Wealth Creation

You can’t argue that this new decade has been a challenge no matter where you are in the world. From health crisis, – mental and physical to financial crisis – personal and international.

It has also provided us with an opportunity to rethink what matters to us most. While we are gradually being sucked back into a world where “money matters above all else”, there is still a hope that your personal values can remain strong.

Let’s talk about that. What matters to you most?

Yes money is important because our society is built on its exchange as a form of vital energy, but what else really matters? What if I asked you the question?

What would you do if you never had to work another day just to pay the bills?

Through 1,000’s of conversations, the answer when we really dig deep is, family, friends, love and companionship. That is almost obvious because we are not a species designed to live a solitary life. 

It the second level of values where you start to uncover your passions and from passion comes true wealth. Imagine now you have “Enough” money that you don’t have to worried about the basics in life like food and shelter. You even have “more than Enough” so that you can enjoy life with family and friends in a meaningful yet modest way. 

Now explore what comes next. Its actual the answer to the question above – how would you spend your TIME? What would you do if you did not have to work?

Some people trigger a fear response at this point, they are scared to express their thoughts and desires for fear of ridicule (blame social media and trolls) and more importantly they fear failure. What if you told someone and they laughed, that’s bad, but what if you ‘tried and failed’ that’s worse. Well only if you see not achieving something you are passionate about, on your first attempt, as failure!

To live a truly wealthy life means that you have the time and the money to choose how you spend your energy. And when you get over the desire to have a very long holiday, and you arrive home bored, that passion you have will emerge. Then life becomes exciting. 

Do you want to focus personally, locally or do you have a vision for the planet? Do you want to do something for yourself or your family, like learn a skill, a language, a sport, or do you see a need in the community that you could support now you have more time? Maybe you know there is a better way: to feed the poor, house the homeless, produce and distribute food, even reverse the devastating effects of plastic waste or climate change.

Are you feeling energised yet, maybe empowered to think beyond yourself? If you are then there are four habits that truly wealthy people have that you could easily adopt, starting now.

First is Clarity: once you can see an opportunity for A Wealthy Life this becomes the magnet that pulls you forward to accomplish all you set out to achieve.

Control: is crucial because without taking responsibility for your personal finances, your income and expenditure, then you will never know whether you have Enough, More than Enough or a gaping hole in your finances. This is where you decide to manage your money like a master.

Leveraging your Resources: this skill is pivotal when combined with Control, as it enables you to make more from what you have or can control. This is where the income to free your time is created. 

And lastly Legacy: by creating Enough or More than Enough money you become free to make a difference. What difference do you want to make in the world, again at a personal level helping your children or grandchildren, locally in the community or on a global scale. And frankly why limit yourself you can do all three if you want.

Do you feel wealthy? Could you make a difference in the world? What is stopping you?

My website offers a free workbook called The four habits of a truly wealthy life. Please download a copy and start to great your wealthy life today.

Vicki Wusche combines her property investment experience with a talent for wealth strategy and mentoring. As a former university lecturer, 5 times author, international speaker, investor and exponent of A Wealthy Life, Vicki used her experience to combine a unique sets of skills that encompass strategic thinking, business advice, personal coaching and her own investment experience spanning more than 25 years, to add power to her clients lives.

Guidant Global are delighted to announce that Stephen Salmon, a Senior Marketing Executive in the company’s Centre of Excellence, Talent Marketing team, has earned a place in the Guinness World Records books.

Stephen’s finishing time of 3 hours 18 minutes and 15 seconds at the 2021 London Marathon has been officially recognised as the new Guinness World Records time for the fastest marathon in a non-racing wheelchair.

Stephen’s record-breaking effort raised more than £10,200 for Whizz-Kidz, the UK’s leading charity for young wheelchair users which works for a society in which every young wheelchair user is mobile, enabled and included.

