Financial Ideas by Thomas

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Global economies are constantly fluctuating. This gives you the opportunity to play a role in a company’s performance and benefit from its profit with shares investments.

Investing in stocks through a qualified and experienced stockbroker is the best avenue because they understand the market well and have many years experience providing customers sound advice on stock investment.

It isn’t unusual to be apprehensive on your first investment. Rather, it should be an education as you learn to become involved in the market. It is also critical to have some understanding on what it means to invest in the stock market. According to Marise Cheney, owner of Learn How To Trade Shares, she says, “You could supplement your existing income, earn extra income in retirement, or with sufficient financial resources, earn a living as a professional trader.”

It is normal to feel unsure about what to invest in when placing trades. It is a big decision to make. You need to consider what kind of company you’d like to be involved with. You could invest in businesses you come across daily, banks, health care or mining. Marise suggests for newcomers of the market to start reading newspapers to familiarise yourself. “Pick some common stocks or companies perhaps one within the industry in which you work, a bank and a miner. Look for reliable articles on those companies not just within the business section, but throughout the paper.”

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Global economies are constantly fluctuating. This gives you the opportunity to play a role in a company’s performance and benefit from its profit with shares investments.

Investing in stocks through a qualified and experienced stockbroker is the best avenue because they understand the market well and have many years experience providing customers sound advice on stock investment.

It isn’t unusual to be apprehensive on your first investment. Rather, it should be an education as you learn to become involved in the market. It is also critical to have some understanding on what it means to invest in the stock market. According to Marise Cheney, owner of Learn How To Trade Shares, she says, “You could supplement your existing income, earn extra income in retirement, or with sufficient financial resources, earn a living as a professional trader.”

It is normal to feel unsure about what to invest in when placing trades. It is a big decision to make. You need to consider what kind of company you’d like to be involved with. You could invest in businesses you come across daily, banks, health care or mining. Marise suggests for newcomers of the market to start reading newspapers to familiarise yourself. “Pick some common stocks or companies perhaps one within the industry in which you work, a bank and a miner. Look for reliable articles on those companies not just within the business section, but throughout the paper.”

The UK is going through a period of austerity drive the like of which we have rarely seen before. Faced with a national debt of billions the Government is launching cuts in the public spending which will result in the loss of thousands of jobs in the public sector, with further unemployment in related businesses in the private sector.

The UK has the highest level of personal debt in Europe; credit cards, store cards, loans, mortgage arrears all create a cocktail of depression, despair, fear, and hopelessness, which leave those affected feeling trapped in a cycle of poverty and hopelessness from which there seems no escape.

If you find you find yourself in debt you will now have to make some tough choices:

1. Do you have a debt reduction plan?

You need to have a plan for getting out of debt. The reason for this is that most people struggle with trying to pay off a number of debts all at once and simply get nowhere, almost like a revolving door. This simply compounds the problem.

So here is some advice for your plan:

• List your debts in a schedule including your mortgage, credit cards, loans and overdrafts, credit zone, hire purchase and any other financial liability.

• Prioritize your debts by firstly identifying those which failure to pay may result in you losing your home or going to jail; Council Tax, Income Tax, and your Mortgage are your most important debts and must be your number one priority for payment come what may.

• Secondly, failure to pay utility bills such electricity and gas (but not water) will result in loss of service so these are the next priority.

• Debts such as credit cards, overdrafts, store cards and loans are also important, as failure to pay these can damage your credit rating but they are not important as those above. Do not therefore be intimidated by threats of legal action from credit card or loan companies, stick to your plan.

2. What can you do without or reduce?

To clear your debt you may need to undergo a period of austerity where you set about reducing your spending, and refining your budget so you look at your spending and see where you can make cut backs. Sky TV, eating out, foreign holidays may all have to be sacrificed in the short term to help you get out of trouble.

3. What can you sell?

Do you have things you do not need which could be a potential source of income? There is an ever increasing market for the disposal of unwanted items which can raise additional income. eBay, car boot sales, and the classified sections in the local papers are a few of the ways you can sell unwanted goods. Make a list of all your assets and get selling.

You may think that such an exercise is a waste of time, however, the reality is that any money you can raise, no matter how small, that you can put towards tackling your debt is worth it.

4. Can you find a secondary income?

You may need to seek short-term additional employment to supplement your income. The recent growth in the areas of network marketing and internet businesses provide a host of opportunities for secondary income. There are also the more obvious routes to getting a secondary income such as overtime, a second or part time job or letting a room in your home; do not rule anything out.

1. How often do they meet with their clients?

It is important to know how often your financial adviser expects to meet with you. As your personal situation changes you want to ensure that they are willing to meet frequently enough to be able to update your investment portfolio in response to those changes. Ad visors will meet with their clients at varying frequencies. If you are planning to meet with your adviser once a year and something were to come up that you thought was important to discuss with them; would they make themselves available to meet with you? You want your adviser to always be working with current information and have full knowledge of your situation at any given time. If your situation does change then it is important to communicate this with your financial adviser.

2. Ask if you can see a sample of a financial plan that they have previously prepared for a client.

It is important that you are comfortable with the information that your adviser will provide to you, and that it is furnished in a comprehensive and usable manner. They may not have a sample available, but they would be able to access one that they had fashioned previously for a client, and be able to share it with you by removing all of the client specific information prior to you viewing it. This will help you to understand how they work to help their clients to reach their goals. It will also allow you to see how they track and measure their results, and determine if those results are in line with clients’ goals. Also, if they can demonstrate how they help with the planning process, it will let you know that they actually do financial “planning”, and not just investing.

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As you begin to embark on your journey to financial freedom, one thing that you will discover, if you have not already is that there aren’t a lot of people who are going to support your efforts. You may have shared your desires with others and receive responses that may surprise you. For example, here are some of the responses that I have received…

“That is a pipe dream”

“You can’t do that”

“You are money hungry and greedy”

Why is it that many people seem to be against your desire to obtain financial independence? The reason why is because the steps required to reach financial freedom is too uncomfortable for most people. Most people would like financial freedom. However, they value security much more than freedom. As a result, they give up on their dreams of financial freedom for the security of a safe, secure job with benefits.

Security and freedom are not the same. They are actually very different value systems. For example, if you want to make money, you can make money the secure way, by getting a job, or you can make money the freedom way, by starting your own business. Let’s contrast the two methods.

Getting a good job is a very secure way of making money. When you have a job, you know that after a given time period you are going to get a certain amount of money. Every year or so, your money is increased a certain percentage if you do a satisfactory job and if you can learn additional skills you can get a promotion, which can increase the amount of money you take home. However, this security comes at a cost of freedom.

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