Posts Tagged ‘Finance’
Anyone who needs to do family planning in Islamic finance?
There is the assumption that financial planning is only for rich people who have excess money, because it uses the financial planning consulting services cost quite expensive. This assumption is of course not entirely correct. Fee must be paid to consultants finance is relatively expensive, but the benefits can be calculated and is generally greater than the fee to be paid. Keep in mind, that the Islamic family financial planning should be done by everyone. Because it is a sin if a Muslim to leave the debt and had no assets to pay for them and or leave their children in a state of weak and poor, when he died. Of course, efforts are needed to achieve these conditions, and it can be done by everyone.
Islamic financial plan can be done by anyone. You do not have to have a certificate for your own financial plan. Many books that discuss how to family financial planning. You can read the articles on the blog-sharia mandate, you can also follow the training organized by the mandate-sharia, so there was no reason not to plan your finances, and do not plan your life. Remember, if you fail to plan, you plan to fail (if you fail to plan, you plan to fail)
Personal and family financial planning is the process of managing the money you have to be able to achieve financial goals. This planning process requires you to control your own financial situation. Each person or family has a unique financial position and specific, and therefore any financial activity should also unique in that is carefully planned in order to achieve specific goals and needs.
Financial planners are professionals who help you to achieve financial goals by providing advice tailored to your condition at that time.
Then the so-called family planning in Islamic finance?
Islam is a religion which comprehensively regulate the joints of the life of the world through its holy book the Qur’an and Hadith. Likewise, the ways to manage personal finances, Islam has rules that made reference how to manage the gift given by Allah SWT.
If conventional financial planning is intended to achieve financial goals for life in the world, then financial planning rules that are based in the Qur’an and hadith can not only achieve financial goals in the world but also life in the hereafter (Falah), in addition to forming a better way of life.
In some developed countries, the profession of financial planners like this are very common, and in Indonesia itself just five years professional financial planners began to be known, here are some ways a financial planner is paid:
- honorarium
In this case, a financial planner receives payment for the financial plan he makes, no matter the client to run the financial advice given or not. there is even a financial planner who set honorarium per hour.
- commission
Here, a financial planner receives payment from the commission when the client runs the financial advice given. in this regard you as a client must be smart, make sure the financial advice given in accordance with your financial goals, because sometimes in order to get commissions from the products offered by a financial planner to ignore your financial goals.
- Honor + Commission
Financial planners receive an honorarium for the financial plan and made suggestions, and if the client plans to run it, then the financial planner will also receive commissions from financial product recommended to his client.
Of course, each way has its own consequences, but if you want to find a planner who can give the best advice make sure you choose a genuine financial planner to help you.
Some financial planners offering their services for free, especially those who have affiliations with insurance companies and financial planning as a form of socialization to the public, this certainly is good news for those of you who want to made a financial plan. but before making sure that the-planners are people who genuinely help you, make sure that insurance companies also shelter where they have sufficient product to help you achieve your financial goals
As a single parent, you have the same financial concerns with others so that you do not have a partner to share the financial problems. Since you are responsible to the needs of the future of your children as your needs, you may be worried about making financial decisions. Doing some tips below, you probably will feel more confident with the financial life in the future.
- Make sure you have adequate life insurance
Life insurance is very important for people who have dependent children. You will know that your children’s financial future to come will be safe. How much life insurance you need depends on the number and ages of your children, income level, debt level and the value of your assets. A good landing is to buy coverage at six to eight times your annual salary.
If you are interested in moving your loss of earnings or cover the debt, you can choose a term life insurance, which is sometimes the most cost effective life insurance. Or, you may buy a cash value of life insurance which can help you make saving for retirement or children’s education and also provide benefits for your heirs when you die.
You will need to select a beneficiary for life insurance policies are more cautious. When you named your child sebegai beneficiaries, this may cause problems if they are minor. Insurer will not make settlement directly to the minor. Talk to your insurance agent and financial advisor to determine the best option for you.
- Buy disability insurance
Disability insurance is very important for single parents. If you are experiencing pain or disability so that you stop working, you will harm the family finances. Your health insurance only cover the medical costs but does not cover the loss of your income. Disability insurance policy aims to move the part your income, usually ranging from 50% to 70% when you can not work. You may get the coverage of short-term or long term through your company. If you do not have, buy it. It may be expensive but the protection offered is very valuable to your survival.
Take a few tips for you on a single parent. This will provide assurance over the future of your financial life. Good luck!
Corporate Credit: A contractual agreement in which a corporation receives something of value now and agrees to repay the lender at some later date. This is almost identical to personal credit except it is a business entity, instead of an actual person, that receives corporate credit from vendors. Corporate credit is the largest business to business form of capital and is a very important source of capital for most businesses. Trade credit, for most businesses, is much greater than the funding provided by banks, alternative funding sources, and investors.
Net terms refer to how long your business has to pay the balance of the invoice. If a trade credit vendor extends you net 30 days terms, that means you have 30 days to pay the full balance. Sometime a corporate credit vendor will offer discounts if the balance is paid before the terms are up. A vendor might offer a 5% discount on the total invoice if the balance is paid within 20 days and perhaps a 10% discount if paid within 10 days. Basically, corporate credit allows the businesses to collaborate in order to efficiently use their capital for different business goals.
To find sources of corporate credit you can run a free search in our business funding directory which give you FREE access to over 4,000 sources of business capital from lenders across North America. This is the largest free funding directory of its kind in the United States of America. After you run a free business capital search you can also find information on how to build your business credit the right way, so you can improve your chances of getting approved for business financing.
