Financial Freedom Tips

Posts Tagged ‘Planning’

When looking for a business loan, most financial institutions will require that you have a properly prepared business plan that showcases your business, your usage of business loan funds, the industry in which you are operating within, how you intend or how you will continue to market your business, and the expected financial results of the business over the next three to five years. It is always preferable to have a five year financial projection in your business plan when you are applying for a business loan. As we have discussed through our other articles, banks and finance companies have increased their lending standards significantly, and by providing a full five year financial statement – you will show them a level of seriousness and professionalism that is not often provided by other business people.

As an example format, your business plan for a business loan should be formatted in this manner (this is not a steadfast rule):

Executive Summary
Usage of Debt Funds
Products/Services Offered
Corporate Organization and Management Biographies
Economic, Industry, Customer, and Competitive Analysis
Marketing Plan
Personnel Budgets and Head Count
Financial Plan

In regards to your financial plan, you should have a standard profit and loss statement, common size income statement, cash flow analysis, equilibrise sheet, breakeven analysis, and business ratios page. The sample business plan acquirable on LookingForBusinessLoan.com provides you with all of the tools that you need to draft an appropriate business plan.

As we have said before, it is very important that your business plan or prepared financial statements are reviewed by a certified public statement prior to submitting a business loan application. This individual can ensure that there are no existent or material errors on any of the documents that you have produced or have had a third celebration produce on your behalf.

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Copyright (c) 2009 Suzy Vanstrusen

One of the harshest realities in life is divorce. It is depressing that in the US alone, one out of three marriages end in divorce. Aside from the emotional pain that comes with divorce, financial issues are also a challenge. If you’re in this situation, how can you manage your finances more effectively and refrain money problems? Here are some financial tips after your divorce that you would want to consider:

Find a new home

If moving to a new home is an issue, you need to be very careful in choosing or purchasing a new home for you and your children. Make sure that you carefully research not only on the property you’ll purchase but with the mortgage lender you will apply for as well.

Consider getting a pre-approval with home loan first because it will give you an advantage when you negotiate with a home seller. It will also help you determine the exact loan you can afford when you’re choosing prospective homes and it will save you the time in looking at homes that is out of your budget.

Be financially independent

Joint bank accounts or credit card extensions must be changed. You should open up a new statement that is yours alone. This will prevent doable problems in the future. Opening up a individualized statement is also crucial especially if you’re planning on applying for new loans.

Don’t forget to open a savings statement where you can set aside your individualized savings for you and your kids. You should have a separate savings for minor and major emergencies. Build your savings statement so that you can have enough funds to last you and your kids for at least six months in case you need to find another job or in case you get sick and unable to work.

Create a new budget system.

After your divorce, there will be some adjustments not only with your expenses but with your earnings as well. A written budget will help you keep track of your monthly income efficiently so you wont miss any of your bills and financial obligations. It will also help you cut your costs and take away unnecessary expenses from your budget.

Get an insurance policy.

Apply for an insurance policy not just for you but for your kids as well. Don’t just rely on your ex-spouse when it comes to the security of your children. You might need to get a part time job to help you with the expenses that you now have to grappling on your own. Be cautious about getting into a business without doing research on the legitimacy and reputation of the company. Keep in mind that there are a lot of home based business scams out there that can catch you off guard because of your current situation.

Get help.

When it comes to the legalities of divorce, do consult with a professional divorce lawyer. Find a credit counseling company that is reputable and legitimate as they can help you manage your finances more effectively.