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Asian News USA
Financial Planning
By Koua Vang, Asian News USA
In order to be successful in personal finance, you must plan and make decisions. There is a certain process to help you with your own personal finance.
These are steps that if followed will help you manage your personal finances. First, financial resources can be obtained through employment, business ownership, and investments. Once the resources are obtained the next step is planning. You must create a budget in order to achieve the goals that you set for yourself.
After that you must start to save regularly. Start to save for emergencies such as unexpected major repairs, and unexpected expenses. The next step involves borrowing. When you use credit to make purchases you are borrowing the money to pay for the purchases.
When you make purchases using your credit card do maintain control over your spending to prevent you from going into debt. Spending is a very important part of the financial planning. People over spend all the time because they buy unnecessary items. You should buy only the things you need and spend less than you earn.
Invest the money you save toward your long-term goals will help you to become financially independent. Managing the risk in financial planning is important. For instance, having life insurance is important because anything can happen at any time, you want to protect the one you love in case of an emergency.
Investing is a must in today’s society because people are living longer, people need to invest to grow their investments in order to retire comfortably. You can invest in stocks, mutual funds and real estate to grow your investments.
Retirement and Estate Planning is when people retire and consider where to live, where to work part-time or volunteer to make a difference in the world. Estate Planning will allow money or property to be put into trust funds to fund many things. For instance, money that is in trust funds can be used to fund living costs, educational expenses, personal purchases, and can be used for many more purposes. By following the steps you can be successful at managing your finances.
It Is All About Making Financial Decisions
By Koua Vang, Asian News USA
Money is a topic that is constantly on people's minds. People save money for different reasons. Some people save money so that they can afford to buy the things that they want and need. Others save money for a rainy day. Some people save money so that they can invest the money to grow it. When individuals grow their money, they can live a better life and become financially independent. No matter the reasons, people want to handle their own finances. Some financial goals many people have include saving for a house, a new car, college, traveling, and for retirement. In order to save and achieve their goals they need to identify and set priorities.
Personal financial planning is the process of managing your money to achieve your goals. This process allows you to manage your money so that the goals you set can be accomplished in the future. A financial plan is a plan that identifies individual's current financial situation, which helps analyzes the individual needs, so that the financial needs, recommendations can be planned for by budgeting and investing. There are advantages to personal financial planning. Some of the advantages to personal financial planning include: protecting your resources such as money and assets throughout your life, by taking control of your money. When you take control of your money, you are much unlikely to get into debt therefore, not be dependent on others. In addition, it will improve your own personal relationships when your on top of your financial planning. Most important of all, carefully having a personal financial plan allows you to invest your money so that you can achieved financial freedom.
There are many factors that influence and affect the ways people save. Younger people in their twenties spend money differently from older individuals in their fifties. Individual income, household size, and personal beliefs affect the way individual saves. As society changes, and people are living longer, people should change the ways they save and invest for the future. According to The World Life Expectancy, the average life expectancy in today's society is about 80 years old. In today's society, it is very crucial to save for the future, since people are living longer meaning people should save up to invest in order to live comfortably in their retirement years without having to worry about running out of money. https://investor.vanguard.com/retirement/savings/when-to-start Learn personal finance investing, learn to invest, so that you can start to invest early for a brighter and better future.
Business and Finance
Invest For Your Retirement
By Koua Vang
July 24, 2020
When should we start investing for retirement? It is very important that you invest for your retirement as early as possible. The longer you compound the investment the more money you will have for retirement. The first thing you can do to invest is to contribute to your 401 (k). In 2020, the limit 401 (k) contribution is $19,500. If you are 50 or older you can contribute $26,0000.
It is a good idea to contribute up to the contribution amount limit because the money is before tax. By making contribution to invest in your 401 (k) it will lower your tax. Some employers will match you up to the amount you contribute. Other employers will match your contribution up to 5% of your annual income. It is like the employers are rewarding you and helping you to set aside money to help you invest for your future.
