10 Money Management Tips To Get Control Of Your Finances And Start Build...

10 Money Management Tips To Get Control Of Your Finances And Start Building Wealth

1.      Set financial goals: Set clear and specific financial goals for yourself, whether it's paying off debt, saving for a down payment on a house, retirement or just building an emergency fund.

2.      Make a budget: Having a budget is a crucial step in managing your money. Determine your income and expenses, and make sure you are living within your means.

3.      Track your spending: Keep a track of your spending by writing down all of your expenses, and regularly review spending to identify areas where you can make savings.

4.      Save for emergencies: Saving up an emergency fund is essential for anyone looking to manage their money effectively. It provides a financial safety net in case of unexpected expenses or loss of income.

5.      Reduce expensive debt: High-interest consumer debt, such as credit card debt, are a major burden on your finances. Create a plan to pay off your debts as matter of priority.

6.      Invest: Investing wisely can help grow your wealth if you are smart. Do your research and invest in assets that align with your goals and risk tolerance.

7.      Take advantage of employer/employee benefits: Many employers offer benefits pensions, healthcare, and staff discounts. Take advantage of these schemes to help you save money and manage your finances.

8.      Shop around: Whether it’s groceries, clothes or any other item, it's important to shop around for the best deals. Compare prices from different retailers and online marketplaces to ensure you're getting the best deal and value for money.

9.      Consider using a financial advisor: A a good independent financial advisor can help you create a financial plan that is tailored to your specific needs and goals. They can also provide valuable advice and guidance on investing, mortgages, insurance and retirement planning.

10.   Keep learning: Managing your finances is an ongoing process, and it's important to stay informed and educated about personal finance. Read books, articles, and blogs on the subject, listen to my podcasts and attend financial seminars to continue learning about money.

Watch video on YouTube Channel: https://youtu.be/AVYVXBK1Z8Y

Need more help with your finances or debt?

We are living in challenging economic times.

I want to show you how can you:

·        Not only survive, but thrive in a recession or depression?

·        Get control of your finances and spending?

·        Save and invest for your future?

·        Learn about money and finance?

To help you, I am running a free training webinar.  

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Rishi Sunak's Budget - 6 Changes That Could Hit Your Pocket

October Budget 2021 6 Changes That Could Hit Your Pocket

UK Chancellor Rishi Sunak will set out the government's tax and spending plans on Wednesday 27 October.

The BBC is predicting six tax and budget changes at a time when Rishi Sunak has already announced a £7 billion spending spree on northern transport links and childcare help for families. There is also a possibility of extended loan support, due to end in December for businesses struggling to come out of the recession, or subject to another winter lockdown?

This will be the second Budget of the year, after one in March, and will coincide with the conclusions of the 2021 Spending Review, which will give details of how government will fund public services for the next three years.

Here are six possible things to watch out for in the Budget that could affect your personal finances.

1. VAT on energy bills

The chancellor is reportedly considering a cut to the 5% rate of value added tax on household energy bills.

The move would be popular and timely against the background of soaring energy bills this winter and is something the government is now able to do because of Brexit.

But the move could attract criticism as it would - in effect - mean subsidising fossil fuels ahead of the climate summit.

Also, a VAT cut on domestic energy bills would cost about £1.5bn a year, which may just be too much for the chancellor.

2. Alcohol tax

There are rumours the chancellor is planning to simplify the way that alcohol is taxed in the UK.

The 2019 Conservative election manifesto promised to review it, so now could be the time.

One suggestion is to reduce the premium on sparkling wine to the same level as still wine, which could knock 83p off a bottle of Champagne or Prosecco.

"The government should stop trying to favour certain parts of the industry, instead focusing on removing distortions and creating a simpler system of alcohol taxes targeted at socially costly drinking," said Kate Smith, associate director of the Institute for Fiscal Studies.

The drinks levies have been in place since the 1600s and raise £12bn a year for the government.

3. Capital Gains Tax rates

There are rumours that the current Capital Gains Tax rates may be tinkered with.

The tax is paid when people sell assets such as shares or a second home.

It's been suggested that rates could be aligned more closely with income tax rates, which could mean scrapping the current tax rates of 10% and 20% (or 18% and 28% for property) and instead making everyone pay income tax rates on their gains.

