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emergency fund
Finance,

Auto repair financing without an emergency fund

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When it comes to building an emergency fund, we all know that it is one of the best ways that can help us to tide over unexpected financial crises. However, due to a lack of funds or due to too many financial obligations, it is not always possible to build one. But that does not necessarily mean that you do not have other options to pay for the cost of your car repairs.

Let us find out how you will meet the expenses of auto repairs if you are facing a financial crunch.

Not all drivers are equipped to meet expenses

As per a survey that was conducted by AAA, for the cost of maintaining and repairing a car annually, you must be prepared to shell out approximately $1200 (taken on an average). And surprisingly, not even 1/3rd of the total drivers are equipped to fund these expenses.

And this becomes a real problem if the costs that you have to incur are not covered by insurance carriers or you do not have a warranty against these repairs. But that should not disappoint you because there are other options too. And some of them are explained in the paragraphs that follow. So, if you have been wondering about how to finance auto repairs, your search ends here.

Your auto repair financing options

You can go through the options mentioned below-

Take out a personal loan

This is one of the options that you can explore so that you can fund repair and maintenance for your cars. Approach banking or any financial institution for a personal loan. Also referred to as installment loans, you have to repay the loan amount every month over a period of time and you are expected to repay the entire amount within the loan term.

A personal loan will attract interest rates along with fees. Find out how much you can save on interest rates. How much you can enjoy as interest depends on your credit history.

Payday loans

Payday loans are a quick way of accessing cash. You have to provide details of your bank account so that you can withdraw the proceeds. This loan is basically given to you against the paycheck that you will receive the following month.

However, you must be aware of the norms that govern the regulations of these loans in the state you reside in and also the APR or the Annual Percentage Rate that these loans will attract.

Sometimes, the cost of the loan (APR) can be as high as 400% along with additional fees.

Vehicle Title loans 

This is another option for financing car repairs. Nevertheless, they are risky and for the short-term. The lender will offer you a loan against the car title. Once you are able to repay the loan, the duration of which is usually a month, you will get back the vehicle title papers.

However, it is risky because unless you are able to repay the loan, the car, which acts as collateral or security for the lender will be taken away.

Studies also reveal (Consumer Financial Protection Bureau), around 2/3rd of the borrowers that take out the loan against their car title roll over the debt payment for at least 6 times since they are unable to pay off the debt. And once there is a prolonged failure of repayment of the loan, the car title usually gets confiscated.

Aside from the above, you can also take out a loan with a credit card or apply for a conventional loan. While traditional or conventional loans are a better option as compared to using plastic cards, you have to take into account the rate of interest, the APR, loan term, fees, and additional charges, if any in case of traditional loans.

 

Tax Advisor
Finance,

Keep Your Taxes in Order with a Tax Advisor

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Taxes are a part of life. Everyone has to pay them and they remain an inconvenience to have to deal with. And while we can certainly do them ourselves, they are complicated enough that we shouldn’t take that risk if we don’t need to.

Having a tax advisor in Stourbridge is important when it comes to keeping your taxes in order and getting them filed on time. Not only that, but a tax advisor can help you get the most money back on your taxes possible, saving you money in the long run.

Complete Tax Services

A proper Stourbridge advisor can do a lot of things when it comes to your taxes. These services can include:

  • Tax advice
  • Capital gains
  • Value added tax
  • Inheritance
  • Corporation tax

Getting comprehensive tax service is important as it can save you a lot of time and even more money. A tax advisor can do a lot to find more money in your return and get your taxes taken care of.

Dependable, Experienced

A great Stourbridge tax advisor will have a history of getting the job done in a satisfactory manner. That means getting the necessary documents in on time and finding you the most money in your returns possible.

This all means getting your taxes done and behind you so that you can focus on the other important things in your life instead of worrying about paperwork and deadlines. Let a tax advisor bring ease to your life.

