4 Tips to Double Your Income

You might have come across marketing gimmicks that portray that by investing in it, you can double your investment. Such gimmicks have become the trend these days but in no way does it mean that such things are genuine. 90% of such things are a scam that you should be well advised to avoid it. For those people who are aware of how the financial market functions, probably know that though doubling their money in a single stroke is farfetched, certain steps can be taken to maximize their investments.

Whether you are a businessman or a salaried employee, having a substantial saving is imperative. You can’t work your whole life. So, when you stop working, the money that you have saved throughout your lives will serve you well. For that to happen, you need to focus on the present. Proper planning is really important if you want to stay afloat and financially independent. Though the idea of doubling your money can set tongues wagging, you need to approach it cautiously.

Hold on to your investment

If you have a major investment, try to hold onto it. If you only think of the short term, you will not gain anything. If everyone had been hasty, the world wouldn’t have witnessed personalities like Warren Buffett. He turned a meager $105,000 to a gigantic $50 billion empire.

Be aware and invest in stock market

Though the stock market fluctuates greatly, if you are wise enough, you can make a lot of money out of it. Don’t think why share prices of a certain company are falling all of a sudden. If you think that the company has potential and gives you a return in the future, invest in it. But you do have to generalize yourself with all the varying aspects of the share market.

Real estate – a gold mine of sorts

One of the best ways to increase your return on investment is by investing it in real estate. Though the return is in the long term, it is substantial. Considering the soaring real estate prices these days, you can be guaranteed a return that’s at least double your investment.

Different Genders, Different Choices

A few years after I left a major accounting firm to start my financial planning business, a female friend of mine called to say she wanted to do the same thing.

In some respects, this woman was even better qualified than I was. She had been a partner at her accounting firm, while I only stayed six years and rose to the level of senior manager at mine. I went directly into my own practice from there, whereas my friend had gained further experience and connections by working for a time as a financial adviser with a large trust company. We knew each other quite well through various professional groups, and while we did not socialize away from work, she felt comfortable calling me for advice on starting her own business, and I was comfortable giving it.

In fact, I invited her to my offices and had her meet and talk with several of my staff. We were still quite small then, just a few people in a single office in New York. My friend and I were both in our early 40s at the time. Yet even then, I was positioning my business to develop a generation of advisers and managers who could eventually replace me. I told my friend that I thought this was important, since clients establish long-term relationships with our type of firm and they want to know we will stick around. Also, if you want to attract top employees who are younger than you, they need to know that you are building a career path for them that can extend beyond your own.

I pointed out to her that most financial planners, lawyers and accountants who start their own firms don’t do that. They basically just create a job for themselves, one that gives them the income and personal flexibility they desire. If they hire employees, they do not necessarily groom them as successors. Eventually these business owners typically sell or merge their practice with another firm, often sticking around for a few years to ease the transition.

There is nothing wrong with that approach, if it is what you choose, I told my friend. But it is the difference between creating a job and creating an enterprise. You have to decide what you want to do. I chose to create an enterprise.

My friend, ultimately, chose to create a job.

She started her own firm and did well at it. She hired a few employees but did not turn them into successors. As I expanded into other cities across the country, she stayed local. And eventually she merged her firm into another, larger enterprise (not mine). She has taken a position there, which will help smooth the transition of her clients to the new firm. I expect that she will retire within a few years, while I have no plans to quit anytime soon.

My friend did not do better or worse than I did; she just did something different, because it was what she wanted to do. It doesn’t make her less of a skilled planner or a skilled businessperson than me. When I compare our paths, I note that her husband, who has his own professional career, will probably retire soon and she no doubt wants to spend most of her time with him. My wife works in my business, has played a major role in building it and can adjust her work schedule as she chooses without affecting mine.

Women frequently prioritize aspects of their careers differently than men do. Not all women, of course, and those that don’t appear to have pretty much the same opportunities as men nowadays, notwithstanding the identity-politics myths that women are victims of substantial and widespread discrimination.