Stephen became a wheelchair user in 2008, when he developed spastic paraparesis following a neurological infection while serving as a Royal Engineer in the British Army. In a blog post for the Guidant Global jobs site, Stephen said:

“Completing the London Marathon has been a long-term goal of mine, even before becoming a wheelchair user. Finally accomplishing this goal means a great deal to me. Now that I’ve done it, I’m able to close a chapter that has been 13 years in the making and start a new one.”

In an interview with Guinness World Records, Stephen said achieving the record was “the ‘icing on the cake’ of a fantastic experience and symbolic achievement in re-writing what I had thought was possible for me as a wheelchair user 13 years before.”

Alexa Bradbury, Guidant Global’s Global Director of Marketing, said:

“Just nine days before he was due to take part, Stephen was advised to withdraw after losing 75% of the grip strength in my left hand. To then complete the course in a record-breaking time is just incredible – but unsurprising to those who know him.

“Stephen brings this same determination to his job, and has been the driving force in our journey to Disability Confident Leader status – and in our recent Recruitment Industry Disability Initiative Award win. He’s an asset to the business and we’re fortunate to have him.

“Stephen is at the forefront of our diversity and inclusion strategy and is determined to break barriers and help educate others on disability inclusion best practice. He is proof that having a disability is not a barrier to achieving your personal and professional goals, whatever they may be. From all of us at Team Guidant, congratulations Stephen!”

By Jonathan Sidlin, Financial Planner and Managing Director of HSC Financial Advisers 

While everyone is concerned that they have enough money in later years to ensure a comfortable retirement, for many it is equally important to ensure that children and grandchildren can also benefit from wealth that has accrued whether from pensions, investments or excess income. In order to ensure that this is maximised, it is necessary to start planning at an early stage.

There are a number of products that have been developed to preserve and provide wealth transfer through generations. Although pensions have not historically been seen as a way to provide for the future generations this is not necessarily the case now. In the past, retirees purchased a guaranteed income for life, through an annuity, this was effectively terminated on death or perhaps the death of a spouse. Today however, there is much greater flexibility of pensions so that, through good financial planning, individuals can potentially provide for their children and, in turn, their grandchildren through their pension pot.

Gifting

Of course, one of the simplest ways to pass on your wealth is to gift it to your beneficiaries – providing this is done more than seven years before your death then there will be no inheritance tax. And even if you do die less than seven years after making the gift, as long as more than three years have passed the rate of inheritance tax will be reduced. You can also make smaller gifts at any time although there are limits as to the amount, large gifts must total no more than £3,000 but small gifts up to £250 are unlimited. Wedding gifts of up to £5,000 for your children and lesser amounts for grandchildren and others are also allowed. Regular gifts that come straight out of regular income are normally exempt, eg supporting a grandchild at university.

If you don’t have capital available to gift, it might be feasible to use an equity relief product to extract capital from your property for gifting and so reducing the size of your estate at death. 

If you are planning to make a charitable bequest, it is worth considering the proportion of your estate that it will represent. If it is at least 10% then the inheritance tax due on your remaining estate will reduce from a rate of 40% to 36%. Any charitable gifting that happens during your life is entirely free from inheritance tax and so will also reduce the size of your estate.

Insuring against tax

It is actually possible to invest in a life insurance policy that is designed to cover the cost of inheritance tax on your death. A term assurance policy might also be a good idea, they are designed to cover the inheritance tax liability on gifts you have made assuming you die within the allowed seven years.

Trust funds

There are a number of different types of trust which also work to preserve wealth through the generations, these offer slightly different advantages and need to be selected according to your specific needs. For example, if you need to continue receiving an income from capital but do not need the capital itself, then a discounted deed of trust will be the most suitable choice for you as it allows for income generated to be received by you but the capital itself will fall outside of your estate for tax purposes.

