The goal of every financial manger is to create value to the providers of finance. Value is represented by the general well-off of an individual which, in turn, is a function of the individuals' Investment, Financing and Personal reward decisions taken. What is your goal? Are you creating value for your provider if finance (you)? Many people always look for what I call "the whooping object" to lay all their financial blames on. They think it is the responsibility of the government or the company they work for to take care of their finances. I am here today to tell you that the financial imbalances/inequalities you are experiencing is all your fault.
Below are some of the reasons you are struggling financially and tips on how to overcome them.
(1) Breaking of natural Law: Investment is one natural law that is so powerful that God Himself could not ignore it. Oh come on; He invested His breath in you before you came into existence. You see, you cannot expect result when you have not made any form of investment. As important as this is, many people especially those that has phobia for figures. Accounting or some figure crunching discipline has nothing to do with your investment decision. You have to first of all make up your mind to invest then look for an investment analyst to do the investment appraisal for you. In our world of today, you don't need to know anything about anything before you can get the benefits that accrues to it. Simply look for a person that has the expertise and you are there. Again, the most important thing is to have a strong desire to do whatever you want to do in the first place. Do you want a fulfilled and bright tomorrow, then make INVESTMENT TODAY, CALL that financial/investment analyst that live on your street today.
(2) Cheap advice: Talk is cheap but only on casual basis; quality talk is not cheap nor free, in fact, there must be a price attached to it. can you take legal advice from someone with Engineering background and into some legal problems? If no is your answer, how then do you take financial advice from people who are not experts in regard. Formal training in any TECHNICAL and SPECIALISED area cannot be substituted with intuition or hunch. This is one of the reasons that people who are supposed to be doing well financially always struggle to make ends meet. Listening to quarks on financial (or any specialised) matters is like letting a blind man lead you when you have problem with your sight. Check out all the successful people in our society, you will discover they all have one thing in common; they hire the best financial expert they can lay their hands on (they also do same on all other facets of life, but our focus here is on finance)
(3) Unnecessary Delay in taking action:This can kill even the soundest idea. In fact, this is another reason why many people go unfulfilled in life when they would have been better-off if they had taken action. For instance, Many people postpone the date to start saving and investing to the extent that they eventually don't do anything about it. That will perfectly introduce us to the next reason why their is so much financial inequalities in our society.
(4) Lack of saving culture: I know you will be wondering why i have left out this point till now, well, the answer is simply that "good financial advice from your financial analyst will guide you through fund raising even when you don't have. Yes! you heard me right, "as important as saving culture is, one can still invest in sand project without having to save a dime towards the project".
In conclusion, investment based on good financial advice will surely kick out financial inequalities our society.
Author
Okwuduche Chinweike is an accountant who found joy in helping people come out of the shackles of demotivation. This he does at http://www.accountantnextdoor.com
You can also meet him at http://www.motivationmotive.com for the right kind of motivation needed to acheive desired results.
Article Source: http://EzineArticles.com/?expert=Chinweike_Okwuduche
2008/08/31
Financial Inequalities - Is it All Your Fault?
2008/08/24
Tax Benefits and Home Ownership
By: Anita Koppens
Tax Deductions for Property Owners Include Mortgage Interest Write-offs
Mortgage interest deductions are the ultimate tax benefits for homeowners, considering that unlike tenants, homeowners are permitted to deduct all mortgage interest unless their home loan is also an unsecured personal loan. Interest paid on personal accounts including credit cards, car loans and other personal loans is not tax deductible, although the interest paid on student loans typically is. First and second residential mortgages, as well as home equity lines of credit, qualify real estate owners for tax write-offs for interest paid.
Real estate owners with two properties can take deductions for mortgage interest on both
Owners of two or more properties may take mortgage interest tax deductions on their primary residence in addition to tax write-offs for interest paid on a secondary home that includes cooking, toilet and sleeping facilities. Your secondary mortgage interest deductions can be for a detached home, houseboat, condo, townhouse, mobile home, trailer, patio home or cooperative apartment. Owners of more than one second home may only deduct interest from the first and second properties and not from the other ones. Luckily you can change the second property you deduct interest from in any given year.
