We’ve all dreamt about the day we can retire, the free time we’ll have to find a new hobby, travel to a new place, or simply, do nothing but sit and relax. But in order to enjoy the retirement years like you want to, you’ve got to plan ahead. In particular, you need to protect five financial freedoms. They are:

1. Guaranteed Income

Have you taken the steps today to secure your financial future: for yourself, your spouse and your family?

Remember when you retire, you won’t receive a regular paycheck. Not having that steady income may come as a shock. You may start to panic as you begin to dip into savings for daily expenses. You may need to live on a strict budget. You may end up needing to find a job. And, if you decide you need to return to work, it most likely won’t be in a full-time position with a full-time salary.

As you think about retirement, you need to realize this: the day you stop working is the day you surrender your guaranteed income. However, by developing a strategic plan now with your financial advisor you ensure that your financial situation is set up so that you can enjoy your retirement years worry free.

2. Travel

The number one thing most people want to do when they retire is travel. In fact, retirees are in the top 3 groups of travelers in the United States and spend about 20% of their retirement income just on travel.

It shouldn’t be a surprise that retirees are on the move. They have the freedom to take vacation whenever they want since the job isn’t tying them down anymore. However, the question that needs to be asked is that as retirees, while you may be able to pack up and go whenever you please, do you have the financial freedom to do so? How can you fulfill your dream of visiting new locales in America or around the globe if you live on a fixed income?

By working with your financial advisor, travel is possible. Together, you can create a retirement plan that includes travel in your financial future so that you don’t need to give up your desire to explore the country and even the world.

3. Legacy

As parents, your instinct is to take care of your children even when they become adults with kids of their own. One of the most important ways you can do this is by giving an inheritance to your kids once you’ve passed on.

While you have many years of making memories with your family, now is the time to make sure you’ve invested your money wisely. Making wise choices means considering the various tax benefits that different financial options have to offer. I know it can be confusing and frustrating to compare the options available to you, and that’s why it’s a good idea to turn to a financial advisor to counsel you on these important decisions. Your family’s well-being is at stake.

4. Autonomy

Life prepares us to be independent, doesn’t it? Sure, at first, we depend on our parents to care for us, to protect us. As we grow older, we build our independence. We start our own families. We become the providers.

However, during the retirement years doubt may begin to creep in about your ability to live autonomously. Without a steady stream of income, you start to wonder if you need to find a job or whether you can afford to live on your own. Talking with your financial advisor and planning for your future can alleviate these doubts and give you peace of mind knowing that you can continue to live the independent life you want.

5. Choice

When you think of retirement, a number of things come to mind, particularly a list of all the things you want to do and the age you want to retire. However, one vital piece of information that you may not have thought about is how much you’ll need to retire AND live comfortably. If this describes you, talk with your financial advisor today. Believe me, you don’t want to wait until you’re close to your targeted retirement age because you might discover that you’ll need more to live the retirement lifestyle you want. Your financial advisor will work with you to make sure you’re saving enough now so your dream lifestyle can be your retirement reality.

Sending money overseas might sound straightforward enough, but without proper planning and research, you could end up losing a lot to fees and poor exchange rates. Particularly if you are buying property abroad or regularly sending money overseas, the differences can become very significant. Don’t be tempted to simply go to your local branch or log into online banking to send a large sum of money, since you’ll invariably end up spending a lot more.

1 – Get a Favourable Exchange Rate

Exchange rates fluctuate all the time, and even a day or two could make a significant difference, particularly with larger transactions. It is important not to take the exchange rates quoted in Google, XE and other such services too seriously, since these typically reflect the best possible rates which, in practical terms, are usually unattainable for consumers. High-street banks rarely have very attractive exchange rates, so transferring large amounts of money by way of a direct transfer will often end up costing you a lot more than you need to pay.

2 – Find the Lowest Fees

Do not be tempted to automatically go for the option with the lowest fees, since you’ll probably end up getting a very bad exchange rate. Consider, for example, the currency exchange offices that you find in airports. They invariably advertise the fact that they don’t charge a commission, but the exchange rate tends to be so poor that you’ll actually end up spending much more. Most foreign exchange companies charge a set one-time fee for each transfer rather than a percentage but, to get the best deal, you’ll want to transfer higher amounts. If you plan to send money overseas on a regular basis, it may even be more suitable to go with a company that charges a monthly or annual set fee.

3 – Don’t Neglect Security

As with any banking activity, you’ll want to prioritize safety and security to ensure your money is in good hands. Always ensure that any international currency exchange service you use is fully licensed and regulated and that they are insured should something go wrong. Fortunately, it shouldn’t take long to find a reliable and trustworthy company given the wealth of information available online. Before making any commitment, be sure to read some reviews, and always familiarize yourself with the small print. If, for some reason, your money goes missing or takes a long time to get to its destination, you need to have guarantees that you’ll be adequately compensated.

Final Words

The most suitable option for sending money overseas will depend entirely on your particular situation. If, on the other hand, you need to transfer a large amount of money, you’ll likely be better off using a foreign exchange broker and targeting a more favourable exchange rate. As always, be sure to compare the options online and get multiple quotes to find the most suitable option.

Managing finances in a business is among the few important things that need to be considered when starting and carrying out a business. It is all about efficiently and effectively utilizing available funds in order to achieve the objectives of the business. Financial management is aimed at planning, observing, organizing and managing the monetary resources of a business.

Small business finance management strategies

Small business finance management is mostly concerned with procurement, allocation and control of financial resources so that a regular and adequate supply of funds is maintained to run a business. Once the funds are in hand, they should be utilized in maximum possible ways at low costs and should be invested intelligently in safe ventures. A few tips that can help you efficiently use your funds while running a small business are:

In the initial years of managing a small business, you need to estimate how much money you need for a decent living and pull out that money from your business income. Now invest the remaining money back into your business for its growth.

Early wins in the form of high profits may urge you to spend it on leisure holidaying or improve your housing status. You need to be firm and defend yourself against such ideas and wait till your business gets a little more established.

The main expense in a business is covering the payroll of your staff. It is advisable not to hire new employees unless you absolutely need them. When things get busy and a lot of work pressure builds up, you may get tempted to hire more people. Try and stretch the existing staff members to their full potential to get through the workload and hire only if necessary.

Try and save up money on applying for loans and procuring inventory. Taking up loans from banks is a common practice in the business world, but it carries an extra cost of its own in the form of interest you pay while returning. Reducing this extra cost can help you add up and save more money in the long run. This can be done by dividing the total money you need as loan and borrowing it in parts over a period of time. This reduces the overall amount of interest you pay back to the bank. Borrowing the entire amount at once will result in you paying interest for the money you are not going to use till later time.

Keep the money separate for paying the taxes and avoid mixing it with other funds. Paying taxes is of utmost importance and since that money is meant to be given away, it should not be kept or used for other purposes.

Bargain the terms of the agreement with the outside contractors and vendors like delivery services, electrician etc., such that you get a grace period in paying your bills. This grace period can be used to manage your funds and prioritize your other bills more efficiently.
Small business finance management can help you cleverly grow a successful business over time.