“I pay for everything in cash, I never finance anything” or “I’ve never had to take out a loan, I don’t believe in it”. Every so often, I encounter this type of feedback from a business owner. More »
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“I pay for everything in cash, I never finance anything” or “I’ve never had to take out a loan, I don’t believe in it”. Every so often, I encounter this type of feedback from a business owner. The attitude usually goes along with a strong, hands-on work ethic for an owner which has built their business from the ground up. They have worked long hours, suffered through the ups and downs and sacrificed family time and vacations to make their business survive. Their belief is, if they cannot pay for something with cash then they do not need it.
I respect the energy and devotion but I also take note that the strategy seems to apply to small, family owned businesses with a small number of employees which have remained flat in their growth and have stopped expanding years ago. Expansion and reaching new markets are not typically part of their business plan and they are happy with a fixed income often servicing the same clientele they have for years.
The downside of never financing anything is the limited amount of expansion which can occur. In essence, they cannot grow beyond what is in their bank account at any moment in time. For example, a small business with $100,000 of capital desires to purchase a new $40,000 machine which will speed up production or bring them into a new market or simply replace an old machine; if they decide to pay cash that will leave them with $60,000 in cash reserves. If they encounter an emergency which requires $30,000 then that will leave them with little cash cushion in their account. They have also limited themselves in the case if another opportunity should surface at the same time they would not be able to take advantage of it like paying early for inventory to get a good discount.
The other negative of never borrowing is that your business will not have any established comparable credit so in the case when you do decide to finance anything, the likelihood of getting approved is marginal. A lender will not be able to assess your ability to pay back debt since you have never had any. Some business owners feel it should be viewed positively that you have never had to borrow but in the finance world it is not a positive. No credit history equals no loan.
The mantra in financing is ‘it is easier to finance equipment than it is money’ which is primarily true. Yes, you can get low cost capital from your bank if you have an established credit line but that line will have a limit. It is not a good move to use your credit line to finance an asset or equipment because that line should be used as either a last emergency resort or for short term borrowing. Finance rates are now in the 4-6% which can be stretched out to 5 years and sometimes longer. Many times, when expanding in a careful and planned manner, the finance payment will be less than the added revenue of your new equipment. This is true of energy and cost efficient industrial machines, solar systems and LED lighting.
Financing equipment for your business offers you the opportunity to expand, create more profit and reach new markets and clients. For those that want to know the benefits of never financing anything it is this; you will never owe anybody anything, no monthly payments, no interest and no chance of borrowing more than you can pay back but in that perceived safety there is also some risk and missed opportunity.
There was a time, not too many years ago, when relationship articles were the hot topic. They still are, but they’re not the hottest topic anymore. In its place is now money and security.
One of my publishers, whose opinions I greatly respect, was talking to me about the kinds of articles that most people are reading these days and we thought that with people so concerned about wanting to meet and marry their soul mate, that they were the articles most people gravitate toward. We were wrong.
I was looking over the stats of the articles that I’ve written over the last four years (over 900 articles) and what I discovered is that relationships, which used to be the prime focus of people, has been steadily losing ground to articles about money.
People are now more concerned about financial security than meeting their soul mate. There is more of a here today, gone tomorrow, way of looking at their lives. And business articles, which used to be a big drawing card, don’t seem to have the same impact that they used to.
Today’s hot topics center around getting money for nothing. People have always been attracted to articles about getting a lot of money without having to work for it, but lately, it’s been almost a mania, as evidenced by all the people who set up gofundme websites. This concept is now called crowdsourcing. I call it panhandling or standing there with a begging bowl in your hands asking strangers for money.
I had heard a story about a lazy, spoiled, twenty-one-year-old girl, who is in excellent health, setting up a gofundme website asking people to donate money so that she can go to Japan on a two-week vacation. The hands out, begging bowl concept, annoyed me so much that I wrote an article about it. And, wouldn’t you know it, but the number of people who read that one article climbed much higher and much faster than most of my other articles.
People take a look at Bill Gates and Warren Buffett and all they can see is the billions of dollars they have and they want to have what those two men have. They don’t see all the hard work that went into accumulating that wealth, nor do they see the kind of hard work they do to sustain their wealth. They just see a lot of money and they think they are entitled to the same riches.
Sad to say, but we’re living in a lazy, selfish, society these days and we’ve lost our moral compass along the way. We need to get back to the things that are really important before our whole society comes crumbling down around us.
There are literally hundreds of article and books devoted on budgeting money carefully. I will write on two methods that help me budget money carefully in hopes that others may be able to use this knowledge to help them in their future endeavors.
Method #1: If You Use A Credit Card, Always Check Your Statement Online At Least Once A Week
Most Americans probably own and use a credit card whenever they make purchases, either because it’s convenient and/or because they can get reward points for it. Most Americans are probably aware of the countless stories and articles about credit card debt. However, most credit card debt could be avoided if one pays attention every week to their credit card statements every week.
