2023 is set to be a big year for the finance industry with advancements in AI and blockchain technology paving the way for revolutionary new fintech products. For finance professionals, it is important to stay on top of the latest news and events so that your business doesn’t fall behind. With that being said, here are 3 ways to stay on top of the financial market in 2023.
1. Use an economic calendar widget
The economic calendar is a schedule of significant economic events and announcements that are expected to occur over a specific period, typically for a month or a year. These events can range from economic reports and indicators, such as Gross Domestic Product (GDP), inflation rates, and employment figures, to central bank meetings, speeches by policymakers, and other financial data releases.
The economic calendar contains hundreds of events throughout the year so, it can be difficult to keep on top of what is happening. Luckily, many platforms offer economic calendar widgets that can be downloaded onto your PC and can be kept open via opening a webpage in the background of your work.
These widgets provide live market data and automatically update to show the latest events in finance. It is also possible to use an economic calendar widget to set alerts for events that you are particularly interested in so that you don’t miss out.
2. Listen to a news podcast
Financial news podcasts are a great way to know what's going on in the finance industry without having to read through hundreds of different articles every day. These podcasts typically take the most important stories and summarise them into digestible segments that you can listen to on the go.
There are a number of options out there that offer unique insight into current news and events. Some of the best podcasts include the FT News Briefing, Motley Fool Money and the This Is Money Podcast.
When choosing a podcast to listen to, try to choose an option that is unbiased, professional, and objective. This will ensure that the news you are receiving is reliable and not forged from opinion.
3. Follow news platforms on social media
Another easily-digestible way to keep on top of the news is to follow your favourite financial news sites on social media platforms such as Twitter or Instagram. News outlets often use their social channels to summarise key stories into much shorter posts that can be read in seconds or saved so that you can catch up at a more convenient time.
Whatsmore, keeping up with financial news on social media will allow you to gauge how consumers are responding to major stories. Social media comment sections are typically filled with people sharing their thoughts and opinions. This could be particularly helpful when making decisions about actions that you or your business could take in response to the news.
Conclusion
If you are involved in the finance industry, you must stay up-to-date with the latest news and events. Luckily, you don’t need to spend hours reading through newspapers or journals to do this in 2023. Instead, we have revealed three alternative news sources to consider that could help you to stay on top of important events in the industry.
Source: Pexels
2023 is set to be a big year for the finance industry with advancements in AI and blockchain technology paving the way for revolutionary new fintech products. For finance professionals, it is important to stay on top of the latest news and events so that your business doesn’t fall behind. With that being said, here are 3 ways to stay on top of the financial market in 2023.
1. Use an economic calendar widget
The economic calendar is a schedule of significant economic events and announcements that are expected to occur over a specific period, typically for a month or a year. These events can range from economic reports and indicators, such as Gross Domestic Product (GDP), inflation rates, and employment figures, to central bank meetings, speeches by policymakers, and other financial data releases.
The economic calendar contains hundreds of events throughout the year so, it can be difficult to keep on top of what is happening. Luckily, many platforms offer economic calendar widgets that can be downloaded onto your PC and can be kept open via opening a webpage in the background of your work.
These widgets provide live market data and automatically update to show the latest events in finance. It is also possible to use an economic calendar widget to set alerts for events that you are particularly interested in so that you don’t miss out.
2. Listen to a news podcast
Financial news podcasts are a great way to know what's going on in the finance industry without having to read through hundreds of different articles every day. These podcasts typically take the most important stories and summarise them into digestible segments that you can listen to on the go.
There are several options out there that offer unique insight into current news and events. Some of the best podcasts include the FT News Briefing, Motley Fool Money and the This Is Money Podcast.
When choosing a podcast to listen to, try to choose an option that is unbiased, professional, and objective. This will ensure that the news you are receiving is reliable and not forged from opinion.
Source: Pexels
3. Follow news platforms on social media
Another easily-digestible way to keep on top of the news is to follow your favourite financial news sites on social media platforms such as Twitter or Instagram. News outlets often use their social channels to summarise key stories into much shorter posts that can be read in seconds or saved so that you can catch up at a more convenient time.
