Finance and you !
To give you an introduction, this site is all about smart and of course legitimate ideas to make money. This not only includes tips on business, personal finance and stock market but also about your career. If you are contended with your job, happy with what you are making and have secured your and your family’s future and don’t wish any further progress – congratulations you saved your time and can simply skip this site and relax and meditate and stay happy. For other eager enthusiasts carry on exploring various links within this site.
Job vs Business:
- Permanent secured(hopefully !) job with 8am to 5pm schedule (or whatever your job pertains to), all benefits like medical, pension sounds hassle free and safe option.
Believe me it is right as most of us do not want to have nervous breakdown by making a daily living with business. Also starting a business and sustaining it is not a cakewalk. The question then is why do many people leave job to start business and what do they get out of it ?
- Lets take a step further into job about those who have work from home options and many other perks like discounts on insurance and some family activities depending upon company policies. The more lucrative the perks are probability is that your affinity to the company increases. And if you have great work environment and a boss who cares about you, your loyalty to the company increases.
- We just talked about the comfort of 8 to 5 and the benefits and perks of job. What about business ? When I look at my friends in business I envy them, they are on their own – no time to report, no Boss and whatever you work you earn for you – more you work more you get and less you work less you get, not the fixed pay ! I know grass looks greener on the other side.
- Then there are other smarter ones who are in job and business or say contract ! They have fixed timings of office and milestones to deliver and get paid as per the time they put in the work for the company. They manage their expenses through the incorporated company which is another smarter way of saving more money. The risk – they need to be on job to earn as they have skills which companies buy but do not have business as an asset. Their talent and skills are assets.
Right to the point – Money !
Before I go into details, as I am based in Canada, I will take most of the examples considering Canada, however more or less same concepts may apply in different countries with some exceptions on terms and terminologies. Google specifics to your resident country for details.
Some high level basics you need to know no matter how much you earn:
- How much you should save and how much to invest ?
- Earning, expenses, saving – where you stand ?
- What is your credit scope and do you have a strong credit history ?
- Have you taken care of the retirement when you have less energy to work and you may be burden on your kids and relatives. It is reality, do not run away from it ?
- Have you considered saving for your family or dear ones in case of an mis-happening to you ? Don’t be overconfident that you will live till 80 years – life is uncertain !!
- How much can you risk for fast money ?
- Where to invest and how much depending upon your age and financial situation ?
- Are banks the only answer to all financial problems
- What does it mean to diversify your portfolio ?
- Have you considered for education of your kids in advance ?
- Are banks, financial firms, agents making their own money and how much to trust whom ?
- Are you educating yourself and your family of latest in financials ?
The US Stock Market
If you are serious about making money you cannot afford to neglect the US market. It is a large economy and stock market in US runs the Lion’s share. World’s top corporate houses and funds turn the money around in a big way. Stocks, Funds, Currency, Oil, Commodities or any political remarks by the leaders are big market movers. I will share my recommendations specific to US market regularly in my blog and the Moneypedia. Never forget the currency watch when you invest in US market. You may think (especially in short term trading) that you made a profit of 5 cents per share but may not have considered the currency conversion and price when you invested and when you sold and the commission. Unless you are a large investor, every penny counts!
Feel free to send your articles from your experience for the blog along with a small write-up about yourself and confirming that it is original and not copied from any other source.
Author: Gagandeep Singh