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Finance

What is Systematic Investment Plan (SIP) Mutual Fund?

For a lot of us who may be just starting to invest or look at different kinds of investments, SIPs Investment plans could sound like a good idea. If you have heard about the rise and fall of the market and how you could lose all your money, the idea or a regular investment that could give your regular returns does sound soothing. Here’s all you need to know about SIP Mutual Funds.

SIPs allow you to invest a small amount regularly. This could be quarterly or monthly or even weekly basis. It helps you cultivate a habit to save regularly and build towards you future. An SIP links your bank account and auto debits the money you plan to invest from your back account. Every time you add money, the scheme purchases a number of units based on the market rate. Over a period of time, the units are purchased at different rates and you can benefit from the Rupee-cost Averaging and the compounded interest on your investment.

What is Rupee Cost Averaging?

Instead of waiting to find a right time to invest in the market, with an SIP you can begin investing immediately and the changing market trend will decide if you purchase more units at a lesser price or fewer ones at a higher price. When the market seems to volatile you could achieve a lower average cost per unit than your actual investment.

Compounded interest?

Most of us are familiar with this term in the context of loans. With investments, you gain the compounded interest. Therefore, the sooner you begin investing the more time your money has to multiply. Simply put, compound interest helps you gain an interest even on the money you received as an interest the previous year, therefore multiplying it. As your base amount keeps on increasing, the compounded interest on the same increases too!

Why should you invest in SIP?

  • Start small:

An SIP allows you to begin investment at a young age and even with a small amount. You don’t need to worry about collecting a large sum of money before investing it in mutual funds or shares or fixed deposits. SIPs allow you to begin investing immediately

  • Compounded interest

As explained earlier, the sooner you invest the more returns you would receive at the end due to the compounded interest. Even if your initial investment was small, the compounded interest would ensure gains.

  • Flexibility

While investing for a long term can promise you higher returns, you can invest at anytime and for a short period of time too. Over the years as you earn more, you could increase the amount, or decrease it in case you plan to invest your money somewhere else.

  • Discipline

Having a systematic investment plan helps you to discipline yourself to save a particular amount at the end of every month, therefore, you will automatically learn to budget your expenses and keep a check on them as well. Once you know you money could help you make more money, why would you invest in something that could be lying around in your room for the next 3 years.

Since the amount can be auto debited from your bank, investing in a SIP mutual fund will be super easy! You don’t have to worry about missing the date or having to travel to pay every month or week. It also saves you from the pressure of investing a huge sum since you can just invest a small amount that could add up to a bigger one at the end of the year.

Summary: Understand SIPs and how they work. For someone just beginning to invest, SIPs could be a perfect solution for various reasons.

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Finance

How To Be Your Own Best Advocate In The Mortgage Lending Process

Confidently Stride to the “Sit-Down”

Congratulations Chicagoan you have decided to take the plunge and purchase your own residence! In what can be a lengthy and involved process, it is important that you do your homework in the beginning to avoid problems later. Being your own best advocate in the purchase of your home starts before you decide on a mortgage broker in Chicago.

Many home buyers, especially first time home buyers, find themselves akin to a deer in headlights as they sit at the table to close on their homes. It is intimidating to be surrounded by professionals all around – the banker, the attorneys, and the mortgage broker.  If you are not prepared you will find yourself relying on them to tell you where to sign and what to sign. In reality you should be the most educated one in the room on the subject of your home. After all it is you who are signing contracts that involve a significant portion of your life.

It doesn’t take extreme effort to be confidently knowledgeable about some key financial aspects of your home purchase prior to the “sit down”.  Here is a list of things to be mindful of as you embark on the process:

  • Compare other listings in your neighborhood. Do some walking around and see whether there are new home buyers on your block who can tell you about their experience. They may be able to shed some light on what to expect. Did they choose a mortgage broker in Chicago? Today mortgage brokers are highly competitive and much more transparent than the years before the internet. Plug in some numbers at different online venues to get some comparisons. This can be a great tool in making you feel comfortable with the terms the professionals will be using at closing. At closing the jargon will not be unfamiliar or uncharted terrain.
  • Daily interest rates are variable so you will not be able to get specific data. If it is possible set up a meeting with your mortgage broker before the closing to ask questions. A reputable broker will want to alleviate any qualms you may feel in the process so that closing day will go smoothly. If you cannot meet with the mortgage broker due to any reason, it may be possible to talk on the phone about the details of your home purchase.
  • Understand that all of the professionals involved with your home purchase are supposed to be there to help you purchase your home. Ask questions and make certain they are answered to your satisfaction. A daunting task doesn’t have to be frightening when you are armed with knowledge.
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Finance

Knowledge on where to Buy Bitcoins Instantly

You may often wonder, what is bitcoin? It should not be confused with actual coin or currency. It is crypto-currency, which in its digital form could be used for making payments for purchases made online. It is produced through the ‘mining’ process. Several people across the world have been known to use the mining process for producing bitcoin. It enables peer-to-peer bitcoin currency transactions in a quick manner. It has been done worldwide at a relatively lower cost or free.