 

 

Investing
Finance,

4 Beginner Tips for Investing in Penny Stocks

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If you are a beginner who is seeking to invest in the stock market but does not want to devote a lot of money, penny stocks can be a convincing option. However, the thought of investing in the stock market may baffle you because of the limited experience or the fear of losing money. If you are wondering where to start or which penny stock to invest in, this article will provide you with penny stocks tips and advice that will help you understand penny stock trading and what to expect of it.

What Is a Penny Stock?

To put stock trading in simple terms, companies raise capital in the form of shares that represent ownership in the company; traders and investors buy the shares when they are sold at a low price with the anticipation of selling them at a higher price.

Penny stocks, also called micro-cap stocks, are shares of a small company that can be traded at a price as low as $1 or $2. According to the U.S. Securities and Exchange Commission, any share that is traded for less than $5 is referred to as penny stocks. However, the actual definition of a penny stock may vary across countries. They are traded in major exchanges like NASDAQ and also over-the-counter (OTC) markets like OTC Pink and OTCQB.

4 Beginner Tips for Investing in Penny Stocks

As in any kind of investment, investing in penny stocks without due research can lead to adverse effects. It is important to understand the concept of penny stock trading and the associated risks before investing in it so that you avoid the risks while investing in it. These 4 penny stock trading tips can help you even if you are a beginner.

Look at the Number of Shares Outstanding

Investing in penny stocks involves a lot of research about the company you are considering investing in. The company must be legitimate and of high value. While ascertaining the company’s value, refrain from equating the stock price with the company’s value; what you should be looking at is its market capitalization value, which is the cost per share multiplied by the number of shares outstanding.

For example, let’s say there are two companies X and Y. The market capitalization for both the companies is $150,000.

  • Company X trades at $15 and has 10,000 shares outstanding.
  • Company Y trades at $150 and has 1000 shares outstanding.

Though both the companies have the same market capitalization, the shares are traded at different prices. Hence, instead of considering the share price as the only factor to determine the value of the company, look at the number of shares outstanding.

Be Wary of Share Dilution

Shares dilute when a company issues new shares to raise more capital. It is important to look out for signs of possible share dilution because it reduces the ownership of shareholders and also leads to a drop in the share price. To that end, do a thorough research on the strengths of the company:

  • What is the company’s business structure?
  • Is the company profitable and competitive in its sector?
  • Will the company’s value increase over time?
  • Does it need more capital for a new venture or partnership?
  • How does the management plan to raise more capital? By issuing more stocks?

The bottom line is to find a high-quality company that is still trading at a low share price. This can help turn your small investment into a significant one.

Which Penny Stock Should I Invest In?

People are drawn to investing in penny stocks because of their low prices. This penny stock trading tip will help you approach it with the right mindset. As a beginner, it is important to have a realistic expectation and assess the outcome of choosing a penny stock.

As a share’s past performance is indicative of its future performance, look at the past performance to gauge how the share has grown over a period of months or years. This will give you a realistic idea of the returns you can expect. If you are going for highly volatile penny stocks that are characterized by rapid price fluctuations during a short span of time, assess the risk as well. Let’s suppose a penny stock worth $0.50 goes up by $0.25. Even though it may seem like a 50% profit, there are similar chances of losing a lot if it drops by $0.30.

Pick a penny stock that is more active than others because this kind of stocks will have more buyers and sellers. It doesn’t need reminding that you are buying penny stocks with the hope of selling it in future. A penny stock without buyers can easily sour your trading experience.

Join a Day Trading Chat Room

What you learn about penny stock trading by joining a day trading chat room is immense. You will be able to get penny stock trading tips and advice from experienced investors who are willing to share their knowledge about penny stock trading. The information you get from a penny stocks chat will help you be updated with the current trends, understand the terms that confuse you so that you have better chances of avoiding mistakes and minimizing losses.

At this day and age, investing in a business, real estate, stocks, or bonds is important not only to generate additional money but also to build wealth for your future. Of all the investment options, investing in shares and stocks is considered one of the superior options due to the investment returns it earns. Hopefully, the tips for investing in penny stocks covered in the article will help you start investing in penny stocks on the right foot.

