Insurance and finance are closely intertwined business areas, especially since they both involve money. They also often involve speculation and risk, and where one goes, the other follows. Taking real estate investment as an example, it involves a large amount of capital investment, followed by insurance to protect the capital investment. It is absurd to put such a huge sum of money into venture capital without protecting it from possible damage. Therefore, it makes sense to store the information for these two subjects together because the relationship is very logical.
Insurance is a form of risk management used to protect the insured from the risk of loss. It is defined as an equitable transfer of the risk of loss from one entity to another in exchange for a premium. There are different kinds of insurance for almost every conceivable event. Probably the most common insurance is life insurance, which provides monetary benefits to the deceased’s family or other named beneficiaries.
It can pay for funeral or burial expenses, and can be paid as a lump sum to the beneficiary or as an annuity. Property insurance is one of the more necessary insurances because property is extremely expensive and if lost or damaged for some reason (fire, earthquake, flood), it can be difficult to replace without adequate compensation. Travel insurance used to be seen as an unnecessary expense, and is still seen as such by many. However, its importance is increasingly being recognized by the wider public. It is borne by those traveling abroad and covers certain unforeseen events such as medical expenses, loss of personal items, travel delays, etc. There are many other types of insurance, the list goes on, all of which are critical if you want to protect something especially important to you or someone else.
There are many subcategories in the financial world, too many to list, but here are just a few. Forex, or the foreign exchange market where one currency is exchanged for another. It includes transactions between banks, speculators, institutions, corporations, governments and other financial markets. The average daily trading volume of foreign exchange worldwide exceeds 3 trillion US dollars.
Tax advice usually involves a CPA and a tax attorney to resolve any tax issues you may have. There may also be professional strategic tax planners and registered agents, depending on the company you hire. They will help you reduce tax debt, eliminate tax penalties, innocent spouse claims, tax liens, bank taxation, prepare incomplete tax returns, and any other tax resolution issues you may have.
Real estate investing generally refers to investors buying real estate for the purpose of making a profit rather than owning it. It is an asset purchased and held for future appreciation, income or portfolio purposes. In some cases, investment properties do not have to be held for profit, as some landlords in New York rent out office buildings to nonprofits for tax purposes. Homeowners consider their home to be an investment, but they are not classified as an investment property. Perhaps if you’re buying a second or third home, it could be considered an investment property, especially if you plan to rent it out to help pay off your home loan.
Business networking is a marketing method that is as old as business itself. It’s been around since people learned to hold a glass of whiskey and chat. In fact, it may have been around for much longer, and the Cro-Magnons probably gathered around the newly discovered fire, showing each other their collected animal teeth and trading. Build a network of crocodile tooth owners and saber-toothed tiger owners who are trying to acquire saber-toothed leopard owners. Business Networking aims to create business opportunities through social networking. It helps if the people involved have the same mindset.
A very convenient way of doing business networking these days is through the internet on the various social media available. But it has to be said that few can beat the intimacy and trust that a face-to-face relationship creates. Besides, where would our merchants be without whisky and weekly chatter?