Creation of bitcoin

Bitcoin was first seen into the market after decades of research by an undisclosed software developer. He has been believed to design the algorithm and introduce bitcoin in the year 2009. It was later in the 2011-12 that bitcoin became widely popular in the business arena. It would be pertinent to mention here that bitcoin should not be treated as a tangible commodity similar to silver and gold. It has been used for online reading that makes it a commodity in itself. It is an open-source product. It could be accessible by any person who uses it. You would need internet access, email address and money to start trading using bitcoin currency.

Production of bitcoin

It would be pertinent to mentionhere that bitcoin has been mined on distributed computer network of users. These users would be running specialized and unique software. The network has been known to solve specific mathematical proofs along with searches for specific data sequence. It would help produce a particular pattern on application of BTC algorithm. Every match would produce a bitcoin. However, as with mining process for gold, bitcoin production is also a complex, time and energy consuming process. However, it would not be wrong to suggest that only a specific amount of bitcoins have been mined to be circulated as bitcoin currency. The mathematical problems solved by network computers would become significantly more difficult for keeping the mining supply and operation under check.

Buying bitcoins

In case, you have been wondering how to buy bitcoin instantly, your best bet would be the internet realm. The internet realm would offer you instant bitcoin currency using a credit or debit card. In the present times, you could buy bitcoin instantly through Indacoin. You would be able to acquire approximately 50USD or less of bitcoin currency as quickly as within ten minutes. It has been deemed an easy and convenient mode to buy bitcoin currency online.

However, if you prove to be a reliable customer, your limit to purchase bitcoin would be enhanced 200 USD in as much as four days and approximately 500 USD in seven days time. However, if you are residing in Europe, you could purchase bitcoins from BitQuick and Coinhouse. Similarly, Coinbase would be a great choice for people residing in USA, Europe and UK. As for the people worldwide looking to purchase bitcoin, Coinmama would be an appropriate option for instant buying of bitcoin currency. It would cater to your bitcoin buying needs in an easy and convenient manner.

Author Bio

Melvin Draupnir has been writing on finance niche for a considerably long time. His writing skills have become an authority for his readers. His simple language and comprehensive knowledge makes him a popular figure in the article-writing arena.

 

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Insurance

Tips to Decide a Car Insurance That Suits You Best

Selecting a suitable Car Insurance policy is a tricky task, as there are many tidbits that should be looked into while availing the right car insurance policy. What makes the decision even more confusing are the intricate policy features and numerous companies providing multiple car insurance options.

So let us consider some tips that are useful to compare car insurance and decide on the best policy that suits your requirement too.

  1. Know Your Type:

Primarily, Car Insurance Policies are availed to secure the damages caused to your assets. Insurance providers classify the damage caused in two types: 1) Damage to own asset and 2) Damage caused to third party asset.

Based on the type of damage the General Car Insurance Provider Companies broadly classify the insurance plans under two categories:

  • Third Party Liability Insurance Plan: As the name suggests this plan only covers the damages caused to the assets of other people i.e. third party. The liability aroused is claimed to settle the damages done by you to third party assets although this plan does not cover for the damages caused to your own vehicle.
  • Comprehensive Insurance Plan: This Insurance Plan as the name suggests is kind of a umbrella plan which covers all kinds of damages i.e. damages to own assets, damages to third party assets and it also covers damages caused due to unforeseen events like fire, earthquake, theft of the asset etc. So buying a comprehensive insurance plan is a more preferred option.
  1. Premium you are willing to pay: Premium of Car Insurance Policies is based on various factors like the type of vehicle, make, model, age of the asset, fuel type etc. and all General Insurance companies provide very competitive insurance premiums. However one should not always go after low insurance premiums. By spending a little more for extra benefits like ‘Car Insurance Riders’ the deal would surely be value for money for the consumer. The riders like Personal Accident Cover, Zero depreciation cover, Engine Coverage rider, Road Side Assistance, Ambulance and Medical Expense rider etc. are few examples which will cost more to the consumers but are worth the cost of the premium.
  2. No Claim Bonus: This is an important aspect while comparing all car insurance policies available in the market. As the name suggest No Claim bonus is the bonus one gets if the buyer has no history of claiming insurance on the vehicle. Bonus is received as a discount on the policy premium for next year. The discount keeps on increasing; also in case the asset is sold then this facility can be transferred to the new vehicle under new policy.
  3. Discount for Safety Features: Insurance Policy covers for the theft of cars but now-a-days some cars come with inbuilt safety features so the chance of theft is very less, so while buying Car Insurance for Cars with such enhanced security systems buyer can buy the policy accordingly.
  4. Claim Settlement Process: Consumer should always opt for policies of only those companies whose claim settlement process is quick and the settlement ratio is good. The details of which companies have good settlement ratio can be obtained from IRDA website.
  5. Cashless Claims: General Insurance Companies are offering cash less claim policies where if any policyholder repairs the damages of the car at authorized car dealer center the bill is settled between the Insurance Company and the authorized car dealer. This is a new and hassle free process. So while selecting a suitable policy it is preferred that you compare car insurance online and then opt for one with such facility.
  6. Customer Support: While buying an Insurance Policy always buy policies of only such companies who have a large network of affiliated garages under its umbrella. Also always buy policies of established companies who have a 24*7 customer service center.
  7. Customer Review and Feedback: Buy Insurance Policies of companies who have received good customer feedbacks and reviews. These feedbacks and reviews can be checked online and/or from friends and relatives about the customer service and credibility of the insurer.
  8. Compare Policies: Compare car insurance policies by choosing from at least 3-4 types of policies of different general insurance companies before finalizing the best suitable policy. While comparing policies make sure that the policy covers all types of damages. Also compare the premium of all policies. Buy policy which provides maximum protection at an optimum premium.

Choosing a right Car Insurance Policy is a difficult yet important task, so above are some tips which you must consider before purchasing any policy.

So Choose wisely and drive safely!

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FinanceInvestment

Tax Issues Are Affecting Your Estate and Investments

For many individual investors, issues with tax code aren’t really considered major. These issues usually affect large corporations operating in select industries, right? Well, the reality is far different than you think. Major tax issues are actually affecting individual investors and the majority of tax payers in more ways than anticipated. The tax provisions of 2013 and how Congress is taking so long to renew (or cancel) elements of the regulation are causing a lot of confusion and uncertainty according to studies compiled by Northeastern University. Uncertainty is never good for the financial market, especially the forex market.

Other tax issues affect our lives more directly. The fossil fuel tax, for example, made the price of green energy – and the cost of producing renewable energy – a lot higher than it should have. This means the shift towards green energy is hampered substantially.

Learn more about these tax issues and their impacts from the Six Issues in Taxation infographic by Northeastern University.

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Finance

How Do Pawn Loans Work?

The modern world is such that economic times have become difficult and uncertain. Since the most recent economic downturn, economies around the world have recovered at a slow rate. As such, many people find themselves in situations where they need short term loans. Pawn shops have emerged to fill the gap that had been previously created by banks and other traditional financial lenders. Anyone looking for short term financing can either look for loans against small collaterals or sell off valuables such as jewelry or gold buyer New York.


What to consider before taking pawn loans
Most pawn shops in New York engage in the business of buying expensive items like gold, silver, diamond, jewelry and electronics. For this reason, it is advisable to look for a gold buyer in New York before resorting to taking pawn loan.
Understanding what pawn shops do
The core business of a pawn shop is to offer money against collaterals. These valuable items act as security for the short- term loans that are given to borrowers. However, pawn shops may have other business elements, mostly in retail sales. The shops can engage in the buying and selling of gold, expensive jewelry as well as electronics.
How do pawn loans work?
One of the most important aspects of pawn loans is that the customer must bring in an item of value. The customer is then given a loan based on the value of the item. The lender will, in turn, keep such items until such a time that the borrower pays back the loan as well as accrued interest.
Determine the interest charged on the loans
Before taking any loan, borrowers are always advised to calculate the cost of borrowing. This should be matched against those charged by banks and other financial lenders. If the cost of borrowing is very high, one can always consider disposing of their valuable for money. However, it is important to note that interest rates vary from one lender to another.
What you need before taking a loan
The process of taking out a pawn loan is relatively straightforward. To secure a pawn loan, one needs to have a valuable item and identification documents. This makes it an easy and fast way of getting credit.
If a borrower defaults on their loan, the pawn store will sell off the collateral to recover their money. Therefore, looking for a gold buyer in New York will offer an alternative gold-for-cash solution for people in unforeseen financial emergencies.

