For a businessman or even for a person involved with other things the one way to increase one’s worth is through our business or by the asset we possess.
With that some people get a head start whereas others have to work for it. What it means is that some have financial backing and others need financial backing from the outside. That is where we can use asset capital finance for your business.
As the name suggests asset capital finance is the financial help that is provided to people to either buy or go in for the improvement of the asset.
Capital asset finance can be the most appropriate way by which you can fund your business as with this you can equip your business without the restriction of an outright purchase.
Asset capital finance can be taken from many creditors which are willing to provide the loans, however the following documents would be required for you to get the finance:
·Tax returns
·Through and detailed business plan
·Personal financial statements
·Plan of how loans would be used
·Management profile
The organization and timely presentation of these documents plays a critical role in whether and how much asset capital finance we get so we should pay close attention to these details.
Asset capital finance is easy to get and the finance can be applied for one of the following or other uses:
·Cars and Commercials
·Trucks and Plants
·Production equipment
·Business equipment
·Farming equipment
·Venture capital
·Factoring
The loans can be applied for the following uses and then got for as well.
Asset capital finances have the following features which the borrowers must be aware of to ensure that they get the best deal according to their requirement.
·The borrowers can choose their own loan terms i.e. interest rates.
·The borrowers can choose the repayment schedule choose the method by which they intend to pay.
·The borrowers can also choose the overdraft facility as well.
·The loans can be approved quickly sometimes as quickly as 24 hours.
·The borrows can choose between either a secured asset capital finance or an unsecured asset capital finance depending upon their credit requirements or financial standings.
·Bad credit usually does not create many problems when it comes to asset capital finance the only difficulty could be that you may be charged a higher rate of interest.
With that many features it is pretty hard to overlook the asset capital finances. These loans help us in many ways and make it easy for anyone to achieve the intended target without much hassle.
Saturday, May 1, 2010
Friday, April 30, 2010
Asset and liability basics
Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather’s business, planning to take some loan, looking for job in any marketing company, desire to be the manager of a multinational company or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.
Broadly, accounting is bifurcated into two categories-
Cash Bases Accounting
Accrual Accounting
The Cash Based accounting pertains to the management of an individual’s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.
The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then it’s always good to have some savings for future. This type of accounting tells you the amount that you owed; this might not match with the figure of your bank balance.
In the language of accounting there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below-
The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types-
Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients, even form a part of it.
Fixed Asset- comprises of all the tangible valuable things like property, machines, equipments, land and the like that are not meant to be sold.
Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance.
The law of opposites governs the nature; where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds-
1. The Current Liabilities- the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid within 30 days and the Accrued Expenses- the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.
2. Long Term Liabilities- those debts that can be repaid at ease for the tenure is more then a month.
The Financial Capital- is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display the financial capital. First, this capital is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like gold for the
Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved and recovered. It is a collection of things like gold, real estate, collectibles etc.
Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expenses.
Types of Business- there are several kinds of business one should be aware of like
Sole proprietorship- where a single individual who starts the business owns it too.
Partnerships- the companies or businesses started by two or more persons where they conjointly own it.
Corporations- involve lot many shareholders or investors who are responsible in taking decisions for the company.
Limited Liability Companies- can be said to be sisters of corporations. Here the business members are not under a legal obligation to pay the debts if the business fails.
Payrolls- the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll service provider companies that do the work quite efficiently.
These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts as it is fruitful in all walks of life.
Broadly, accounting is bifurcated into two categories-
Cash Bases Accounting
Accrual Accounting
The Cash Based accounting pertains to the management of an individual’s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.
The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then it’s always good to have some savings for future. This type of accounting tells you the amount that you owed; this might not match with the figure of your bank balance.
In the language of accounting there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below-
The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types-
Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients, even form a part of it.
Fixed Asset- comprises of all the tangible valuable things like property, machines, equipments, land and the like that are not meant to be sold.
Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance.
The law of opposites governs the nature; where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds-
1. The Current Liabilities- the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid within 30 days and the Accrued Expenses- the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.
2. Long Term Liabilities- those debts that can be repaid at ease for the tenure is more then a month.
The Financial Capital- is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display the financial capital. First, this capital is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like gold for the
Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved and recovered. It is a collection of things like gold, real estate, collectibles etc.
Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expenses.
