Tuesday, December 9, 2014

Quick Ideas on Saving Money on Another Country

Have you ever thought of creating a bank account in another country? Nowadays, this is no longer exclusive to those who have large amount of wealth to protect from unlawful creditors. Even regular entrepreneurs take  advantage of the idea to ensure that their businesses will continue to progress with enough funds.

There are important factors to be considered when setting up an offshore bank account. First and foremost, you have to regard the distance. The farther your bank account is from your country of residence the better. This makes your fortune as invisible as possible. Often times, large sum of money cannot escape the public eye. In fact, their owners are suspected to have illegal wealth and the worse of all the government can confiscate all of it.

Choose a remote bank that can offer you easy access to your account. Although this is not a problem as most banks across the globe provide international credit and debit cards, it is still wise to be assured of the online features that your prospect bank possesses. Go ask your prospect banks about it.

Putting your account under another individual's name can give an added sense of privacy to it. Another way to do this is through a trust company. Offshore trusts are legal means that can shield your identity while you practice full control over your wealth. Depending on the trust agreements only you and your rightful beneficiaries can take a hold of your money. 

Offshore incorporation also goes along well with offshore bank accounts and trust funds. It protects not only your wealth but also the identity of your company with which you earn your income. Let us say that the company directors are unnamed as well, then your company and personal bank accounts would be more difficult to trace.  There is an option though where in you can have nominee company directors. That is another great feature you can utilize however it might cost you extra fees.

For assured secrecy of your money, be firm in not telling anyone about your offshore bank account. Your secret wealth will be most likely to be divulged if many people know its whereabouts.

Tuesday, December 2, 2014

Why You Need to Protect Your Income

Income protection is one of the most overlooked means by those who desire to ensure a bright future for their loved ones. There are many reasons why wages need to be protected but I have listed the top three most important ones in this post. They are the following.

Provision in the event of illness - You can never tell when an accident or sickness may come to steal your ability to work momentarily or permanently. Having to pay for your medications while providing for the needs of your family can be very challenging. If you do not have the enough funds to cover your expenses, your life and the lives of your spouse and children could be in danger. Receiving payouts until you are able to work again or find another source of allowance can help you make it through during your time of need.

Lifestyle security - Let us face it. Whatever benefits you might receive from the government can be set at minimum amounts. Being dependent on these alone may force you to live uncomfortably and barely making both ends meet. It is not only your lifestyle but also your children's lifestyle that would have to change. Inability to pay your bills and other responsibilities like legal dues for your properties can prod you to give up some things that make your family's life convenient. These may be the opportunity to live in a restful house in a safe town, your children's education or the family car that you are paying for monthly. While you can easily cope with such changes, your children may not. In fact, they can get traumatized by the abrupt deviations in your family's lifestyle.

Safekeeping Assets - Do you have properties to pay for every month? If yes, how then can you ensure rightful possession over them if you fail to pay your legal dues? Losing your house and lot and other investments can definitely happen once you loose a definite source of income. Having some amount to cover at least a part of your payables can keep your investments intact.

Saturday, October 25, 2014

How to Secure Your Children's Future

Instead of giving your money and other assets to your children outright, putting your wealth in trusts can provide you with a better way to keep your children’s inheritance protected and well-managed. The following ideas will explain how.

Protection from lawsuit - If your child does not receive all of his or her inheritance at once, there is less for creditors to reach if ever your child encounters a financial or legal problems. In fact, this could happen when they begin to pay the taxes that come along with the inheritance you are leaving to them. Trusts can keep your children’s inheritance free from the hands of unlawful creditors.

Moreover, you can choose to equally distribute your wealth among your children over time intervals. Depending on the terms that you are to set, you can leave a certain percentage of the estate when the child graduates from college, upon marriage and birth of a grandchild among others. These will all depend on your discretion.

Conditions on proper use of inheritance - Once you die, you will never know how your children are going to be spend your hard earned wealth. Contracts for trust funds give you the power to create conditions which have to be met by the beneficiaries before they could ever receive their share of wealth. For one, you can require a drug test or an alcohol test to make sure that they won’t be wasting their inheritance on these addictive substances.

Special needs trusts for disabled beneficiaries - Leaving an inheritance to a disabled child is one of the greatest concerns of some parents. Having a revocable or living trust will allow you to add provisions for the establishment of a special needs trust for any disabled child.

PS. I found this video to be interesting. Something to think about creating trust funds for your kids.

Thursday, July 31, 2014

Insurance 101: Insights on Protecting Your Income

Have you heard of income protection? It is one of the must-have insurance policies that every working adult should possess. Unfortunately, not many invest on it. This may be due to the lack of knowledge about its importance.

Loss of income is a sad reality that could happen to any employee. It can result from the inability to work temporarily or permanently because of accidents and/or illnesses. Although employer companies offer appropriate compensation during such situations, the amount that the ailing employee will receive may not be enough to cover his medication and other expenses. And it cannot get any better if he has a family to support.

Through an income protection policy, concerned workers can be assured of continued income flow in the event of an injury or illness. The income that he will be receiving would be equal to the amount he used to receive prior to his loss of earning capacity. The income referred here is called payouts. These payouts equate to such amount because they are tax free.

