that they are also a business, and businesses love profits! Be aware of all fees your associated banking accounts come with. Economic research firm Moebs Services announced results from a survey which indicated that fees are now providing the bulk of bank profits. In fact, at almost half of all banks, overdraft fees alone exceed total bank profits. The bank may offer you “Overdraft Protection” but stay away from it! The banks call it “protection” to elude you to believe that “THEY, THE BANK” are protecting you. But this is not the case. By agreeing to ODP you’re already committing yourself to defaulting. If you didn’t have the money in the first place you may find it difficult to repay it. Overdraft protection is no different from a credit card. Your borrowing money into existence!

Unknown Money Saving Tip #2 – Let Your Voice be Heard – If you notice unfounded charges to your account, do not be afraid to dispute them. I understand that you may be subject to annoying wait times and irritating department re-directs while trying to speak with someone at your financial institute; however there may be a simpler, more effective way of being heard. Try taking your complaint to a social media platform like Twitter. It is very public and banks have a brand they need to protect. Also note that most banks have a specific Customer Service Twitter handle that will elicit a faster response than their general Twitter account. Use the changing times of technology to your advantage.

Unknown Money Saving Tip #3 – Dispute all erroneous Credit Card Charges – Credit Card fraud has been on the rise since the advancements in technology so it is imperative to be an active and not passive consumer when reviewing your monthly Credit Card statements. Do you see an extended warranty charge for your recently purchased TV that you are sure you refused? All is not lost as most major credit card companies will directly deal with merchants on your behalf if there appears to be an incorrect charge.

Unknown Money Saving Tip #4 – Play the Loyalty Card – Just as bank fees can creep to an alarming amount, so can Credit Card Fees. Most companies spend a significant amount on retaining customers so you should use that to your advantage. If you have been a long-standing customer with a good credit rating you may try asking your card company to lower or waive your annual fee. On a typical card, that may save you anywhere from $100-$150 per year.

There are so many fees today associated with our day-to-day banking transactions but where one of the biggest confiscations of our wealth comes from may surprise you… bank savings accounts! How can “parked” money that should be earning interest be confiscated? Click to learn more Unknown Money Saving Tips.

Fear and Greed 2015 – Biggest Obstacles to Financial Freedom

Fear and Greed 2015 – Biggest Obstacles to Financial Freedom

Thanks to liberalisation policies and Information Technology boom, you will find ever growing middle class population in India. They are the individuals who are earning pretty decent salaries and are able to lead a respectable life. Same has been the trend with many other countries also.

But at the same time, you will find that most of these salaried class people are so ignorant on managing personal finances. The reason is these people may be experts in their domain, but when it comes to understanding personal financial management, they fail miserably.

Most of you would have watched T.V shows where more and more working Professionals are seeking advice from financial planners to manage their finances. These working professionals may be earning monthly salary in lacs, but they are so over burdened with debt that they are unable to manage their finances. All this is not exaggeration. If you look around in your circles, you will find a similar pattern.

Now the question is, despite earning decent salaries, if one is not able to create financial assets, instead he is in debts, then where is all the money draining down.

Before proceeding further, let me assure you, there is no rocket science in managing personal finances. It is simple common sense. But at the same time, this simple common sense is so uncommon to find.

The first thing to understand is that nobody can give you ready made solutions for your problems. I will make you think through a different perspective, so that you can take your own decisions intelligently. So let’s try and simplify some of our financial problems.

How to handle debt problem?

When we start earning, it is obvious, we are all excited. And we all have plans to start spending on things which we were not doing till now. We may want to buy a new car, a house of our own, costly smart phones, electronic gadgets, branded clothes etc. I am nowhere saying that there is anything wrong in it. After all why are we earning, if we are not going to spend it. But where we go wrong is that whether we should opt for the big car or we can manage with a small car.

You may argue that a small car is not a luxury these days but a necessity. I fully agree with you. But a big car is of course a luxury. Do you feel the need to take car loans so that you can enjoy a big car or you can buy a small car and move on? The choice is yours.

