Guest Contributor on Money Questions and Answers Blog

How Do You Handle Suddenly Becoming Wealthy?

When you receive a lump sum, it’s very tempting to splash out on your dream holiday or a new car, but that isn’t the best way to get the most out of your money. The general rule is to not do anything too hasty (such as buying a luxury car or a bigger house) because more often than not, the money will run out must faster if you don’t do anything useful with it.

Just because you have it doesn’t mean you must use it. And after splurging, there’s a good chance that you’ll end up more in debt than before you started.

It is tempting to squander a large sum of money, but becoming wealthy doesn’t have to lead to disaster. Here are a few tips on suddenly becoming wealthy.

How Do You Handle Suddenly Becoming Wealthy?

Pay off your bad debts, starting with the high-interest ones. Generally, the first thing to go for is credit cards or payday loans. You’ll want to avoid the temptation to pay off a chunk of your mortgage because the interest rate is generally quite low and you can make better use of your money through investing.

Next, think about topping up your emergency fund. It’s generally a good idea to try and have six months of living expenses in an account in which you have easy access. After this, you can think about your long-term saving goals, your retirement plan in particular.

Sudden wealth will also generally mean that you should seek out financial assistance. Consult a professional, either a financial advisor or an attorney, to ensure that you comply with any conditions your windfall may have as well as how best to approach them.

Top 5 Ways to Protect Your Financial Portfolio

by Guest Contributor

Traders are always seeking to bolster their financial portfolios. The whole point of dabbling in the markets in the first place is to increase your net worth over time. For many of us, this appears to be an insurmountable challenge, given the complexity of reading financial indicators and acting with purpose.

5 Ways to Protect Your Financial Portfolio

A novice entering the trading scene may quickly be overwhelmed by the charts, numbers, signals, and regulations. Fortunately, there are many ways to shore up your trading activity and stabilize your portfolio.

1. Diversify your portfolio

‘Don’t put all your eggs in one basket’ is an age-old aphorism that holds true to this very day. Concentrated investments in 1 or a handful of options are dangerous. This is especially true in the case of individual stocks, currencies, commodities, or indices. To guard against losses, financial experts recommend that traders and investors dabble in multiple underlying assets. Individual stocks such as MCD, AAPL, GOOG, and others can move in any direction at any time.

However mutual funds are an aggregate of a sector or an industry, and they average out the performance accordingly. Mutual funds are an effective way of protecting your financial portfolio from the potential hazards of individual stock price movements. To this end, it’s important not to invest more than 5% of your holdings in any individual stock.

3 Compliance Levels Business Owners Must Watch for Sustainable Growth

by Guest Contributor

Rules for Picking a Business Name Running a compliant business will help you avoid litigations. You won’t have to worry about penalties and fines. You’ll protect your corporate veil and find it easier to access credit. This piece provides insight into three most important compliance levels for small businesses.

You should note that being complaint along these three compliance levels doesn’t necessarily guarantee that you won’t face some challenges in your business. Yet, being compliant will increase the odds of your business ship sailing smoothly.

Pay attention to Corporate Compliance

Corporate compliance generally refers to the activities and actions expected of your business as a corporate entity. Most small businesses are set up as LLCs. Hence, corporate compliance is a function of the actions that members and managers take.

An LLC must have filed articles of formation and paid filing fees. As part of corporate compliance, your business activities must remain within the scope outlined in your articles of formation. More so, you’ll be expected to pay taxes, annual report filing fees, and other fees for membership such as chambers of commerce to keep your business compliant in your state.

An Overview of Varooma Logbook Loans

by Guest Contributor

Car Title After doing all your research, you have decided to go the Logbook Loan route and get a loan against your motor vehicle. It’s a smart thing to do, as long as you are the proud owner of the vehicle and have all the documentation to go with it.

All the information you could possibly need, as long as you are in the UK, is on the Logbook Loans Varooma page on Logbook Calculator. We will make it even easier for you by putting together a summary of what you need to do.

What do you need to apply for a Logbook Loan?

Residency in the UK, Scotland or Wales.
A car that belongs to you.
Registration papers of the car.
Insurance documents relating to the car.
A valid ID.
Proof of income, via a pay slip or your latest bank statements.

How do you apply for the Logbook Loan?

Go online and fill out a form. If you do not want to go online, visit one of the Logbook Loan offices. Scan or hand over copies of all the necessary documents. Chat to the underwriter that Logbook Loans has assigned to your case. Ask him for progress.

What Are Some Reasons to Apply for an EIN?

by Guest Contributor

You most likely already have a social security number in your possession as it required for a variety of things throughout your life. However, if you’re a business owner or someone who has employees, you may need to consider applying for an employer identification number (EIN). How to Apply for an EIN The process to apply for an EIN is fairly simple, and there are many benefits to having an EIN separate from your personal social security number. Here are a few reasons you may want to consider getting your own EIN number for yourself. Reasons for Applying If you’re not sure you should apply for an EIN, here are a few reasons you should keep in mind for the … Read more

Never Execute Any Trade in the Choppy Market

by Guest Contributor

Forex market is extremely volatile. Many traders think this market as a moving market and place their trades without assessing the perfect market conditions. But when the market is in a choppy condition, it is something different.

Trading in a choppy market is like a suicide mission. There is a high chance of losing your money and even 100% of your account capital if you are not skilled and a master trader in Forex. Even the professional traders of Forex also avoid the choppy markets.

There are some good reasons behind why every trader try to avoid this market condition. We are going to discuss it with you why you should never trade in a choppy market. Not only it has the risk of cut down your profits, you can also lose your investment in Forex.

Never trade in a choppy market

This choppy market is very confusing for the buyers and sellers. In a choppy market, the price level of the currency pairs in Forex is always moving upward and downward. It is changing in every second but most of the time trade in the boxed region.

There is no way any trader can exit the market with a profit in his account due to the high frequency of false spike. In a market with high risks, not many traders think it as a good choice to trade their money. To be honest, traders who trade Forex professionally also do not place trades when the market condition is choppy.