Tag: finance

Contributing per capita: countries with the most billionaires

Image source: huffpost.com

Business revenues account for a big portion of a country’s gross domestic and national product. The more successful a business in a country is, the more funds are funneled and circulated among business owners, as well as the people that supply these businesses. This is why you can estimate the amount of money circulating in a country by counting the number of billionaire citizens. Based on the latest records, here are the top countries with the most billionaires. Steve Sorensen Embezzlement.

USA, 705 billionaires
Home of the top 3 richest people on earth plus 702 other billionaires, the US is the world’s richest economy and is at the forefront of modern capitalism. With a combined wealth of $3,013 billion, the world economy is directly affected by the performance of the country’s biggest businesses.

China, 285 billionaires
As the saying goes, when China speaks, the world listens. Being the biggest economy in the world has its perks. Because of the sheer size of its market, global brands jump through hoops just to enter the local Chinese market while local businesses thrive due to local support as well as global exports. Steve Sorensen Embezzlement.

Image source: chinadaily.com.cn

Germany, 146 billionaires
Europe’s tech powerhouse is not a country to belittle. While its total billionaire’s wealth is just almost half of China’s at $442 billion, Germany is known for innovation and technology and world-class quality products. With several legacy brands and a lot more up and coming companies, Germany is on the rise but is still seen as economically conservative by several European countries. Steve Sorensen Embezzlement.

Russia, 104 billionaires
Europe’s sleeper economy, this Eastern European country has slowly made its way as a top contender in manufacturing and in technology. With a strong support from the government and improving ties with other nations in terms of trade, Russia is one of the countries with the fastest growing number of billionaires in the last 20 years. Steve Sorensen Embezzlement.

Important reminders for young business owners

Image source: financetopup.com

Young business owners often have their work cut out for them, especially when they’re taking on a startup alone. For many first-time entrepreneurs, several things have to be considered. And while many blogs already tackled the topic, it’s still good to review some of the basics. Steve Sorensen embezzlement.

Learn about the basics of accounting.

The basics of accounting will help a business owner understand the rest of the financial aspect of his or her company. It includes knowing about cash flow, interests, loans, and taxes. Steve Sorensen embezzlement.

Image source: moneyforlunch.com

Stick to the budget, but also be flexible if needed.

The budget, which is computed during the formation of a business plan, is very important. It is a limit to which the business can go no further in terms of expenses. However, when the opportunity to expand presents itself, revisiting and adjusting the budget has to be done. Steve Sorensen embezzlement.

Get a trustworthy accountant.

Even if business owners have an idea of how accounting works, hiring a professional is always the best course of action. They can also give sound advice on finances. However, if the business owner is an accountant himself, then, he needs an assistant to help him with the other facets of the business. Steve Sorensen embezzlement.

A straightforward guide to financial goal setting

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Steve Sorensen Embezzlement. So many people consider the new year as their chance to start new goals that will improve their lives. Taking care of finances, however, requires willpower and accountability. Here is a guide for those who have resolved to improve their financial stability this year.

Do a financial health assessment.

Steve Sorensen Embezzlement. Before coming up with a plan, it’s important to check where one stands when it comes to finances. Looking at income, debt, and savings is a must before setting time-bound goals. Some even consult with financial experts to prepare for the year ahead. To become better money-wise, a person must change spending habits and become more consistent with spending and paying-off debts.

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Set SMART goals

Steve Sorensen Embezzlement. SMART stands for Specific, Measurable, Achievable, Realistic, and Time-bound. With these in mind, one must spend a good amount of time drafting financial goals especially for more complex ones. Instead of just going with “earn more money” or “pay all debts,” putting down the details into writing will make the commitment more serious. Writing down the target budget as well as the amount that needs to be saved and paid, will help a person stick to the plan.

Create a budget and financial log

Steve Sorensen Embezzlement. Whether it’s in an old notebook or an Excel file, having a log of all income and expenditures will let a person know where the money was used. If there are goals that need to be achieved, this record will also show where a person currently stands. For those who want to be good stewards of their money, creating a budget regularly allows them to think about their purchases thoroughly. This will also instill the discipline of saving that they can use even after they’ve achieved financial stability.

Tips on gaining financial freedom

Toward a debt-free life — Steve Sorensen

For some, financial freedom equates to early retirement. For others, it can mean having a debt-free life, not having to work a 9-5 job anymore, or having money set aside for the kids’ college tuition. But no matter how one defines the term, the sad fact is many think that reaching financial freedom is a pipe dream. But provided one follow the tips below, they should find that it isn’t impossible at all.

Managing finances and more — Steve Sorensen

Firstly, get a grip on your budget. While this sounds obvious, many folks still go about managing finances with no clear direction. Remember that the budget is the map from one point to another; carefully plot what money comes and goes out per month. Steve Sorensen.

Sorting out needs and wants– Steve Sorensen

The second advice is to make a clear distinction between needs and wants. This may be quite difficult and challenging, but must be done, nonetheless. A person must just keep in mind that they should have most of what they truly need: food, shelter, clothing, access to education and healthcare. So, develop the mindset that most of the basic needs are covered; the rest are but wants. Steve Sorensen.

Lastly, create an emergency fund. It can be incredibly daunting to face debt, especially when those credit-card and high-interests loans get out of hand. If one doesn’t have money put aside, debt essentially becomes an endless, vicious cycle as you’ll never know when the next big emergency spending will occur. It’s all about making headway. A good analogy is to look at one’s emergency savings as a bucket they can use to bail them out when the tide rushes in. Steve Sorensen.