A report by the Office of Tax Simplification, published in November 2020, recommended that CGT rates should be increased to bring them into line with income tax.

But it would be unlikely to raise significant extra amounts of tax, as it is typically paid by only about 275,000 taxpayers and raises less than £10bn a year.

Shares can be sold quickly to avoid higher CGT, but properties can take months to sell.

4. Student loan threshold

There are reports that graduates may be asked to start paying back student loans earlier.

The chancellor could do that by lowering the threshold at which people start repaying their student loans, a move that could save the Treasury about £2bn a year.

Currently, English and Welsh students who enrolled at university after 2012 pay 9% of everything they earn above £27,295 per year. They repay the same 9% until the loan is fully repaid or until 30 years after graduating.

If the threshold were reduced to £25,000, it would cost anyone earning more than the current limit an extra £206 a year, while if it were slashed to £20,000, it would cost an extra £656 a year.

Ministers are rumoured to have proposed cutting the threshold to as low as £23,000 and giving graduates 40 years as opposed to 30 to repay their debt.

5. Minimum wage rise

In his March Budget, Mr Sunak announced that the National Living Wage (what the governments call the minimum wage) would increase for workers over the age of 23.

Since then, the government has come under pressure to help employees further - especially as younger workers have been some of the worst hit by the economic downturn.

One solution the chancellor has been reportedly looking at is to increase the National Living Wage by 5.7% to £9.42 per hour from its current rate of £8.91.

That would bring it close to the Living Wage Foundation's current recommendation of £9.50 an hour.

6. Pension higher rate allowance

The government could raise cash by cutting tax relief on pension savings for those on high salaries.

But pension experts warn such a move would not be as simple as it sounds, Steven Cameron, pensions director at Aegon, said: "A move to a flat rate of pensions tax relief, rather than the current system where relief is based on the rate of income tax paid, would be far from simple to implement."

He said it would be particularly difficult for defined-benefit schemes and could mean medium to high earners, including doctors in public sector schemes, facing big tax bills.

"Removing higher-rate relief would be a direct attack on middle Britain, leading to people who do the right thing and save for their future being hit with extra tax costs," said Tom Selby, head of retirement policy at AJ Bell. Source BBC

Financial education in investing is the key to building and keeping wealth. Never stop learning!

Keep watching or listening to my free podcasts on iTunes and subscribe to my YouTube channel for regular financial news and updates.

If you would like to learn more about investing and managing your money, become a professional property investor, or would like to be financially free without working any harder, watch this free on demand training.

I will give a special free gift which can help you to immediately transform your finances when you attend the online training.

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China Evergrande Debt Crisis Threatens Worldwide Economic Meltdown And S...

Will Chinese Property Giant Evergrande’s Debt Default Spark The Next Asian Financial Crisis And Worldwide Recession?

The huge Chinese property company, Evergrande, is repaying investors in its wealth management business with property instead of cash this week. The world's most indebted real estate developer faces a crunch this week while investors fear a default.

Major banks have reportedly already been informed they will not receive interest payments on loans that are due this week and further interest payments of $84m (£61m) on the firm's bonds are due on Thursday.

The company's shares dropped by more than 10% in Hong Kong trade on Monday, but are down 90% on its 52 week high.

The multi-billion dollar property business deepening debt problems have triggered fears over the impact its potential collapse could have on China's, as well as the western world’s, economies.

Evergrande grew to be one of China's biggest companies by borrowing a massive $300bn (£217bn).

The Beijing government has recently brought in new laws to control the amount owed by big real estate developers to stave off a potential debt crisis.

This led Evergrande offering properties at major discounts to ensure money was coming in to keep the business afloat, is still struggling to meet the interest payments on its debts.

This uncertainty has seen Evergrande's share price tumble by almost 90% on last year and bonds have also been downgraded to ‘junk’ by global credit ratings agencies.

Businessman Hui Ka Yan founded Evergrande, formerly known as the Hengda Group, in 1996 in Guangzhou, southern China. He is worth $10.6bn, according to Forbes, but that figure may need updating.