Tax write-offs for mortgage interest call for specific forms
You will need two documents to receive the mortgage interest tax deductions. The first is a 1098 form, also named a Mortgage Interest Statement, which your lender mails you by the year's end. The second is a Schedule A form, where you detail all the itemized deductions you are expecting to claim. You can get the numbers for finishing the third section of the Schedule A form, which is the portion for mortgage interest deductions, from your 1098 form. The maximum home mortgage interest deduction can be written off a home mortgage of no more than one million dollars, or $500,000 if you're married but filing separately. If you plan to take mortgage interest tax deductions on two homes, the sum total of the two mortgages added together must fall within these limits.
Circumstances including home sales, prepaid interest, mortgage prepayment penalties, divorce and late payment charges can vary the qualifications and necessary conditions for mortgage interest tax deductions. If you have any questions about tax write-offs for interest paid, you must confer with an accountant to make sure you meet all the legal requirements for these itemized mortgage interest tax write-offs.
Mortgage interest tax deductions can also apply to rental homes and commercial properties
The majority of the mortgage interest you pay on any rental or commercial properties can typically be written off too. Tax write-offs for investment properties or home-based businesses are more involved than tax write-offs for interest paid on a primary residence, considering you can take advantage of tax deductions for operating expenses in addition to mortgage interest and property taxes. To qualify your second home as a rental home, you need to spend fewer than 14 days per year living there, and less than 10 percent of the time that it is available for leasing. You can also take operating expense tax write-offs for a business property, whether your business is based in your home or somewhere else. Operating expenses for business properties include maintenance and repairs, travel costs, depreciation and management expenses.
Wylie Homes for Sale
Article Source: http://www.ArticleBiz.com
2008/08/12
How to Improve Your Chances For a Loan
By: Daniel Millions
As you are no doubt aware, the financial climate has changed considerably in the last 18 months and as a result people are realizing that cheap and easy credit is far more unlikely now then than before. Credit lenders are tightening up the criteria for acceptance on loan and mortgage applications and interest rates continue to rise.
With this current situation, many people are looking for advice on how to get a loan. They want to know how they should approach their bank and also what can they do to improve the likelihood of getting the loan. This article will present some useful tips that you can use before approaching a bank or other financial institution about applying for credit. The aim is to give you the best chance of getting that loan.
The first step you need to take is to find out what your current credit status is. All banks and financial institutions will make lending decisions on the basis of credit scoring. This score will help to determine whether credit should be issued or not. In the United States this information is held by two agencies known as Experian and Equifax. You are able, usually for a small fee, to access these records to check what your credit status is. This is important to check even if you feel that your credit is good. There could be a clerical error against the record or perhaps the previous occupant at your address may have had poor credit. If their correspondence mail is still linked to the address, this can have an adverse effect on your chances of getting credit.
Once you have ascertained the status of your credit rating, you are now in a position to seek out the right lender. This is a crucial decision as some banks will only consider lending to those who have high salaries and excellent credit. Your chances of success may be enhanced if you seek out a bank who considers those applicants who may have had credit problems in the past. If you are in a good position and are able to choose between different lenders then it is important that you research loans to find the best interest rate. A fixed rate loan is far better than variable so that you can plan your finances long term, knowing that the amount will stay the same each month until it is repaid.
Once you have found a loan that matches your needs and the lender is suitable to your credit rating it is a good idea to look closely at the terms and conditions of the loan. Many lenders will offer payment protection as an additional extra. You can expect to pay a small monthly fee, but this protection can be invaluable should you fall ill or are unable to find employment. In these circumstances this protection will cover the monthly repayments for the duration of the time you are unable to work.
You should also study what happens should you miss a payment. What are the responsibilities of the lender in these circumstances and what is expected of you?
Finally, you should to speak to the adviser at the bank before and after your credit application. They will be happy to advise you on the best course of action based up on your personal circumstances. If you are likely to be unsuccessful then they may be able to advise an alternative solution or provide ways in which you can improve your credit rating for future credit applications.
Read More......2008/08/10
BP Gas Card - 5 Reasons You Need One in Your Wallet
By: Loren Yadeski
The rapid gas price increases have pushed many to use every gas savings tip they can find, including gas cards. Gas cards have been around for a while but it is only recently that its use have spread like an epidemic. Why? Because gas cards offer rebates on gas purchases. There are many types of cards available and one of them is the BP Gas Card.