Trading Account for New Traders
Finance,

The Dilemma of Picking the Right Trading Account for New Traders

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If you have made up your mind that you want to trade, you will have to find a broker to do that. Secondly, once you have found the right broker, you will be faced with the choice of picking the right trading account. Yes, you have to pick from a variety of account types before you start trading. These accounts are meant for different types of traders. However, when you look at the features offered in them, things can get a bit confusing. You want to save money and the basic accounts seem like the best ways of doing that. However, all the great benefits and advantages in terms of profitability lie in the advanced account types.

How do you decide which on to pick? Let’s find out.

Most Important Factors in a Trading Account

The Minimum Deposit

The first thing you have to look for in an account is the deposit limit or the minimum deposit. Of course, if you are a new trader, you want to be on the safe side, which means you want to deposit as little money as possible. That’s not the luxury you get with every online broker. Only some are kind to new traders and give them the opportunity to drop only 500 units of the base currency. Whether you deposit in pounds or dollars, these brokers will accept 500 units of your currency so you can start trading.

Trading Signals and Alerts

The next important thing you have to look at is the trading alerts. Are you getting any trading alerts in your account? It does not matter how long you have been trading for because trading alerts will always help you with profitable trades. They are not a guarantee that you will make a profitable trade but they do provide you a stable ground to stand on for profitable trading.

Loyalty Bonuses

While this is not the first thing to look for, you will get some idea about the broker with this type of feature. Only the best brokers on the internet offer you any loyalty bonuses. This means you get some reward in return for staying with the broker and trading actively. These rewards can be in the form of credits in your account or better flexibilities. Sometimes, you get a big prize for our loyalty.

Education

You cannot think of pursuing your career in trading unless you are trained to do it. Not all online brokers provide you with ample education on trading. Most of them provide you only some basic information about the basic terminologies of the industry and some rudimentary knowledge of trading strategies. However, only advanced education can help you coast through even the roughest trading situations.

Is There a Broker That Gives It All?

So, is there a broker that offers it all in trading accounts? Or, a better question would be if there is a broker that provides all these amazing features within the basic account type. You will be glad to know that there is one broker that gives you all of it and some more in a basic trading account. This broker is Duxa Capital. This broker provides one of the safest online platforms for you to start your trading career and trade in the most trader-friendly conditions possible.

Final Thoughts

You have to make sure that you look at all the factors stated above when you pick an online trading account. You do not want to regret your decision later because withdrawing money from your online trading accounts is not as easy and straightforward as you might have thought. However, once you have chosen the right broker, you do not have to go to the extent of withdrawing the money you have deposited.

Net Worth
Finance,

Net Worth-The Most Important Financial Statistics You Should Know

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Net worth definition

Net Worth can be defined as a snapshot of your financial health. You should track it over times so that you can fortify your financial health. You have heard any well-known person is “worth $15 Million” but you don’t understand its exact meaning. And if a question raises in your mind that what is your own net worth then you will find the answer to this question in this piece of writing very clearly.

What is Net worth?

Net Worth can be defined as the value of assets minus liabilities. Your Net Worth is not only about your income instead it includes your investments, savings, and debts.

Net Worth = Assets – Liabilities

What does net worth mean? In the financial language, the word “Net” means “after subtracting debts and expenses”. One can define worth as the amount that can be achieved in a specified time. The increase in Net Worth indicates good financial health. On the other hand, when liabilities increase more than assets, net worth decreases and indicates a financial crisis. So we can say that net worth can be found by subtracting liabilities from assets. It means net worth can be a measure of your well-being and financial health.

Importance of net worth

It is important to know your net worth because it provides a snapshot of your financial health. When you calculate your net worth, you can see the end result of everything you have spent up and everything you have earned till right now. It provides a wake-up call if you are off track or you are doing well. It offers a meaningful view of your finances. It can help you to evaluate your present financial health and help you figure out what to do in order to reach your financial goals.

How one can calculate his/her net worth?

