Category Archives: Finance

Keys To Good Accounting Practices

Keeping Good Records
One of the ingredients of good accounting practices is keeping proper records. No matter how small or large a business, it is essential to have a filing/storage system in place to store all financial records. Financial records include receipts, invoices, bank tellers, cheque stubs, withdrawal slips, bank statements etc. With the advent of online banking, emails and other forms of online communication, more businesses are storing their accounting information in virtual form. More invoices and receipts are now sent by emails to reduce carbon print, whilst more payments are been carried out online than ever before.

Despite the advancement in technology to aid accounting communication, it is essential that all form of records is kept safely for easy access. This is crucial for accurate financial reporting and business decision making. If a business stores more information on IT systems than files, then a back-up system is important for added security of data. Filing systems must be easily accessible preferable in chronological order. It might also be necessary to keep records of incoming paper-format financial information on a system as back-up.

For taxation purpose documents – paper or computer generated must be kept for a minimum of five years after the end of the accounting period of the business.

Accounting Systems
Accounting services vary from business to business; some companies prefer to outsource their accounting to an accounting firm or freelancer accountant. Another option is to hire staff to carry out all financial functions in-house whilst some small business owners choose to perform these accounting functions themselves.

The accounting system a business chooses must be able to meet the needs of the business. A small business might be better off hiring an accountant, rather than invest in a system there will be no time to operate. A large organisation might be able to afford a good accounting package, but the system will be of no use if there is no competent staff to operate it. For effective accounting, businesses must ensure they match their accounting needs with the appropriate system including outsourcing options.

Monitor Information
A business account is like the flip chart at the end of a patient’s bed which shows the vital signs of that business. To keep the business vitals in good condition, businesses should constantly appraise their financial status to ensure a good book balance.

Most medium to large organisations carry out a monthly, quarterly or regular form of management accounting exercise. These reports are for internal use and it enables the business to identify its financial position on a consistent basis. Though meant for internal purposes, it is an effective way to monitor performance and plan for the future.

Legal Requirements
Businesses must satisfy legal accounting requirements whilst in operation. It is also important that they meet the need of the various stakeholders in the company. These stakeholders have a legal requirement to certain financial information, which must be presented in an acceptable format.

Accounts Statements must also be prepared and filed with the relevant Government bodies – in the UK these are HM Revenue & Customs, Companies House and the Charity Commission. They must be in the right format and submitted by the deadlines set by the authority concerned. Failure to file accounts in the right format and at the right time may result in a financial penalty, except in extreme circumstances.

It is therefore essential that an appropriate book-keeping system is in place to ensure information is captured accurately and efficiently. It is also crucial that businesses have “best practice” policies in place to ensure accounts personnel complies with legal requirements.

Account Personnel
Competent accounting personnel are as valuable as the information they provide. Most businesses require the assistance of experienced accountants to collate and file their accounts. Medium to large companies generally recruit their own personnel to look after their company accounting processes. With the credit crunch hitting businesses profit margin, a lot of businesses are outsourcing their accounting services to external firms. Some of the main advantages of outsourcing are the reduction in staff related costs and the wide range of expertise gained from reputable accounting firms.

Whatever product or service a business provides, ethical accounting practices will ensure a business is able to identify its financial position and plan according to ensure its survival and longevity.

A Brief Guide to Online Finance Degrees

Online degrees are gaining popularity because they are flexible, accessible and convenient. However, if you plan on getting a finance degree online you need to make sure that Moreover they are also acknowledged by most of the employers provided they are pursued from accredited online universities. You can opt for various levels of degree programs as well as certification programs completely online without discontinuing your existing job.

Types of Online Finance Degrees

Different levels of degreesin finance can be pursued online; this includes undergraduate, bachelor’s, master’s as well as Doctorate Degree in Finance. You can even consider various types of specialization to develop niche careers. Some online colleges even offer a combination of accounting and finance degrees.

Some of the most popularOnline Finance Degrees are:

* Online Finance MBA Programs
* Online Finance Certificate Programs
* Bachelor of Science Finance
* Bachelor of Business Administration Finance
* Master of Science in Finance
* Master of Science in International Finance

Choosing an Online Finance Degree

If you are interested in a specific career in the field of finance, you can consider different levels and types of Online Degrees in Finance. They can help you to develop lucrative careers like finance analyst, finance manager or budget manager. However, while choosing an Online Finance Degree at any level, you should look for credible degree programs. You should conduct adequate research and develop a list of accredited online colleges which ensures quality online education.