Types of Business- there are several kinds of business one should be aware of like
Sole proprietorship- where a single individual who starts the business owns it too.
Partnerships- the companies or businesses started by two or more persons where they conjointly own it.
Corporations- involve lot many shareholders or investors who are responsible in taking decisions for the company.
Limited Liability Companies- can be said to be sisters of corporations. Here the business members are not under a legal obligation to pay the debts if the business fails.
Payrolls- the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll service provider companies that do the work quite efficiently.
These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts as it is fruitful in all walks of life.
Thursday, April 29, 2010
Artists Biographies on Film: Top Movies about Visual Artists
Visual artists biographies is a popular theme in the movie world. Moviemakers have always been fascinated by visual artists biographies, especially if it includes struggle with insanity, drug addiction or social conventions. In addition, it gives them an opportunity to depict original or resurrected artworks on the big screen.
Here you can read about some of the most interesting movies about visual artists biographies.
Lust for Life directed by Vincente Minnelli in 1952
Vincent Van Gogh biography had gained several cinematic adaptations. Lust for Life with Kirk Douglas as the struggling artist is one of the most notable. The movie is based on a best selling book by Irving Stone, who also authored The Agony and the Ecstasy about Michelangelo, which also had appeared on the silver screen.
If you are a fan of Van Gogh artwork, you would enjoy watching Last for Life, which features almost 200 of Van Goghs original paintings. However, if you are familiar with Kirk Douglas previous filmographic, seeing him as a tortured Dutch painter might take a little adjustment. Another recommended film about Van Gogh is Robert Altmans Vincent and Theo from 1990.
Surviving Picasso directed by James Ivory in 1996
Like Van Gogh, Pablo Picasso image made him an iconic figure outside the artistic circles. While Van Gogh symbolizes the self destructive, manic depressive artist who achieves success only after his death, Picasso represents the misanthropic and womanizer artist. Picasso infamous relationship with women is the focus of this Merchant and Ivory film. The story is told from the eyes of Picasso mistress Francoise Gilot and features only reproductions of Picasso works. With Anthony Hopkins talent and his physical resemblance to Picasso, Surviving Picasso manages to create an unflattering portrait of an artist as a cruel, self centered genius.
Girl with Pearl Earring directed by Peter Webber in 2003
Comparing to Van Gogh and Picasso, Vermeers biography is less known and less controversial. Therefore Girl with Pearl Earring is much more restrained and delicate. The movie focuses on a short period in Vermeers life in which he was painting the portrait of his young low class maid. Although Girl with Pearl Earring does not avoid filmic conventions by over dramatizing Vermeers painting process, the movie is worth watching if only for its artistic design, which success in evoking Vermeers perception of light and color.
Basquiat directed by Julian Schnabel in 1996
The most common critique against movies that deals with visual arts is the way they depict the creation process. Therefore, there were big expectations from Basquiat, which was directed by the celebrated painter Julian Schnabel. Schnabel did well in depicting Jean Michelle Basquiat rise and fall story in less the predictable manner we have seen millions time before. However, the only reason to watch Basquiat is David Bowie plays the role of Andy Warhol.
Frida directed by Julie Taymor in 2002
Like most of the visual artists who had their life story appear on the silver screen, Frida Kahlo carried an unusual biography, which includes bus accident, problematic marriage, and an affair with Leon Trotsky. Like Van Gogh, Picasso and Jackson Pollock, who was the subject of a biopic from 2000, Frida Kahlo was an icon long before Frida was released, but the 123 minutes film did help to strength her position as a feminist idol and probably the most famous woman painter of the 20 century. Frida tries its best to integrate Frida Kahlo life story with her painting and the result is very colorful and pleasant, but still does not stay far enough from the conventions of depicting artists on film.
Here you can read about some of the most interesting movies about visual artists biographies.
Lust for Life directed by Vincente Minnelli in 1952
Vincent Van Gogh biography had gained several cinematic adaptations. Lust for Life with Kirk Douglas as the struggling artist is one of the most notable. The movie is based on a best selling book by Irving Stone, who also authored The Agony and the Ecstasy about Michelangelo, which also had appeared on the silver screen.
If you are a fan of Van Gogh artwork, you would enjoy watching Last for Life, which features almost 200 of Van Goghs original paintings. However, if you are familiar with Kirk Douglas previous filmographic, seeing him as a tortured Dutch painter might take a little adjustment. Another recommended film about Van Gogh is Robert Altmans Vincent and Theo from 1990.