Whenever I look at my credit card statement every week, I can see how much my balance is as well as what I am spending my money on. When you take a look at what you are spending money on, you can see what expenses you are acquiring that are not always necessary such as eating out or buying things you might not need. It is always important to keep track of your purchases so you can understand where your money is going and if you are making purchases that you can try and trim down a little. The main takeaway from this method is always be aware of how much you are spending.
Method #2: Always Be Aware Of How Much Money Is In Your Bank Account
Most banks will allow you to see your statement online. This is very useful as it allows you to access how much money you have in your account at all times. You should always be aware of how much money you have so that you know how much you can spend. Financial problems often occur when people spend money and are not aware of how much they are spending and how much money they actually have to spend. The main takeaway from this method is always be aware of how much you have available to spend.
Scotland is emerging itself as a potential hub for Islamic finance following a major conference held by leading Scottish law firm Todd Murrays and the Islamic Finance Council UK. The conference discussed the possibility of attracting investments from the Middle East for infrastructure and renewable energy projects and outlined the opportunities for ethical investors, to tap into the lucrative industry that is estimated to be worth over $ 2.3 billion. The Islamic Finance Council UK (IFC), based in Scotland, estimates that an investment of 120m and 200m could be invested in Scotland for infrastructure products following a successful Islamic Sukuk bond.
Head of Banking & Finance at Tods Murray LLP and Executive Board Member of the Islamic Finance Council UK (IFC), Graham Burnside said, The UK has the potential for provision of faith based financial products that adhere to the financial principles of Shariah compliant financing. Scotland is now firmly at the centre of this niche market which is growing at an estimated rate of 15-20 percent per annum.
Demand for Ethical Products
In 2005, Tods Murray LLP, produced the first Scottish Islamic mortgage, allowing Islamic scots to purchase homes through United National Bank, under agreements in accordance with their faith. Last year, the Islamic Bank of Britain introduced their Scottish Islamic mortgage or Home Purchase Plan (HPP) which prohibits the receipt of Riba (interest) by both the buyer and lender, as it is against the principles of Sharia Law. Recent polls have shown that more than half of Scots want to see some of their money invested using green or ethical criteria higher than the UK average. Imran Pasha, Head of Sales and Service at Islamic Bank of Britain (IBB) said At an industry level, Scotland already has strong Islamic finance credentials based on the long standing work carried out by the IFC and Tods Murray. This, combined with a growing appetite amongst businesses and consumers for ethical finance, puts Scotland in a good position to develop itself as an Islamic finance hub.
History of Ethical Practice
The creator of the first Scottish Islamic mortgage and IFC board member, Graham Burnside says it is not an exaggeration that Scotland could drive forward the expansion of Islamic banking in its key western stronghold. He says Scotland has sympathy with faith based and ethical finance which stretches all the way back to Rev Henry Duncan and the formation of the first savings bank for the underprivileged in 1810 in Dumfriesshire. If the UK wishes to be seen as a hub for Islamic finance, i see no reason why Scotland cannot take a leading role, he said.
If you go back 150 or 200 years, many of the banking products developed here had a church inspired origin, so there are more connections historically than meets the eye he said.
Charge arranging is something numerous individuals need to consider now, not only the greatly well off. Contracted bookkeepers London will keep up your funds and help you to profit, as opposed to simply spare it.
You need a bookkeeper London who has the most recent innovation, offers the most elevated proficient guidance, and has a consultative group that is close to home and agreeable. They will help you with a budgetary arrangement for individual and family riches constructing and management,taking the push of fund away so you can get on with life and make the most of your cash.
Between government charge changes and new regulationsthere’s fair a lot for the normal individual to monitor. Bookkeepers stay up to speed with every one of the adjustments in the lawful and money related world to guarantee your undertakings are dependably in the best condition. Even better, they’ll know how to make savvy charge ventures to support your riches – especially while rates are so low for savers.
Bookkeepers will finish all the detail work for you, even down to your self-appraisal if that is giving you a cerebral pain. Bookkeepers in London will deal with confounding expense forms and will manage the Inland Revenue/HMRCon your benefit, so you will have nothing to stress over. A special reward of getting the geniuses in is that they will discover approaches to minimize your duty risk.
Property bookkeepers London are gifted at accomplishing proficient expense circumstances for rental pay and property speculation. They can likewise help you manage capital picks up expense. The best firms to pick are those with involvement in UK occupant and non UK domiciled citizens. Theycan prompt on how regulations and law changes influence distinctive circumstances.
As you plan for an agreeable retirement a contracted bookkeeper will give you exhortation on composing or redesigning your will, helping you with domain arranging and probate. They can set up trusts to shield your recipients from an awful sting from legacy charge liabilities, and when the time comes they can go about as trustees or executers to guarantee your family is dealt with.
