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Finances: The Importance of Creating a Budget for Yourself Part 2
Part 2.
To get you started with saving your money, to help relieve the stress and other issues often associated with debt, you will want to start by outlining all expenses that you must pay for on a monthly basis.
These expenses are ones in which you cannot go without paying, like rent, mortgage, homeowners insurance, auto insurance, auto loan payments,your utility bills, and finally, groceries. These are the expenses that must be paid, no matter what. If you have any money left over after all these obligations are met, you are fortunate.
Once you have a detailed list of important expenses, the next items are luxuries you have to decide upon. There is no right or wrong answer. You just need to remember that everything involves a sacrifice. So try to keep your long-term financial goals in mind when deciding on whether or not to spend money on these luxury items.
Such items include internet access or cable television. If you are just looking to save money, possibly to put into a savings account, you should be able to continue paying these expenses without any problems.
On the other hand, if you are looking to dig yourself out of all of the unpaid debt that you have accumulated, it may be a good idea to go without internet access or cable television, if at all possible, even if it is just for a short period of time, to pay down that debt, so the interest doesn’t keep accumulating. Some credit cards can carry an interest rate as high as 30% and some sort cards, almost 50%.
There is no point in putting money into a savings account at 4-5% if you are paying 30% for debts.
You can also use your budget to determine how much extra money you will have each month. You can do this if you regularly work the same hours or if your pay is salary-based.
Once you have totaled up all of the aforementioned expenses, you can subtract that from the amount of the money that you bring home each week. Any extra is money that you may want to consider putting towards your debt or savings. Once you are free of debt, then you can start to save.
We have other articles at the site on budgeting and on asset management and investing. The important thing to remember is to get out of debt as fast as possible, or never get into it. Then, once you are debt-free, you can start saving towards your long-term financial goals.
A budget is not meant to be a straight-jacket, but it will help serve as your road-map to a more successful financial future.
Finances: The Importance of Creating a Budget for Yourself Part 1
Are you a debt-ridden woman? Even if debt may not be an issue for you now, there is a good chance that it will become one in the future if you don’t keep an eye on your income and expenditures with a workable budget.
Whether you are in debt now, or if you are looking to prevent yourself from falling victim to it, you need to put a sound budget in place as soon as possible to start planning better for your financial future.
Before examining how you can go about creating a budget for yourself, it is important to understand why you need a budget. As previously stated, budgets are a tool that can be used to make sure that debt does not become or remain an issue for you.
By creating a budget, you can track your spending, and make sure that your make it a priority to ensure that all needed expenses, like your car, insurance, rent or your mortgage, all get paid.
A budget also gives you the opportunity to examine how much extra money you have each month, money that you could put towards paying down your debt, or putting into a savings account to start working toward your long-term financial goals.
When it comes to creating a budget for yourself, you should be able to find a number of budget templates online. There are a couple of suggested ones here at the site as well.
While these free resources are nice, you may only want to use them as starting points. You can get great ideas from them, but you may want to create your own budget. This is important because not all individuals lead the same lives or have the same expenses to take care of.
For instance, a budget template for those in New York City may not necessarily call for car payments or auto insurance, but if you had a vehicle, you will need these sections displayed on your budget.
It is also advised that you take the time to create a budget for each month of the year. As previously stated, a budget allows you to account for what you spend on a weekly and monthly basis, but not all months are created equal.
For example, you may have a ton of family birthdays in August, or have to go see your family for Thanksgiving every year, which will mean budgeting for travel expenses. Christmas is always a very expensive time of year, and can get really out of hand if you don’t budget for it.
Creating individual budgets for each month of the year may seem like a complicated process, but it doesn’t have to be. It may take a few extra minutes, but those few minutes are more than worth it.
Continues in Finances: The Importance of Creating a Budget for Yourself Part 2
Industrial Asset Management
Industrial asset management is the trend these days in order for a company to optimize profits. This is done by exploiting assets to the fullest by taking consideration not only the measurement of assets and resources but also analyzing data, current market trends and quickly taking business decisions based on information collected. In short, you take everything into account to ensure productivity.
This is achieved by first identifying what are the current resources. This could be capital investments or the plant itself. Once it has been identified, it is time to come up with policies that preserve them. Some companies keep track of this by using asset management software that makes the information accessible to all departments.
This program is better known as enterprise asset management systems. It was first developed in the 1960ís with improvements being done constantly so it may encompass all the stages of the asset life cycle from planning, designing, purchasing, installing, operating, maintaining and finally disposing. Customized maintenance management software forms the subset of EAM.
With the assets stored in the companyís server, this will ensure that it is not possible for the duplication of resources. This means not having to spend money on new equipment and supplies when they are still available in the companyís inventory.
Another benefit of industrial asset management is that the company can focus their energy on non-productive assets. This will enable the company to convert, for instance, idle land into developed real estate or simply get rid of it and making some money from it.
This is very useful for banks that have confiscated assets which the clients could not pay for and then auction these off to interested buyers so money can be made.
Should there be a surplus after taking everything into account, they may also decide to sell these off and make a few bucks. To compute the selling price, it is best to inspect it, have it appraised then advertise so interested buyers will come over and buy it.
