The Flex Team

Financial planning

Everyone needs money for his or her sustenance, comfort and old age. Does the hard earned money really used for this purpose? How many of us still try hard to make ends meet just to fulfill every months basic needs? When this is the case how can we save money from the meager income that we get? How much is really too much money? How can we grow or make optimal use of the finance that we normally handle? Questions like this cloud our minds most often as we fail to manage our finances efficiently.

Who we are or how much we earn is of less concern as long as we can manage and plan our finances wisely. A pauper can become rich and a rich man can suddenly lose his wealth if his financial planning is improper. Usually people blame their stars for their misfortune. They go in search of astrologers who will live out of them by changing their names and houses. They find solace in blaming others be it God or stars for their backdrop. Insecurity and thoughts of one’s future might lead to depression and frustration.

“Make hay while the sunshine’s” as the popular saying goes is the golden rule every human being should definitely follow. We earn to live happily with comforts but we forget to pay ourselves for all the hard work we put in. we pay for everything in this world, do we pay ourselves for the service we do to our family, nation and society.

In the western countries they make it a habit to save 10% of their personal income for their own future use, a millionaire once said, “I am glad I am worth at least 10% of what I earn”.

Better late than never, just sit with a planner and take stock of where you are now. Jot down your financial position as of today. Set long time and short time goals in life and set a imeline to achieve that goal in time. Then carefully think about how you can achieve the goal and what you can do to go where you want to go. Attitude is very important in any major life changes that you might ncounter. Thus set your attitude as if you are planning a vacation. So you first decide the vacation spot, and then set out to make reservations, then pack
your bag and then leave.

Financial planning is just like your vacation planning. First you should fix your target, then make certain changes in your life style, like cutting down your pizza or sacrificing your cigars, then pack up or wind up your extra expenses and start thesavings plan when that is dome just relax and enjoy the fruits of your unparallel and diplomatic achievement. Your money will start growing and so will your self-esteem and self-confidence and finally you are efficient and capable to finance your kids higher studies or retire peacefully with the recurring income from the timely savings.

The first step to find a financial advisor is to help you in the growth of your capital and to provide you with comprehensive financial management solutions. You should be allowed to select an investment strategy which will give you optimum results in return. If you need financial advice in Norfolk, Taylor and Taylor Associates is the best that can help you out with the strategy. Taylor and Taylor Associates can help you to set a goal and ensure that your family is not left stranded even after your death, if you happen to be the only earning member of the house. You can actually accumulate a good amount withfinancial planning. This will provide you with easy retirement solutions.

Finding the right financial adviser is quite hectic but with Taylor and Taylor Associates–you can always obtain the best planning and strategies for your real estate venture or even your car and home loans. There are certain aspects of comprehensive financial management that you should always consider. Make sure that you are comfortable to discuss things with your advisor. The person should have a crystal clear picture of what your financial standards are to deliver the best advice to you. You can easily approach and expect a good customer or client service with financial planning. They have been in this field for quite some time hence they are really good at advising and setting your planning strategies to obtain the best out of your capital. They are different from the others in the business domain for they know exactly how to handle your account and dedicate a suitable approach to efficient financial planning. The safety of your assets is imperative hence always rely on a firm that induces a third-party custodian firm likeindependent financial planners. A good financial advisor should be able to chalk out a plan to assess your capital and the intricate details regarding it. These advisors are available online at your service 24X7. Remember to research about your advisor before deciding to work with one. Financial management Norfolk provides you with the opportunity to check their qualities and also judge their decisions before you plan to settle down with them as your financial advisors.

The right Financial Advisor can play a critical role in your comprehensive financial management solutions in the pursuit of happiness and financial security. An able financial planner can always ensure that you remain debt free and are not drawn into any financial issues.