The BP Gas Cards comes in the form of BP Consumer Gas Cards and Gift Cards. It is currently one of the top gas cards available because of its features. If you don't have a gas card yet and is considering getting one, then get the BP Gas Card. Here are the top five reasons why you need one in your wallet.
1. Highest Rebate
BP gas cards offer the highest available rebate in the gas card market. It offers a 5% rebate on all gas purchases at any BP stations. Every time you pump gas at any BP station, you earn 5% rebates in the form of rewards points that can be accumulated and converted to cash back. Once you accumulate $25 rewards points, you can can easily redeem your rewards by requesting a check payable to your name or through a gift card.
2. Introductory Rate
The BP gas card offers introductory rates, a double rebate for the first sixty days or twelve months. Their regular rebate is at 5%, so you're looking at an introductory rate of 10%. You actually double you savings in the first two or twelve months that you use your card. And if you use your rebates for gas purchases, you earn even bigger savings.
3. No rebate caps
Unlike other gas cards, the BP Gas Cards don't have rebate caps. This means unlimited gas rebates and savings. Why go for cards that limit your savings when there's unlimited rebates with BP Gas Cards?
4. No annual fee
Holding a BP gas card won't cost you anything. BS Gas Cards has no annual fee and this means that no fees will eat out your savings. In choosing gas cards, be wary of fees that can easily undermine your savings. With BP Gas Cards, you are sure of getting your savings in full.
5. Rebate on other purchases
The BP Gas Cards works just like an ordinary credit card, you can also use them to pay for non-gas purchases and the good thing is you can earn rebates on them too. They offer a 4% rebate on eligible travel and dining expenses and 2% on all other purchases. If you are worried on having too many credit cards on your wallet, you can go ahead and ditch your other credit cards for BP gas cards.
There are many gas cards out there. Some even offer other perks such as airline tickets and gift certificates but if you really want to save on gas money, then you should go for cash back rewards. Luckily, there are BP Gas Cards that offer the highest unlimited cash back rebates.
Read More......2008/08/02
Get Ready to Overpay Your Taxes...Again
Each year, millions of Americans severely overpay their taxes. Are you one of them? Chances are if you are still working on the W-2 tax system, you are! Many people don't realize, but there are two vastly different tax systems in this country. Let's call them the educated tax system, and the uneducated tax system. The educated tax system is used by the wealthy who have taken the time and effort to more fully understand the intricacies of the tax code and arrange their affairs such that they pay single digit taxes. However, the uneducated tax system is used by those who simply accept the idea that the federal government is entitled to a huge part of their income, often over 40%, every single year. The difference is like night and day.
The line under your income on your pay stub is where these two systems differ. With the uneducated tax system, you subtract the three lines under your income and the remainder is the amount of your income that you actually get to keep. So you With the educated tax system, the first line is your reported income as with the uneducated tax system. However, the second line is the money you spent on the business, and you pay taxes on what is left. This is because when a business spends money it is called a business expense which is eligible for a tax deduction. So any money spent by the business will be untaxed. Therefore, having your own business and being in the educated tax system, you can reduce your taxes by 40-70%. To break this down even further: If you are making $35,000 a year, this information could save you up to $10,000. That means it does not matter if you are making millions of dollars or a few thousand dollars, these strategies can apply to you! A marginally profitable business can become a thriving business by applying these strategies.
Last year, Tax Freedom Day fell on April 26. This means that you worked 116 days just to turn it all over to Uncle Sam. For many people, taxes are their single largest expense. So what if you could find a legal, ethical way to reduce the amount of money you had to fork over in taxes? What would you do with the money you saved? I have spent years studying the tax codes, and I have found a reliable and perfectly legal way for you to reduce your tax burden, and best of all it can be used by anyone! The key is in arranging your affairs so that the majority of expenses are converted into legitimate business expenses and are eligible for a tax deduction. A portion of your mortgage, travel, medical expenses, meals, entertainment, and much more can be paid for with before tax dollars! The power of tax deductions can save you thousands of dollars each and every year, so why aren't you using it? Take some time to learn the tax secrets of the rich, and put more of your money back in your pocket where it belongs!
I have spent years studying the tax code looking for ways to help people lower their tax bill and keep more of what they earn. I have uncovered several tax deduction strategies that can be used by anyone to slash their tax bill and save thousands of dollars each and every year.
Drew Miles
Find Out More: http://www.freetaxstrategies.com
Article Source: http://www.ArticleBiz.com
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