Many people wonder what they are valued in economic terms. It is a very simple exercise. It can be calculated by the subtraction of your debts from the assets. If your assets are more than your liabilities then your net worth is positive. But if your debts exceed from your assets than the net worth is not positive rather negative. Then our goal should be to work hard to make our net worth positive. It is an indicator that you have to pay off your debts for your strong financial health.

How one can determine his/her net worth?

It is fairly straightforward to regulate one’s net worth. You should create a detailed list of all of the assets you own and a list of your liabilities. You further need to add up both the lists and then subtract the liabilities out of the assets. Below we are going to tell you some steps for calculating your net worth in a traditional way such as, by hand. However, you can use some tools available on the internet as well. When you synchronize your accounts, it calculates the net worth automatically. By calculating your present net worth, you can even estimate your future net worth as well.

What is an Asset?

The assets are the things you own having a monetary value. Assets include cash like in your checking, retirement accounts, savings, and things like property, cars, and investments that you can sell for cash.

Assets = cash + items that could sell for cash

A few examples of Net Assets:

  • The amount you have in your investment accounts
  • Your car’s market value
  • Your home’s market value
  • The amount in your savings accounts.
  • Items of economic value you own, like furniture, collectibles, and jewelry.

Assets vs liabilities

What are Liabilities?

Liabilities are debts that are obligatory to pay. Liabilities are the entire debt you owe. Your liabilities can not be determined by the monthly payments you owed, rather by the owed debts. Here are some examples of liabilities are:

  • Car loans
  • Mortgages
  • Student loans
  • Credit cards
  • Medical bills
  • Liens and judgments against you
  • Back taxes

If you find the net worth negative then it is all because of your car loans, mortgage debt, and credit card debt. Your student loans have a great influence on your net worth as well.

What is liquid net worth?

The part of a person’s net worth that can be easily turned into cash is his/her liquid net worth. It includes investments like stocks and mutual funds. However the assets, that are difficult to easily convert like cars or real estate.

Different ways to calculate the Net worth

You can find some ways to calculate the net worth of your own.

1 How to calculate Net worth in Traditional way?

To calculate your net worth, you need paper, pencil, and calculator. Then divide the paper into two halves. Write the word “Assets” on the left side while the word “Liabilities” on the right. Now list all of the assets and its value net in the assets column and all the liabilities and its value in the liabilities column. Then add all the values of both sides then subtract liabilities from assets to get your net worth. Below is an example of a fake person’s net worth. Check the example of net worth calculator:

networth

Have a look at some celebrity’s net worth. Offset net worth is $ 16 million. Migos net worth, as a group is approximately $ 50 million. The estimated net worth of Cardi b is $ 8 million. Cardi b ethnicity is mixed. Metro boomin net worth is $ 6 million. Chance the rapper net worth is $ 33 million. Quavo net worth is $ 16 million. The Edge net worth is $ 340 million. Google net worth is approximately $ 52.4 billion.

2 Calculating Net worth with an Excel sheet

You can calculate your net worth on an excel sheet. You need to open the Excel document and type in your assets and liabilities exactly like in the above-mentioned example. Then use the function bar to add the values for you.

3 Calculating net worth with tools

It is easiest and fastest to calculate your net worth with the tools available on the internet. Quicken is the tool used for fastest and accurate calculation. It allows you to gauge your financial health at a glance. It is a recommended financial software program that you can purchase and download on your computer. You can enter your financial information manually into this program. Then quicken will sync quickly your information and it will show your net worth.

What are the Tips to increase Net worth?

Here are some tips to increase net worth. First, save more than you spend. If you can do this one thing, your net worth will increase.

  • Save more money
  • Decrease your debt
  • Earn more money

Final Word

In this piece of writing, you learned about Net worth, the meaning of net worth, and how to calculate it. Net worth can be defined as the total value of your assets, minus the total value of your liabilities.

 Your net worth is the indicator of your financial health. 

