Financial Blog Network

The enhancement of technology nowadays has helped so many companies in all different industries to cope up with the increasing demand of their clients. The use of internet, in particular, has revolutionized the way people deal with so many things on the Worldwide Web, from shopping, chatting with friends and family, to selling stuff. Because of this even the banking industry has also jumped into the bandwagon in hope to reach and serve more people. However, not all clients are so keen to try the internet banking because some of them do not know how to utilize it or others simply do not want to try it for fear that their bank account will be hacked. Others prefer the traditional way of banking because they are still technically and technologically… Continue reading

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Most industries have their own terms that they use for their everyday dealings with their clients. When you are in the world of computers, you often use the terms ’software’, CPU, access key, and many more. If you are in medicine, you will often come across the terms ‘anatomy’, and many other confusing and strange-sounding words. In order for you to become fully immersed and active in a particular business and industry, it is imperative that you understand and speak the terms especially when you are making transactions and conversations with other people. Likewise, if you are in the world of banking industry you should learn the different banking definitions in order for you to make transactions successfully and easily.

One of the most common terms used nowadays is ‘ATM’ which… Continue reading

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Being an impulsive shopper can get you into trouble sometimes. We’ve all done it. You had your eye on a great looking top but when you leave the store you have a whole wardrobe of extra items that took your fancy. Or may you are a technology addict. You decide to get the latest cell phone but end up with a DVD player and a plasma TV too. Impulsive spending habits can get you in serious debt before you even know it. Here are some frugal ways to save and avoid getting into debt.

Lets get the obvious ones out of the way first.

Don’t shop on payday. You may have a fat looking bank balance but it will be eaten up by the various essential bills (and the odd luxury)… Continue reading

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Phil Laut said it first, in his classic book, Money Is My Friend, to increase your wealth you have to change the quality of your thoughts, because all wealth begins in the mind. Sounds good, but how do we go about doing that, increasing the quality of our thoughts? Specifically, thoughts regarding money.

Money management isn’t exactly taught in school and fear of the unknown is one of the most debilitating fears of all. With thousands of books and financial magazines to choose from, hundreds of financial newsletters and coaches all promising early retirement and an extra million dollars by next year, not to mention over 160,000 investment vehicles to choose from, where does one begin? It’s understandably overwhelming.

Like anything, you begin with the first step. Baby steps, because truly, it… Continue reading

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Identifying proper financial goals and planning to achieve them in a systematic way is the heart of financial planning. Without a proper chalked out financial plan, there are a lot of risks. Often we find people without a proper retirement corpus and no money to bank upon because they haven’t planned for it in advance.

Not understanding the risk profile is another major drawback that a person faces if he hasn’t done proper financial planning. Imagine a retired person putting all his savings into a high risk mutual fund in anticipation for a high return, and loosing a major chunk of his hard earned money. At a time when he required a steady, stable income, he has simply wiped out his savings. Financial planning reduces the risks of loss by removing… Continue reading

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Do you consider yourself a good saver? Or a bad saver? How do you know if you’re saving enough? And what can you do to trim your budget if necessary?

There’s a formula to measure your status as savers. Dr. Thomas Stanley, in his must-read book “The Millionaire Next Door” says to multiply your income by your age, and divide by 10. This is the amount you should have in savings and investments as a minimum. If you’ve saved above that amount, he says you qualify as a PAW, a Prodigious Accumulator of Wealth. Less than that in savings? That would make you a UAW, an Under Accumulator of Wealth.

So, if you are 40 and earn $75,000 annually, you should have a minimum of $300,000 in savings (40 * 75,000 =… Continue reading

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