Evergrande Real Estate currently owns more than 1,300 projects in more than 280 cities across China.

Evergrande Group now encompasses far more than just real estate development and includes businesses range from wealth management, making electric cars and food and drink manufacturing. It even owns one of country's biggest football teams - Guangzhou FC.

Too much diversification outside of the core business can stretch management and lead to problems.

How will it affect the world if Evergrande collapses?

Thousands of Chinese investors riding the wave of a booming market have bought property from Evergrande ‘off-plan’ even before building work began. They have paid deposits and could potentially lose that money if it goes bust.

The companies that do business with Evergrande stand to lose millions if the company fails to pay outstanding invoices. Firms including construction and design firms and materials suppliers are at risk of incurring major losses, which could force them into bankruptcy.

There are rumours of hundreds of unfinished projects where unpaid construction firms have downed tools.

The more worrying aspect is the potential impact on China's entire financial system.

"The financial fallout would be far reaching. Evergrande reportedly owes money to around 171 domestic banks and 121 other financial firms," the Economist Intelligence Unit's (EIU) Mattie Bekink told the BBC.

If Evergrande defaults, banks and other lenders may be forced to lend less.

This could lead to a 1997 Asian financial crisis or 2008 style credit crunch, when companies struggled to borrow money at affordable rates after the collapse of major financial institutions like Bear Sterns and Lehman Brothers, which plunged the western world into recession.

At the time, the relatively debt-free China helped to bail out America, but who can bail out China when western countries have already printed Trillions of dollars to save their own asses?

A credit crunch would be very bad news for the world's second largest economy, because companies that can't borrow find it difficult to grow, and in some cases are unable to continue operating.

Foreign investors have already started reducing their exposure in Chine due to tighter regulation and the CCP’s aim of spreading more wealth to the poor. They are after all a one party state communist country.

Is Evergrande too big to fail?

There is a serious potential fallout if such an indebted company collapses and many has led some analysts believe Beijing will step in to rescue it in order to restore confidence in the real estate and wider markets.

The EIU's Mattie Bekink thinks so: "Rather than risk disrupting supply chains and enraging homeowners, we think the government will probably find a way to ensure Evergrande's core business survives."

But some are not so sure.

In a post on China's chat app and social media platform WeChat, the influential editor-in-chief of state-backed Global Times newspaper Hu Xijin said Evergrande should not rely on a government bailout and instead needs to save itself.

This also chimes with Beijing's aim to rein in corporate debt, which means that such a high-profile bailout could be seen as setting a bad example.

In a closed society we don’t know how deep this crisis goes and how much debt China really has got itself into to fund the massive national and international expansion over the last 20 years.

New cities have been springing up all over China, many of which have become ghost towns, while the country has spread its tentacles all over Asia and Africa in a bid to become the dominant player on the world stage.

Chinese citizens are heavy investors in real estate markets all over the world. Property bubbles have been forming in Australia, New Zealand, Vancouver, Manila and London where Chinese buyers have pushed up prices beyond the reach of local investors.

The old saying that if America sneezes the rest of the world catches a cold also applies to the world’s second largest economy.

Shares on markets in Asia, America and London are falling today as the shock waves of this potential financial disaster reverberate around the world.

As I have said many times on Money Tips, it only takes an event like this to burst and bubble and pull the comfortable rug of market confidence to trigger a collapse in share, bond and property prices.

If China goes down, the rest of the world is going down with it.

See also:

·        Tensions rise as China denounces AUKUS Pact between US, UK and Australia

·        Highest price rises since CPI records began as inflation hits 3.2% - https://youtu.be/wv7-WPv-mHs

·        Time to get out of stocks and shares? Market Warning - https://youtu.be/_vOblIQYxqo

The KEY to building and KEEPING wealth is financial education.

Millionaires and millionaire habits have been studied and documented at academic levels for the last hundred years. Bestselling books, like The Science of Getting Rich and Thinks and Grow Rich, were written almost a century ago. I have also published my own book on how people get wealthy and how some lose it all - Yes Money Can Buy You Happiness.

We know exactly what the millionaire and billionaire habits and traits are, as success leaves tracks. All you need to do is follow their tracks to become wealthy and financially free!

