December 27, 2009

What shall be our financial resolution for the coming New Year?

new year resolutionJust a few days are left before we enter the New Year 2010. With every New Year come new plans, new commitments, new resolution, and new promises. Here, we will find out what can be our New Year resolution in terms of financial matters. Since the past two years, we have been battered with the word “recession”. This has been eating us for a long time. Every now and then, we have been hit by recession. Anyway, it is time to get rid of it. Each year we make some resolutions and later we find ways to give excuses for not materializing them. But, this year, let’s make some realistic resolution which we think we can fulfill at the end of the year. First, let’s sort out what will be our priorities this year. Do we wish to purchase any home this year; do we need loans for kid’s educations; do we have pending balance for any loan or credit cards; or so on. Then, according to our plans, we need to allocate both our time and finance to our priorities. After we are done with finalizing where to put money more, we will create a reasonable budget, which we can pursue. It will be a routine for us to go through the budget almost everyday. If we have pending balance for credit cards or loans or both, then this will be our first priority, lest it should affect our credit report. We will not be late in paying our credit card bills or insurance premiums this year. We will channelize our funds towards our outstanding balances. If required, we will contact any debt consolidation firm and try to consolidate our debts. This will help us save some bucks and also our valuable time. We will limit our usages of credit cards to minimum and would not apply for any new one until the old ones are paid off. We will keep abreast with our credit reports periodically and see to it that it is improving. And, in case of any home purchase or loans, we will not fall prey to any cheats. We will ourselves investigate and find out which company offers the best bid. We will take time to finalize the offiers and then go for them. We will also pay our taxes on time and file for tax returns forms in time as well. We hope this coming year will be a much better one. Amen!
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December 16, 2009

What is an IVA?

IVA stands for Individual Voluntary Arrangement. It is a debt solution option available to people in the United Kingdom and residents that live overseas – including those residents of the United States, Canada, and Australia.

These types of debt solutions allow people to avoid going through the implications that come along with bankruptcy. An IVA is a legally binding agreement as well and is approved by the government so you can be rest assured there is a significant amount of legislation involving the process.

The Process

An IVA starts with the debtor and the Insolvency Practitioner (IP) sitting down to discuss the best path forward. A good IP will not immediately suggest you go with an IVA. Instead they will offer you a number of options and discuss what might work best for you.
In certain circumstances, your poor financial standing could limit the amount of solutions that are available to you so finding great IVA advice is crucial.

After the IP has approved the IVA proposal they will send it along to your creditors who will then meet to decide whether they should approve the proposal or not. If it is approved, then you can receive the IVA.
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December 5, 2009

If you are a novice, how would start buying stocks?

buying stocksIf you think of venturing into stock market for the first time, then you are welcome. No special expertise is required for that. However, you need to be careful and updated while you start investing money in market. Though the concept is simple in the stock market, it requires some prudence and flexibility on thinking. A vigil mind can make you a winner. Buying and selling stocks are not as good as buying or selling products in a market. First, you need to have thorough knowledge of stocks. Then you need to go in an agreement with a registered stockbroker and then, you can start investing, trading, or both. Keep in mind that stock market is very volatile and anything can happen with this. A natural disaster or any political changes in a country or a major company filing bankruptcy and the like may have a huge impact on the market. It can affect the price of any stock and unfortunately, you do not have any control over it. You would just wait and see.

While you invest money, start with a small amount. See how it fares in the market. Keep abreast with your broker or any tips given by your broker. Apply your own discretion when you actually put money in a purchase of any share. Do not follow suite if your brain says negative about it. Read stock related books. Try to sell stocks when you feel comfortable. Since you are a novice, you should not attempt or look for a big profit at the beginning. Move slowly but steadily. All the best.
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