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Finance

Health insurance premiums, Government initiatives made people buy health insurance for tax savings

To get people to save in today’s environment is a tough job. In the olden days, people used to earn and save. They used their savings in case they needed to purchase anything. However, health insurance premiums the trends have changed now. With the opening of the economy, you have easy access to loans. This makes people go for the loans for procuring the same things their parents procured with savings. This has a negative impact on the cost of the product as well. The easy availability of the loans has made it easy for the manufacturers to increase the cost. Thus, the youngster of today ends up purchasing a highly inflated item. At the same time, he has to repay the loan in installments. This makes it impossible to save any amount for the times of need. Therefore, he requires an incentive to save. The Government of India has recognized this trait. Therefore, they have introduced concessions in tax when you pay premiums for health insurance. This has prompted people to save in the best mediclaim plan for tax saving.

The Income Tax Act 1961 includes several provisions wherein an individual taxpayer can avail of the concessions in income tax by paying the health insurance premiums. Sec 80D, 80DD, and Sec 80U enables you to avail deductions ranging from INR 50000 to INR 60000 in the amounts of wellness insurance premiums. The individual can take out policies for self, family, and parents. As per the tax planning, health insurance India schemes, he can avail exemptions up to an extent of INR 50000, in case the individual and parents are both below the age of 60 years. In case the parents attain 60 years, the exemptions increase to INR 55000. In the same vein, if the individual crosses the age of 60 years, he gets an additional exemption of INR 5000.

Health insurance premiums therefore, you can see people opting for the medical for tax planning purposes. This has a double effect. The individual gets benefits in tax deductions. In addition, he can utilize the health insurance amount in case anyone named in the policy document has to undergo hospitalization. The inclusion of the parents in this scheme is a good sign. This would also instill good values in the children and provide them with incentives to take care of their parents as well.

One more benefit of the health insurance for tax saving is that people inculcate the habit of savings albeit forcefully. This would bring a sea change in the attitude of the youngsters today. This savings would go a long way in reducing their expenses on health care. The insurance companies would be there to bear the costs. The burgeoning cost of the medical facilities today has made it impossible for the normal person to be able to beat it. He has to resort to health insurance. This factor has an automatic effect on the economy as a whole. That should form the subject matter of a completely different discussion altogether. That could give a new dimension to the debate.

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Finance

Planning to Buy a New Car This Year?

If buying the latest model of this year’s favorite car is on your list then you should plan accordingly to avoid any financial setbacks and other complexities during the purchasing process. After investing in real estates, it is the vehicle on which individuals have to invest so much.

car and calculator. rising costs for buying a car, leasing, workshop, refueling and insurance

If you are prepared to pay the whole payment at a time the things are in your favor. But if you think that you are not willing to spend a huge amount from your savings or right now incapable of paying the whole sum of money at a time because of a bad credit history or no credit situation- opting for a car loan option from a reputed lender like New Car Canada will be viable step that you can take. Besides choosing the financing option, you also need to check on a few things that we have enlisted here in the following—

Decide to choose from a new model, pre-owned or used car

You have a wide array of options in front of you when you are planning to buy a car’s latest model. You can visit the showroom to drive away the new model or you can also choose from the pre-owned, leased or the used cars of the same model. Depending on your preferences you can move to the dealer selling such cars.

Stick to a brand or model

After some research, it is viable to decide a brand or a model of vehicle that you are interested in purchasing. It is essential to narrow your choices for a few cars because it will be time-saving. It will also not let you get confused and test-drive multiple cars before purchasing one. Therefore, plan accordingly and move ahead to buy the new car.

new-car-canada

Plan your budget

Budget is one of the most significant things to consider while you are on the verge of purchasing a car. In fact, if you belong from a mediocre financial background, it is viable to budget first and depending on that you can move along with your car selection.

Apply for a car loan

If you are prepared to down payment the whole amount of price during the purchase it is great. But if you are not willing to invest so much of your savings in purchasing the car, applying for an auto loan from a reliable source will be a good step that you can take. If you have a bad credit history and for that, it’s becoming challenging to get a loan approved then you shouldn’t worry. There are many trusted lenders online across Canada that will offer you the auto loan even in your bad credit situation.