Industrial asset management may also work for those who buy the goods for the company in terms of inspection of the assets for sale, contract reviews, search and comparisons to see if there are any alternatives and the procurement and shipping of the item.
Industrial asset management can do one other thing for the company. If they see that there is something they lack and there is an opportunity to acquire it, they can check if it can be added to their portfolio so the company is able to grow.
Companies that have used the software include aerospace, automobile, mining and service companies because even if they do have assets worth billions of dollars they do not want to see a single penny go to waste.
Will installing a software program to monitor industrial asset management do the trick? The answer is no because you still need management to be involved throughout the whole process. Each company has different needs and these have to be addressed accordingly.
Industrial asset management is a good thing because it helps the company stay productive. You have to remember that it is simply a tool and there is still a lot of work to be done to ensure you get maximum returns on your investment.
How to Find a Good Asset Management Program
Setting out to find someone who can help you invest your money can oftentimes be nerve-wracking. After all, this person will be handling your finances and in a way will be holding your life in his hands. This is especially true with people who are about to retire and have no other means of income but the money that they have saved over the years. But no matter how frightening it can be, the fact is, you need asset management in your life if you want to remain problem-free for your entire life.
You see, the money kept in the bank is not enough to finance a comfortable retirement. With such a measly interest, all it can give you is small change that can perhaps last you 3 months when you donít have other income. Inflation rates and the rising cost of living are enough to knock down the value of your money in the future.
But finding a good asset management program and personnel is not always the trial that people say it is. When done right, you can actually get yourself a good deal with a trustworthy manager who will help you triple or quadruple your assets. Here are some tips that can help you.
1. Shop for it
Do not just settle for the first one that you see. Look around and compare notes. Get as many as you can and then choose from the line up. That way, you will not be pressured to take one program or hire one person even if you donít really trust it or believe in it.
Looking for a good asset management program is like shopping for a doctor when you have a terminal illness. Think that you are looking for someone who can save your life. And when you come and think about it, finding a good one is actually kind of like saving one’s life. After all, your entire future will depend on the performance of this one person and the effectiveness of the program.
2. Ask around
One way to find a good asset management program is to ask people about it. Believe it or not, it is that simple. You see people who have also gone through the same motions will know where to look and will even have tips on how to look.
You can also ask for recommendations. Have them give you the number of the asset management manager that they hired. Start with your friends and families. They will surely know people who they can refer to you. If you know successful people in business or those whose financial portfolio you admire, go right ahead and ask them for referrals. Their asset manager should be really good.
Once you get their contact numbers, call them. Ask about the personís accomplishments and track record as well as the number of years that he or she is working for your acquaintance. Set up and appointment and get to know the guy (or gal) in person. That way, you can see for yourself what his personality and attitude is in business. Do the same thing with other referrals and then choose the best.
3. Never trust completely
Never put your trust in one person even if he comes with great recommendations. Even if you have hired him or her already, still take an active part in the management of your assets. It is good that you also know what is going on with your money.
4. A basic idea
No investor can afford to lose any amount of their principle. ROI (return On Investment) can vary and should never be zero but any investment that puts your principle at risk is a bad one for “The little guy (or gal).” “The big guys” can afford to do the “High Risk, High Gain (or Bigtime Loss)” type of investing (gambling) because they have the wealth to do so. If you are a “little guy”, stay away from that game.
5. General guideline
In looking for asset management, you might be able to find an individual manager who is a genius, completely honest, is devoid of self interest and is extremely lucky. The odds on this are about the same as those for pigs acquiring flight ability. So a general rule is, the bigger the company you have managing your assets, the safer they will be. The smaller, the more risk you will incur.
An actual case in point was a small brokerage firm that had invested their own money in an international monetary fund. They had their account managers call their clients and recommend they get into this fund. For every dollar a client put in, they could take one of their own out. When the fund crashed, investors lost a good percentage of their principle but the brokerage firm had already gotten themselves out at the high point.
How to do Asset Management Yourself
It’s not enough that you work every day. If you want to become rich, you also need to invest your money so that it will earn for itself. This is the same concept of putting your money in the bank but the low interest rate that banks give is not enough to combat the rising inflation rates. In fact, if you really want to double or triple your money, experts suggest that you put up a business. However, this is not an option for most people, especially those that are afraid of taking risks. Thatís when asset management comes in.
Asset management is the professional management of your money and other assets like stocks, bonds and even real estate for better profit. This is often done by financial advisors and portfolio managers for a fee or most often a percentage of the earnings in a period of time. This fee is what makes most people, especially retirees, shy away from hiring asset management people.
If you know the economic environment and understand investment terms, you can actually take care of your own assets. Here are some tips on how to manage your money and properties yourself.
1. Ask people
Do not be ashamed to ask people for advice or recommendations. Start with the people that you know. Ask friends or colleagues. If you know people who are good in business, approach them. They will be wells of information. This is because they are probably doing their investing themselves and will know business investments that are really good. Plus, these people in the industry are the first to know about stock news and gossips; so you will have first knowledge of the goings on.