Whatsmore, keeping up with financial news on social media will allow you to gauge how consumers are responding to major stories. Social media comment sections are typically filled with people sharing their thoughts and opinions. This could be particularly helpful when making decisions about actions that you or your business could take in response to the news.
Conclusion
If you are involved in the finance industry, you must stay up-to-date with the latest news and events. Luckily, you don’t need to spend hours reading through newspapers or journals to do this in 2023. Instead, we have revealed three alternative news sources to consider that could help you to stay on top of important events in the industry.
There is something that attracts us to water and we want to explore it and be by it. Luckily, it is now easier than ever before to own a boat and use it to your heart’s desire. By owning a boat, you can achieve a new level of freedom that you never knew existed. You will be able to experience this world in a way that you never knew was possible. If you are interested in buying a new boat, you should pay attention to these financial tips.
Boat loans
Buying a boat is both simpler and more complex than one would think. The first thing you need to think about is financing the boat, and you can do that by taking a boat loan. A good boat loan lender will offer more than just money, they will tell you about other aspects of financing a boat. Anyone who lends money usually has one goal, to give you money so they can make more in the future.
This is why you want to find someone who will take greater care of the whole situation. It is easy to find anyone who can give you money, but finding someone reliable is different. This is what you want when you are buying a boat, just imagine the following. If you did not know anything about cars, would you want a lender who tells you that you just need a car and nothing else? From common knowledge, you know that cars are more complicated, and that includes boats.
Boat taxes
Depending on how you will use the boat, different taxes may apply in the future. Again, buying a boat is much more than just a one-time payment, there will be more costs along the way. The important thing is to be ready for these payments which will come as taxes, as with anything in life. These taxes go to fund things important for maritime activities such as on-the-water services and boat facilities.
You can deduct the sales taxes by being smart about your boat buying. You can also deduct the boat loan depending on if you plan on living on it or if you are chartering it. Chartering a boat is just a term used for renting a boat, the term is more used for yachts. The IRS has pretty detailed instructions for these deductions and it is better to take a look at them yourself. Real financial advice should always come from an expert in your region.
Fuel
A boat will use more fuel than you would think. We usually associate water with something that runs smoothly, but it is not easy for boats to move. Boats always use more fuel than cars, which is an important cost that you must take into consideration.
Besides that, combustion products end up in both water and air and thus pollute the environment. If you want to leave a lesser trail, you need a more fuel-effective boat. These kinds of boats are also better in the long-term because you will spend less fuel by buying a more expensive boat.
Your wishes
Buying a boat is about fulfilling your wishes, not something you really need. Buying a home or a car is one thing, sometimes you need to settle for something less due to other circumstances. When it comes to buying a boat, it is most important to feel unique satisfaction.
Of course, you can not expect to buy a yacht if you are not a millionaire. But, saving up a bit more for your dream boat is very important. You are buying this to fulfil your wish, so make sure to fulfil this wish with your dream boat.
These core tips serve to give you a realistic picture of what buying a boat looks like. They were carefully sourced so you could read about things people do not talk about often. By knowing these things and how they function, your boat purchase will sail much more smoothly.
It is important to be ready for this process so you can get on board ASAP. There will be paperwork and you will need to pay more money than you think, but there are hardships with everything in life. As long as you keep on moving forward during any kind of storm, you will be able to sail right into your happiness.
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The pandemic has been the catalyst for the world becoming increasingly cashless and in recent years, increasing numbers of young people have been using “buy now pay later” platforms, been subjected to crypto scams and exposed to financial misinformation on social media. These threats are inherently unique to Gen Z and didn’t exist ten years ago.
In order to help combat these risks and support and equip young people with the knowledge and skills necessary to build a healthy relationship with money, we need to make conversations about money and finances more real, relatable and practical.
Teaching young people financial literacy has the potential to empower them, giving them greater financial security and confidence and improving social mobility. With research suggesting that 67% of young people do not feel confident planning their financial future, this has never been more important.
Here are 5 top financial tips for Gen Z:
1. Be careful when using money lending platforms
Over the last few years, money lending platforms have become increasingly prominent, being an available payment option on most online retailers. These platforms make it considerably easier for young people to fall into debt without realising it, as they can use them as the default payment when making purchases from a wide variety of online stores. Unlike normal purchases, “buy now pay later” schemes enable young people to impulse-buy without having the upfront funds needed – this can lead to unsustainable debt and risks impacting young people's future credit scores. If young people aren’t careful they can get trapped in a cycle of buying items they can’t afford.