Surviving Picasso directed by James Ivory in 1996
Like Van Gogh, Pablo Picasso image made him an iconic figure outside the artistic circles. While Van Gogh symbolizes the self destructive, manic depressive artist who achieves success only after his death, Picasso represents the misanthropic and womanizer artist. Picasso infamous relationship with women is the focus of this Merchant and Ivory film. The story is told from the eyes of Picasso mistress Francoise Gilot and features only reproductions of Picasso works. With Anthony Hopkins talent and his physical resemblance to Picasso, Surviving Picasso manages to create an unflattering portrait of an artist as a cruel, self centered genius.
Girl with Pearl Earring directed by Peter Webber in 2003
Comparing to Van Gogh and Picasso, Vermeers biography is less known and less controversial. Therefore Girl with Pearl Earring is much more restrained and delicate. The movie focuses on a short period in Vermeers life in which he was painting the portrait of his young low class maid. Although Girl with Pearl Earring does not avoid filmic conventions by over dramatizing Vermeers painting process, the movie is worth watching if only for its artistic design, which success in evoking Vermeers perception of light and color.
Basquiat directed by Julian Schnabel in 1996
The most common critique against movies that deals with visual arts is the way they depict the creation process. Therefore, there were big expectations from Basquiat, which was directed by the celebrated painter Julian Schnabel. Schnabel did well in depicting Jean Michelle Basquiat rise and fall story in less the predictable manner we have seen millions time before. However, the only reason to watch Basquiat is David Bowie plays the role of Andy Warhol.
Frida directed by Julie Taymor in 2002
Like most of the visual artists who had their life story appear on the silver screen, Frida Kahlo carried an unusual biography, which includes bus accident, problematic marriage, and an affair with Leon Trotsky. Like Van Gogh, Picasso and Jackson Pollock, who was the subject of a biopic from 2000, Frida Kahlo was an icon long before Frida was released, but the 123 minutes film did help to strength her position as a feminist idol and probably the most famous woman painter of the 20 century. Frida tries its best to integrate Frida Kahlo life story with her painting and the result is very colorful and pleasant, but still does not stay far enough from the conventions of depicting artists on film.
Wednesday, April 28, 2010
Art Theft: Most Famous Cases in History
Art theft is an ancient and complicated crime. When you look at the some of the most famous cases of art thefts in history, you see thoroughly planned operations that involve art dealers, art fakers, mobsters, ransoms, and millions of dollars. Here you can read about some of the most famous cases of art theft in the history.
The First Theft:
The first documented case of art theft was in 1473, when two panels of altarpiece of the Last Judgment by the Dutch painter Hans Memling were stolen. While the triptych was being transported by ship from the Netherlands to Florence, the ship was attacked by pirates who took it to the Gdansk cathedral in Poland. Nowadays, the piece is shown at the National Museum in Gdansk where it was recently moved from the Basilica of the Assumption.
The Most Famous Theft:
The most famous story of art theft involves one of the most famous paintings in the world and one of the most famous artists in history as a suspect. In the night of August 21, 1911, the Mona Lisa was stolen out of the Louver. Soon after, Pablo Picasso was arrested and questioned by the police, but was released quickly.
It took about two years until the mystery was solved by the Parisian police. It turned out that the 30×21 inch painting was taken by one of the museum employees by the name of Vincenzo Peruggia, who simply carried it hidden under his coat. Nevertheless, Peruggia did not work alone. The crime was carefully conducted by a notorious con man, Eduardo de Valfierno, who was sent by an art faker who intended to make copies and sell them as if they were the original painting.
While Yves Chaudron, the art faker, was busy creating copies for the famous masterpiece, Mona Lisa was still hidden at Peruggias apartment. After two years in which Peruggia did not hear from Chaudron, he tried to make the best out of his stolen good. Eventually, Peruggia was caught by the police while trying to sell the painting to an art dealer from Florence, Italy. The Mona Lisa was returned to the Louver in 1913.
The Biggest Theft in the USA:
The biggest art theft in United States took place at the Isabella Stewart Gardner Museum. On the night of March 18, 1990, a group of thieves wearing police uniforms broke into the museum and took thirteen paintings whose collective value was estimated at around 300 million dollars. The thieves took two paintings and one print by Rembrandt, and works of Vermeer, Manet, Degas, Govaert Flinck, as well as a French and a Chinese artifact.