Similarly, if you are living on rent and you don’t have a house of your own, taking a home loan and purchasing house may be a wise decision. But already having your own house and then taking home loan to buy properties is a decision you need to revisit. By buying additional properties, you could be unnecessarily reducing your monthly disposable income by giving EMI’s for home loans. Moreover, if the newly purchased property is not going to give you rental incomes in the near term, your decision could be all the more wrong.

Have you observed that lot of real estate companies these days are incurring losses? The reason is they had taken huge debts from banks and started multiple projects. Ultimately they are suffering losses due to high interest cost. On the other hand, small builders who were taking one project at a time and executing project are able to give delivery to buyers and at the same time are making profits.

It is so common to see absolutely pointless and crazy shopping madness when we start using credit cards while shopping. Credit cards should be used only for emergency situations.

How Fear and Greed destroy our wealth

Fear and Greed are two habits that are biggest obstacles in achieving financial freedom. You will find that at crucial times when we need to take financially prudent decisions, fear and greed overpower common sense. The result is that the decision so taken under the influence of fear and greed always leads to financial losses.

Now just give it a thought. Is it not correct, that whatever be the asset class, be it property, gold or equities, whenever they are dead cheap, even a common man knows that they are cheap? Actually it is talk of the town at that moment. Then why a common man does not purchase it? The reason is simple. All of a sudden our common man starts behaving like a super intelligent man.

The demon named fear simply overpowers his common sense. Fear tells him that if the prices have fallen from top to this level, there is likelihood that it will fall further. So let’s wait and watch. On the other hand, this is the time when the savvy intelligent investor is putting money in this asset class. This is the investor, who is intelligent, who uses common sense and who takes calculated risks. He knows that the odds in favour of prices going up are more. He overpowers fears. But our common man fails to act.

Similarly when the prices of these assets classes Property, gold, equities etc are at all time high, again our common man also knows that they are unrealistically high. But again our dear common man will not sell his assets and book profits. Because this time, the demon named greed has overpowered his common sense. His greed makes him think, that may be the prices can go further 10 percent up from here. So why to loose on that? Let’s wait and watch. On the other hand, our savvy intelligent investor sells his assets and books profits. He tells Mr. Greed, I have made much more profits than I had expected. So please don’t bother me.

I don’t need to tell you that our dear friend Mr. Common man could neither purchase any assets at the lower prices nor sell any assets at the high prices. You know that.

Earlier when our friend Mr. Common man was handling the issue of debt, at that time also Greed and Fear were playing their role. You will be wondering how? The answer is many of us buy big cars, big houses and go for lavish weddings and foreign trips because of peer pressure. We do it because our friends, colleagues, neighbours, relatives are doing it. We fear, they will make fun of us or will look down upon us if we don’t match them. Similarly as soon as we make money in any asset class, greed takes control of our head. Immediately we are ready to purchase many more similar assets to multiply our profits. We feel we have learnt the game. So we are ready to take debt and put all our eggs in one basket. The result is bound to come in the form of set-backs and losses.

I hope, from now onwards, you will take all possible steps to use Common sense and won’t allow fear and greed to take charge of your life. However, let me warn you, though it may look simple but it is very difficult to practice. In testing times, controlling greed and fear becomes very difficult. But let me assure you, those common men who are able to control greed and fear achieve financial freedom.

First Step In Getting Rich That Nobody Does! Magic Of Financial Statements 2015

First Step In Getting Rich That Nobody Does! Magic Of Financial Statements 2015

Do you know in the way to become rich, what the first step is?

Let me tell you about this secret!
As I have talked to different people about money issues and financial problems, I’ve noticed that they are not willing to talk about their financial life and they don’t want to share their story. Sometimes I have a feeling that I have to take a secret agent hat to dig through their words to find out what the real problem is and most of the time I fail because they stop talking.