If you would like to learn more about investing and managing your money, become a professional property investor, or would like to be financially free without working any harder, watch this free on demand training.

I will give a special free gift which can help you to immediately transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

Book now as spaces fill up fast...

#evergrande #chinacrisis #creditcrunch #realestatebubble #property #stockmarketcrash

Bitcoin Hits $50,000, But Will It Go Higher And Should You Invest In Cry...

Bitcoin Hits $50,000 But Will It Go Higher And Should You Invest In Cryptocurrency?

Bitcoin jumped $50,000 (£36,480) for the first time in three months before falling back slightly, as the cryptocurrency continues to recover from a slump, the BBC reports.

The coin fell sharply in May after a crackdown in China and a decision by Elon Musk's Tesla not to accept it as payment.

Investor confidence is improving as more mainstream financial companies begin using the digital currency.

Although still down on a peak of $63,000 in April 2021, Bitcoin is still up 80% since January, when it was trading at just $27,700.

On Monday, it climbed almost 3% to $50,266.90 while Ether, another popular digital coin, was up more than 4% at $3,367.51.

PayPal will now allow customers in the UK to buy, sell and hold Bitcoin and other digital currencies as it expands its crypto services outside of the US for the first time.

Boasting 403 million active accounts globally, the US firm is one of the largest mainstream financial companies to offer users access to cryptocurrencies.

Continued support from the US Federal Reserve for the US economy has also bolstered Bitcoin recently, analysts say. It is holding interest rates at record lows and making riskier assets more attractive to investors.

Neil Wison of Markets.com said Bitcoin's rebound "shows no signs of cooling", although he said he expected to see some "pullback" in the short term.

But Dan Ives from Wedbush Securities said Bitcoin remained "a highly volatile digital currency", despite growing investor optimism. Source: BBC.

Is Bitcoin the new Gold?

Is Crypto a real currency?

Should you invest in Crypto?

See also:

Hackers steal $100 million of Crypto - https://www.youtube.com/watch?v=mDoZ3Ml8L3g&t=37s

Average houses prices falling after the rush to beat the Stamp Duty Holiday - https://youtu.be/O4SSsJ0sRt4.

Millionaires and millionaire habits have been studied and documented at academic levels for the last hundred years. Bestselling books, like The Science of Getting Rich and Thinks and Grow Rich, were written almost a century ago. I have also published my own book on how people get wealthy: Yes Money Can Buy You Happiness. You can find it on Amazon: https://www.amazon.co.uk/Yes-Money-Can-Buy-Happiness/dp/1095175858

We know exactly what the millionaire and billionaire habits and traits are, as success leaves tracks. All you have to do is follow their tracks to become wealthy and financially free!

If you would like to learn more about investing and managing your money, become a professional property investor, or would like to be financially free without working any harder, watch this free on demand training.

I will give a special free gift which can help you to immediately transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

Tim Ferriss The 4-Hour Workweek A Reality? UK Employer Allows Staff To W...

Tim Ferriss The 4-Hour Workweek A Reality? 

A book that influenced me 12 years ago was The 4-Hour Workweek by Tim Ferriss who said you can “live anywhere” and “join the new rich”.

He talked about persuading your boss to let you to work from home and then systemising everything enabling you to travel the world. It all sounded like a fantasy in 2007 but today millions of people are being offered the opportunity to work from home permanently, even if you live abroad.

The Ocado Group has told office staff they can work remotely from anywhere in the world, which means you really can live the so-called laptop lifestyle!

Silicon Valley giants have no plans to bring all staff back to their plush offices for the time being.

Not everyone likes the idea of permanent home working, and many miss the social aspect of going to work. Governments and retailers are also missing the revenue from city office workers.

To be fair, Tim Ferriss already had a physical business before he took off on his globetrotting adventures.

Can you really work a few hours a week while leading a laptop lifestyle? Of course you can!

There are hundreds of ways to make money online working from a laptop, tablet or smartphone from anywhere with a Wi-Fi connection.

You can learn how to become financially free, quit the rat race (if that’s what you want) and live life on your terms.

If you would like to learn how to invest and manage your money, become a professional property investor, and be financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2