Rishi Lakhani Trading Co | Day Trading & Forex Market Expert https://www.rishi-lakhani-trading.co.uk Rishi Lakhani - World Renown Trading Advisor. Tue, 08 Sep 2020 18:11:42 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.1 A Guide to Retirement Planning https://www.rishi-lakhani-trading.co.uk/index.php/2020/09/08/a-guide-to-retirement-planning/ https://www.rishi-lakhani-trading.co.uk/index.php/2020/09/08/a-guide-to-retirement-planning/#respond Tue, 08 Sep 2020 18:11:13 +0000 https://www.rishi-lakhani-trading.co.uk/?p=76

Saving for retirement can seem like an extremely intimidating prospect as a young adult, however, it has never been more important than now to put plans in place so you have enough money to get through comfortably in your later years. Over the last few decades, there have been significant changes to the way in which people have managed their retirement plans due to the changes in the government’s pension scheme,

With this in mind, it’s important to start planning for your retirement as early as possible to ensure you’re set up for a richer retirement and a more comfortable life once your working days have come to an end.

Understand the time span you have left

The basis of your retirement plans should focus on your current age and the age you plan on retiring. Ultimately the number of years between now and your predicted retirement age should help you put together a rough plan on how to make use of your cash. For example, if you’re in your 20s or 30s, putting your money into stocks and shares carries a high level of risk, but will ultimately allow you to build on your savings in the long-term (approximately 10 years).

Additionally, you need to think logically about whether or not you can afford to stick to current commitments when your retirement plans are nearing. For example, you may be keen to pay off your child’s college fees, move to a large premises and save for retirement – but working out how much you can afford in a set time frame is crucial.

Monitor your expenditure

If you’re used to spending large, you may need to think about whether you wish to keep up the lifestyle when you retire. Having an idea of your level of expenditure will certainly help you to plan for the future. As you won’t be employed at this stage and earning a salary, you’ll likely be living on less money than you’re used to, however, this all depends on how much you have saved before hitting retirement age. Also remember that during the retirement years, you may have already paid off your mortgage and had your children fly the nest which previously would have drained some of your monthly income, so ultimately, you’ll have this extra element of freedom.

Look for ways to boost your income

If you haven’t yet retired, you may still have a few years to boost your pension income. This can be achieved by increasing your pension contributions to however much you can afford. Another option may be to suspend the date you are eligible to take out your pension, so you have more time to save up.

Consider your home as a source of income

If you own a home that is too large now that the children have grown up and moved out, you may be able to consider using it as a source of income when retirement is nearing. Homes are often the biggest purchases we ever make in life, therefore, you may be able to release some of the funds from it through an enquiry release, to guarantee a more comfortable retirement. In this effect, you’ll be taking out a smaller loan which will be paid off in the years ahead or if you happen to pass away.

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How to Prevent Your Business Getting into Debt https://www.rishi-lakhani-trading.co.uk/index.php/2020/09/08/how-to-prevent-your-business-getting-into-debt/ https://www.rishi-lakhani-trading.co.uk/index.php/2020/09/08/how-to-prevent-your-business-getting-into-debt/#respond Tue, 08 Sep 2020 18:10:01 +0000 https://www.rishi-lakhani-trading.co.uk/?p=73

Debt is one of those demons that can creep up on your business and potentially cause it to collapse. While some debt can be controlled, it can very easily end up on a downward spiral and cause you both sufficient stress and at risk of losing your business. With this in mind, you must be aware of how to prevent your business from falling into financial difficulty in the first place. Many entrepreneurs often find out the hard way in the early days through trial and error as they don’t know what to avoid, but this blog should give you some useful tips to prevent your business getting into serious debt.

1. Create a budget

First and foremost, you need to create a budget strategy to get a rough idea of your financial circumstances. This will allow you to gain an insight into where your money is being spent and if there is any possible way you can put your funds to better use. A reliable monthly budget plan should contain the following data:

  • Monthly income and profits
  • Expenses
  • Unforeseen costs

If you have no experience of budgeting, it may be best to hire a professional accountant to oversee your budgeting plan on your behalf. To make the accounting process even easier for yourself, it would be wise to invest in specialist budgeting software to monitor your income and expenditure within your business.

2. Cut unnecessary costs

One of the reasons why businesses fall into financial decline due to spending more than the figure coming in. Once you have determined a company budget, the next stage is to analyse where the money is being spent and if any corners need to be cut. Identify if there are any aspects which caused the start of the debt and aim to rectify these issues. If you simply cannot make cutbacks, you could consider selling off non-essential assets to boost your business profits and get you back on the right path.

Staying out of debt means being clever with your spending decisions, such as:

  • Getting the best deals on your energy rates.
  • Managing stock inventory.
  • Re-evaluating current marketing techniques to select the most profitable.

3. Speak with creditors

If you’re facing severe hardship and simply cannot pay bills when due, it would be highly advised to speak with your creditors. On some occasions, creditors will have a hardship plan in place to aid businesses that are struggling to pay off their debts. If these do not exist, don’t be afraid to be open with your creditors about your situation and ask if there is another way you can settle debts, such as paying in installments. Ensure that the agreement you settle on is realistic and you will be able to meet the terms and conditions.

4. Seek financial help

It can be extremely difficult to seek lending opportunities when you’re already in debt, but it is worth considering a couple of options to determine whether help is available. Some options that you may like to take into account, include:

  • Lending from friends and family
  • Seeking investors
  • Liquidating assets

Pulling yourself out of debt can be a challenge, but it is possible to make a U-turn with the correct guidance. You can seek full financial management to avoid getting into debt and ensure that your business is on the path to success with our help. Please do get in contact to find out more about what we can offer.

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Some Useful Links for You to Get Started https://www.rishi-lakhani-trading.co.uk/index.php/2020/07/22/welcome-to-cloudways/ https://www.rishi-lakhani-trading.co.uk/index.php/2020/07/22/welcome-to-cloudways/#comments Wed, 22 Jul 2020 00:00:00 +0000 http://www.rishi-lakhani-trading.co.uk/?p=1 It seems like you’re running a default WordPress website. Here are a few useful links to get you started:

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