Info NEX Finance

Finance is not merely about making money. It's about achieving our deep goals

Month: January 2019

Take Control Of Company Insolvency

  1. Get as much information as you can about the process. There are very good insolvency practitioners you can involve in the process to make it easier for you. They can help you with deciding the next best course of action and to know the possible outcomes. Liquidation services can actually go a long way in reducing your stress levels because the experts offer you a better sight of the next path to take.
  2. Remain focused on the future remembering that liquidation and insolvency is not a process that is unique to you. Gone are the days when they carried stigma; the recent recession has made them common. Therefore, the best you can do is to start by putting everything into perspective and work towards a better future.
  3. Take some time out even though liquidation is a process that can be demanding. When you take a little time to breathe, you will find that you are more prepared and positive about the current business situation you are facing. Do some fun activities such as listening to music and dancing, walking the dog or even hitting the gym to take your mind off things for a while. It is a simple way
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Big Fat Greek Deception

The Greek Extend and Pretend Game

Any expert who was looking at the situation from a purely mathematical perspective would have known years ago that the Greek debt is simply not payable. The real mess had been created when loans were being given out to the Greeks. That was the time when debates would have made sense. Around 2009, when the world woke up to the Greek crisis, it was already too late!

Greece,was like a college student who had somehow gained access to multiple credit cards and now had such a huge balance that bankruptcy seemed like the only option. The revenue generated by the Greek government from taxes was not even enough to pay the interest due on the debt! So the Greeks simply did not have the wherewithal to hold on to this debt till eternity even if they wanted to. They were going to default even if they simply made an attempt to pay the interest due on the loans.

Instead of accepting the situation and letting the inevitable happen, the IMF and others came up with an ingenious plan. They would lend the Greeks more money at an outrageous 14% interest rate. The money that …

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Stay Out of Bankruptcy

Some billionaires have risen above others by avoiding payment to contractors and others who have supplied them with goods, such as buildings or vehicles. They moved their money into trust accounts or created off-shore accounts where such was drained off over time. Some also use a spouse or partner to gift money to while their business was operational.

The problem is they have left others to face bankruptcy who they then refused to pay. These are usually the contractors and their sub-contractors that usually involve small family businesses that cannot sustain big losses.

Money is an invention for power and some think that the world owes them so they don’t care who they hurt in their rush for the biggest slice of wealth. So how does the little guy avoid going into bankruptcy.

Years ago this was a problem faced by me when a shift in the economic security of Australia saw an inevitable depression hit my business. It was heightened, however, by a break-down of marriage and three teen-age children dependent on me. The situation was extremely dire as I owed money to many that could not be paid back.

Working my way through it was the first step. …

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Create a Budget

How Can You Create A Budget?

You can create a budget simply by using a paper and pencil or using more sophisticated monthly budget planner tools that come pre installed with templates and a variety of options that help you stay in control of your finances. However, here are some basic tips to create a budget for both individuals as well as business owners.

Make a Vow to Follow Your Budget

Most people tend to create a budget but fail to follow it. Even if you miss your targets the first few times, you must ensure that you start keeping on track. As you practice this, you will realize that budgeting is a useful tool that really helps you to save your money and make informed spending decisions.

Determine How Much You Have and Your Income

You must know exactly how much savings you currently have in each of your accounts along with the interest rate that applies to it. This information is important in determining your net worth and how you should use your capital in the future.

If you work in an industry where your income keeps fluctuating, it may be hard to take a true reflective figure …

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Info of Managing Staff Costs

The importance of staff costs

For many budgetholders people are their biggest cost. Therefore this article sets out to look at some of the issues around people costs.

Issues such as: “What’s the cost per day of my people?” “When should I use agency staff, temps and contractors?” “My workload is seasonal, my staff aren’t. How do I manage?”

How much do my staff cost?

“There are 260 working days in the year, so my team member on a salary of £26,000 costs me £100 a day. Right?”

It’s the obvious answer, but it’s wrong!

A gross salary of £26,000 pa is less than the full cost of employing the team member. The employer also (often) pays employment taxes. In the UK this is Employer’s National Insurance, in 2014 this is 13.8% extra on the gross salary. Then there are the employer’s pension contributions (often 5% to 10% of gross salary in the UK). There are other benefits in kind (company car, private health cover, etc). Not to mention the cost of training, equipment (PC, tools, uniform, desk, etc), and any other employment costs.