A loan trust on the other hand allows you to access the capital at any time but protects any income from inheritance tax while discretionary trusts allow assets to be put aside for children and/or grandchildren or to protect funds for a vulnerable family member so that the funds may be managed on their behalf. The trustees of discretionary trusts can determine how much beneficiaries receive from the trust and when it is given. They are a flexible solution that protect assets if circumstances change.  

Passing on a business

Business assets are generally treated differently in terms of inheritance tax and you will usually be able to pass them on without incurring inheritance tax whether done during your lifetime or after your death. In terms of land, buildings and machinery, this may well qualify for business relief at 50%. In the case of agricultural land which is part of a working farm, this is generally exempt from inheritance tax.

Planning is key

As with all things financial, planning is the key to success and taking action sooner rather than later. This is much easier if you have substantial funds so that you can start distributing your wealth at an early stage, safe in the knowledge that you no longer need that capital, but even with lower levels of wealth it is still possible to maximise the benefits that your children and grandchildren can receive. As ever, seek financial advice before taking irreversible steps. 

Disclaimer: This is information only and does not constitute advice. Pensions/investments are medium to long term plans and are not guaranteed as past performance is not necessarily a guide to future performance. The value of units can go down as well as up. Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.

About Jonathan Sidlin, Financial Planner and Managing Director of HSC Financial Advisers 

Jonathan Sidlin is a standout financial planner whose proven track record helps his clients build wealth in order to achieve long term financial success. Jonathan is not your ordinary Financial Adviser. He believes every person should be educated about personal finance from an early age to ensure they are presented with the best opportunities in life. It is this unique combination of education and strategy that helps his clients increase their personal wealth and ensure their protection needs are met.   Jonathan provides his clients with the confidence to follow a long-term financial plan, guiding them at regular intervals with the aim of becoming financially secure. 

Jonathan is a Chartered Financial Adviser who graduated from the London Institute of Banking and Finance. His expertise covers most areas of the Financial Planning process, including Pensions and Investments, Tax Efficient Products and Estate Planning Solutions. With an increased focus on sustainability, Jonathan is working to bring more ESG investment options to his clients. 

Jonathan’s clients come from all walks of life and include all ages. Whether it’s a first-time buyer looking to purchase a home, individuals and business owners looking to grow their wealth, or a retired person wishing to draw an income and/or provide for the next generation, Jonathan has strategies for each unique situation. 

Jonathan believes that financial success is built around a basic understanding of money and the choices individuals make when it comes to their finances. Jonathan works with his clients on a personalised basis taking them on a journey to create a tailored financial plan. 

Jonathan offers uncomplicated, authentic advice and prides himself on being down to earth and jargon free. His goal is to make financial wellbeing accessible to all and enable more people to achieve long-term financial freedom.

Website: www.hscfinancial.co.uk  

Large corporations have a strong desire to grow despite the pandemic, finds a unique survey conducted by OP Financial Group, and the Nordic Institute of Business and Society (NIBS) in Finland. NIBS is a think tank founded by professors at Aalto University and led by Professor of Practice Pekka Mattila from Aalto University School of Business.

The survey focusing on Finnish large corporations reveals that despite the pandemic, there has been a sharp growth in the share of companies seeking expansion.

The share of such companies is currently at its highest in the eight-year period studied. In 2022, a third of large Finnish corporations have said they will focus on expanding and developing their operations.

This is a huge 15% increase on the 19% in the depths of the pandemic last year. This rise reflects the economic recovery and brighter outlook for companies; they have had effective buffers in place and withstood the economic turmoil well.

The researchers say that the data gathered for this survey is unique even on a global scale.

The competition for talent has also increased. Nearly 86% of large corporations report strong competition in their sectors for skilled employees and experts.

“Large corporations have realised that they are not only in competitive markets for customers and capital, but also for talent of the highest calibre and for reputation. Awareness that sustainability concerns the entire value chain has grown rapidly, and this applies to subcontracting too. Growth expectations are mainly focused on the outside world, but there is also faith in Finland as a location for production and subcontractors,” says Professor of Practice Mattila.