As of yet, none of the paintings have been found and the case is still unsolved. According to recent rumors, the FBI are investigating the possibility that the Boston Mob along with French art dealers are connected to the crime.
The Scream:
The painting by Edvard Munchs, The Scream, is probably the most sought after painting by art thieves in history. It has been stolen twice and was only recently recovered. In 1994, during the Winter Olympics in Lillehammer, Norway, The Scream was stolen from an Oslo gallery by two thieves who broke through an open window, set off the alarm and left a note saying: thanks for the poor security.
Three months later, the holders of the painting approached the Norwegian Government with an offer: 1 million dollars ransom for Edvard Munchs The Scream. The Government turned down the offer, but the Norwegian police collaborated with the British Police and the Getty Museum to organize a sting operation that brought back the painting to where it belongs.
Ten years later, The Scream was stolen again from the Munch Museum. This time, the robbers used a gun and took another of Munchs painting with them. While Museum officials waiting for the thieves to request ransom money, rumors claimed that both paintings were burned to conceal evidence. Eventually, the Norwegian police discovered the two paintings on August 31, 2006 but the facts on how they were recovered are not known yet.
The First Theft:
The first documented case of art theft was in 1473, when two panels of altarpiece of the Last Judgment by the Dutch painter Hans Memling were stolen. While the triptych was being transported by ship from the Netherlands to Florence, the ship was attacked by pirates who took it to the Gdansk cathedral in Poland. Nowadays, the piece is shown at the National Museum in Gdansk where it was recently moved from the Basilica of the Assumption.
The Most Famous Theft:
The most famous story of art theft involves one of the most famous paintings in the world and one of the most famous artists in history as a suspect. In the night of August 21, 1911, the Mona Lisa was stolen out of the Louver. Soon after, Pablo Picasso was arrested and questioned by the police, but was released quickly.
It took about two years until the mystery was solved by the Parisian police. It turned out that the 30×21 inch painting was taken by one of the museum employees by the name of Vincenzo Peruggia, who simply carried it hidden under his coat. Nevertheless, Peruggia did not work alone. The crime was carefully conducted by a notorious con man, Eduardo de Valfierno, who was sent by an art faker who intended to make copies and sell them as if they were the original painting.
While Yves Chaudron, the art faker, was busy creating copies for the famous masterpiece, Mona Lisa was still hidden at Peruggias apartment. After two years in which Peruggia did not hear from Chaudron, he tried to make the best out of his stolen good. Eventually, Peruggia was caught by the police while trying to sell the painting to an art dealer from Florence, Italy. The Mona Lisa was returned to the Louver in 1913.
The Biggest Theft in the USA:
The biggest art theft in United States took place at the Isabella Stewart Gardner Museum. On the night of March 18, 1990, a group of thieves wearing police uniforms broke into the museum and took thirteen paintings whose collective value was estimated at around 300 million dollars. The thieves took two paintings and one print by Rembrandt, and works of Vermeer, Manet, Degas, Govaert Flinck, as well as a French and a Chinese artifact.
As of yet, none of the paintings have been found and the case is still unsolved. According to recent rumors, the FBI are investigating the possibility that the Boston Mob along with French art dealers are connected to the crime.
The Scream:
The painting by Edvard Munchs, The Scream, is probably the most sought after painting by art thieves in history. It has been stolen twice and was only recently recovered. In 1994, during the Winter Olympics in Lillehammer, Norway, The Scream was stolen from an Oslo gallery by two thieves who broke through an open window, set off the alarm and left a note saying: thanks for the poor security.
Three months later, the holders of the painting approached the Norwegian Government with an offer: 1 million dollars ransom for Edvard Munchs The Scream. The Government turned down the offer, but the Norwegian police collaborated with the British Police and the Getty Museum to organize a sting operation that brought back the painting to where it belongs.
Ten years later, The Scream was stolen again from the Munch Museum. This time, the robbers used a gun and took another of Munchs painting with them. While Museum officials waiting for the thieves to request ransom money, rumors claimed that both paintings were burned to conceal evidence. Eventually, the Norwegian police discovered the two paintings on August 31, 2006 but the facts on how they were recovered are not known yet.
Tuesday, April 27, 2010
Are You Trading to Your Strengths?