If you want to increase your net worth, all you need to focus on having more assets and fewer liabilities. We have mentioned different ways to calculate your net worth. We have also shared some tips to increase your net worth. To conclude we can say that to calculate and determine your net worth is the key to improve your financial health. So keep checking your net worth in a specific time period and increase your worth finances.

 

 

 

 

How to fill out a check
Finance,

How to fill out a check?

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Can you write a check to yourself?

Though today’s world is digital but checks are also common. Check is an effective as well as an inexpensive tool of moving money but one does not fill out a check daily or maybe one has never filled it before. Writing a check is a very simple and easy but important skill. Everyone should know how to read a check or how to write a cheque.

A six-step guide

We will let you know how to write a check step by step. There are six steps to filling out a check from the top of the check to the bottom. This will help you avoid any step’s skipping. You just need to move through these parts of a check one by one. Here is a picture is given below displaying all these six steps that will guide you on how to fill a check. Have a look at the sample check.

Check Sample:

check

By following these steps, you can write a perfect check.

Step 1: Put the current date

The first step of check writing is putting the current date. You need to put the date on the top right corner. You should use today’s date that helps both the parties keep an accurate record. You can use postdate as well but post-dated cheques do not work the way one thinks they will. postdate can be problematic.

Step 2: Payee or recipient name

The second step is to write the name of the recipient or payee on the “pay to the order of”, line. The recipient is a person write his first and surname. If the recipient is a company then make sure you have the correct company name.

Step 3: Amount in numbers

The third step is to write the amount in numbers in the box on the right. The first digit of the amount should be written close to the left-hand border of the box to prevent any fraud. Fill in the amount in dollar and cents. Many people don’t know how to write cents on a check. For instance, you can write 23,010.52. No need to put the dollar sign because it is printed on the check.

Step 4: Amount in words

Write down the same amount on the next line to prevent any fraud. It will be considered the official amount. If the numeric amount and the amount in words are different then the amount in words will legally be the amount of that check. You should use CAPITAL LETTERS that prevent any fraud.

Step 5: Memo

Step 5 is to fill the memo line which is an optional one but it helps to know the reason behind writing that cheque. If you are paying an electricity bill or rent then you need to write “Electricity bill” or “Monthly rent” in the memo line. Sometimes when you pay a bill, the company will demand you to write your account number in the memo area.

Step 6: Signature

There is a line for signature on the bottom right corner. Many people don’t know how to sign a check. The answer is, “sign the check legibly”. You should use the same signature that you used while opening the account. Signing a check is essential. The check will be invalid without your signature. Your signature gives authority to the payee to draw that amount from your account. If there is a question popping up in your mind that how long is a cheque valid for? The answer is “for three months”.

Other things to do

1 Keep the record of your checkbook

You should keep a record of your checkbook in a register because you spend much money and you should have a record where you have spent your money. This check register is meant for keeping a record of your expenses and deposits. It will also help to prevent any fraud.

2 keep a record of your transactions

When you make a payment by check, you should record the check number which is found in the top right corner. It is also helpful to keep a record and ensure none of the checks is missing. It is also helpful to remind you about “reorder checks”. You should describe in the “description” column, where you made payment and for what and write the exact amount as well. Then subtract the amount of the check or add in deposits to the amount in the account from the previous transaction. You should reconcile your bank statement monthly.

Final thought

While it is 2019 and most of the transactions are digital but paper checks are also common. So it is important to know how to write check correctly. Then keeping track of your checks is also a good practice. It helps you keep a record of your spending and prevent any fraud.

Financial Resources
Finance,

6 Value-added Solutions To Manage Financial Resources

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When want your business to be successful, you need to do everything that you can to keep your operations running smoothly. Even though the core duties and responsibilities are on the list of your highest priorities, you cannot ignore the financial part of your company. This is especially the case for those of you who are looking for financial resources that will help you to add value wherever you need it. Keeping this in mind, here are 6 things that you may want to factor in your plan to protect your finances.