When it comes to the costs involved, the income protection policy costs depend on the period that you stopped receiving sick compensation from your employer company and the time you began acquiring payouts. This is called the deferred period. If you have a long deferred period, you will have low policy premium to pay. Should you want to pay much lower policy premium, you can agree to getting payouts that cost less than your regular salary that you receive.

Moreover, you can choose between long term policies and short term policies. Long term policies will support you from the end of your deferred period up until the time your pension starts. Short term policies, on the other hand, are limited to a specified period like twelve or twenty four months. If you have limited budget to pay for your policy, you can go for the short term one. 

Not only the sick can benefit from income protection policy but also those who are self-employed. However, the computation would be different and so a separate consultation on this is advised.

Wednesday, April 16, 2014

All You Need to Know about Wealth Building

Financial freedom and a life of wealth are two of the top desires people across countries would be willing to exchange everything with. Moreover, they think that having a large amount of money and living a comfortable life is key to happiness. Although there is a grain of truth in there, such a belief makes being wealthy an unreachable aspiration that only happens with luck. Knowing that there are steps that you can take to achieve abundance would  be a better belief to hold on to especially if life of wealth is your aim.

To begin with you must have a positive attitude that highlights endless possibilities. Instead of focusing on what your needs and limitations, focus on the things that you can do to improve your current condition. Think outside of the box and have the mindset of a millionaire. While it is true that some millionaires are already born affluent, a big number of richest people still pertain to results of success stories. They started early on as unfortunate individuals who worked their way through the ladder of wealth building. If they did it, you can also do it.

Pair your millionaire mindset with good money habits. This actually starts from knowing the function of the money that you earn besides being a solution to your expenses. Let us say that after paying your bills and spending on your basic needs, you find yourself spending on things that you do not really need. Such a scenario is a clear manifestation that you are preventing wealth from coming in. 

Learn the art of managing your money and you will be surprised to see how much money you are able to  save. Remember, wealth is not earned overnight. It is a product of consistent budgeting and saving. Also, invest a part of your savings in things that can generate wealth for you. Doing your wealth creation through saving alone can defy you of the possibility to earn more profits in a much faster way. If you may, consult a reliable financial planner who can provide you with other wealth building tools.

Thursday, January 30, 2014

Helpful Insights On Getting Out Of Debt Today

Getting out of debt is a dilemma confronting most singles and couples today. According to a number of surveys, the varied technological advancements make it easy for people to incur debts. The latest gadgets emerging left and right encourage consumers to spend even though they do not have money at hand. Also, the internet prods consumers to purchase on impulse with just one click on the shop online button. While there is a grain of truth in both ideas, having financial liabilities is oftentimes a matter of personal choice. There are, of course, exemptions to this. A clear example of such exemptions is debt incurred due to sudden mishaps.

Getting out of debt is doable. However, erasing all your debts may take longer than the time you spent gaining them. A firm decision to be debt-free is the best way to start. With that, you must also decide to stop acquiring expenses that can lead to additional liabilities. Do you have a credit card? At this point, you probably know what to do with it. Use cash to pay for any product or service you need.

Now is the time for you to be mindful of your spending. How are you going to do that? Record how you spend every dollar in your wallet. This will reveal how much money is spent on your basic needs, utility bills and your wants. You might be surprised to see that a big portion of your salary goes to unnecessary expenses. 

List your sources of income. If you have two or three jobs, note how much you earn from each on a monthly or weekly basis. Consult a tax accountant and ask for legal ways on how you can increase your wages. This is very helpful specifically if you are self-employed. Moving forward, create a budget plan according to your income and spending. Include in it how much money would you be able allocate each month for the payment of your debts. Be realistic when estimating the figures. Think of the unforeseen expenses that may come your way. 

To ensure that you are not forgetting any of your debts, list them all down in a clean sheet of paper. Write the individual amounts you owe, to whom you owe each, the balances and previous payments you have made. Study them and pinpoint which of these amounts comes with high interests. Debts with high interests must be addressed first because the interest themselves are sources of unwanted expenses. Those with low or no interest may be paid at a later time.

Getting out of debt is for someone who has a strong heart and iron-clad will. Do not give up even though your financial liabilities seem to be very overwhelming. Keep on repeating the steps outlined in this article until something happens and all your liabilities are paid off. Do not file bankruptcy just to get away from everything. As you do so, open you heart and mind to a changed perspective about spending and saving your money wisely. Need to read more tips on this topic? You can read them here if you have the time.

Monday, January 27, 2014

Ways To Keep Yourself From Spending Money

It has always been easy to spend than save. Everyone can attest to the truth of this statement. Although it could be hard, certain things can still be done to ensure that you have enough savings for the rainy days. Below are a number of doable strategies which you can observe every time the urge to spend strikes you.

  • Refrain from making shopping a means to get your needs satisfied. Rest and eat when you need to. Do take some time off to meditate on the things which you need to settle.
  • Remove the phrase shopping for fun from your vocabulary.
  • Do away with credit cards. Just use cash.
  • Create one meaningful goal that is worthy of the amount that you choose to spend. Perhaps, you wish to take further studies on arts or music. Save up for your class fees and nothing more.
  • Never head to the department or grocery store without a shopping list. If you have or use one, stick with the things you need to buy.
  • Pay your bills early before you could spend the money you have at hand on something else. 
  • Write down all the items you spend on a regular basis. Decipher which among them is not necessary and you can afford to cut off the list.