Always try to find someone that uses an approach asset allocation in the recommendation. This is balancing act amongst all asset classes of stocks and bonds. Not all stocks or bonds do well all the time, some company’s
stock may be down while others are giving great returns. This may be because of management of the company, or it may be that they are different types of companies. Large company stocks tend to go up at a different time than smaller company stocks, so it is good to have some of both. Why not just get the ones that grew a lot last year? The answer is pretty obvious, what goes up, probably will go down also. If you are balancing your account with several types of asset classes, will never hit the grand slam, but you won’t lose large amounts either.

Listen for a ball park return on your account. Everyone wants to hear that they can double their money in two to three years, but that would require that the return be between 24% and 36%. This may be “doable” for a short time, but you are in a marathon not a sprint. Returns between 6% and 12% are far more believable. Do not confuse historical returns with projected returns. If the advisor quotes an excessively high estimate, ask them to clarify whether they are “guaranteeing that amount, expecting that amount, or are showing a ten year historical return?” I use the ten year return so you can see a larger picture that what one or two years will show. If the terms promise or guarantee are anywhere in this conversation, aside from the consultant saying, “I cannot guarantee or promise anything”, do not do business with that consultant.
The latest trend in investing has been managed portfolios. These portfolios don’t charge a fee for the actual investing but charge an annual fee. You need to do the long term math on these. Most of the time the
portfolios do not perform any better than ones that are not managed. You need to decide if the cost is worth the management. What you get is a group of mutual funds from various companies and what you are charged is usually about 1 ½% per year for this option with a minimum charge for the smaller accounts. That cost goes up every year as the value of your portfolio of your investments go up. If $100,000 is invested the cost on that amount in A shares would be about $4500, depending on breakpoints (volume discounts.) The cost for a managed account, assuming an 8% growth, over just the first five years, would be about $8800 and you would continue to be charged after that. A good family of funds with a good financial consultant will give you about the same return with only a one time fee. Another alternative for tax deferred growth, would be the use of a variable annuity. There is no up front charge, there are several fund families, and the funds are constantly being rebalanced. These also have some interior fees, but also some guarantees.

Today I would like to discuss some pertinent refinancing issues. Hopefully this information is beneficial. It is here to help you. Just remember that there are always alternatives. Don’t give up!

Refinancing is one of two things. Either you can do what is called a “rate and term” refinance, or you can do a “cash-out” refinance. Unfortunately these are not free. The costs or refinancing must be paid out of pocket or, in most cases, are rolled into the new mortgage’s principal balance. There are several reasons for wanting to do this, but the most important is to get a lower interest rate so you save money on your home loan.

Refinancing is used in most cases to improve overall cash flow, but it is not for everyone. Before taking this major financial step, homeowners need to be sure that this is the right thing at the right time. Basically what occurs is the refunding or restructuring of debt with new debt, equity, or a combination of both. The refinancing of debt is most often undertaken during a period of declining interest rates in order to lower the average cost of a firm’s debt.

Interest rates are tied to the prime rate which can vary day to day. Interest paid on both cash-out refinancing and home equity loans or lines of credit is usually tax deductible (consult your tax advisor), but the similarity ends there. Understanding the differences will help you decide. Currently, interest rates have decreased, spurring a mortgage refinancing boom in the mortgage industry. Your big decision is to figure out if mortgage refinancingwill prove to be worth the time and money that needs to be invested.

Interest rates and closing costs may be negotiable, especially in today’s competitive loan market. Contact several lenders and find out all the costs involved in refinancing with them. Interest only loans that are adjustable are not a good choice since interest rates are at an all time low. The better choice is a fixed loan. This way you will enjoy this low interest for the life of the note.

A Corporation is also referred to as a standard corporation. It is also called a C-Corporation or a Regular Corporation. A Corporation is a legal form of organization of persons and material resources, chartered by the state, for the purpose of conducting business and may have an unlimited number of shareholders, which may include shareholders who are foreign citizens. A Corporation may be public – one in which shares is offered for sale to the public or privately held – one in which shares is not sold to the public. Usually shares are held by the founders, by board members and by private investors, such as venture capitalists, who may or may not sit on the board of directors.