Difficulties in recruiting talent are also largely a long-term, structural problem which can only be relieved by investing in education and training, and easing the recruitment of international experts, concludes the researchers.

The OP’s annual survey of large corporations measured Finnish executives’ views on business and economic developments.

A total of 189 people from 119 large corporations based or operating in Finland responded to the survey, particularly CEOs, CFOs, and executive vice presidents.

By Amy Domini, Founder and Chair of Domini Impact Investments 

Impact investing is everywhere these days. It’s in the news. It’s on people’s minds. And it’s part of an increasing number of investment portfolios. Investors are embracing the idea that if we are to live on a green planet that allows every human to thrive, they must play an active role. 

As a result, we are witnessing a meteoric rise in Environmental, Social, and Governance (ESG) research for investment decision-making. Dedicated sustainable investing is set to soar to $13 trillion in assets under management by 2025 and analysts are predicting 2022 will be the year that provision of environmental and social considerations of investors becomes a mainstream market driver. Reflecting a booming sector, 67% of financial advisory companies are already planning to buy more shares in ESG-researched products. 

These statistics demonstrate that investors care—a lot. Current events are contributing to ethical investors’ commitment to what I call “investing for good.” Extreme weather incidents and international agreements arising from COP26 have continued to propel climate change to the forefront of investing decisions. Meanwhile, the recent pandemic and the death of George Floyd have seen social and governance issues rise to parity with environmental considerations among conscientious investors.  

Because know that what’s measured gets managed, it’s key that ESG criteria are becoming increasingly quantifiable. The growing realisation that ESG constraints on investment options also reduce portfolio risk is further fuelling interest. And perhaps most significantly, the financial system itself is finally being recognised as a unique vehicle for societal progress. 

Amid this backdrop, for how will socially responsible investing continue to evolve? And will we ever achieve the clearly defined, quantifiable, standardised set of metrics that also allows for investor discretion necessary to allow for the true mainstreaming of the practice? 

Universal ESG standards will emerge

Universal standards are vital, serving as a beacon for conscientious investors and a benchmark against which to test ESG claims. In 2022, debate over the basic tools essential to identifying truly meaningful research and delivery of financial products will likely be settled and financial services companies, or their regulators, will coalesce around at least three ‘gold standards’ of ESG investment. 

The first of these will be whether financial management companies review potential investments with a view towards understanding how they improve universal human conditions and planetary ecology. The key here? These standards must be applied to all investment decisions. 

Secondly, management companies will also be judged on whether they supplement alignment with these standards by proactively engaging with management, generally through shareholder resolutions or active engagement with executives in their portfolio. 

A third key criteria will be the extent to which management companies seek to support the ‘left-behinds’ of capitalism. For example, do they purchase social bonds? Do they invest in indigenous companies?

Together, standards, dialogs, and support for those left behind will help judge the authenticity of ESG claims and separate leaders from followers. 

Empowerment and equitable treatment of marginalised groups will rise

The focus on human dignity and wellbeing is rapidly approaching the attention that the environment has enjoyed for these past several years. 

Recent debates around racism in the US rapidly spilled over into discussions of other historically disenfranchised groups—from immigrants to the disabled. This has helped expose the common thread; all people deserve dignity and opportunity. 

Similar conversations have been happening on a global scale. For example, Japanese companies have focused on gender diversity, while South Africa has improved racial diversity – but both have made less progress on inclusiveness towards other disenfranchised groups. 

To build a better future for all, we must move beyond a tick-box culture that focuses on individual diversity indicators and instead adopt holistic standards based on the commonalities between various marginalised groups. This marks the beginning of a 20-year process to develop more inclusive markers of diversity by drawing on data and engagement with a wide range of advocacy groups.  

As with any complex issue, there is no one-size-fits-all solution. But what is certain is that corporations and investors have a vital role to play in driving empowerment and equitable treatment. 