But, I have noticed something else as well. People who have a very successful financial record and people who seem they have solved their financial problems and got out of debt and now are making money (either passive or… ), they are more willing to talk about money, and I mean not bragging!

What’s the story here?
I think people are scared or afraid of talking about money because they think if they are in debt and poor, it means they have failed in life exam just like school, and that’s true. People who are not successful in managing their money and Cashflow are the people who do not have enough (if any) education about money and finance. They feel embarrassed when they want to talk about money problems and it makes them feel more secure and happy just by not talking about it.

So, Here is the tip for you!

Go out and find a financial planner. They are very knowledgeable people (they will be your financial doctors) and they are very expert in finance and money management. Talk to them about your problems and how you ended up here. They will ask you about your debts and incomes, your assets and liabilities and all the details about your financial life and at the end they provide a financial plan specifically crafted for you. You will find out where you are and which way you should go, and if you follow your map you will definitely find your treasure somewhere along the way.

BE Mindful About The Money You Earn And Always Have a Good Plan For It.

Some People Have Asked Me: Financial Planner? Financial Statement? Do I Really Need It?
As I told you above about visiting a financial planner and organizing your first financial statement and how much this first step can help you in moving from poor side of the equation to the rich side. Here I’m going to insist on it. It’s like the time you go to a new shopping center and don’t know where to go. There is a big map in front of you with a big red arrow on it that says: “You Are Here” and then you can find the best way to get where you want to go. A financial statement does the same. It’s a map that show you where you are in terms of finance and money. Then you can plan your journey and find the best and quickest way to reach your goal.

Be sure to write a financial statement as soon as you can, but do not get stressed. You can write it yourself( maybe not as good as a financial planner but still it shows you some hints).

Try these 4 simple steps to write your first financial statement:

  1. Take a piece of paper or you can use a computer program like Excel.
  2. List all of your incomes. If you have a job, list the before taxed income (you will find out later why). If you have other sources of income like getting rent or a business or selling a book or…
  3. List all of your expenses. If you pay a home loan or gym subscription or your car service or… (your tax is an expense)
  4. Now balance in each column, add all the numbers and compare them.

Your income balance should be greater than your expenses or at least equal. If not, you are in trouble financially and you must find a way to balance it. You can cut some of your unnecessary costs like going to cinema every week or having dinner our every weekend or… or you may want to find some other form of income (which looks very harder)

These two simple steps won’t take much of your time and once done, trimming and adjusting it later will be much easier than the first time.

Do this and write your first financial statement and start gaining control of your life ship. It’s never late!

But, I still recommend visiting a financial planner and show him what you have prepared. A Financial Planner will be a great help to write a more sophisticated and well written financial plan specifically crafted for you.

Good Luck!


Smart Bill Paying Tips for Online Families 2015

Smart Bill Paying Tips for Online Families 2015

Back in the analog days before personal computers, the internet and smartphones, paying monthly bills was an event! Bills arrived in the mail and were collected in a specific location and saved for that special day each month when they were paid. The bills were reviewed to make sure all expected items had arrived and each check was written out with a corresponding entry added to the (paper) check register. It was a manual exercise requiring good organization, basic math skills and the concentration to ensure the accounting was properly logged. Mailing out the checks and tracking them in the register wasn’t the end of the process – it was imperative to scrutinize the monthly bank statement and balance the checkbook to ensure that there were no math errors, the checks hadn’t gotten lost in the mail, they were actually cashed by the creditor and correctly credited to the account. Because there was always a lag between the bills coming due and the bank statement arriving, sometimes it was difficult to avoid unpleasantness such as the power or telephone company threatening to turn off service due to a clerical error or post office delay.