You can find out about its accreditation from various accredited agencies which are recognized by the U.S. Department of Education. With these accredited degree programs, you can develop a lucrative career in the field of finance. This can enable you to get jobs in various work settings like private banking, financial planning, insurance or investment management.

Curriculum for Online Finance Degrees

The curriculum for an Online Finance Degree is one that can help you to develop a strong foundation in the field by gaining business skills along with gaining knowledge about different areas related to the field like finance, marketing, management, economics and statistics. You can also get in-depth understanding about various aspects of the field like risk management, related concepts, different strategies, investment and banking and financial markets.

The basic curriculum for different types of Online Degrees in Finance includes subjects like:

* Financial and Intermediate Accounting
* Cost Management
* Business and Finance
* Mathematics and Statistics
* Money Markets
* Commercial Finance
* Fiscal Accounting
* Financial Administration
* Insurance
* Global and Domestic Business Finance
* Introduction to Economics
* Investment Banking

An Online Finance Degree offers a lot of benefits and can help you to get experience as well as pursue higher education without leaving your existing jobs or compromising on other family commitments. You can pursue it at your own schedule and pace and can take it up from anywhere and at anytime.

In these times of uncertainty, a finance degree pursued from a top university is one of those few careers that still promise a good salary and a prestigious job.

Where to Get Your Online Finance Degree

An online finance degree is a wonderful option for individuals who want to go to college, but for whatever reason prefer an online forum as opposed to a traditional classroom. Frequently, those who opt for an online finance degree have busy schedules already because of family and work commitments, and juggling a typical class schedule is nearly impossible. Also, individuals who have disabilities often times opt for an online finance degree simply because it is easier to work straight from home. No matter why you want an online finance degree, there are many options out there for you to choose from.

The online finance degree is a very popular major, and because of this almost all of the online universities offer the online finance degree. In addition to this, the online finance degree is not only available in bachelors, but also in masters and in some cases PhD. So, no matter if you want just a bachelor’s online finance degree or want to get an online finance degree at ever level, the choice is totally yours.

Paying for your online finance degree is not as difficult as it ahs been in the past, either, because now you can get student loans and choose different payment plans for your online finance degree. Paying for your online finance degree has never been easier.

In addition to this, you will need to decide exactly what you are looking for in the university where you will obtain your online finance degree. The reason for this is because there are so many online university options that range in popularity, accreditation and cost, that you will need to find out which ones offer the best online finance degree for your budget.

Be sure, however, before you begin studying for your online finance degree that you know your university is accredited and has many successful graduates with their online finance degree.

minha Casa, Minha Vida’ (my House, My Life) Programme

The Minha Casa, Minha Vida (My House, My Life) campaign was launched by the Federal Government in March 2009 as one of the means of eliminating the inequality gap and housing deficit in Brazil (of over 10 million houses).

With an initial governmental investment of over $64 BRL billion, 1 million houses are in the process of being built and allocated to families on a means tested basis (with more expected):
– Households with a total income of up to 3 times the minimum wage (currently at $465 BRL per month) can access the full allowance without any insurance and notary registration costs to pay;
– Households with a total income between 3 and 6 times the minimum wage can gain income supplements for loans; a discount on the cost of insurance; a 90% reduction of the notary registration cost and access to the guaranteed’ fund (which will cover in the case of unemployment, death or other specified circumstances);
– Households with a total income of between 6 and 10 the minimum wage can receive lower costs of insurance, an 80% reduction of the notary registration cost and access to the guaranteed’ fund.

The Minha Casa, Minha Vida (My House, My Life) campaign was announced by the Federal Government in March 2009 as one of the means of reducing the inequality gap and housing deficit in Brazil (of over 10 million houses).

