Insurance and finance are two closely intertwined areas of business, not least because they both involve money. Both often involve speculation and risk, and oftentimes where one goes, the other follows. Take real estate investing for example, it involves a large amount of capital, quickly followed by insurance to protect the capital investment. It would be ridiculous to spend such a huge amount of money on a project and not protect it from potential damage. So it makes sense to store information about these two topics together, because the relationship makes a lot of sense.
Insurance is a form of risk management used to protect the insured against the risk of loss. It is defined as the equitable transfer of the risk of loss from one entity to another in exchange for a premium. There are different types of insurance for every conceivable event. The most common insurance is probably life insurance, which provides a financial benefit to the family of the deceased or another named beneficiary.
It can cover funeral or burial costs and may be paid to the beneficiary either as a lump sum or as an annuity. Property insurance is one of the most necessary insurances as property is very expensive and in case it is lost or damaged due to some reason (fire, earthquake, flood) it can be very difficult to replace it without sufficient payment. Many used to view travel insurance as an unnecessary expense and still do. However, its importance is increasingly being recognized by the public at large. It is a cover taken by those who go abroad and it covers certain unforeseen events such as medical expenses, loss of personal belongings, travel delays, etc. There are many other types of insurance, too many to mention, all of which are necessary if you want to protect something of particular importance to you or others.
In the world of finance there are many sub-categories, also too many to mention but some of them will be included here. Forex, or the foreign exchange market wherever one currency is traded for another. It includes trading between banks, speculators, institutions, corporations, governments and other financial markets. The average daily trade in global forex is more than 3 trillion US dollars.
Tax advice usually involves certified accountants and tax attorneys in addressing any tax issues you may have. There may also be professional strategic tax planners and registered agents, depending on the firm you hire. They will help you reduce your tax debt, eliminate tax penalties, innocent spousal claim, tax liens, bank charges, prepare unfiled tax returns, as well as any other problem you may have in resolving taxes.
Real estate investment is usually when an investor buys a specific property to make a profit and not to occupy it. An asset that is purchased and held to increase future value, income, or portfolio purposes. In some cases, investment property does not need to be held for profit, as some landlords in New York lease office buildings to non-profit organizations for tax purposes. Homeowners consider their homes to be investments but they are not classified as investment properties. Perhaps if you’re buying your second or third home, it could be considered investment property, especially if you plan to rent it out to help pay off the home loan.
Business networking is a method of marketing as old as business itself. It has been around since people learned to hold a glass of whiskey and a sundry. In fact, a longer time ago, Cro-Magnon man might have gathered around the newfound fire and showed each other their collection of animal teeth and traded them. Establishing networks of owners of crocodile teeth and owners of saber-toothed tigers, who tried to seize the owners of the saber-toothed tiger. Business networks are designed to create business opportunities through social networks. It helps if the people involved are of the same frame of mind.
These days a very easy way to communicate business is online on the various social media available. But it must be said that very few can beat the intimacy and trust that comes from face-to-face relationships. Also, where would our businessmen be without whiskey and the weekly brew?