The single score will end

While the single score has the advantage of offering a bitesize summary for investors, it is a crude measure which fails to offer the nuanced understanding of individual performance metrics such as diversity or highlight subtle differentials between the many measurement systems employed. 

The fact of the matter is that the ultimate investor has specific interests; scores will begin to reflect this. There will always be a desire for a product that emphasizes one or another aspect of our work. While each – the E, the S, and the G – are essential in informing the investment management firm, the reality is that the firm will not weigh them equally. They will measure them with their own unique insights in mind. 

What’s more, many responsible investors reject the notion that corporate governance should be considered on a par with people and planet. There exist companies with poor governance that provide excellent ecological outcomes. Governance is merely a guide to ever-changing corporate culture. It is increasingly clear that single scores no longer serve their original purpose of providing a yes or a no answer to the question: is this good enough to invest in? 

Companies developing sustainable solutions will grow

There is increasing public demand for products and services that contain innovative and sustainable solutions to world problems. Just three decades ago, few companies put thought and effort into producing products that were good for the world. Today, partly in response to investor interest, we see hundreds of companies developing ethical innovations. With tools such as lifecycle assessments, products are also increasingly designed to deliver holistic, whole-life environmental and social benefits. 

We see companies innovating with nutritious meat substitutes. We observe transformations in robotics and smart manufacturing that create safer product production. And we see possibilities for the poor expand when clothing is created with recycled plastics and done so in humane conditions. The social purpose of these companies is not merely an afterthought; it’s baked into their DNA. Crucially, these are publicly traded companies which demonstrate that impact is no longer exclusive to the world of private capital. 

Investors no longer simply create more ethical companies; they are driving an entire market that encourages start-ups to use capital markets to make a difference. By moving away from a narrow focus on financial ROI and funnelling funding towards companies with an ethical purpose, investors have created space for entrepreneurs who are moved by mission as much as by money. 

Standardisation of ESG reporting will increase

Investment managers complain about the difficulties in quantifying non-financial metrics and the consequent major disparities in ESG reporting. Although it can be difficult to develop a standardised definition of a ‘healthy workplace,’ it can be done. If pharmaceutical companies can quantify the value of a little less pain and real estate firms can price a sunset view, why can’t we also quantify ecological and social progress?

Inevitably, environmental impacts will come first; they are easier to measure. But human impacts, as seen by the surge of interest in racial justice this past year, will follow closely behind. 

Diverse perspectives will be accepted

It’s possible to find a company in a socially responsible investment portfolio that seems out of place. That’s because impact investors define ethical behaviour in varying ways. Just as two growth investors may draw starkly different conclusions about growth potential from the same financial report, two impact investors may draw different conclusions about a company’s ethical standards from the same data. A good impact investment is in the eye of the beholder. There will always be diverse perspectives on the viability of prospective investments, but the important thing is that ESG is now a key part of that assessment. 

The ongoing, lively debates between investors about the varying ESG credentials of their portfolios shows that the process is working. Continuing dialogues between companies and society are real success. 

Change will accelerate

Just ten years ago, Exxon Mobil, Chevron, and IBM were among the top ten S&P 500 companies. Today, none of these three even make the top 25. This is, in part, due to millions of individuals joining together in the decision to wean the planet off its addiction to oil. Similarly, the 2019 announcement by America’s Business Roundtable that companies should no longer advance only the interests of shareholders overturned decades of investment orthodoxy.

These changes are indicative of a major paradigm shift that will continue. There are concepts and companies only emerging now that will soon transform the current order. Over time, the influence of responsible investors will further increase the advantages for responsible companies selling safe, useful, and sustainable goods and services. It will make a difference. People are clearly invested in a greater and greener tomorrow and that’s good news for this year—and well beyond.