Copyright 2006 New Ireland Ventures, LLC
In your trading, are you playing to your strengths, or are you simply being an "opportunity seeker"?
There is a huge difference between the two and if you're just an opportunity seeker, then you are leaving yourself open to frustration and losses.
There are many parallels between trading, business and gambling, and your ultimate success long-term will be determined by how you approach any of the three. Playing to your strengths is critical in all three.
In any of the pursuits, there is competition and you always want to make sure that you're playing to your strengths and not your weaknesses.
The objective is winning, that is profiting, and you want every advantage that you can get.
Too often, the opportunity seeker will go after an opportunity just because they see that there's money to be made, and they figure that they can shore up their weaknesses (learn more) enough to go get that money.
Let's take a brief look at how this applies in each area, keeping in mind the parallels between them.
In business, the long term successes are built by those with an end goal in mind, a vision of what the business will look like when it's mature.
This is critical because the company must stay on a course that is consistent with its vision while it is growing. Distractions and deviations from the path only serve to slow it down or even take it backwards.
Successful business leaders know when to pursue an opportunity and when to say "no". Saying "no" is essential to keeping the company's activities (investments of time) focused where competitive advantages exist and avoiding those where the company is at a disadvantage.
In gambling, the poker player will stay at the BlackJack table and make his money there. He won't jump up and run to the Roulette table just because he heard somebody just won $50,000 over there. He knows what he's good at and will only venture over to other tables for entertainment, not to make money.
In Trading, let's say investing for the sake of argument, a good real estate investor that knows how to make $1 million a year isn't necessarily going to do well in trading. They are completely different games.
Just because a person knows how to buy properties right, increase their value through rehab or raising rents, does not mean that they will have the talents or skills to make money in the Futures or Forex markets.
Even an experienced trader should be hesitant to jump from one game to the next. A buy-and-hold position trader should exercise great caution before jumping into day-trading, and a spread better should hone his skills before thinking about buying (or selling) outright futures contracts.
Each strategy (or game let's say) has different skills associated with it, and different emotional requirements.
The other serious consideration is your proficiency level - period. This combined with your ability to devote time to trading.
If you are completely new to trading or you haven't yet become proficient at the necessary skills to trade, then you definitely should seek out help.
The learning curve can be very costly in trading, and if you don't have the time or a plan to become proficient, how do you ever expect to make regular profits from it?
If you don't have the proficiency, the strengths, needed to be a good trader, nor do you have the time and resources to become one, you may want to consider other choices available to you.
If you have neither the skills nor the time to develop them, but want to take advantage of the nice money to be made in trading, you may want to consider a managed account. Why settle for an amateur trading with your money (YOU), when you can have a pro do it for you?
Do your Due Diligence first though!!! Ask for the track record and the plan going forward.
Your next option if you're "starting from scratch" is to trade with the assistance of a seasoned broker.
That's what they are there for. Of course you can find very low commission brokers to deal with, but you may get just what you pay for. A good broker can be found for $50-$100 round turn commission, and they'll give you the best advice they can.
In the long run, you're likely to be way better off - if you'll follow their advice!
Again, ask for their track record, and check with the NFA to see if they have any complaints.
It wouldn't hurt to see if the broker you're considering is recognized within the trading community as being good.
Many very good brokers publish regular articles or advisory columns on respected websites and in established periodicals.
Generally, if you see that the person has been published for a period of years, then that is a good sign.
The wackos and charlatans bounce around too much and aren't allowed to stay in one place for long before their reputation catches up with them.
Until you have the strengths yourself, borrow them from someone who has them while you're developing.
When you have the proficiency, the skills, and the resources, only then should you venture out on your own. And that is only if you are so inclined to actually becoming a trader and doing it all yourself.
If your true objective is to make money, then play it smart. Make use of other people's knowledge and skills until you have developed your own.
Of course, if you really don't want to devote the time to being a full-time or highly active trader, but still want trading to be part of your income portfolio, consider your other choices.
Whatever you do, don't simply chase another "opportunity" to make money if it doesn't play to your strengths.
For Trading, those strengths need to be discipline, emotional control, coach-ability, ability to focus, follow-through, decisiveness, understanding of probabilities, dealing with uncertainty, and a slew of others.
There are activities for entertainment and others for making money.