When it comes to money, being able to manage it well is part of a healthy lifestyle. Many of us can be tempted to make impulse purchases, especially when access to “buy now pay later” schemes is so easily available, but it’s really important to have a plan to pay off the debt. It’s also worth setting yourself spending limits so you only buy what you can afford to pay back.
2. Use discounts
As the cost of living rises, discounts have never been more important for young people – yet many don’t use them to their advantage. Numerous high street brands offer student concessions through platforms such as UNiDAYS. When buying your next pair of trainers you should use these websites to save you money.
3. Keep learning
It’s important to familiarise yourself with financial terms and to increase your knowledge of financial products and services, such as pensions, savings accounts and investments. There are many ways in which you can do this, such as through online learning, or by following personal finance influencers on TikTok, YouTube or Instagram. But don’t forget, it’s really important that you do your own research – if an offer for cryptocurrency sounds too good to be true, it probably is. And consider whether the ad featuring a celebrity influencer that’s encouraging you to invest your money is real or if it’s been faked.
4. Budgeting
Whilst it sounds obvious, saving and setting a budget have never been more important. However, whilst it can be hard to keep track of your spending, there are numerous apps which are great and do the hard work for you. Nowadays, many mobile banks highlight your spending patterns, meaning you can work out where you need to be more frugal to save money over the year. Budgeting is also great as it takes away any element of surprise (for example the pandemic, recessions etc), helps you plan ahead, and gives peace of mind regarding your finances, helping to reduce anxiety.
5. Use comparison sites
Customer loyalty doesn’t always save you money. But there are some great deals from providers if you are willing to search for them. By using comparison sites you can save money on everything from energy bills to phone contracts. A little time spent researching could save you significant money and stop you from overpaying on bills.
About the author: Sharon Davies is CEO of Young Enterprise, a national financial and enterprise education charity that helps young people learn to earn and look after their money. Learn more at www.young-enterprise.org.uk.
Get the help of the experts
When you are first getting started in real estate investing, it is important to seek out the help of professionals who can guide you through the process. This could include a financial advisor, accountant, lawyer, or even a mentor. These individuals will be able to help you understand the ins and outs of real estate investing and make sure that you are taking the right steps financially. For example, if you inherited a property that you are looking to rent out, a financial advisor can help you determine the best way to manage that property and its finances. Similarly, you can also reach out to an estate planning attorney who will then be able to help you set up a trust or LLC for your real estate investing business, which can provide you with asset protection and tax benefits. Meanwhile, an accountant can help you keep track of your expenses and income so that you can stay on top of your finances.
Create a business plan
Investing in real estate is not something that should be done on a whim. You need to have a solid plan in place before you even start looking at properties. This business plan should include your investment goals, a budget, and a timeline for when you hope to achieve your goals. Without a clear plan, it will be very difficult to make smart decisions about your investments. For example, you may end up overspending on a property or holding onto it for too long without seeing any return on your investment.
Investment goals
Your investment goals will largely dictate the type of properties that you are interested in purchasing. For example, if you are looking to generate income from rental properties, you will want to focus on finding properties that are in good condition and located in desirable areas. On the other hand, if you are hoping to fix and flip properties, you will want to look for homes that need some work but have good potential. No matter what your goals are, it is important to be clear about them from the start so that you can make the best decisions for your business. If you are unsure about what your goals should be, you can always reach out to a professional for guidance.
Budget
Your budget will also play a big role in the types of properties that you can purchase. You need to have a realistic idea of how much you are willing to spend on each property. Keep in mind that there will be additional costs beyond the purchase price, such as repairs, renovations, and marketing. If you don't have a lot of money to work with, you may need to look for properties that are less expensive or that need some work. Meanwhile, if you have a larger budget, you will have more options to choose from. Regardless of your budget, it is important to make sure that you are not overspending on any one property. To begin creating your budget, you will first need to calculate your estimated expenses, which can include things like the purchase price of the property, any necessary repairs or renovations, and ongoing costs like property taxes and insurance. As soon as you have a better idea of your expenses, you can start setting aside money each month to save up for your real estate investment.