  1. Add a Plan to Keep a Keen eye on your day-to-day money management

To run a top ship in your finances, you cannot be reactive to financial problems that could have been avoided. Even the little extra expenses can add up quickly and destroy your budget if you are not watchful. Therefore, one of the best ways to add value to the money management system that you are using is to keep a close eye on your finances on a day to day basis. This is an extra layer of protection that can help you to make changes that you need before they become a situation that you will find hard or difficult to recover from quickly.

  1. Learn and Implement New Financial Business Strategies that’s Proven

When you want to add value to your financial plan, you should always consider the resources that you have available to you. In fact, all of the research that you can do to stay on the topic of things can be very beneficial in implementing a new way of being successful in this area. For instance, today business owners should learn as much as they can about topics like supply chain finance.

When you incorporate this type of financing into your plan, you can focus on a part of the business financial operation that may have not been addressed before. This kind of financing is also known by the name of reverse factoring so it is not really a new way of thinking or planning your business financing opportunities. However, as you discover more and more about the global economy and how it applies to your financial situation, you will have a chance to take advantage of an innovative strategy.

  1. Create a Win-Win Financial Terms and Arrangements for Supplier/Buyer Relationships

Typically, when this strategy is in use you can optimize your company’s cash flow by giving your clients and customers the capability to stretch out their payment terms. In some cases, this may even involve allowing your suppliers to receive their payments early based on the terms of their agreement.

For those of you who like this financial management arrangement, you can also make note of a win-win situation that both the supplier and the buyer can benefit from. In short, the supplier can begin to generate more cash flow for their operations, while also allowing the buyer to completely maximize their working capital at that time.

  1. If a Loan is Needed-Be Prepared in Advance with Reasonable Amounts and Terms

Making preparations for what you need in advance, will not only save time but will also allow the entire staff to be prepared for emergency financial situations. Since not all financial situations can be foreseen well in advance, you need to devise a plan that will handle these issues with ease. Therefore, you can add value to your financial plan by being proactive to handle emergency situations quickly and effectively to minimize any possible damage that is done.

  1. Make a Plan to Expand the Business With Finances that will not put the company in a bind.

If you think that you may be running tight financially in any part of the business, it is important that you know how to apply for a loan that is needed when the company has a good solid financial standing. You may use this loan as a line of credit that can be used for a number of different things including taking care of an emergency or utilize these finances to expand services or products.

With this type of plan available in the wings, you can be prepared to jump on any opportunity that is presented in order to make the extra income. Again, this is one of the top ways of adding value to the financial resources options that you may need today.

  1. Finance Equipment by Leasing instead of Buying

In some cases, buying all of the equipment that you need can be one of the best ways to secure everything that is required quickly. While this type of financial plan may be good in practice, it may not be the best way to spend the companies finances at that particular time. Therefore, if you want the best option available, you may decide to lease the equipment instead of buying.

 

Gold and Silver
Finance,

Top Six Tips for Buying Precious Metals Such as Gold and Silver

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Why Gold is Valuable

Gold is considered valuable because it is a rare find in the world. Gold is five parts per billion of the Earth’s crust because gold can be hard to find as well as extract. Gold is a metal that does not necessarily become a victim of decay.

Investing in gold means that you have a form of currency to back you if the financial system were suddenly to die on us. Precious metals that can be bought include gold, silver, platinum, palladium, and rhodium. You can buy gold low while selling it high, which is one idea on how to buy gold.

Gold As Currency

Paper currency is of value as well but only because we give it value. Paper currency is symbolic of value since we attach value to it. Historically, gold has been used as currency, with the price of gold drive-by supply and demand. The World Gold Council states that annual gold mining production has been 2,500 tons. You can buy gold from the central banks, as well as the International Monetary Fund. This is a second idea on how to get your hands on gold.

Two More Ways of Buying Gold and Silver

If you feel the need to buy gold, you can shop around for a good price on dealer websites that sell both gold and silver. A third idea on how to buy gold or silver is to check with your countries’ mint. Buying gold or silver does not have to be done in a pawn shop but can perhaps be done on eBay, which is a fourth idea on how to buy precious metals to supplement your access to your money, click here.