A study conducted by LeanIn.Org and McKinsey & Co. recently rekindled discussion as to why women are underrepresented in positions of corporate leadership. The study’s findings suggest that fewer women than men say they want a top executive position. Both women and men who did not want upper-management roles cited stress and increased pressure as major reasons for not pursuing such positions.

Similarly, a paper from the Harvard Business School incorporates the results of several studies and draws the conclusion that women felt they could attain the same level of success as men, but that a high-level position in their company would be as likely to be a source of stress and conflict as a reward for excellent performance. The paper also suggested that, in general, women have a greater number of goals than men, spread over a wider array of categories. This may be another reason why some women don’t prioritize executive-level positions.

What about those starting their own businesses? The world of entrepreneurship still skews male, and studies have found that female entrepreneurs face unconscious biases when seeking support and funding. But there is no reason women cannot still be successful entrepreneurs if they choose to pursue that path; in fact, a study from 2010 by the Kauffman Foundation found that while the tech founders surveyed did skew male, the women they included had similar motivations, backgrounds and experiences. And for those who stay in corporate environments and do make it to leadership roles, women meet or exceed the performance of male peers.

Sexism has not disappeared, of course, but for the most part it does not determine our outcomes. Our own choices do that. My friend could have had a similar outcome to mine, if it was what she had wanted. She didn’t want it. It is as wrong to blame that on discrimination as it would be to judge her as less successful than me. I doubt she feels less successful, and I know she has no reason to believe she is. I think we both got what we wanted from our choices.

The young people my friend met at my office many years ago are, for the most part, still with me. Another generation or two have joined us behind them. Many have already started their own families. When someone tells me they are having a baby, I always congratulate them, and I tell them it is up to them to decide how much time they will take off and what their work schedules will be after they return. I adjust compensation and job duties to accommodate whatever they choose. Most of the women who have had children have taken several months off, followed by a reduced in-office schedule and, often, some flexible work from home. No man has ever asked for more than a week or two off, and the only schedule flexibility they need is a sporadic adjustment to meet family needs such as doctors’ appointments and school pickups and drop-offs. I am happy to treat the genders the same if that is what they want. So far, it isn’t.

Equal opportunity in the workplace does not guarantee equal outcomes. In fact, as long as the genders tend to make different choices, it guarantees the opposite. But if it gets people what they need and want from their work, different outcomes can only be a good thing.

Who Is Best Suited for a Lifetime Mortgage?

When you are looking to fund your retirement or access funds in a time of need, without sacrificing your quality of life, there are financial options. One of the most popular choices these days is equity release. There are a number of options and plans can often be adjusted to accommodate the needs of the homeowner. Lifetime mortgages are one popular option and, just like any other plan, it’s important to do your fair share of research before making any decisions.

Different financial options are suitable for different people depending on their needs and overall financial situation. The general minimum age for anyone interested in applying for a lifetime mortgage is between 55 and 60. Not only will your age determine your eligibility but it will also be taken into consideration when calculating how much you may borrow. At the age of 65, you can normally release approximately 20 to 25% of the value of your home. The older you get, the higher this percentage becomes and it can reach as high as 50%.

Another important point to keep in mind is that companies usually implement a minimum loan amount. The minimum usually ranges from £10,000 to £20,000 depending on the lender’s policies and how the homeowner measures up to various criteria. Lenders also usually require that the applicant’s home has a certain minimum value. Again, this minimum varies based on several factors and can be anything from £70,000 to £100,000.

Homeowners who meet the minimum age requirement, as well as the additional criteria, can enjoy the benefits of a lifetime mortgage. One of the main advantages is that homeowners will not need to move out of their existing home. They can continue living in the very house they love without worrying about making any payments. Just like most financial agreements, it’s important to ask your adviser about their cancellation policy. Should you decide to pay off your lifetime mortgage ahead of time, you might be liable for certain fees, and it’s important to consider this regardless of your plans for the future.

When the time comes, and you need to move into a long-term care facility, or if you pass away, your beneficiaries can choose how they wish to repay the equity release. This can be done by selling the property or, if they prefer, they can take out a personal loan in order to maintain ownership of the property rather than selling it. The second option usually proves popular if the property has some kind of historical or sentimental value.