All of these can increase the cost by 25% or so, quickly turning the £26,000 into …

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Money Saving for New Parents

  1. Don’t Buy Maternity Clothing
    I’ll elaborate on this one. Of course as a pregnant woman, you’ll need to expand your wardrobe to accommodate the life growing in your tummy. I did purchase a few new items during my pregnancy, but I didn’t buy clothes that were marketed as maternity clothes. They cost a pretty penny, and since pregnancy has stages, you could end up wearing a maternity shirt for 1 or 2 months alone. What I did was purchase clothing from my favourite stores (or thrift shops), but in larger sizes. Aim for sales racks to save extra money. That way, you can still get items at competitive prices, while blending in with the general population. Once baby is out and the weight is down, you can save them for the next baby, donate them, or make adjustments and continue wearing them in your postpartum stage.
  2. Throw a Baby Shower
    There’s no doubt that baby showers are the best way to collect free baby products. If you decide to create a registry, be sure to select items you need, as opposed to what you might like. Don’t be afraid to choose big. A friend of mine surprised us with a
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Save Money As A Single Woman

Entertainment

It’s good to have fun, but you need to save; therefore, it’s wise to cut on movies, drinking, and other activities that take up a lot of money. If you need to have fun, you should always consider cheaper alternatives.

For example, instead of renting a movie from the movie store, you should consider other alternatives that will allow you to watch the same movie for free.

Since friends greatly affect the amount of money that you spend for entertainment, it’s wise to avoid those that are flamboyant.

Dining

One of the major things you need to do is to learn how to cook. Cooking at home is not only cheaper, but it’s also healthier. While it’s tempting for a single woman to buy food at a fast food restaurant, you should not do it.

If you don’t know how to cook your favorite food, you should consider joining a cooking class in your area. You can also join an online class and learn how to cook.

If you have to eat out, you should look out for promotions that are common with restaurants. The restaurants often place coupon codes in magazines, newspapers and on their websites and if …

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Pay Your Bills When You Are Broke

  • Cut cable TV / satellite TV- most people could save $100 per month
  • Stop eating out. Make all of your food at home, including lunches that you can take with you. Most people can save hundreds of dollars per month.
  • Stop paying for entertainment. No movies or ballgames for a while until you get your bills under control.
  • Arrange with your bank and credit card companies to “skip a payment” on some of your bills. Many companies will allow you to skip a payment once a year. You can use the payment that you got to skip to pay a different bill to catch up
  • Cancel travel plans. You need to stay home, not spend money traveling away from home. Even driving trips to stay with relatives cost money.
  • Stop using credit cards. Keep cash in your purse or wallet and spend that instead of using credit cards. It is harder to spend “real” money, so you will tend to spend less and notice how much you are spending.
  • Drive less. You will save money on gas plus wear-and-tear on your car. If you are out-and-about less, you’ll encounter less opportunities to spend money too.
  • Can you sell your car?
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Use Budgeting To Save Business

  1. Creates structure.
    If you haven’t learned by now, creating or starting a business is very similar to a building structure. You have to have a foundation which is your business plan. You have to erect the pillars that will hold up the ceiling. These are your principles and processes you plan to implement in your business. And you have to have the ceiling to help keep you covered. And this is your plan around the inflows and outflows of the money in your business. Your financial goals. A budget helps keep you covered and protected from the uncertain elements of business by preventing you from spending beyond your financial means. It is THE financial tool needed to help you reach your goals. It is the guideline by which your business will be funded and operated.
  2. Makes you aware of your numbers.
    Having a budget forces you to monitor your numbers regularly. It puts you in tune with all of your sales as well as your costs associated with those sales, your marketing, your payroll, inventory, fixed assets and cash flow that is needed to keep the business going. Knowing your numbers allows you to make informed managerial decisions based on
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College Budgeting

  1. Keep it simple.
    Budgeting can be a great tool for managing your financial earnings, but it can become extremely overwhelming if it is over detailed. Sometimes you have to make sacrifices and not buy everything you want, but at the end of the day it is very important to be realistic with yourself. Just like dieting, the hardest part of budgeting is sticking to it. So the easier you make it, the better off you will be.
  2. Set a time.
    You can create your budget for a month, school year, or a whole calendar year. If you are currently enrolled in college or are on your way, you may want to consider creating a monthly budget for your semester classes such as fall, spring, or summer. Be conscious of your income for that it may vary from month to month, and not all of your expenses will be the same each month. Larger expenses (car insurance, books, & tuition) and seasonal expenses (trips to home or any vacation area throughout the year) need to be incorporated into your budget.
  3. Create a Spending Category.
    To estimate your monthly expenses, you’ll want to start recording everything you spend your money on in
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