With an initial governmental investment of over $64 BRL billion, 1 million houses are planned to be built and allocated to families on a means tested basis:

– Households with a total income of up to 3 times the minimum wage (currently at $465 BRL per month) can access the full allowance without any insurance and notary registration costs to pay;

– Households with a total income between 3 and 6 times the minimum wage can gain income supplements for loans; a discount on the cost of insurance; a 90% reduction of the notary registration cost and access to the guaranteed fund (which will cover in the case of unemployment, death or other specified circumstances);

– Households with a total income of between 6 and 10 the minimum wage can receive lower costs of insurance, an 80% reduction of the notary registration cost and access to the guaranteed fund.

*** ADMINISTRATION ***

Under the program (administered and governed by the Caixa Econmica Federal), households are able to purchase a house with a close to zero interest rate and refinance it over 36 months. As an example, those households that are earning up to 3 times the minimum wage will be allowed to purchase a house up to the value of $BRL 52,000, for which the scheme will contribute $BRL 46,000 leaving the buyer to provide the remainder $BRL 6,000 this would (usually) be borrowed from the Caixa Econmica Federal. Those in the higher income brackets are able to access smaller subsidies and finance packages. The maximum loan-to-value (LTV) ratio is 90 percent (80 percent for higher-income brackets) with interest rates ranging between 5 and 8 percent.

A number of incentives have also been granted to the Brazilian construction industry including loans at 1% above the TJLP (the long-term interest rate); reduced or completely eliminated tax structures; and extended repayment / grace periods. The Caixa Econmica Federal approves each housing development in conjunction with state or municipal governments.

Homebuyers only have to make their first payments after they move in (whereas most developments would require payments pre-construction and usually a down-payment of some sort).

*** CRITICISMS ***

Minha Casa, Minha Vida has received some criticism from academics, the media and the Brazilian public themselves. One accusation is that the government developed the programme to attract voters; there is the fear that placing political interests above the financial practicality of sustaining the scheme is a dangerous game. Effectively giving loans to poor families has also been looked at as risky, particularly as this was the root cause of the US financial crisis. However, those managing the programme are firm that the Brazils orthodox banking system necessitates for sufficient precautions to be in place where lending decisions are made (only after the thorough checking of earnings declarations and credit records, for example).

Many middle class citizens express their frustration with the fact that they continue to pay high rates of interest with no comparable breaks.

*** MINHA CASA, MINHA VIDA’S FUTURE ***

The employment benefits of the increased construction workers required to meet the ever rising demand of the program has been noted and it has been one of the contributory factors of Brazil’s withstanding of the effects of the global financial crisis.

Furthermore, with a massive under supply of housing throughout the country, the building of new residential developments has long been called for – particularly amongst the lower-working classes.

Perhaps most importantly, the breakthrough in the ability of the poorer end of Brazilian society to better their lives cannot be underestimated and the majority see it as a long-overdue national project which will assist the countrys long-term growth. According to Milton Goldfarb, of Goldfarb Developments Brazil: this is a revolution … Brazil has never had a policy so clearly designed to provide housing for the poor and the lower middle classes.

First Time Buyer Mortgage Application Guide

Buying a home and arranging a mortgage is said to be one of the most stressful experiences we can have in live, yet it doesn’t need to be. No matter whether you are a First Time Buyer or moving home, the step by step guide that follows will help ensure that your mortgage application runs smoothly.

Step 1 – Contact an independent mortgage adviser

Buying a home can be one of the most exciting experiences as well as one of the most daunting. With thousands of fixed, tracker, discount and variable rate mortgage products in the market, and so many different factors to take into consideration, how do you now which is the best mortgage product to meet your needs both now and in the future. Making a mistake can proof to be costly and so seeking professional independent mortgage advice is one of the most important steps you can take.

An independent mortgage adviser will complete a detailed fact find of your current circumstances and future expectations, and will analyse what mortgage products are available based on your income, age, credit history and attitude to risk. This analysis will highlight the most suitable products for which Key Facts illustrations will be provided.

Independent mortgage advice need not cost a fortune either. In most cases a broker fee will be good value for money, and will often be offset by the exclusive rates normally available via brokers. In a growing number of cases, Independent Mortgage Advice is provided free of charge with the mortgage adviser being paid for the introduction by the lender on completion of the mortgage.

Step 2 – Mortgage Promise or Initial Agreement in Principle

Once you have selected the best mortgage deal for your requirements, it is well worth applying for the lenders initial agreement in principle, also known as a mortgage promise. This is something that can be arranged on-line or over the phone by your mortgage adviser, with the lenders acceptance decision being available within minutes of submission. The initial agreement in principle will produce a certificate of confirmation that can be shown to prospective sellers to reassure them that mortgage finance is agreed, and that you are serious about buying.