Since that time, things have changed dramatically. First was the introduction of financial software that could help with monthly budgeting and bill-paying. Computerization increased organization and cut down math errors, making it easier to keep control of monthly obligations. Today’s consumer has a wealth of tools at their disposal to pay bills, track accounts and keep their personal finances organized. Instead of a shoebox full of paper and a checkbook, bills can be paid with a computer or smartphone connected to the internet. Payments made using either a checking account or credit card can be monitored almost in real-time. Even the role of the post office has diminished considerably because of changes in the bill-paying process. Many people utilize automatic bill payment options that are available directly from vendors such as the phone company or insurance company, as well as from many banks. Consumers may still have a checkbook in their possession, but most of the time it gathers dust on a shelf or in a drawer while bills are paid in a variety of other ways.

Automatic bill payments are the most convenient of all, with options to pay each vendor directly from a bank account or credit card. Auto-pay is great for convenience and flexibility, but the responsibility still falls to each consumer to ensure the process works as expected and to maintain control of their finances. What are some things to be aware of with auto-bill pay and what are some tips for keeping control of your budget while still taking advantage of the automation available?

    • Choose the payment method that works for you: Many people find it more convenient to set up their auto-pay on a credit card instead of having the money deducted instantly from their checking accounts. That way, monthly bills appear together in 1 place, and there is less worry about cash flow during the month. And with credit card accounts accessible online, the balance can be monitored as needed. Many credit cards can offer consumer benefits such as frequent flyer miles, free merchandise and other perks. Using a credit card as the payment method is great for organization, but be careful!! Accruing charges on a credit card makes it easy to exceed your budget and get into trouble at the end of the month. Only use this method if you are prepared to pay off the balance on your credit card each month to avoid paying high finance charges on your fixed monthly expenses. If you’re on a very tight budget or have trouble limiting credit card spending, paying bills directly from your checking account is a better solution.
    • Be prepared for changes: When using a credit card to pay most monthly bills, if your credit card is stolen or hacked, or when it expires and a new card is issued, be aware that any auto-payments you set up using that card will no longer process. Keep a list of accounts that use auto-pay, including which credit card is used as the payment method for each account. This way, you can quickly update them all when a new credit card is received. If you’re tempted to just check your most recent statement instead of keeping a list, remember – some bills come monthly, others are quarterly and still others are annual so they won’t all appear on your most recent statement. Keeping a list is most efficient way to easily update all applicable accounts.
    • Stay involved in the process: Many banks help in the process and provide alerts when an expected bill arrives or does not arrive when scheduled – bill payment is a great feature of online banking and can help you stay on top of your obligations! Make time to review the bills each month to make sure there aren’t any unforeseen or erroneous charges; especially if you are on a tight budget and paying directly from your bank account. Unanticipated charges that are automatically deducted from your account can cause unexpected drops in your bank balance.
    • Be smart when it comes to cash management: If possible, don’t set up auto-pay on bills that can vary greatly from month to month, such as credit card bills. And always avoid paying off the balance of one credit card by adding it to the balance of another.
  • Keep your credit rating in good standing: Due dates for items such as credit cards, health insurance, mortgage and auto payments are typically due on the same day each month, making it easy to ensure that auto-pay bills arrive on time. However, the due date on some bills may vary. Be sure the payment date that you set up for each bill allows sufficient time for the creditor to process the payment in order to avoid late charges. Similarly, if using your bank’s bill-paying service, for some vendors there is a lag between the date paid and the date received – make sure you allow sufficient time to stave off late fees and avoid bad credit.

The most important concept to remember is that even though paying bills has become extremely convenient and paper cuts are much less common these days in the bill-paying process, you are still ultimately responsible for your finances, your bills and your credit rating. Monitor closely, take advantage of the online tools available from your bank and your creditors to help you keep track of your finances and remember to dust off that checkbook once in a while! Regardless of the method you choose for paying bills, it is highly recommended that you keep a current register of all checks and debits, making a deduction for each item immediately (as soon as you have issued or authorized an item for payment), including any associated fees. This will allow you to have an accurate, up-to-the-minute checking account balance from which to work. This will also help prevent incidences of insufficient funds and their associated fees. Accurate and timely account records never go out of style!