Any item that you ‘sell’ brings money in return and the amount received can be substantial if this item is a precious metal like gold. As the price of the yellow metal has started climbing again, a number of people in Canada are selling their gold jewellery to make a little extra money. However, at times it is natural to have conflicting thoughts in your mind about the sale of certain gold ornaments – should you really sell them or not?
Gold may be alloyed with other metals such as silver, copper, zinc or silicon to produce purities less than 24 carat. Silver and copper and most commonly used alloying elements for gold. Pure gold is too soft to be able to be used for jewellery. The metal chosen as an alloying element my influence properties such as workability and colour of the resultant gold alloy.
The purity of the gold is ‘marked’ onto jewellery by stamping or laser engraving. This acts a quality control stamp. Often this is done after the alloy is tested by a qualified testing laboratory or facility. Depending on which country the gold is produced, the caratage or fineness may be stamped into the item of jewellery. Remember, when the items are checked for weight, they have to be segregated by purity. For instance an 18K ornament cannot be weighed together with a 9K gold piece. The price per gram weight of 18K gold will be higher than that for 9K gold.
While the karat markings are reliable for most of the gold items bought and sold in Canada, there are some standard tests to determine the purity levels. These are also used for things like old gold coins, nuggets, wires and dental gold that do not have karat stamps.
A reputed cash for gold company provides convenient ways to ascertain the value of your precious blinge. You can sell them online from home by ordering an insured shipping kit or by visiting a sales event organized by the company. An enjoyable alternative that is now becoming popular in Montreal and some other Canadian cities is that of organizing a ‘gold party’ at your home – the representatives of the gold buying company come to your place to buy the items directly and you can invite all your friends who too may want to make some money out of unusable gold items. The best part is that these companies provide a professional and expert guidance for all the process and make it a complete breeze. Get to know the scrap gold prices to make a right decision.
Forex is the largest market for traders willing to achieve success in market. Trade volume worth over 3 trillions of dollars are exchanged between traders in the world. Aspirants and seasoned traders …
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There is usually a direct and very important relationship between time and money. If the planned timescale is exceeded, the original cost estimates are almost certain to be overspent. A project costs money during every day of its existence, working or non-working, weekday or weekend, from day on of the program right through until the last payment has exchanged hands. These costs arise for a variety of reasons, some of which I will explain in this article.
The variable or direct project costs of materials and workforce man-hours are time-related in several ways. Cost inflation is one factor, so that a job started and finished later than planned can be expected to cost more because of intervening materials price rises and increases in wages, salaries, and other costs.
There are other less easily quantifiable causes where late working implies inefficient working, perhaps through lost time or waiting time (often the result of materials shortages, missing information, or poor planning, communications, and organization). If any project task takes longer to perform than its planned duration, it is probable that the budgeted man-hours will also be exceeded. This is true not only for a single task, but also for the project as a whole.
The fixed or overhead costs of management, administration, accommodation, services, and general facilities will be incurred day by day, every day, regardless of work done, until the project is finished. If the project runs late, then these costs will have to be borne for a longer period that planned. They will then exceed their budget.
Another important time-related cost is financing. Where the contractor has an overdraft at the bank or relies on other loan financing, interest has to be paid on the loan. Even if the contractor can finance the project from internal funds, there is still a notional cost of financing, equivalent to the interest or dividends that the same funds could have earned had the contractor invested the money elsewhere (such as in a bank deposit account). If a project runs late, the financing period is extended, and the total amount of interest or notional interest payable must increase correspondingly.
Much of the finance raised for a large project is likely to be invested in work in progress. This work in progress includes not only work carried out in a factory or at a construction site, but also all the costs of engineering and design that have yet to be recovered from the customer. In many cases, the contractor is only able to charge for work actually finished and delivered to the customer, or for amounts of work done and supported by certified invoices. Such invoices are validated by certificates from an independent professional third party, which agree the amount of work done and claimed for. Certified invoices are often linked to planned events. If an event is late, or if a measurable progress stage has not been reached, a certified invoice cannot be issued. The contractor’s revenue is then delayed, which means that the contractor must continue to finance the mounting costs of the project. The contractor could suffer severe cash flow problems as a result, perhaps leading to bankruptcy in the worst case.
Late completion can invoke the ignominy of contract cost penalties. Some contracts contain a penalty clause which provides the customer with the sanction of a cost penalty against the contractor for each day or week by which the contractor fails to meet the contracted delivery obligation.
All these time-cost considerations mean that delays on a large project can easily cause additional costs amounting to thousands of dollars per day. It is clear, therefore, that if work can be monitored and managed carefully so that it proceeds without disruption against a sensible, achievable plan, must of the battle to control costs will already have been won.