A mortgage agreement in principle can always be arranged prior to knowing what property you will be purchasing or even before you have decided on the best type of mortgage product. The certificate will normally remain valid for 3 months, and speed up the process later when you make a formal application.

Applying for an initial mortgage agreement from several lenders is absolutely fine, but unless you expect the lender to have a problem in agreeing to the mortgage amount required, you are best advised to restrict the number of credit checks that you authorize to be carried out, as too many credit checks in a short period of time can adversely affect your eventual credit score.

What if your initial application is refused?

Agreements in principle are often declined and in most cases for one of the following reasons.

– An adverse credit history has been picked up when the lender has undertaken their credit checks and credit scoring.

– Lending criteria has rejected the application on the basis of insufficient time in employment or being too old.

When these circumstances arise your mortgage adviser is ideally placed to discuss matters with the lender, and where no resolution can be found, to advise you of other lenders and their products where the criteria does fit.

Step 3 – Complete the mortgage application

Once you have received notification that your mortgage is agreed in principle, the full application can then be submitted. To submit the full application, full details about your circumstances will be required by the lender. These details will include the details of the property, how much you want to borrow and where the rest of the money (your deposit) is coming from. It is important to be as open and honest as possible when completing this form as this will help to avoid delays with your application later on.

There are many benefits of using a mortgage advisers services when submitting the full mortgage application, with the main benefit being that the adviser will have years of experience of the individual lenders underwriting practices, and can advise you of the best way to package and submit the application.

Bear in mind that mortgage advisers frequently have exclusive mortgage rates available to them which can not be obtained direct from the lender.

As well as completing the application form, some documentation will be required to back up the details given. Exactly what, will depend on the type of mortgage applied for and the lender involved. In the case of a self certification mortgage, the documents required can be as little as proof of your identity and proof of residence.

Typically when borrowing 75% – 90% of the property value, the lender will require the following:

– Pay slips (often for the last three months)
– P60
– Copies of accounts for the last 2 or 3 years if self employed.
– Bank details for the Direct Debit mandate.
– Proof of identity such as a passport.
– Proof of address such as a recent utilities bill. or bank statement.
– Proof of the last 12 months mortgage payments or a tenancy reference if renting.

Where documentation is required in support of the application, any delay in providing it will delay the lender issuing the mortgage offer. Dealing with an independent mortgage adviser ensures that you will be informed about any documentary requirements quicker than if dealing direct with the lenders.

Step 4 – Instruction of the property valuation

Once the mortgage application is submitted and agreed, the lender will instruct a valuer to inspect the property. The cost of the valuation is born by you unless the mortgage you are applying for includes an incentive such as a free valuation fee.

The mortgage valuation allows the lender to confirm the value of the property and agree to the lending required. In addition to the basic valuation for mortgage purposes, you can ask the lender to carry out a more detailed survey of the property (which is advisable) such as a homebuyer’s report.

The homebuyer report is in a standard format and is designed specifically as an economical survey and an effective way to minimize risk. The homebuyer report ensures that any defects or problems that could effect the value of the property, are picked up highlighting any that are urgent. As part of the Homebuyer’s report an integrated valuation for mortgage purposes is included, unlike a structural survey.

Step 5 – Instruct a Solicitor

It’s the solicitor’s job to review the Home Information Pack (HIP) which includes an Energy Performance Certificate, an index of contents, a sale statement, evidence of title, searches and leasehold documents, when you are buying.As well as negotiating and exchanging contracts the solicitor’s job is also to receive funds from the lender for transfer to the sellers solicitor as well as updating the title deeds. Once contracts have been signed and returned the solicitor will agree a date for completion. On the day of completion, funds will be exchanged between solicitors at which point keys can be collected to your new home.

If using an independent mortgage adviser, check to see if a fixed legal fee package is available, as this can often save time and money, and can result in using a solicitor where the adviser has some leverage to make things happen quickly.