Shareholders are protected from the corporation’s liabilities. “Double taxation” frequently occurs, because the corporation is taxed on its profits, and shareholders are also taxed on the distributions they receive, such as profit sharing payments or dividends

The most common type of incorporation is the C Corporation, which is a for-profit, state-incorporated business. A company registration is done with state authorities and must abide by corporate laws in the state where it is incorporated.

To incorporate or register company, you will need to register your business name, file a certificate of incorporation or articles of incorporation and pay a fee. You will also need to draft corporate bylaws and hold a board of director’s meeting.

Types of Corporation

a)      C-Corporation

b)      S-Corporation

C-Corporation VS S-Corporation VS LLC

If you’re incorporating your small business you may have heard that you should “form corporation” or “C-Corporation.”

In a C-Corporation, the corporation pays income tax on profits of the corporation. If the corporation pays a dividend to the shareholders, this money is taxed again as income to the shareholders. It may not be as bad as it sounds, though. If you are working for your corporation you should be paid a salary. This salary is deducted from the income of the corporation before taxes, so it will only be taxed once. Depending on the business, salaries may use up most or all of the profit. As long as the salary is not unreasonably high, the IRS should not challenge it. Fringe benefits for employees such as health insurance may also be deducted by a C-Corporation, but not by an S-Corporation. For a profitable and growing company it may be better to be a C-Corporation. In a C-Corporation profits beyond salaries and other deductible expenses can be used by the company for growth rather than being distributed to the shareholders and creating taxable income for them.

Its time you started your own business. In this new age you have to take advantage of the new business opportunities. Opportunities that will change you’re life for the better. One idea you might consider is a e-bay business. A newly developed supplier will ship all the goods necessary that you will need to sale and its going to sweep the market. It offers many suppliers whether direct, wholesaler, manufacturer or drop shippers. This site will allow you to buy goods at cost and sale for a profit.

We all dream of living the life and now it is possible. The key to becoming wealthy is to start your own business.

This site is a new approach to find suppliers it compares the different ones and gives you the full picture. Sale hoo will make your life so much easier when it comes to selling products online. It takes the crunch out of finding the suppliers at the right place.

“SaleHoo gives you access to Product suppliers you won’t find anywhere else as well as clothing, electronics, everyday goods and big ticket items, super-cheap no-name brands and top-label products at unbelievable prices. And every supplier is thoroughly reviewed, so you get no nasty surprises!” Quote from salewho

With that said give them a try. This system is sure to one of the best there is. Its innovative and new and its the way to go if you want to learn how to be a great business person, tell the boss off.

Inspired Business Marketing is about getting to the heart of business problems, and solving them with marketing. Business marketing is one of the most important parts that your business needs to be addressed with careful attention and proactive thoughts. Business to business marketing is just marketing to consumers who happen to have a corporation to pay for what they buy.

Small business marketing is a highly creative process that needs to be researched, brainstormed, and nurtured. Effective small business marketing is about creating repeatable processes and systems that consistently apply these principles and strategies. While major corporations have sufficient resources to kick off a thoroughly planned marketing campaign, small business marketing is often on a budget.

Having a marketing strategy can be the life or death of a business. The strategy has three components. Find providers of marketing strategy, ideas and services, resources for small business advertising and business to business marketing assistance. Because with the right marketing strategy, your cash flow will increase. Marketing Strategy strips away the confusion and jargon that surrounds what ought to be one of the most straightforward areas of modern business. If you want your small business to grow, you need a marketing strategy that works.

Advertising is one of the most important investments a company makes for growing its business. Develop a marketing plan and an advertising campaign no matter what your budget. Advertising is a powerful machine for the people to know what’s on the market. Deliver your advertising message effectively and right on target.

For any business to succeed there must be skilled office, marketing, sales, financial and management personnel. One of the easiest ways to bump up your sales is to spruce up your packaging. The integration of marketing and sales is imperative for successful business. Don’t advertise like a Big Business Big businesses advertise to create name recognition and future sales.