Gold is bought by a billionaire as a hedge against financial stress, and a fifth idea on how to invest in precious metals is to choose your gold or silver products from a wide range of investment-grade precious metals that come in many forms. Forms such as the amount of gold or silver you are buying, weights and product types. A sixth idea on how to buy gold and silver is to invest in a gold stock.

Gold and Silver Stock

Buying shares of gold funds such as exchange-traded funds mean that the fees are low. You are also looking into exchange-traded notes, as a low-risk and productive way of getting involved with gold. Gold is a useful barrier against inflation. The dollar may be a falling currency, whether it’s Australian, Canadian, or American. Gold is supposed to be an insurance against a failing economy. Investors buy gold to add diversity to their portfolio.

Gold is necessary for the economy as an equivalent to paper money. Investing in silver can be available in bar and coin form or big bars as large as 1,000 ounces. Dealers require a premium to buy silver, which means you need to accept a discount if you are going to sell it back to the dealer.

Buying Shares of Companies

You can try to buy a share of a gold or silver company whether the prices of either go up or down. Any accidents at the mines themselves will cause the bad performance of the products in question.

The right silver or gold investment depends on what you have decided you need. Mining stocks may bring in more money since financing companies also depend on having healthy cash flow. Silver is actually more common to find than Gold to find while mining. In the 19th Century, technological advances were made to help make silver easier to find.

Saving Money
Finance,

Tips on Saving Money

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Everyone works hard for the money, so the money should also work hard for you. Saving money doesn’t mean that you have to compromise on the pleasures of your life. You earn to build a lifestyle for yourself and you will never want to compromise on basic necessities. Saving money means to cut down your extra expenses and start saving by taking small steps.

Only a single tip can never save thousands of dollars, but a combination can make a difference. Sometimes, getting started is the hardest thing when it comes to saving money. There is a whole wide world of ways to save your money. Our guide will help you to create and adopt a realistic and simple plan to save money for your goals, whether they are big or small.

Traditional Methods

There are some traditional methods used by people for many years to save money. One of which is to put all of the loose change into a saving box or a jar. The latest version of this method is that people deposit some amount of money in their savings account every once in a while. Another approach is to set aside a particular amount of money each month. People have been following this method for many years, but it requires discipline.

Record your Expenses

The first and foremost step towards saving money is to figure out how much you are spending and on which things you are spending your money. Keep track of your monthly expenses, which means every cup of coffee you buy to a cash tip. After collecting all data, evaluate which items you can cut down your expenses.

For instance, by dropping an item off from your list, you can save $5 every week at the grocery store. If you conserve more fuel, you need to cut back the amount you are spending on gas each month. You can also adjust the thermostat to save cooling and heating costs.

Clear your Debt

Credit cards and other high-interest debts can eat up all of your monthly income and you will not even realize it. If you are planning to save money, start with clearing your debt. Assess the amount you spend on servicing your debt every month and you will get to know how essential it is to eliminate the debt. After getting rid of paying the interest on your debts, you can save that money easily and put it into your savings.

Cut Down Your Eating Bill

An effective way to save money is by changing your eating habits. The change in your eating habits will also benefit your waistline, but a drawback is that you will have to spend a bit longer time in preparing the food at home each day.

The best thing to do for cutting down expenses is to stop eating out. If you stop eating out every day, you can almost save $50 in a week and even more in some cases. If you are already eating at home, then to cut down money, you need to avoid the convenience foods as they add extra dollars in your bill.

Pay through Cash

For your utility bills and rent, paying through cash might not help. But when it comes to grocery bill and entertainment expenses, paying through cash can help to cut back on spending. When you are paying cash by your hands, you will be more aware of what you are spending and on which items.

It might help you to make choices at the store that are less expensive and you might put the expensive options back. By switching to cash, you will be giving priority to money you are spending and not shopping, so it helps to determine the best possible ways to spend the money.

