Posts Tagged ‘Building’
The Basics of Lease Extension
If you live in a flat, then it is likely that you will be living there on a lease. When you moved in, you should have been made aware of how long the lease had left to run as well as given information as to who owns the freehold of your building. If you are a leaseholder, then you are able to extend your lease by up to ninety years.
Lease extension is a provision laid down by the 1993 Leasehold Reform Act (as amended). It allows tenants to apply for a leasehold extension that is charged at a peppercorn rent – which essentially means that you will get the extended lease rent free. The original term of your lease will be added to the extended version.
There are several reasons people might choose to go for a lease extension. One is that the current lease is about to expire but you want to stay in the property beyond the expiry date. Another reason to apply for leasehold extension is because it is easier to sell properties that have longer leases left on them, so if you are thinking of selling a property that came with a lease, this could be a good option.
When you apply for lease extension, you have to serve notice to your landlord to inform them that you are taking advantage of your rights as laid down by the 1993 Act. You will also be responsible for your landlord’s professional fees (such as a solicitor), so make sure you are prepared for this.
Wealth Building – Some Good Pointers to Making Money Quick
The importance of good product selection, location and promotion to the target market to ensure quick money.
Most people are constantly looking at ways of making money quick. However most do not know where to begin. Questions asked are how, what and where should this be done. The answers to this are to find the right product that could give an individual good returns within the target area one would like to work in.
Finding the right product has always been the toughest challenge in making money quick. To do this one has to have a good understanding of the needs of the community one would like to serve. It is essential that a good market study be undertaken taking into account what would appeal to the people, the affordability of the people and the ease of using the product or service. Based on these parameters careful evaluation of the potential demand should be made ensuring that money made should commensurate with the effort put in. It is also important that the chosen product has very little competition so that one can enter the market with cheap but effective selling and dominate that niche.
Most people tend to choose products or services which interest them or those that they have a strong passion for. These may not necessarily be the best product in making money quick that appeals to the community one is targeting. In selecting the product or services it would be prudent to look at those that would give recurring revenues. These could be consumables or services which people would use on a regular basis. In contrast selling items which are one time purchases would require one to continuously look for new customers.
Process of Wealth Building
Wealth Building can be defined to be the process of creation of wealth to meet immediate as well as future goals.
There are several ways to create wealth.
- It can be created by investing in debt instruments.
- Gold is the next preferred choice of investment.
- Equity is also another most viable option for building it.
- One can put money into Real Estate for asset creation.
It is important to keep track of Income Expenditure ratio to create it. Income must be always more than expenditure. It is important for a person to keep records of daily expenses. It is easy to spend but hard to save. There are different ways of building it. They are as follows:
Mutual Funds: Mutual funds are a great way to create it.
Simple savings: Savings bank account earns a good interest. It can also be a potent tool to build wealth.
Benefits:
Studies: Accumulation of wealth can be done to plan future studies of children.
Health Expenses: It can be used to meet unforeseen health and medical expenses.
Retirement planning: Wealth management can be done to plan a proper retirement in an efficient manner.
Conclusion: The entire process of building wealth has three phases. The first stage is creation. In this stage, people create wealth. The next stage is accumulation. In this stage people accumulate wealth for later stages of life. In later stage they distribute the wealth they earn. Thus a proper planning can go a long way in creation of wealth and hence building a prosperous and bright future.
5 Wealth Building Secrets Of The Rich
You have probably heard people say they have tried everything under the sun and have given up on the idea of building wealth. Could it be that there is a piece of the puzzle that is still missing? People looking for financial success often want overnight results and they wonder why they are disappointed.
Wealth building is a structured process. Rome was not built in a day and neither will your wealth be. If you are not where you want to be financially, chances are there is still something you do not know, or you have not taken any action on what you already know.
Here are five wealth building secrets of the rich that can bring you closer to your goal:
1. Distinguish between wants and needs
A need is something without which your basic survival is threatened, and includes items like food, shelter and clothing. On the other hand, a want is anything else that catches your fancy.
Modern advertising has distorted this distinction, and as a result, most people tend to spend most of their money on the latest phones, cars, gadgets, and other toys they feel are ‘needs’ they cannot live without.
To build wealth, you need to be able to make a clear distinction between wants and needs. Thereafter, learn to satisfy your needs and procrastinate your wants.
2. Save 10% of every penny you earn
Living from hand to mouth does not get you anywhere in the long run. You can really save if you put your mind to it, irrespective of how much you earn. The moment you start saving 10% and living on 90%, you will hardly feel the difference, yet you are building a savings base. The fact that your savings are growing will give you a comforting feeling.
How To Invest Money – Wealth Building Basics
Saving money is usually the starting point for most people who want to be financially free. However, after the art of saving has been perfected, you will notice that your money is not growing as fast as you would like it to. Suddenly interest rates start to make sense. You will automatically start shopping around for where to invest your money for the best return.
If you are able to invest your money at 5%, then your money should double every 20 years, while at an interest rate of 20%, it will double every 5 years. You therefore need to choose a rate of return that is in line with your overall financial goals. In addition, you need to determine how much you can actually afford to invest so that your money can grow as planned.
You can choose to invest for the short-term, medium-term, or long-term. Whatever term you choose, make sure that you have an emergency fund that is easily accessible in order to ensure that your investments grow uninterrupted.
Determine the level of savings above which you can begin to invest, the investment period, and then choose your desired rate of return. Keep in mind though that for some investment vehicles like mutual funds, an initial minimum is required.
To build your confidence, you can start with low risk investments like government securities for which the rate of interest may be low, but the return guaranteed. The idea is to lock up money for at least a year to prove to yourself that you can live without it. Next do your research for investments that pay higher interest rates. Seek professional advice before you invest in the stock market, and acquaint yourself with relevant knowledge of how stock markets work.