Finance and Accounting Outsourcing- A Healthy Practice

In the modern world, as the global economy goes on integrating, the competition of an open market is increasing day by day. In this environment, only such types of companies are able to survive, which have streamlined their operations and focus on their core competencies. In such type of business environment, where size does matter and so does flexibility, being a bulky organization with no scope for change leaves them open to extinction. With the emphasis to reduce costs and increase productivity, outsourcing has emerged as one of the best options to focus on the core competencies while reduces the burden of other departments that don’t directly contribute towards the growth of the company. Hence, outsourcing such kind of activities makes sense and thus finance and accounting outsourcing is a healthy practice which should be followed by small and medium sized businesses.

Finance and accounting outsourcing is an emerging market trend nowadays. Most of the finance and accounting procedures are bulky and are most often repetitive in nature and also voluminous. In order for small and medium scale businesses to concentrate on their core competencies, it becomes imperative for them to choose finance and accounting outsourcing. It enables the top and middle management to focus on innovation and thus leads to better decision making and helps in the overall growth of the company. Finance and accounting outsourcing involves outsourcing of accounts payable, accounts receivable, client billing, general ledger coding and management, travel and expense auditing, bank and other reconciliation, financial reporting and analysis, management reporting and analysis, vendor management, procurement management and purchase order processing, etc.

All these above mentioned tasks if outsourced to a third party vendor which has specialization in these areas, could help the small and medium business to prosper. It not only helps the middle and top management of the company to focus on more pertinent issues such as innovation and future scoping of business, but it also helps the companies to downsize themselves making them more leaner and thus more flexible and prone to change. This lets them to achieve whatever goals they have set for themselves and finance and accounting outsourcing helps them to focus on their core areas of interests, rather than the mundane task of calculating the travel bill of an employee.

Finance and accounting outsourcing is a trend which is going to rise with the globalization being the norm in the present times. Since competition is increasing with the opening up of the markets, it becomes necessary for the companies to brace for such competition and where being cost effective matters a lot. Thus, being a lean natured and flexible company helps and finance and accounting outsourcing helps the companies to achieve this. Finance and accounting functions, if left to professionals, can help the company to get better results and on top of it cost savings are also incurred since whole department of finance and accounting is outsourced. Thus, finance and accounting outsourcing helps the companies to keep track of their size and flexibility, making them more cost effective in the competitive market and thus helping them survive the cut throat competition. Finance and accounting outsourcing is thus a healthy practice which would lead to better innovation and a win-win situation for all.

Reasons For Fast Growing Service Industry

Service industry has gained a widespread momentum along with development in the business sector. Many service companies have joined the service industry in recent past. The overall development of service sector has made the business sector transactions really easy and convenient.
Many service companies India initiated the affordable ventures to facilitate the small scale businesses. Even big companies also search for these affordable companies as they provide quality work in lower rates. This ultimately helps in reducing their cost.
Companies with great service support can do work faster and in better way than the one with weak service backup. There are many types of services that a business might need like SEO and Web Design, Insurance, Finance, Dating, Industrial Good and Services, Computer Software etc.
For each kind of service you may need a different service provider. But companies like www.indianbusinesswork.com has changed this algorithm. Companies like indiabusinesswork.com and similar has gained widespread recognition in providing expert services of all kinds in really affordable rates. So it is not always necessary to hire different companies for different services when companies with more options are available.
Internet is considered to the best source of getting the best service company India. Some services like finance are inevitable to businesses whether they are small or big, whether a manufacturing concern or any other type of business. Do you know how many finance business companies are available online? Well the number is increasing at the rate of 15%. This tremendous growth of service companies in India and all over the world is due to the reason that today world has realized the importance of service sector.
There are some absolutely great online India business companies which many people do not know about. These companies are expert in providing services like SEO or search engine optimization and web design services. SEO is a technique by which you increase the page rank of your website. It basically deals with the optimization of your websites keywords to place the website in a better position.
No business can survive well without services. Services are no more a internal part of business sectorhas become a separate field of knowledge.

Career Options You Can Pursue With an Online Finance Major

If you are interested in managing figures and enjoy working with numbers, you can either pursue a Degree in Accounting or Finance. While an accounting degree focuses on broader aspects of business functions of different industries, a Degree in Finance is narrower and more focused.