By: Lee Goggin, co-founder of findaWEALTHMANAGER.com

Lee Goggin, co-founder of findaWEALTHMANAGER.com

When it comes to finding the right wealth manager, the journey might feel quite daunting. After all, it is a significant decision entrusting your hard-earned cash with another individual, not to mention that the sector is notoriously discreet and you may not have heard of many of its best respected brands. 

However, with rising inflation, debates around the future of interest rates, and increased taxation, there is no time like the present to get in touch with a wealth manager to explore the best options for your money. Below I look at the three top factors to consider when shopping around for the right wealth manager for you.

Dismiss the question, am I wealthy enough?

One of the first steps in finding the right manager, is gauging which firms offer assistance to your level of assets. The UK is a crowded and highly varied market, and it can take a lot of research to find the right firm for you. To add to this, recent regulatory pressures, as well as competitive pressures, have caused many wealth managers to review their business models and instead focus on areas where they can be more profitable. By raising the minimum wealth level for prospective clients, many have been turned away by wealth managers.

Yet many firms have gone in the other direction and have reduced their minimum asset thresholds; clients should never have to feel that they haven’t got enough money to approach a wealth manager. In fact, the question of ‘have I got enough money’ should be eradicated. There are services such as our own which will take out the stress of the selection process and find the right firm that matches your wealth needs.

Value is key

Once you have taken the first step and started compiling a list of shortlisted firms, the next most important consideration is costs. This is especially necessary if you have a list of firms which all offer broadly identical services in terms of investment offerings, individual attention from advisers, and any additional services such as financial planning advice.

In a nutshell, you want to keep costs as low as possible whilst ensuring you’re on track for the best possible performance for your profile. Some firms which offer really solid performers will only change 1.5% or even less for a significant portfolio, whilst providing an excellent personal service. If you’re receiving quotes for more than that, ask for the firm to justify their high fees with performance data. A small increase in fees can add up to massive one when compounded over the years.

If you remember nothing else, ask for the firm’s Total Expense Ratio (TER), which is the total cost of running your portfolio, including all charges and costs. This will provide you with a clear picture of the final costs and how much of an impact the fees will have on your final investment returns.

Some clients are happy to pay a small premium for a premier service or for superior returns, but this should always be a conscious choice. If the wealth manager is charging a TER in excess of about 2%, then do not be shy about asking them to justify that fee with performance figures going back a number of years. Be specific that the figures should be for a risk profile which is similar to yours.

You will always get what you pay for in wealth management, as with everything else in life. But you must insist that you really do get the investment returns and service standards which warrant the price. If the potential provider isn’t being transparent with the value of their offering, it’s time to look elsewhere.

In it for the long-haul

A consideration that is often forgotten is the emotional aspect of finding a wealth manager. Your prospective wealth manager is one which you hope will be with you in the long haul to help you plan for the major financial commitments that comes your way in life.

One way to gauge your potential relationship with the wealth manager is asking for their own history, such as how long they have worked at the firm, whether they have dealt with clients who have similar needs to your own, and, importantly, what the process is if they were to leave the firm.

Alongside assessing the longevity of the potential relationship, the perfect wealth manager must also be aware of your financial personality. They should take the time and effort to get to know you as an individual during the assessment, and to understand your risk capacity and tolerance, as well as your reactions to market-moving events. 

A wealth manager could create the perfect investment strategy in theory, but unless they take in your financial personality, the strategy is made almost redundant as the investor will lack faith in the plan due to it not matching their own. This personalised service is why, after all, we use human advisors as opposed to robo-advisers. The perfect wealth manager should be there to not only manage your investment, but also manage you as an investor throughout your wealth journey.

Are you searching for the best Forex Brokers List in the world? If so, then you came to the right place. This article will give you some insight as how to find the best list for Forex trading. Once you are done with this, you will have a clear idea about which brokers should be on your list.

There are many varieties of Forex brokers. For instance, there are the full-service brokerage firms such as banks, investment companies, and insurance companies. The retail or ‘traditional’ brokerage firms trade currencies in the same way as the larger firms. However, their services are limited by the fact that they have not been licensed to trade currencies.