Ask them whatís the latest stock that they bought or what investment opportunities do they know that can yield a lot of money. Even if they are not doing asset management themselves, they can probably mention a couple of companies or investment funds that their managers recommended. This way, you are benefitting from asset managersí wisdom and expertise without having to pay for the fee.
2. Do your research
One reason why a lot of people hire mangers and not do the investing themselves is the fact that the world is filled with people who want to rob you of your money. There are a lot of con artists with schemes that seem picture perfect at first glance. Earn money in 6 months with minimum investment, everything will seem too good. One advice, check it out. If something seems to good to be true, it probably is.
Before you invest in something, make sure that you have done some background checks on the company running it. Looking at their websites or visiting their offices are not enough. You need to look thoroughly at every aspect of the company. Check the transactions that it has made over the years. The number of years that the company has been operating is a pretty good clue too. Stay away from new companies as much as you can. They may be operated by con artists.
3. Diversify
This is actually what most people in asset management do. Do you know the old saying “Don’t put all your eggs in one basket.” Heed that. Put your money in different business investments. That way, when something happens with one, you still have the other one.
4. Keep track of your assets
In the broad view, computer progams are in 3 main categories: (1) word Processing (2) Database and (3) Spreadsheet. Of these, Database and Spreadsheets work well for asset management. Database to keep track of what you have. Spreadsheet (recommended) to list what you have and be able to recalculate values, costs, etc.
5. World view
As of the late 1970’s or early 1980’s the world started to break down into two classes of people: (1) those who are computer literate and (2) those who are unemployed.
Think about that and where you stand in “The Big Picture.”
6. Avoid buying “on margin” and leveraging:
A big factor in the stock market crash of 1929 was buying “on margin.” This is a term meaning that a stock is bought on credit, where the buyer might put up 10% of the price and was actually taking out a loan for the other 90%. After the crash, the US Government passed new laws to limit this practice but it still happens.
Today there is another term, “Leveraging” which means that people use the equity in stocks they own (but may have bought on margin) as collateral for acquiring more stocks.
This is an extremely dangeous practice, especially for the small investor. If they do this, they are no longer risking “money they don’t need” but everything they have.
A true story: In Florida there was a “small” investor whose portfolio had reached a value of one million dollars. He was an active trader and the brokerage firm he was working through gave him his own office and computer setup. But he was leveraged to the hilt and didn’t really own much of anything. When “Black Monday” hit, the brokerage firm gave him a “margin call” of about $20,000. This meant he had to comeup with $20k to cover the full prices of stocks he had bought on margin. They must have known almost to the dollar how much cash he could get. Once he tapped himself out to pay the margin call, they glommed onto the cash and immediately hit him with another margin call which he couldn’t even begin to pay. So he realized that he was going to lose his entire protfolio and there was nothing he could do about it. He brought a gun into the Brokerage firm’s offices and shot as many of them as he could before he shot and killed himself.
It was discovered later that he had been a criminal and was part of the witness protection program. This illustrates the dangers of buying “on margin” and “leveraging.”
7. A saying:
There is a saying, “You make your money when you buy. Not when you sell.” This means that if you buy something cheap enought, you can’t fail to make money later when it appreciates and you decide to sell it.
Another idea is this: “It’s not money until you sell it. Until then, it is only marks on paper.” This is particularly true of stocks.
8. Stock market, if and when to get out
If the market starts to drop, you have 2 basic choices, get out or ride it out. Remember that if you decide to get out, sell orders are not executed until the end of the trading day. So, say, you see a trend you don’t like at 8:05 AM EST and give the “sell” order. During the day your stocks drop, say, 550 points. You will eat that entire loss because your sell order will be executed at the end of the day at the price of the stock at that time. Not at 8:05 AM EST at the price it was when you first gave the sell order.
A lot depends upon world news and how you think the market will do over a period of weeks or months rather than on a single day’s performance. If you are pretty sure there is going to be a long down trend, it is probably best to get out to stop the bleeding and then get back in when it bottoms out.
9. Watch out for signs of Market Wrecking:
Intentional Market Wrecking is done by rich and super-rich stock owners. It starts with the sale of some huge block of stock or portfolio. Such a sale will automatically start the entire market on a downward spiral. The original seller can stop selling after a 5 or 10 point drop, once momentum has been established. If a long term wrecking is decided upon, as in the 1929 crash, each time the market starts to rally, the rich and super-rich wreckers will sell short on other blocks of stock. Their resources are so great that they can keep doing this for years.
After a while, the frequency of attempted rallies will slow down as the market reaches a point of exhaustion. Margin buyers and those leveraged will be wiped out quite early in this process. Add bank failures, foreclosures on mortgages, massive unemployment and other related financial reverses and you can see how a long term depression can be created.
Why would someone do this? (1) because they can (2) this is a way the rich and super-rich can remind everyone of the power they wield (3) The people who start this will stop selling early and “ride out” the crash they have created. Once the market bottoms out they can start buying assets at bargain basement prices and the big losers in the crash are all the small investors. Think of this as “A harvesting of the turkeys.”
Remember the words of John D. Rockefeller: “There’s no such thing as an accident. If something happens, you can bet that somebody made it happen.”