Choosing a Finance Major The field of finance is highly competitive, and according to the Bureau of Labor Statistics, jobs in financial analysis and advising are likely to increase by nearly 20% by 2018. You can even consider a business major with a focus on finance. With this specialization, you can work in various industries. The coursework for this major includes areas like mathematics, statistical analysis, technology and business ethics. Apart from this, Business Finance Major also helps you to develop problem solving as well as critical thinking skills.

Career Options with a Finance Major To develop a finance career, you should have a minimum of a bachelor’s degree. However, a higher degree like a Master’s Degree in Finance or an MBA in Finance is required to work in management or business.

A business major with a specialization in Finance can help you to get entry level jobs in various settings like banks, mutual funds, brokerage firms, insurance companies, corporations and finance departments of Fortune 500 companies. With a finance major you can become a:

* Finance Officer * Financial Advisor * Financial Analyst * Financial Planner * Underwriter With a Master’s Degree in Finance you can pursue a lucrative career in this field and earn a starting salary of about $30,000 a year. However, with advanced qualifications and experience you can earn more.

How Can a Finance Major Help? A Major in Finance can help you to develop a lucrative career. However it is basically a theoretical course and in order to pursue the necessary skills, you need to go for managerial courses or an MBA. It is best to complement your finance major with practical training offered through internships.

You can even consider an Online Finance Degree as it allows you to pursue advanced degrees without discontinuing your existing job. Online degrees can be pursued from anywhere and at anytime as they provide you the flexibility to study at your own convenience and pace. They are also more cost effective than traditional finance degrees.

If you are interested in the field of finance, you can consider finance major either through traditional means or through distance learning. With a finance major, you can concentrate on niche areas and opt for a specialization which can help you to develop a career in that specific field.

The Best Way to Understand Personal Finance

When we are trying to understand Personal Finance, the best thing to do is to understand what Personal Finance is NOT.

Many people think that accounting and personal finance are the same, but Personal Finance is NOT Accounting.

On the surface they may seem the same; they both have something to do with money. However, the definitions will help us better understand the differences.

Merriam-Webster’s definition of accounting is “the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.”

Based on this definition, we see that accounting is the process of analysing and recording what you have already done with your money.

This is why having an accountant is usually not enough when it comes to your personal finances.

Accountants generally don’t concern themselves with personal finance (there are some exceptions to this rule). Unless your accountant is also a financial advisor or coach, he or she will likely just look at what you have done with your money at the end of the year and provide you with a report of their analysis.

This report is usually your tax return; what you owe the government or what the government owes you.

Very rarely does the accountant provide an individual with a Balance Sheet or Income Statement or a Net worth statement; all very helpful tools that are necessary to effectively manage your personal finances.

Personal Finance is looking at your finances from a more pro-active and goal oriented perspective. This is what provides the accountants with something to record, verify and analyze.

The Merriam-Webster’s (Concise Encyclopedia) definition of “Finance” is the “process of raising funds or capital for any kind of expenditure. Consumers, business firms, and governments often do not have the funds they need to make purchases or conduct their operations, while savers and investors have funds that could earn interest or dividends if put to productive use. Finance is the process of channeling funds from savers to users in the form of credit, loans, or invested capital through agencies including COMMERCIAL BANKS, SAVINGS AND LOAN ASSOCIATIONS, and such nonbank organizations as CREDIT UNIONS and investment companies. Finance can be divided into three broad areas: BUSINESS FINANCE, PERSONAL FINANCE, and public finance. All three involve generating budgets and managing funds for the optimum results”.

Personal Finance Simplified

By understanding the definition of “finance” we can break our “personal finance” down into 3 simple activities:-

1. The process of raising funds or capital for any kind of expenditure = Generating an Income.
A Business gets money through the sale of their products and services. This is labeled “revenue” or “income”. Some businesses will also invest a portion of their revenue to generate more income (interest income).

A Person gets money through a job, or a small business (self employment, sole proprietorship, network marketing or other small business venture). The money coming in can be a salary, hourly wage, or commission, and is also referred to as income.

A Government gets money through taxes that we pay. This is one of the main ways that the government generates an income that is then used to build infrastructure like roads, bridges, schools, hospitals etc for our cities.

2. Using our money to make purchases = Spending Money.
How much we spend relative to how much we make is what makes the difference between having optimum results in our personal finances. Making good spending decisions is critical to achieving financial wealth – regardless of how much you make.