The practice of Business Marketing is essentially the management of value creation and delivery. Clearly, the goal in consumer and business marketing is shared: to create customers and capture profitable revenues. Inspired Business Marketing is about getting to the heart of business problems, and solving them with marketing.

That’s right, small business marketing is a system. Small business marketing is your communication to your customers and your promotion to your prospects. Successful small business marketing is about taking action.

Business loans can be defined as money lent for a specified amount of time at a specific interest rate to a specific person or people that operate a business or plan to operate a business. This definition is very broad, but so are the various types of loans available to business people. Deciding on which type of business loan that you and your company will benefit from the most is very important. Often times, a start-up business or someone that has never owned a business will find themselves more or less applying for a “personal” loan. This can be a very risky endeavor, mixing business loans with personal loans, however, often times it is the only available means for first time business owners.

One of the first things personal business owners need to do is establish business credit. Business credit can help you get a business only loan without using your personal credit. Establishing business credit can be done by:

1.) Opening up a business credit card account and paying it in full.

2.) Buying equipment and supplies from companies that will report good standing to the business credit bureaus.

3.) Having a good business plan with potential earnings, letters of intent, and any type of customer contracts already laid out.

All of these types of endeavors can help in receiving a business loan. Often times, financial institutions require in-depth business plans, be prepared to spend days working on just the certification paperwork prior to applying for a business loan. A business only loan can be obtained in the business name without use of personal credit as long as the business can justify the loan amount and the ability to pay it back.

There are several different types of business loans available, ranging from those secured with collateral, non-secure loans, which are based upon the credit worthiness of the applicant, and even government loans for small business ventures, women and minorities. Government loans are those loans secured by the government; in most instances these loans are available when the business or owner can prove that the community will prosper based upon the business at hand. For the most part, government loans are based upon personal credit.

The basis for which you may need or require a business loan may vary. Some of the most common business loans available to business owners are:

-Acquisitions or a loan to acquire an existing business

-Inventory loans

-Account Receivable Loans

-Working Capital Loans which converts a companies assets into working capital

-Equipment Leasing

-Commercial Property loans

-Warehouse financing

-International business loans

-Franchise loans

One of the most important tools when deciding on what type of business loan your company needs is research. Researching the different types of loans available to you and your company can save you money. First, look into the different type of business loans available to you in your state. Many states have government loans available; some even offer grants, which is money available for specific purposes that do not require repayment. Research the different type of Federal loans available.

If you are an entrepreneur, then you know that there is always a need for small business finance to keep things going. Being able to get the money that is needed for your business means that you need to make several financial and non-financial considerations.

Firstly, before you search for funding for your business, it is important to know what type of financing required. Would the business need debt financing (a loan for running your business) or equity financing (money that is taken from savings or investors)?

Small business finance through debt financing means taking loans from credit unions, banks and other traditional financial institutions. Among the loans that are available are short-term loans which must be repaid, with interest, within a specific period of time. Such loans may be termed as demand loans as the lender can call in the loan for repayment any time. Small business finance longer debt loans are normally used for financing assets like renovations or investments in equipment.

There are many businesses that make use of lines of credit as a source of small business finance. They make arrangements with lending institutions for a set amount of available credit that they can draw upon when need arises. Lines of credit allows businesses to use the cash when they need it and they only need to pay back the amount that has been used and interest is paid on the outstanding balance of the line of credit. Numerous lending institutions offer credit cards as a means of small business financing. These cards are used by establishments to finance their operating expenses. But, credit cards can be expensive because of the interest rates. The cards are ideal for use if the balance is paid in full monthly.

Small business finance through equity is normally used in a limited manner. Informal source of equity funding includes friends and family; while the formal sources include venture capitalists. Venture capitalists generally have a considerable pool of resources that allow them to finance ventures and participate in some of the more crucial decisions in the business. However, these capitalists conduct studies before making the decision to provide funding.

There is also some equity small business finance that are received from people who are called as “angel investors”. These are normally people who have deep pockets and are willing to provide funding.