Set Savings Goals

Saving money will become a lot easier if you have a goal or something to save for. Set your saving goals and then motivate yourself to achieve those goals by taking tough financial decisions. If you have bigger saving goals like buying a house for yourself, it will take a longer time to achieve. However, you can also set small goals like a vacation plan or buying a new car or cell phone to cut down your expenses.

Stop Smoking

Smoking is not only injurious for your health but also a smoker spends a huge amount of money on buying cigarettes every year. It is definitely not easy to quit smoking, but if you look at the expenses, you might get motivated to get rid of this harmful habit. If you smoke a pack or half pack of cigarettes every day, the amount of money you spend is almost $3,000 in a year.

Looking on the bright side by quitting smoking, you will not only lead a healthier life but also save $3,000 every year. According to the latest survey, the percentage of people who smoke in America have come below 20 percent for the first time in 5 decades because of awareness.

Utility Savings

Utility savings cut down expenses to a large extent. The utility costs seldom go down and to cut down the utility expenses you need to ask a utility company for the energy audit of your house. The company will provide a complete review of the energy efficiency of your home and guide you about little money efficient changes.

For instance, you can seal the doors and windows of your house that keeps the heat inside during winter season and you can cut cost on the high-efficiency appliances. By taking small steps, you can save a large amount of money on utility costs. Moreover, turn off the lights when they are not in use to save energy. You can also save 3 to 5 percent energy by lowering the thermostat of your water heater by 10°F.

Conclusion

Some small changes in your lifestyle can save thousands of dollars every year. Not all of these tips for saving money apply to everyone, but you can find one that suits you the best. Motivation plays a vital role in saving money.

There will be times when you will not be able to save enough money as you targeted, but don’t give up or lose motivation as there are many people out there fighting the same fight. You also need to check your progress every month. It helps to stick to the personal saving plan and also to identify the problems that need to be fixed.

Published by https://lifefalcon.com

Gold Prices
Finance,

Gold Prices Jump After Trump Threatens North Korea

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Gold prices had robust gain just moments after US president Donald Trump issued a warning to North Korea that the US will attack the country should it continue making threats against the US. The
comments come after reports emerged that North Korea has created a miniaturized nuclear weapon that fits into its missiles.

Moments after the US threats, Pyongyang gave a stern warning that it is looking into plans of launching a strike at a US military base in Guam. The escalating tensions between the two countries are making investors nervous and are shunning riskier assets such as high yielding currencies and stocks. Instead, they are flocking traditional safe havens assets like Gold, Yen and Swiss franc. Gold prices have jumped to 8-week
highs on Wednesday. New data shows that gold prices have already recovered from the massive losses in UK investors, US and Euro losses. However, it held flat for both Swiss franc and Japanese Yen.

Without major economic reports on Wednesday, various market players are looking ahead to the monthly inflation indicators. This is due in later this week with a possibility of fresh clues on what the next federal rate hikes are expected.

A report on US producer prices for last month is due to be released on Thursday, and the consumer price inflation report will be available on Friday. Gold has been well supported in the past few weeks. However, the possibilities of a third federal rate hike together with the deepening political turmoil in the US are boosting the appeal of Gold.

Gold is susceptible to the US rates moves. This is lifting opportunity costs for
holding non-yielding assets like Bullion.
The gradual path to higher federal rates is not a significant threat to
gold prices.

Comex gold futures realized an increase of $11.40 which translates to 0.9% to $1,274.11 per troy ounce. The gold dropped to $1,257.10 on Tuesday. This is the lowest level the prices have reached since July 26th this year.

According to Daniel Hynes, the Australian bank ANZ’s analyst, the tension is providing some small support to the gold prices. However, it is not enough to increase the gold prices significantly from where they are currently. The gold market is not in the middle of any war or attack hence the sharp and steady rise in prices.

In January 1991 before the gulf war, gold prices had steadily risen for many months. But, the day the US-led coalition launched its attack, gold prices fell $40 in a row. It was a 10% move that took the market by storm.

Gold prices immediately jumped following the comments by North Korea concerning Guam and the initial comments by the US president.