Trading can be both, but if it is not taken seriously, with a sincere review of your own characteristics and desires, then it can wind up being neither. In any endeavor where money is the end result, get help from a trusted friend. Rememer, a good mentor is there to show you the right steps to take and those to avoid.
In your trading, are you playing to your strengths, or are you simply being an "opportunity seeker"?
There is a huge difference between the two and if you're just an opportunity seeker, then you are leaving yourself open to frustration and losses.
There are many parallels between trading, business and gambling, and your ultimate success long-term will be determined by how you approach any of the three. Playing to your strengths is critical in all three.
In any of the pursuits, there is competition and you always want to make sure that you're playing to your strengths and not your weaknesses.
The objective is winning, that is profiting, and you want every advantage that you can get.
Too often, the opportunity seeker will go after an opportunity just because they see that there's money to be made, and they figure that they can shore up their weaknesses (learn more) enough to go get that money.
Let's take a brief look at how this applies in each area, keeping in mind the parallels between them.
In business, the long term successes are built by those with an end goal in mind, a vision of what the business will look like when it's mature.
This is critical because the company must stay on a course that is consistent with its vision while it is growing. Distractions and deviations from the path only serve to slow it down or even take it backwards.
Successful business leaders know when to pursue an opportunity and when to say "no". Saying "no" is essential to keeping the company's activities (investments of time) focused where competitive advantages exist and avoiding those where the company is at a disadvantage.
In gambling, the poker player will stay at the BlackJack table and make his money there. He won't jump up and run to the Roulette table just because he heard somebody just won $50,000 over there. He knows what he's good at and will only venture over to other tables for entertainment, not to make money.
In Trading, let's say investing for the sake of argument, a good real estate investor that knows how to make $1 million a year isn't necessarily going to do well in trading. They are completely different games.
Just because a person knows how to buy properties right, increase their value through rehab or raising rents, does not mean that they will have the talents or skills to make money in the Futures or Forex markets.
Even an experienced trader should be hesitant to jump from one game to the next. A buy-and-hold position trader should exercise great caution before jumping into day-trading, and a spread better should hone his skills before thinking about buying (or selling) outright futures contracts.
Each strategy (or game let's say) has different skills associated with it, and different emotional requirements.
The other serious consideration is your proficiency level - period. This combined with your ability to devote time to trading.
If you are completely new to trading or you haven't yet become proficient at the necessary skills to trade, then you definitely should seek out help.
The learning curve can be very costly in trading, and if you don't have the time or a plan to become proficient, how do you ever expect to make regular profits from it?
If you don't have the proficiency, the strengths, needed to be a good trader, nor do you have the time and resources to become one, you may want to consider other choices available to you.
If you have neither the skills nor the time to develop them, but want to take advantage of the nice money to be made in trading, you may want to consider a managed account. Why settle for an amateur trading with your money (YOU), when you can have a pro do it for you?
Do your Due Diligence first though!!! Ask for the track record and the plan going forward.
Your next option if you're "starting from scratch" is to trade with the assistance of a seasoned broker.
That's what they are there for. Of course you can find very low commission brokers to deal with, but you may get just what you pay for. A good broker can be found for $50-$100 round turn commission, and they'll give you the best advice they can.
In the long run, you're likely to be way better off - if you'll follow their advice!
Again, ask for their track record, and check with the NFA to see if they have any complaints.
It wouldn't hurt to see if the broker you're considering is recognized within the trading community as being good.
Many very good brokers publish regular articles or advisory columns on respected websites and in established periodicals.
Generally, if you see that the person has been published for a period of years, then that is a good sign.
The wackos and charlatans bounce around too much and aren't allowed to stay in one place for long before their reputation catches up with them.
Until you have the strengths yourself, borrow them from someone who has them while you're developing.
When you have the proficiency, the skills, and the resources, only then should you venture out on your own. And that is only if you are so inclined to actually becoming a trader and doing it all yourself.
If your true objective is to make money, then play it smart. Make use of other people's knowledge and skills until you have developed your own.
Of course, if you really don't want to devote the time to being a full-time or highly active trader, but still want trading to be part of your income portfolio, consider your other choices.
Whatever you do, don't simply chase another "opportunity" to make money if it doesn't play to your strengths.
For Trading, those strengths need to be discipline, emotional control, coach-ability, ability to focus, follow-through, decisiveness, understanding of probabilities, dealing with uncertainty, and a slew of others.
There are activities for entertainment and others for making money.
