Monthly Archives: March 2017
Facts about the commercial finance industry
- There are more than 28 million small business in the United States of America and amongst these, more than 22 millions are self employed
- There are millions mid-sized businesses as well
- Each year, more than 10-12 million businessmen seek capital funding
- Also, each year about 7-8 million do not get it
- Loans for small business have fallen
All these prove that there is a huge gap between demand and supply as far as capital is concerned. This gap can only be fulfilled when there are enough lenders in the industry and more importantly, when the borrowers are able to reach to the lenders.
It is not easy to get secure loans these days, though there are many financial institutions out there ready with varied loan options. There are many formalities and many rules and regulations those make it difficult for borrowers to seek loans from these agencies.
Apart from that, the options in terms of the demand are really less and hence, it has been estimated that 90% of the small businesses are in need of your financial services.
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As already mentioned, there is a huge gap and that can only be fulfilled, when more and more financial companies come into the industry.
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1. Money Awareness:
Ensuring a stable financial situation starts with understanding your spending habits, your creditworthiness and where you stand with regard to your budget and disposable income. Are you good at saving or are you a big spender? Understanding your financial position will help you to plan realistically for both long and short-term goals.
2. Money Plan:
Your financial health and secure financial future lies in your ability to budget properly. Draw up a budget that includes not only your monthly expenses, but future planning for retirement and education too. If you are a habitual spender, arrange debit orders each month that pay your most important bills before you can spend frivolously on anything else.
3. Money Safety Net:
Saving money is one of the most important things that you can do to ensure financial security. If you have savings, you won’t need to seek credit or a personal loan to cover any financial emergencies that may arise. You need to allocate money in your budget towards savings and investments every month. To help you start saving, ask yourself the following questions:
- What is my investment goal? Is it for a safety net, retirement or a big event such as a wedding?
- Do I want certainty that I’ll get my capital back, or can I take a chance to gain higher returns?
- How long do I want my investment term to be?
Once you know your savings goals, it is time to find the right investment account to fit your needs. If you want quick access to your money in the case of an emergency, you will do well with a Notice Deposit account. Although these types of accounts generally offer lower interest rates, you will be able to make additional deposits into the account at any time, and withdraw funds on a specified notice period.
A Fixed Deposit account is a better option when you are saving towards a long-term goal. With this account, you will deposit money and will then only be able to access it after a fixed term. This is a riskier type of account as you will not be able to access the money sooner than the specified term date, but you will also earn higher interest as a result.
Think carefully about your goals before you find the right investment account.
4. Money as Good Credit:
You should only take out loans when your reason for needing credit will help your financial future – loans for a house, a car or study purposes, for example. Avoid using credit to purchase things that are temporary and will have no positive influence on your future.
Irrespective of the credit that you choose, ensure that you are able to pay the loan off as quickly as possible without falling into financial disrepair.
5. Money Control:
You need to take control of your money, before it controls you. Check your credit profile regularly to ensure that you are in the clear, and never default on payments. If you are in a sticky situation where you are unable to pay any of your accounts, ensure that you speak to your credit provider to make alternate payment arrangements to prevent a negative credit listing.
Relieve Your Debt
There comes a time where we all fill out a credit card application form – whether we do it for the sake of a good credit score or for financial security, we become liable for whatever amount of money is spent on that credit card. There is also a possibility that we have a personal loan or two behind our names, which also adds to the responsibility of repaying a lump sum at the end of every month. The first step towards securing your financial future, however, is to relieve yourself of your debt. Jot down all that you owe and set deadlines for yourself. Once you’ve paid off all of your debt, you will earn back your financial freedom and will be able to move forward.
Use Your Credit Card Wisely
Wise use of your credit card will also ensure that you limit the amount of debt that you incur. Be sure to use your credit card for emergencies or for large once-off payments on items that you need. If you do happen to use up your credit, be sure to pay it back in full at the end of every month. This will ensure that your credit score remains intact. Avoid any spontaneous purchases and, in an effort to remain in control of your financial situation, be sure to give your credit card a rest every month or so.
Ask for Professional Help
A trusted financial advisor is also a beneficial tool when it comes to securing your financial future. In the case that you feel unsure about your finances, or about how to get rid of any impeding debt, simply contact your bank and enquire about financial assistance. Not only will you be able to consult with someone who can share the secrets of the trade, you will also receive advice on how to manage your money, how to annihilate your debt and how to draw up a strict budget.
Here are ways that help in making the right choice of a financial advisor.
- The first and the most important aspect in a financial advisor is the experience that he or she holds. When an advisor has adequate amount of experience in dealing with money, they are more likely to be able to impart useful knowledge.
- It is also essential to make sure that the advisors have a hardcore finance background, which means that the competencies of the advisors should lie very strongly in the field. Good advice in financial matters may be given only by those who know the trade like the back of their palm.
- It is also important that the advisors know the nuances, rules and repercussions of various investment options. When a financial advisor is chosen, it should be one who can advice like an expert, for example the Syndicate Finance in Mumbai.
- The diversification of financial investments is something that is the most essential investment function, this implies that an advisor should be able to advice on diversifying an investment portfolio for it to be able to grow and be nurtured.
- It is also important that the advisor knows about the ways in which money may be put to productive uses instead of spending large chunks of income on taxes and payments.
- A financial advisor should be able to make the money work for the investor. This means that the amount of returns that the investor gets is the true identity of the efficiency of an advisor.
- Finally, it must be ensured that the advisor has an impeccable quality to speculate returns. This implies that the advisor should be able to gauge lucrative markets and make the investor put in financial resources in worthy places.
When an investment is at stake, the best a person can do is to ensure that the right kind of advice is taken. While an investment advisor can only show the methods, it is up to the investor to understand and make wise investment choices.