Business start up loans are essential to the opening and operating of new business; having the proper financial arrangements can allow the business owner to focus on more important tasks such as operations and marketing to get the business off the ground. Unlimited Business Credit’s services are designed to help business owners fund and start their businesses on the right foot. Without the proper start up lending options, a business will never take off. Our professionals at Unlimited Business Credit have helped millions of customers get start up loans and financing for all types of businesses and regardless of financial situations.
The best place to find these business start up loans, is to look close to you. Family, friends, and people you know often have the means to invest in your business, whether you realize it or not. Although borrowing money from close friends and relatives can be tricky, when it’s a business investment, more people are happy to help. Unlimited Business Credit can help you develop a plan to determine how much money you need and where you can look to get it, as well as drawing up investment agreements and documents to make your investors and lenders feel secure in their giving.
If you can’t borrow money from family or friends, our professionals at Unlimited Business Credit can help you to get in with banks and lenders. Since you have no business yet to prove to them as a basis for lending the money, you can rely on a solid business plan and good financial sense on your own personal level to show them that you are a safe bet. Unlimited Business Credit will help you with preparing documents and assessing your personal financial state to determine which business start up loans and lending options are best for your business’ needs.
Visualizing the profitability of the financial transaction from the long term, meant that in many cases have to” sacrifice “in the short-term profitability” (TE11). This led to favor some specific sectors of the population for the placement of credits on its composition was not entitled to credits profitable. But they do from the standpoint of social organization and were important to the strategic goals and objectives of the OFCC. This was the case of small business sectors (jewelers, textile, taxi owners, farmers, etc.) Who became recipients of many credits. This was a clear rule as a trend that continued until the mid 90s.
With the deepening of the contradictions of economic model after the mid-90s, there was a gradual deterioration of the incomes of many sectors of the population, naturally covering sectors of the social basis of cooperative research subjects. This plus other elements of the Colombian economic dynamics caused changes of priority in the financial basic goal of many of the OFCC.
The concept of maximization of profits goes to positions of importance in the financial internal dynamics. And with it a money management approach that was supported in “seeking the highest bidders (customers) for placement (loan) of money (financial resources) that were administered by the cooperative.” (NT3). The parentheses are mine. What explains the changes of specialization in the formal structure and increasing the bodies own support staff.
It also made aware of the entrance to the capital markets, and the amount of loans to large and medium businesses that were once challenged by the exaggerated sums of money paid to companies and / or individuals, when the average disbursement to partners in the OFCC was € 1,700 131. Access to credit was seen as a mere business of financial returns. In this sense I myself heard a CEO of an organization of our shows saying “if you had more resources available, do not hesitate to place (rendered) to recognized companies in the wealthy class of Valle del Cauca, and that the amounts of The amounts requested were in itself profitable for your cooperative. “
Interpreting what was said by several cooperative, we can say that the above was true, but the levels of financial profitability became an instrument (a means) but not in order to obtain the co-operative purpose of business or business (correct the imbalance market power). Above differs, saying to themselves, with the SFTC where profitability is itself the very end. In the mid-90s start to feel a reinvestment of the above statement. “The financial logic again returns to the same” which endorses the discourse of survival in the OFCC. What can we do if external financing conditions are adverse?. Is the question that remained in the environment when addressing this issue. The answer was always preceded by the justification raised to be obtained sufficient to sustain profitability in the market economy of exploitation. If these features are not, there was less work and organizational development was local and social.
To build organization (cooperative organization as such) have to prioritize and support the “other side of the coin”: the enterprise or business. And it financially and profitability are instruments and not ends in themselves necessarily. He was one of the arguments opposed to a logic in the SFCC that privileged the excessive growth in a career of imitating the SFTC. The financial and profitability in itself became the end of the financial and organizational management thereof.
2.3.2 The problem of target profitability and financial base.
In the late 80s is important also to mention the basic idea underlying some general managers of these organizations, in the sense of not seeing the basic goal of financial understood as the maximization of profits.
The bottom line was not only because of special features financial organizations where services partners are above profit maximization, but “… this does not guarantee the permanence and cooperative organizations in time and put into question the strategic business growth “(TE11) 130. The profit maximization alone, was a short-term concept, and not necessarily guaranteed in the long term consistent levels of growth. Obtaining profits (income) from financial management should follow a planned strategy over the long term than the uncontrolled exploitation of the various loans and equity investments in the short term.
The habits that make a person become successful financially, he said, is to invest and no-retreat mengundur time to take action. “A millionaire to invest more than they spend,” he said.
Then, what is a form of investment? According to Adam, the investment is any form of allocation of funds that then can add money, as opposed to simply reducing spending money. “Education? That investment, buy a book to learn financial, it’s an investment. While buying a luxury car, it’s shopping,” he said.
In addition to having beliefs and habits billionaires, then steps must be done, Adam said, is to set goals or targets to be achieved. “Goal, how much money you want to have, you must have a target to know how to reach that target,” said Adam.
Later, that goal must be accompanied by making financial planning a good financial strategy. Financial planning, said Adam, must be supported with increased income and self-control not to spend much money. Furthermore, according to Adam, still need to invest which is then fitted with protective measures. Protecting financial condition. “Investing is a necessity,
Utilities online with Google docs then we can find documents, spreadsheets, presentations, drawings and forms, find spreadsheet templates (Spreadsheet like Excel) you can use to help manage your personal finances
Some tools you can find:
* Multiple Family budgets
* Books of Accounts (Ledger)
* Tools to pay credit cards.
* Templates to help you save.
Note: If you want to use the platform of Google Documents, or want to work offline, you can easily save the template in Microsoft Excel format and use it on your computer.