Archive for the 'Finance' Category
January 14th, 2008 -- Posted in Finance |
People often ask me if it is really possible to make an income out of trading shares. I will tell them that I don’t trade shares for an income. I trade shares as a business.
What’s the difference? Well for a start, I can think of a lot easier ways to obtain an income. Just get a job that will get you an income. As for a business, I think there is none better than trading shares. Low overheads, no wages, insurances, or shop fittings. In what other area of business can you handle decisions worth hundreds of thousands of dollars, and be the only one responsible for the outcome.
Treat your trading as a business, and never think of it as being a source of income. If you can, organise other sources of income. If you are going to pay yourself out of your business then do it as a lump sum at the end of your financial year. You do not the weekly bills riding on the outcome of a trade. This distracts you from your business principles and will place fear and uncertainty into your trade.
Fear and uncertainty are the main enemy in running your business and cloud your ability to see the trade for what it is. A trade should be looked at as one transaction out of a possible hundred that you will make this financial year. The trade will be based on objective and subjective analysis of information you have made available to yourself. Your skill as a trader is based on your ability to gather the right information.
A favourite saying of mine that I constantly remind myself of is that “the only competition I have is myself”. When preparing your information to enter into a trade, ask yourself if you have done the best you could have. Should you check the charts again, go visit the trading forums, read the latest news articles on the stock, talk to your broker about his thoughts, and found every possible resource to base your decision on. If you haven’t, you’re just gambling and the outcome will most likely be the wrong one.
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December 31st, 2007 -- Posted in Finance |
Monaco and Andorra - Europe’s top two tax havens - are seeing an influx of funds to their banks, despite governments worldwide actively trying to stop their citizens using tax havens to bank their money.
The financial industry in Monaco is attracting money from wealthy individuals seeking a degree of privacy, and keeping their assets away from the clutches of their governments at record levels with most of the money coming from the Middle East and Europe.
While the banks will not disclose the volume of money they have attracted recently, some industry analysts estimate it could be as much as 20 billion Euros over the last eighteen months, with 70 billion in total managed assets overall.
Over the last year and a half some of the big names in the banking and finance industries have set up offices in Monaco, including Goldman Sachs. And Monaco does not seem perturbed by outside influence unduly as the principality hopes to double the amount in her banks in the coming years.
And it’s not just Monaco attracting funds - Europe’s other tax haven Andorra has also seen an increase in interest, with new accounts in being established at the Andorra banks at a good pace. With tax havens attracting high volumes of funds it makes them less likely to co-operate with the OECD, who ultimately try to reign in and police money worldwide.
One company who specialise in European tax havens thinks that the OECD are wrong to assume that the money being deposited in Andorra and Monaco banks is by people simply wanting to keep their money offshore - it’s also due to high net worth individuals taking Monaco and Andorra residency.
‘The number of people who have moved themselves as well as their money offshore has been rising over the last ten years, and in particular the number of UK ctizens moving to Andorra and Monaco has been high in the last two to three years, and their combined assets are significant. Taxes in the UK for example have been increasing, and it’s no coincidence that while this has been happening so have the number of Britons moving out of the country. Rather than trying to dissuade people from doing so by painting tax havens as the villains they would get better results if they reduced direct and indirect taxes at home, negating the need to consider a tax haven in the first place.’
Evidence of the rising number of arrivals in Monaco for her tax haven status is the local property market, which is on a par with London as the most expensive property in Europe. And recent economic activity in Monaco includes the sale of one of the well known Monaco hotels - the Fairmont - showing that Monaco is able to attract investment not just from the financial services industry.
Particularly notable among the new arrivals in Monaco in recent years has been the British, with some Monaco real estate agents suggesting that around forty per cent of their enquiries now come from the UK.
The top rate of tax in the UK has been 40 per cent for some years now, but an increase in the number of indirect taxes - or stealth taxes as they are popularly known - often means a tax take of over 50 per cent for high earners.
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December 14th, 2007 -- Posted in Finance |
Are you struggling to pay your debts from credit cards? You might want to consider debt consolidation through a credit card consolidation. This type of debt management is very popular today as a way to reduce and eventually clear up your debts. There are many online services that offer credit card consolidation. One site I know is mint.co.uk. Mint credit cards offer a 0% credit card which includes no interest on balance transfers for 13 months.
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December 14th, 2007 -- Posted in Finance, Travel |
Most travelers take the easy method when buying for their travel insurance especially when holiday is near, they often buy it from their travel provider such as their travel agent which is not always the best option. This is because travel insurance bought through this travel provider is still very expensive. You can actually save a lot of money when you avail of free travel insurance quote online in which you can get much better deals from a wide range of insurance companies.
Buying Travel Insurance online offers many benefits, one of which is that you can compare prices from different companies that offer travel insurance so you can choose the best price that fits your budget and needs. One great site that offers free travel insurance comparison service is Kanetix.ca. The free comparison service is available to Canadians who are looking for travel insurance. It’s also available for international students studying in Canada and visitors travelling to Canada.
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December 12th, 2007 -- Posted in Finance |
Are you in need of a little but fast cash? PaydayLoanQuotes.com can help you get a quick cash without undergoing a credit check. You can get it through their payday loans. Payday Loans or cash advances are short term loans that can range from $100 up to $1500.
PaydayLoanQuotes offers one of the fastest way to get a quick cash if you really need it. They are really fast and you can get a cash in as little as 24 hours. The best thing about it is when your application is approved the money can be electronically deposited into your bank account the next business day.
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December 5th, 2007 -- Posted in Finance |
Debt consolidation has been used by many people as a way to bring debt under control. What you may not know is that, a consolidation package can help you to start saving up some cash as well.
Breathing Room
There are a number of more aggressive debt reduction methods, which involve a no-mercy approach to killing debt. These usually mean, paying off the debts as quickly as possible and as a result, the person ends up making large installment payments over a shorter period of time. This is a good method for those, who can afford to make big payments. For others who can’t manage that kind of scheme, a debt consolidation is a smarter option.
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