Timeline
Your timeline will determine how quickly you need to see a return on your investment. For example, if you are looking to retire in the next five years, you will want to make sure that your real estate investments are generating income so that you can reach your goals. On the contrary, if you have a longer time horizon, you may be able to take on more risk with your investments. This means that you can consider properties that need more work or that are located in less desirable areas. You will also be able to hold onto properties for longer if you don't need to sell them right away.
Do your research
When it comes to real estate investing, knowledge is power. You need to do your homework and learn as much as you can about the market, the process, and the different types of properties before you start investing. There are several great books and online resources that can help you get started. Additionally, you may want to consider taking a real estate investing course or joining a local investment group. These resources will provide you with valuable information that will help you make smart decisions about your investments. For instance, a real estate investing course may teach you about the different types of properties that you can invest in and how to find the best deals. Meanwhile, joining a local investment group will be able to help you expand your network and learn from more experienced investors.
Keep good records
Last but not the least, another important tip for real estate investors is to keep good records of all of their expenses and income. This will come in handy when it comes time to do your taxes or if you ever need to show your business expenses to a lender. Additionally, good record keeping will help you keep track of your progress and see how your business is doing over time. Fortunately, there are now various tools that can help you track your expenses and income, or help you keep organised records. You just have to leverage technology to your advantage.
These are just a few of the things that you should keep in mind when you are getting started in real estate investing. By following these tips, you can set yourself up for success and avoid making any costly mistakes. Rest assured that with a little bit of planning and some expert guidance, you can be a successful real estate investor.
However, the RBA has cited recent positive data on inflation and employment as justification for their decision. They believe that these indicators show that the economy is returning to normal levels of activity and that interest rates need to return to pre-pandemic levels in order to maintain financial stability.
While some experts are concerned about the potential impact of higher rates on already indebted households, others believe that this is a necessary move in order to ensure the long-term health of the economy. Only time will tell whether or not the RBA's decision was the right one.
But one thing’s for sure - with the ever-changing landscape of the Australian economy, it is time for people from all walks of life to better their budgeting skills, cut back on expenses where possible or seek out a financial advisor on the Gold Coast you can trust for tips on how to manage money during these uncertain times.
What Impact Will RBA Rate Rises Have On Average Households?
The RBA has already lifted rates twice this year, and more hikes are expected in the months ahead. So what does this mean for average Australians?
For those with a mortgage, higher interest rates will mean higher repayments. This will put a squeeze on household budgets and may force some people to reconsider their lifestyle choices. For example, you may need to cut back on your spending or get a part-time job to make ends meet.
If you're looking to purchase a property, higher interest rates will also make it more difficult to afford a loan. As such, you may need to save a larger deposit or look at cheaper properties.
In the current economic climate, rising interest rates are inevitable. However, by understanding how they will affect you, you can make the necessary changes to keep your finances on track.
How Better Budgeting Can Help Mitigate Rate Rises
The rate rise highlights the need for households to be more mindful of their spending and budgeting. With interest rates expected to continue rising over the next few years, now is the time to start planning ahead and making sure your finances are in order. Here are a few simple tips to help get you started:
- Make a budget: Work out what your regular expenses are and track your spending over time. This will help you identify areas where you can cut back on non-essential expenditures.
- Save regularly: Put aside a fixed amount of money each week or month into a savings account. This will give you a buffer against future interest rate rises and unexpected expenses.
- Reduce your debt: If you have any outstanding debts, try to pay them off as quickly as possible. This will reduce the amount of interest you're paying and free up more money for saving in preparation for future rate rises.
What Budget Changes Should I Make When RBA Lifts Cash Rates?
When the Reserve Bank of Australia (RBA) lifts the cash rate, it's important to review your budget to make sure you can still meet your financial obligations. Here are a few changes you should consider making:
- Review your mortgage. If you have a variable rate mortgage, your repayments will increase when the RBA lifts rates. However, if you have a fixed-rate mortgage, your repayments will remain the same. Either way, it's important to review your budget to make sure you can still afford your mortgage repayments.
- Review your credit card payments. If you're carrying a balance on your credit cards, your minimum monthly payments will increase when the RBA lifts rates. Make sure you factor this into your budget so you don't get caught off guard.
