February 23, 2012

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Is currency trading right for you?

February 13, 2012 By Isobel

You see a lot of nonsense around the web and get a lot of spam emails telling you that if only you can learn the basics about some form of trading or other – then riches are right around the corner.

 

The people sending you such emails always want you to part with your cash in some way, at some point, even when purporting not to.

 

Often, the ultimate advice is to get you into foreign exchange market – or Forex trading.

 

It’s an easy sell. More money is traded on the foreign exchange markets each day than anywhere else – but if you want to dabble at this, you really have to ask yourself if it’s right for you. It may be, it may not. Either way, just make sure you go into it with your eyes wide open.

 

Also, make sure you have a strategy you’re disciplined enough to actually adhere to – and make sure you go through a lot of “virtual” trading that most trading companies and spread-betting firms enable you to, before playing with real money.

 

Currency exchange rates are always quoted in pairs like sterling vs. the US Dollar. The exchange rates between currencies fluctuate on a whole host of factors like real economic data and the perceived future strength of economies and the financial strength of entire countries and/or their governments.

 

So, based on your knowledge, beliefs or instincts, you can trade the difference between the two. If you believe the pound will strengthen in value against the dollar, you will buy pounds with US dollars, and if you’re proved right, you’ll sell the pounds back, thus making a profit.

 

Of course, if you’re wrong, the opposite will be true. So please bear in mind that trading on margin in Forex is very risky. So practice before you do it for real – and use stop-losses until you get a real feel for the whole thing.

 

This article was written by David, a writer who will pretty much write about anything related to finance. His topics range from forex trading to tips for keeping your business afloat.

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Don’t fall victim to fraudsters

December 15, 2011 By Isobel

Did you know that it’s worryingly easy for fraudsters to affect the fraudulent transfer of a property?

The most common way this happens is by someone taking on a rental property and checking with the land registry that there’s no mortgage on it. It also helps if the owner’s living overseas.

The rental is then arranged and once the fraudster moves in, he or she adopts the identity of the owner.

For example, if the house is owned by John Smith, the fraudster “becomes” John Smith. The utility bills will already be issued in the name, and if the owner or letting agent has changed them, the fraudster simply writes to the utility companies saying John’s moved back in, so please change the bills.

“John Smith” can then get a false passport either fraudulently or by a change of name deed (downloadable off the internet!) and use that to get a new passport in the name of John Smith.

Armed with the utility bills and passport “John Smith” then opens a bank account or maybe several.

Then you arrange a quick sale of the hose – to the kind of buyers who advertise that they’ll buy your house quickly for cash in seven days etc. This helps the fraudster as no personal contact is required. When the solicitors check at the Land Registry and do a basic check on the fraudster’s identity  using the passport and utility bills, everything matches up and they send you a transfer deed to sign – a TR1.

There is no verification of a signature on the TR1. So the fraudster signs in the presence of a fictitious witness, and sends it back. A few days later the sale proceeds arrive in the fraudster’s bank account, which he quickly empties and closes before vanishing into thin air. It’s only when the rent doesn’t arrive that the landlord finds to his horror that his house has been stolen!

If you look online, you’re bound to find help and advice to help you out. On David Lichtenstein’s blog, for example, you’re sure to find opinions and reviews on a range of different subjects, some of which may help you out.

There are ways to combat these type of problems as a landlord – but forewarned is fore-armed; keep an eye on your tenants.

 

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Business Man of Many Hats

December 13, 2011 By Isobel

When you run your own business, especially if you work alone, you quickly realise that you have to wear many hats where previously as an employee you only had to worry about the specific task in front of you. One day you might be an accounts clerk, the next a secretary and sometimes a delivery driver or electrician depending on your circumstances. This multi-tasking can all be a bit of shock to some people, but will give you an appreciation of what goes into all the supporting roles which you might not quite of appreciated before.

 

The best way to deal with this plethora of work is to make sure that you are thoroughly organised at all times and have an ongoing plan. Filing is one of the most painstaking tasks but is worth doing properly as you go along to save a horrendous time of it come the year end when the accountant is asking for details you just can’t find. Another question to answer is about what documents you should keep and which should you dispose of? In the UK shredders are widely used to protect data security but don’t get carried away destroying everything – if in doubt take some professional advice from your accountant, solicitor or both on what needs to be kept.

 

Office shredders and other business equipment can often be depreciated on your accounts which can be of benefit to the business so make sure you keep proper records of what you bought when and also keep the purchasing receipts. With your book keeping head on you should be able to track the success of your venture and hopefully see profits rise over time. It is hard work being a jack of all trades but working for yourself is so rewarding it is well worth it: put on today’s hat and enjoy what ever task is required!

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The Shiny World of Business Travel

November 11, 2011 By Isobel

Once again I was up at the crack of dawn this morning, waving my husband off in his second best suit as he headed for a taxi, a train and ultimately a flight to somewhere in Europe – I forget where it is this week – for yet another round of meetings and client dinners. Sound familiar? Make you feel jealous?

Well for me it leaves a feeling of nostalgia as I turn my attention to school packed lunches, lost sports kit and spilt orange juice. Yes you guessed it – that used to be me, and now I am busily becoming a legend in my own laundry room instead of whizzing through the first class lounge in heels you could never push a pram in and having sushi for lunch because I don’t have to choose something I can share with a pre-schooler. Oh well. Such is life – and the small people are all rather gorgeous.

Anyway, back to his lordship and his jet-setting life. You would not believe the kit available to business travellers today: mini paper shredders for the obsessively security conscious, an endless array of gadgets for instant access to essential web sites, emails and conference calls and of course my favourite of inventions – those fantastic home comforts such as the mini kettle, mini iron and mini hairdryer. Bless.

Not that he is interested in purchasing any of these items of course. The hotel he stays in is selected purely on the basis of what he can get someone else to do for him: iron his own shirts? No thanks. Press the button on his own paper shredder when there is a perfectly good business service? I don’t think so. He may just about manage to get himself around the gym un-aided, but hey if there is a personal trainer available then so much the better.

It’s not that I’m bitter or anything, but every now and again I just really fancy staying in a nice hotel… on my own!

 

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How to be more environmentally friendly in the workplace

October 7, 2011 By Isobel

More and more, companies are trying to everything possible to prove their green credentials. Whatever sector they operate in, firms are now expected to behave in a responsible and ethical manner and if they fail to do so, some customers may choose to shun their business – so it’s an important thing to do.

There are plenty of ways for companies to be more environmentally friendly and reduce their carbon footprint and they will often see cost savings if they successfully do this.

Using a shredder can help you to improve your green credentials. Paper shredders are great for disposing of important information and data in a quick and easy fashion. After the papers have been shredded, you’re then able to recycle them, which will lead to few trees being cut down to provide wood pulp to make paper.

It takes somewhere in the region of 24 trees to produce a tonne of paper, so recycling really should be the way forward if you want to have a good impact on the environment.

As well as shredding, there some other things you can do in your firm to ensure you reduce the negative effects you have on the environment.

In order to save some money, you should be trying to cut back on your electricity and gas use. Using energy-saving lightbulbs and efficient equipment is one way of doing this, as is just making sure you turn off computers and lights at the end of each day. This will put less pressure on our resources and it will also produce fewer carbon emissions and greenhouses gases, which will help the environment.

You should be looking to introduce green initiatives around your office whenever possible, as it’s not just the environment which will benefit from the changes you make.

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