Trading can be both, but if it is not taken seriously, with a sincere review of your own characteristics and desires, then it can wind up being neither. In any endeavor where money is the end result, get help from a trusted friend. Rememer, a good mentor is there to show you the right steps to take and those to avoid.
Monday, April 26, 2010
Are You Suffering From Payment Protection Overload?
Critical illness insurance:
Critical illness insurance will cover you in the event of a serious illness such as cancer, coronary artery by-pass surgery, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. Additional conditions covered by this insurance can include aorta graft surgery, benign brain tumour, blindness, coma, deafness, heart valve replacement or repair, loss of limbs, loss of speech, motor neurone disease, paralysis/paraplegia, Parkinson’s disease, terminal illness and third degree burns. Not all insurance companies will necessarily cover all of these illnesses, whilst some insurance companies will cover more; it is always worth reading the terms and conditions before you sign anything.
Critical illness insurance policies typically offer a tax-free lump sum if you are diagnosed with one of the above illnesses and meet the conditions outlined in the policy contract. The lump sum is most often used to cover the remainder of the mortgage, although can be spent on home alterations or medical care etc.
Life insurance:
Life insurance is usually taken out if your family or partner is financially dependent on your income. Life insurance can also be purchased as life assurance and in this form, can offer a method of protection cover and savings. However, most people simply use it as a form of financial protection for their mortgage and therefore their family. There are three main types of life insurance: term insurance, whole life insurance and endowment insurance. More information can be found on these forms of life insurance on the Association of British Insurers’ website, listed in the resources section of this article.
Mortgage life insurance:
Mortgage life insurance is essentially the same as a decreasing (lump-sum) term life insurance policy and is designed to pay out a lump sum upon the death of the policy holder, should it occur during the term of the mortgage. The size of the lump sum will decrease over the term of the life insurance policy, in the line with the outstanding mortgage repayments. E.g. As you pay off your mortgage, the amount of cover will decrease as the need is less significant.
Mortgage protection:
Mortgage protection, also called mortgage payment protection, is a type of insurance that can help protect mortgage payments and associated household costs in the event of unemployment, illness or an accident. Through mortgage payment protection, you can insure your monthly mortgage payment, monthly life premiums and the monthly cost of your buildings and content insurance. Typical mortgage protection cover could include:
* Unemployment and disability insurance cover
* Accident or sickness
* Unemployment only insurance cover
* Disability only insurance cover
Loan payment protection:
Loan payment protection policies are designed to protect the repayments to any loans you may have taken out. They work on a similar basis to mortgage payment protection, but for a wider scope of borrowing. Premiums for loan payment may be greater than those for mortgage protection.
Income protection:
In the event of unemployment, sickness or an accident, income protection insurance offers a limited income. Do make sure you understand the terms of the policy however, as the income that you received through cover may be significantly less than the income you receive through employment.
Private medical insurance:
Private medical insurance is a policy which will provide financial cover for medical treatment in the event of an acute condition. According to the Association of British Insurers, the majority of insurers define an acute condition as “a disease, illness or injury that is likely to respond quickly to treatment which aims to return you to the state of health you were in, immediately before suffering the disease, illness or injury, or which leads to your full recovery.”
Private medical insurance provides reassurance for people who know that treatment is available promptly should they become ill or injured.
Resources:
http://www.abi.org.uk/ The Association of British Insurers
http://www.moneynet.co.uk/insurance/index.shtml Consumer Insurance Comparison Research
http://www.moneynet.co.uk/home-car-travel-insurance-guide/index.shtml Insurance Guide
Critical illness insurance will cover you in the event of a serious illness such as cancer, coronary artery by-pass surgery, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. Additional conditions covered by this insurance can include aorta graft surgery, benign brain tumour, blindness, coma, deafness, heart valve replacement or repair, loss of limbs, loss of speech, motor neurone disease, paralysis/paraplegia, Parkinson’s disease, terminal illness and third degree burns. Not all insurance companies will necessarily cover all of these illnesses, whilst some insurance companies will cover more; it is always worth reading the terms and conditions before you sign anything.
Critical illness insurance policies typically offer a tax-free lump sum if you are diagnosed with one of the above illnesses and meet the conditions outlined in the policy contract. The lump sum is most often used to cover the remainder of the mortgage, although can be spent on home alterations or medical care etc.