The second thing you can do to grow your investment is very simple. Pay down high-interest debt such as credit cards. The credit card companies charge an average annual interest rate of 17% so by paying off high-interest debt you will be able to save more money and then invest the money in the financial market to grow your money.
The third thing you have to do is to build up your emergency fund by saving enough money to cover at least six months expenses such as food, housing, utilities, and other expenses. Keep the money in a savings or a money market account so you can easily access the money for emergency expenses when the unexpected happens.
It is important to save early and then invest to grow your money, so when you retire the money will be there for you.
It Is All About Making Financial Decisions
It Is All About Making Financial Decisions
It Is All About Making Financial Decisions
By Koua Vang, Asian News USA
Money is a topic that is constantly on people's minds. People save money for different reasons. Some people save money so that they can afford to buy the things that they want and need. Others save money for a rainy day. Some people save money so that they can invest the money to grow it. When individuals grow their money, they can live a better life and become financially independent. No matter the reasons, people want to handle their own finances. Some financial goals many people have include saving for a house, a new car, college, traveling, and for retirement. In order to save and achieve their goals they need to identify and set priorities.
Personal financial planning is the process of managing your money to achieve your goals. This process allows you to manage your money so that the goals you set can be accomplished in the future. A financial plan is a plan that identifies individual's current financial situation, which helps analyzes the individual needs, so that the financial needs, recommendations can be planned for by budgeting and investing. There are advantages to personal financial planning. Some of the advantages to personal financial planning include: protecting your resources such as money and assets throughout your life, by taking control of your money. When you take control of your money, you are much unlikely to get into debt therefore, not be dependent on others. In addition, it will improve your own personal relationships when your on top of your financial planning. Most important of all, carefully having a personal financial plan allows you to invest your money so that you can achieved financial freedom.
There are many factors that influence and affect the ways people save. Younger people in their twenties spend money differently from older individuals in their fifties. Individual income, household size, and personal beliefs affect the way individual saves. As society changes, and people are living longer, people should change the ways they save and invest for the future. According to The World Life Expectancy, the average life expectancy in today's society is about 80 years old. In today's society, it is very crucial to save for the future, since people are living longer meaning people should save up to invest in order to live comfortably in their retirement years without having to worry about running out of money. https://investor.vanguard.com/retirement/savings/when-to-start Learn personal finance investing, learn to invest, so that you can start to invest early for a brighter and better future.
The Reluctant Entrepreneur Case Study
It Is All About Making Financial Decisions
It Is All About Making Financial Decisions
By Asian News USA Staff
August 4, 2019,
The title of the article is "The Start-up: Nanda Home." The article is about how the founder Nanda, who created a small unique alarm clock became successful. Customers bought more than 9,000 units of the equipment for about $50 dollars each so far. Nanda went to China and found a Chinese’s manufacturer on AliBaba.com which produced about 500 clocks that were sold out online.
The Nanda Home company has no full-time employees. The company outsources the clocks manufacturing. In addition, to the part-time employee, Nanda’s parents help her run the company. The current capital raised is $80,000 and the source of the capital comes from family. There is a huge market for gadgets which accounts for $145 billion in the U.S. last year. According to the Consumer Electronic Association the sale increased about 13 percent from 2005.
The revenue projections for the company are as follow:
In 2007, the projections revenue would be $1 million. In 2008, the revenue would be $3 million. In 2009, the projection revenue would be about $4 million. The company was able to break-even after two months. The company expected to have cash-flow positive of $650,000 in 2007. The company is projected to have $2.1 million of cash flow in 2008. By 2009, the free cash flow would be about $3 million.
Nanda says she hoped to put more products in the market by 2009. However, she indicates that without a full-time worker, she does not know if the new products launch will be as successful as the alarm clock. Nanda states, “You can pretty much outsource anything today.” According to Nanda, one single hit product is all it takes. For instance, iRobot’s vacuum continues to bring in 60 percent of the company’s annual sales. Nanda Home’s long-term goal is to develop her brand.