3. Getting optimum results = Keeping as much of our money as possible
It’s not how much you MAKE that matters – its how much you KEEP that really matters when it comes to your personal finances.

This is the part of personal finance that virtually everyone finds the most challenging.

Often people who make large incomes (six figures or more) also tend to spend just as much (or more) which means they put themselves in debt and that debt starts to accrue interest. Before long that debt can start to grow exponentially and can destroy any hope they would have had to achieving wealth.

Personal Finance made simple

Personal Finance doesn’t need to be complicated if you keep this simple formula in mind:

INCOME – SPENDING = WHAT YOU KEEP

For Optimal Results you simply have to make more than what you spend and spend less than what you make so you can keep more for you and your family!

If you are not actively working towards an optimal result you will by default get less than optimal results

It really is that simple!

Now that you understand personal finance and WHAT you need to do, the next step is learning HOW to do this!

The best way to start is by following these 3 simple steps:-

1. Know what you want to achieve – “if you don’t know where you are going, any road will take you there” has become a very popular quote, probably because it is so true. One of the habits that Stephen Covey highlights in his book “7 Habits of Highly Successful People”, is to always start with the end in mind. Knowing where you want to go will be a big help in ensuring you get there.

2. Have a plan – that you can follow that will get you to your goals. Knowing how you will achieve your goals in a step by step plan is invaluable. Sometimes this is easier with the help of an advisor or a financial coach.

3. Use tools and resources – that will help you to stick to your plan and not become distracted by the things in life that could limit our incomes and make us spend more than we should. Don’t try and work it all out in your head! You will end up with a massive headache and your finances will become one gigantic dark fog!

 

Top Online Masters in Finance Programs

Most universities today offer the Masters in Finance as an option within the structure of the MBA program. Schools of business usually have several areas of concentration to choose from in the second year of a two year, full time MBA course of study. At most schools the most popular major for the MBA is Finance. The list of schools below all include finance as an MBA option and in some cases offer additional graduate level options for degrees related to finance, either within the context of corporate operations or as an analytical profession. Some universities offer a Masters in Financial Mathematics for students interested in the complexities of analytics or in a PhD program that specializes in the technology of business finance. The schools listed below all have degree programs designed for career advancement in the business world.

New England College of Business and Finance has been in existence since 1909 when it was founded as the New England Banking Institute. Over the years it has evolved from a finance training institution to a full fledged degree granting college accredited by the New England Association of Schools & Colleges. The Master of Finance degree includes eleven advanced courses that cover International Finance, Applied Quantitative Methods, Enterprise Risk Management, Portfolio Management and several other areas of the academic discipline. The college has a solid background in educating aspiring professionals in the banking and finance industries.

Baker College offers the online MBA in Finance with a program that includes thirty three credit hours devoted to business studies and an additional twenty credit hours for classes in the finance specialization. Among the business core courses are classes in Research & Statistics for Managers, Accounting for the Contemporary Manager and Management Information Systems, so the analytic tools and IT requirements for a Masters in Finance are covered in the first section of the program. Advanced finance classes include Public Finance and International Business Finance.

University of Liverpool has ventured into the international online education field with its online MBA program. Since the program was accredited by the European Foundation for Management Development it has developed a student body drawn from over 175 nations. The MBA in Finance and Accounting is delivered in modules, with each module consisting of classes that increase in complexity. The University provides e-books or printed textbooks at no charge. Finance modules include Investment Strategies, Financial Reporting, Business Finance and Advanced Managerial Accounting.

Kaplan University offers an online Masters of Business Administration with specialization in Finance that can be completed in one year of full time study or two years of part time study. The curriculum includes mergers and acquisitions, international business finance, foreign exchange risk, hedging strategies, and global positioning of assets. Kaplan also offers a MBA in Entrepreneurship that delves into the creative sources and uses of capital involved in a startup.

Northeastern University offers a MBA in Finance online through its School of Business. This area of concentration covers mergers and acquisitions, licensing, joint ventures, and IPOs from a management perspective. There is also a MBA in Entrepreneurship that includes some of these advanced courses. In addition Northeastern offers an online Master of Science in Finance that focuses entirely on the complexities of accounting and finance, quantitative and modeling methods, and international finance structures for global businesses.