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They will check your background, job, assets etc along with the reasons behind your bad credit history and the credits that you still have to pay. If they are happy with their research you will have to fill up the form, get it approved and drive away the car without even paying down payments. There are a few financiers that ensure these flexibilities.

Make sure to buy a used car that will satisfy your preferences and budget. Implement some great tips to ensure a successful purchase. For more info, visit www.CarSite.co.uk.

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Finance

Tips for Managing Your Finances

The common man faces a lot of problems when it comes to money management. Whether you are running your own business or get paid a fixed salary, learning how to manage your finances is equally important in either scenario. However, most people don’t have any clue on how to manage their finances properly. As soon as they receive their monthly salary, they start paying off bills and buying things that they require. As a result, by the end of the month, you are left with virtually nothing. The whole process starts all over again the very next month.

independent-financial-advice

As you can well imagine, this isn’t a sustainable option. It doesn’t allow you to grow at all, and the worst part is that in case of an emergency, you won’t have any extra money set aside. Many people seek independent financial advice from money managers in the hopes of getting appropriate guidance. Here are some basic tips that can help you manage your finances in a more prudent manner.

Pay Yourself First

One of the main keys to financial success is to learn how to save money. Unless you learn the importance of saving money regularly, you will always have difficulty in terms of overspending. Every time you receive a salary, you should set aside a small amount of money and keep it in a dedicated savings account. Essentially, this represents you paying yourself. It doesn’t matter whether you intend on using that money for a particular item, or if just want to save it in case of an emergency; setting aside a small amount is crucial for financial independence.

Think About Financial Commitments

You should always seek mortgage advice in London before making such a large financial commitment. Taking out a mortgage is a pretty big obligation, and it requires a lot of preparation. You have to consider several factors before you apply for a mortgage loan. It doesn’t matter if you are earning a handsome amount right now: mortgage loans generally need to be repaid in 10-15 years, so you have to plan pretty far ahead.

independent-financial

If you go to a professional for independent mortgage advice in London, they will inform you about the best mortgage loan that you can sign up for. In some cases, taking a mortgage loan might not be the only option available. In fact, you could also talk to a bank to give you a standard, unsecured loan.

Plan Ahead

Living one day at a time is all well and good if you live alone. However, as you grow, you will have to think about starting a family and all of the responsibilities that it entails. Your financial commitments are going to increase with time, so it’s important for you to plan ahead. Make sure that you set daily, monthly, and yearly financial goals that you can actually achieve. Setting SMART goals is actually quite beneficial for people who want to make a bigger purchase down the road, such as a house, a car, or even a small business. If you want financial advice, you can contact us for more information!

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Finance

How to Check the Viability of Your PPI to Claim Compensation?

If you have taken a car loan or home loan or any other sorts of loans, then you must check out your documents to find that if you have been attached with any payment protection insurance or not. Sometimes, banks and other financial institutions lend money with an attached PPI without having any consent from the borrower. Well, PPI is not a bad thing and it can be really fruitful, when there is an unexpected financial crunch. But, before getting attached with a PPI, it is thoroughly needed to check all the terms and conditions. Sometimes, many people have found that they have a mis-sold PPI, which is not viable for paying anything in favor of the borrower. To understand the viability of the PPI, an experienced advisor is needed and for this, hiring a PPI claims company is the smartest thing to do.

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Here are some ways to check the viability of the PPI –

  • A PPI claims company will check all your documents and verify the viability of the policy papers and if they figure out any mis-sold PPI, they will help their clients to claim back their money.
  • PPI claims company will know exactly where to look to understand whether you have been sold PPI or not and if yes, how much money you have given over the years and how much needs to be claimed.
  • A good and experienced PPI company will get you the compensation that you rightfully deserve by aggregating all the damages paying PPI has incurred to you over the years.
  • PPI company work on the contingency basis and that means that they will only charge you if you win the case and therefore, you are in a win-win situation here.

You have nothing to lose and there are no upfront charges imposed by these companies and thus, claiming your money back from these loan companies who cheated you with mis-selling PPI is a very good option that you must opt for. All you need to do is fill up a ppi form on their website and ask them to refund. In case they deny, you can file a complaint and take the case forward by hiring a ppi claim company to do all the hard work for you. It is essential that you do your research and make sure that you are picking a company that has a good reputation and has many successful cases behind them and to show it to you.

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