Category: Personal Finance | Lasalle-ialu Finance Portal

Why You Need a Financial Advisor

Apr 11, 2019 Desmond Charles

Managing your finances is not always easy. A good number of people today hire financial advisors. But with all manner of financial apps, retirement calculators, portfolio analyzers, you might be tempted to reconsider your decision to hire a financial advisor. Should you hire an investment advisor even after reading this article? This article looks at some common financial challenges, and the role played by investment advisors so that you can make an informed decision on whether to hire one or not.

Information Overload

With some money to spend, you will always be served with loads of information. As much as information is meant to empower us, information overload often makes most people susceptible to making costly financial decisions. Instead of making a poor investment, a financial advisor will always go through a variety of sources and help you choose the best. Thus, instead of falling for some sales pitch, always let professionals assess the situation for you.

Personal Biases

Managing your money or investments comes with its advantages and disadvantages. Most often than not, the decisions you make when working for yourself are always subject to some biases. You are also at risk of making some rash decisions. As a result, hiring a financial advisor will keep you safe from mistakes resulting from personal biases. Also, these professionals will hold your hand when things get tough by helping you make rational and informed decisions.

Time Factor

Lack of time to make some decision is also another reason to hire an investment planner. For instance, if you are always at your place of work, and you would want to start a business, getting ample time to assess the risks and opportunities involved can be challenging. Instead, hiring a financial planner can help you overcome the limitations that come with having little time. And if the financial advisor can free up some of your time, you will be able to concentrate more at work or have more time with your family.

There are many reasons why you might need the services of a financial planner. Anyone can hire a financial or investment planner. You do not have to be having lots of money or a huge investment to hire investment advisors; you can have them help you grow your investment. Anyone keen on making financially sound decisions, then hiring an investment planner is a decision worth considering.…

Personal Finance

Top Tips to Get Your Loan Approved

Mar 30, 2019 Desmond Charles

When you are facing a financial emergency, getting a loan fast should be your primary concern. Unfortunately, there are times when this takes abnormally long, which can be quite stressful. You might need some money to pay for your auto insurance, home renovations, or paying some tuition fees. Before you start looking for a loan, here are some important tips that will help you improve your chances of getting approved or the loan.

Choose the Right Loan

The first step in any loan application process is to know the nature of the loan you need. The nature of your financial needs often informs this. If you need a loan to buy a house, a mortgage can be a better option. On the other hand, if you need a loan to help you cater for some general financial obligations, consider a personal loan. As a tip, joustoluotto or flexible credit loans are ideal, especially when you are not so sure of how you will pay your mortgage.

Work on Your Credit Score

If you are happy with your credit score, this point should not worry you much. But if you are like most people who do not have an excellent credit score, it is advisable to work on your credit score. A healthy credit score not only improves your chances of getting the loan, but it also qualifies you for a better interest rate.

Borrow Within Your Means

Only borrow what you are convinced you will be able to pay. As such, this requires you to assess your financial situation objectively. Borrowing more than you need is like shooting yourself on your foot. As much as the lender might encourage you to get more, only go for what you need to avoid entangling yourself in a cycle of debt. Also, borrowing a smaller amount improves your chances of getting the loan amount.

Get the Right Lender

There are many options to choose from when applying for a loan. Different lenders are known for different things; loan type, interest rates, and repayment periods. Thus, when applying for a loan, it is imperative to do some due diligence and see what different lenders have to offer. Well, it is highly likely that you will not get the perfect match for your needs, but you can always get a decent match.

Getting a loan can be the best thing you have ever done or a nightmare depending on how you approach this move. Thus, besides getting the money, proper planning is key.…

Personal Finance

How to Avoid Overspending

Nov 30, 2018 Desmond Charles

Spending money is part and parcel of life, and must be embraced with dignity. What is meant by this statement is that you need a strategy that will see you through the worst financial difficulties ever to be faced.

Overspending is something that most of us have done at some point in our lives. Worse still, most of us are still in this snare, and are wondering how to make an impactful escape. No worries since there are plenty of ways in which you can tame your appetite for spending money. Most of them will require you to make huge sacrifices that you are not used to. On the bright side, they will pay off when you make a deliberate effort to be consistent.

Here are some tips on how to avoid overspending:

What You Need

One of the leading causes of overspending has got to be carrying money unnecessarily. For instance, if you are going to the grocery store, be sure to carry only what you need. Anything above this will only leave you crippled financially.

This should be a habit and routine that you must learn to nurture. Do this by keeping your savings account active. If you can manage to do this on a daily basis, the better it will be for you. At least, you won’t have to worry when you face a dry spell in your regular budget.

What you need is to take your finances more seriously than ever before. It is never a guarantee that everything you buy will save up something for you to hold on to. Do your part and be disciplined in your spending.

Live Within Your Means

Buying items that are way beyond your regular budget is definitely a way of crippling your financial goals. All the more reason for you to live within your means. This way, you will avoid stress-related diseases and other complications. You will also be able to protect your credit score.

There is nothing difficult about this especially when you set your mind to doing the right thing. Avoid comparing yourself with others but rather, focus on what you can do instead. With time, you will find this more relaxing and calming than trying to keep up with people who are of higher social standing than you. When the time comes, you will also have a chance at what it feels like to lead that kind of life. In the meantime, only follow what you can.

Save More

Don’t spend just to clear off the few pennies and quarters that are left in your purse/wallet. The wisest thing for you to do would be to save them up as they will come in handy in the long run. Before you know it, you can afford something that you never thought you would before. All because you put together all the loose change that you thought was insignificant.

This may seem tough at first but it will become easier in the long run. Once you make it a habit, you won’t have to feel too overwhelmed every time you have to get to this phase. It will be a delight before you know it.…