Life insurance:
Life insurance is usually taken out if your family or partner is financially dependent on your income. Life insurance can also be purchased as life assurance and in this form, can offer a method of protection cover and savings. However, most people simply use it as a form of financial protection for their mortgage and therefore their family. There are three main types of life insurance: term insurance, whole life insurance and endowment insurance. More information can be found on these forms of life insurance on the Association of British Insurers’ website, listed in the resources section of this article.
Mortgage life insurance:
Mortgage life insurance is essentially the same as a decreasing (lump-sum) term life insurance policy and is designed to pay out a lump sum upon the death of the policy holder, should it occur during the term of the mortgage. The size of the lump sum will decrease over the term of the life insurance policy, in the line with the outstanding mortgage repayments. E.g. As you pay off your mortgage, the amount of cover will decrease as the need is less significant.
Mortgage protection:
Mortgage protection, also called mortgage payment protection, is a type of insurance that can help protect mortgage payments and associated household costs in the event of unemployment, illness or an accident. Through mortgage payment protection, you can insure your monthly mortgage payment, monthly life premiums and the monthly cost of your buildings and content insurance. Typical mortgage protection cover could include:
* Unemployment and disability insurance cover
* Accident or sickness
* Unemployment only insurance cover
* Disability only insurance cover
Loan payment protection:
Loan payment protection policies are designed to protect the repayments to any loans you may have taken out. They work on a similar basis to mortgage payment protection, but for a wider scope of borrowing. Premiums for loan payment may be greater than those for mortgage protection.
Income protection:
In the event of unemployment, sickness or an accident, income protection insurance offers a limited income. Do make sure you understand the terms of the policy however, as the income that you received through cover may be significantly less than the income you receive through employment.
Private medical insurance:
Private medical insurance is a policy which will provide financial cover for medical treatment in the event of an acute condition. According to the Association of British Insurers, the majority of insurers define an acute condition as “a disease, illness or injury that is likely to respond quickly to treatment which aims to return you to the state of health you were in, immediately before suffering the disease, illness or injury, or which leads to your full recovery.”
Private medical insurance provides reassurance for people who know that treatment is available promptly should they become ill or injured.
Resources:
http://www.abi.org.uk/ The Association of British Insurers
http://www.moneynet.co.uk/insurance/index.shtml Consumer Insurance Comparison Research
http://www.moneynet.co.uk/home-car-travel-insurance-guide/index.shtml Insurance Guide
Sunday, April 25, 2010
Are You Looking For A Financial Planner?
A financial planner is an individual who manages the money of a family, a group or a business. They will provide you with the knowledge that you need about which are the right investments, how to manage them and what you need to do to be set for retirement, college, or to purchase your first home. A financial planner is quite necessary in this day and age. If you do not have one, you may not really know what to look for in those that you can choose from.
Here are some helpful suggestions on things to consider about the financial planner for your needs:
• You need quality. Simply, you are putting your money into someone else’s hands and you need to find a professional who will do his or her best at managing it. They need to be able to provide you with a plan that shows how they can help you. They need to have experience and show you what they have done in the past for others.
• You need to be able to communicate with them on many levels. At first, you’ll need them to be able to understand your needs and desires and they need to provide you with a plan that you can follow. They also need to be available if you have questions or problems come up. You can tell if the financial planner is committed to this just in your first meeting with them.
• You also need to agree on the same principles. If you feel that the financial planner is simply trying to make money, you are less likely to trust them. Make sure that you take the time to find those financial planners who are on the same page as you.
When you do all of these things, your experience in choosing a financial planner will lead to a good choice.
Here are some helpful suggestions on things to consider about the financial planner for your needs:
• You need quality. Simply, you are putting your money into someone else’s hands and you need to find a professional who will do his or her best at managing it. They need to be able to provide you with a plan that shows how they can help you. They need to have experience and show you what they have done in the past for others.
• You need to be able to communicate with them on many levels. At first, you’ll need them to be able to understand your needs and desires and they need to provide you with a plan that you can follow. They also need to be available if you have questions or problems come up. You can tell if the financial planner is committed to this just in your first meeting with them.
• You also need to agree on the same principles. If you feel that the financial planner is simply trying to make money, you are less likely to trust them. Make sure that you take the time to find those financial planners who are on the same page as you.
When you do all of these things, your experience in choosing a financial planner will lead to a good choice.
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