- Review your savings goals. When interest rates go up, so does the interest earned on savings accounts. If you have money saved for a specific goal, such as a down payment on a house or a new car, you may want to adjust your budget so you can reach your goal sooner.
Making these changes to your budget now will help you stay on track financially when the RBA raises interest rates.
How A Financial Advisor Can Help Manage RBA Rate Rises
As the RBA starts to raise interest rates, many people are wondering how it will affect their finances. A financial advisor can help you understand how the rate rises will impact your specific situation and make recommendations on how to adjust your budget and investment portfolio accordingly.
For instance, if you have a variable-rate mortgage, your monthly payments will increase as rates go up. This could put a strain on your budget, so you may need to cut back on other expenses or consider switching to a fixed-rate loan. If you're investing in stocks and bonds, rising interest rates can also affect your portfolio's value.
However, with the help of a financial advisor, you can make changes to your investments that will minimise the impact of higher rates. In short, a financial advisor can be a valuable resource as you navigate the challenges posed by RBA rate rises.
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To help you on your journey, here are several tips that all successful traders follow religiously.
They Have A Plan
The first and most important thing that all successful traders have is a plan. This plan includes their investment goals, risk tolerance, and entry and exit strategies. Without a plan, it is very easy to get lost in the sea of information out there and make impulsive decisions that can lead to large losses.
To come up with a plan, you need to first determine your investment goals. Are you looking to make a quick profit or are you more interested in long-term gains? Once you know your goals, you can start thinking about how much risk you are willing to take. Higher risks usually mean higher potential rewards but they also come with a greater chance of losses.
After you have determined your goals and risk tolerance, it is time to develop your entry and exit strategies. These will be the rules that you follow when buying and selling assets. For example, you may decide to only buy stocks that are trading below their intrinsic value or you may sell an asset as soon as it reaches your desired profit level.
They Use Automation
Many successful traders use some form of automation in their trading. This could be something as simple as using a trading bot to execute their trades or it could be a more complex system that includes algorithmic trading. Using RoboForex, you can easily automate your forex trading strategies. For instance, using the MetaTrader platforms allows you to set up expert advisors that will automatically follow your trading rules.
Additionally, using automation can help you to take emotion out of the equation and make more logical unbiased decisions. It can also help you to execute trades faster which can be crucial in the fast-paced world of trading.
They Keep A Trading Journal
Another important habit of successful traders is that they keep a trading journal. In this journal, they track their trade setup, entry and exit points, and profit or loss. This helps them to stay disciplined and accountable for their trades. It also allows them to go back and review their previous trades to see what worked and what didn’t.
This has shown to be an extremely useful exercise for many traders as it allows them to improve their performance over time. If you don’t already keep a trading journal, it is highly recommended that you start doing so.
They Have A Risk Management Strategy
Risk management is one of the most important aspects of trading. Without proper risk management, it is very easy to lose all of your capital. That’s why successful traders always have a risk management strategy in place before they even enter a trade. This strategy includes things like setting stop losses and taking profits at predetermined levels.
By having a risk management strategy, you will be able to limit your losses and protect your capital. This will allow you to stay in the game even when things are going against you.
No matter how good of a trader you are, there will always be times when things don’t go your way.
That’s why it is important to prepare for the worst. This includes having enough capital to cover your losses and being able to emotionally handle losing streaks. Many traders blow up their accounts because they are not prepared for a losing streak. By having the proper mindset and capital in place, you will be able to weather any storm.
They Stay Up-To-Date
The world of trading is constantly changing. New products are being introduced, regulations are being implemented, and economic conditions are always fluctuating. That’s why traders need to stay up-to-date on all the latest news and developments.
This can be done by reading financial news articles, following thought leaders on social media, and attending industry events. There are also many great resources like Traders Laboratory where you can find useful information and connect with other traders. By staying up-to-date, you will be able to make better-informed trading decisions and you will also be able to adapt to changes in the market quickly which can give you a competitive edge.
Conclusion
Successful trading investors tend to follow similar patterns and guidelines to be successful. Some of these include automation, maintaining a trading journal, implementing a risk management strategy, and staying up-to-date with the latest news and developments. By following these tips, you will be on your way to a more successful trading career.