A number of small online broker firms also trade the Forex market. The advantage of trading online is that it provides investors the ability to trade in the Forex market from anywhere in the world. You can access their services at any time, day or night, and you can start trading as soon as you feel comfortable doing so. Many new investors prefer to trade online because there are no hassles and often you can do it from the comfort of your own home.

When looking for the best Forex list, you will need to ensure that it does not contain too many common scams. There are many websites that promise high returns on your investment, but these promises often prove unfulfilling. To avoid falling into such enticements, you will need to first ensure that the list you are looking at is legitimate. If you are dealing with an online broker, then you should be able to verify the legitimacy of the firm by contacting the Better Business Bureau or the local chamber of commerce. If you have friends or relatives who are involved in trading, talk to them about the various firms that they have traded with and what they think of the firm. Alternatively, you could even use a specialized search engine such as Yahoo or Google to find top forex brokers list.

Once you have the list in hand, you will need to identify those brokers who you believe are reliable. If you wish to trade on the Forex market regularly, you should ensure that your broker is dependable and trustworthy. Some of the most important factors that you should consider when choosing a Forex broker are the types of trades that they offer, their fee structure, and whether they have a market-link system with several international banks. If you have friends who are traders and are willing to help you choose a broker, you should consider asking them for advice.

Once you have narrowed down your list of top choices for the best Forex broker, it is time to check out their trading platform. Before selecting a specific broker, you should thoroughly test out their trading platform since you will likely be using it once you start trading. Investing a few hundred dollars in a trading platform can go a long way, since most traders do not fully understand how their platform works and what they should look for when determining which is the best platform.

Since Forex market makers control the supply and demand of currencies, brokers are required to be certified by a particular market. In order to be accredited, brokers must successfully pass several exams given by the AMEX. Brokers also are required to successfully complete a course in order to be re-accredited. This certification is a great asset if you want to hire the services of a particular broker.

Finally, Top 10 Forex brokers are regulated by the Commodity Futures Trading Commission (CFTC) and The National Futures Association (NFA). These agencies perform inspections of brokers’ businesses, as well as their activities. Brokers are strictly required to inform both the CFTC and the NFA about any instances that they are engaging in transactions with a customer. In addition, brokers are required to register with the SEC and meet other legal requirements with regards to their businesses.

This is a Sponsored Feature

The new UCL Global Business School for Health (GBSH) has recently entered into a Memorandum of Understanding (MOU) with Prince Sultan University in Saudi Arabia, dedicating themselves to working together to improve global health.

By entering into this new collaborative relationship, the two institutions are committed to working together to enhance their development efforts in the healthcare sector. This will include undertaking joint research, developing specific projects around global health issues, and cooperating on the design and delivery of executive education courses, degree programmes, and study trips abroad.

The UCL GBSH is the world’s first business school dedicated to health and healthcare management. The new school aims to elevate the global impact of healthcare delivery and transform healthcare access, experience, and outcomes around the world. They will achieve this by empowering healthcare management leaders of the future through high-quality education so they can make a difference to healthcare systems globally.

Professor Nora Ann Colton, Director of the UCL GBSH, said: “The College of Business Administration at Prince Sultan University is an excellent business school training professionals across a number of areas of business. We believe that this collaboration will strength our education and research approach to healthcare management and business while enhancing our global connections and offering.”

The Dean of the Faculty of Population Health Sciences at UCL, Professor Ibrahim Abubakar, said: “I am very pleased that our new Global Business School for Health will be collaborating with the College of Business Administration at Prince Sultan University. Our shared interest in advancing world class education and research for health businesses globally will be mutually enhanced by this agreement.

Prince Sultan University, the first private university in Saudi Arabia, is also driven by a shared purpose to make the world a better place through education, research, and innovation. They aim to provide the Middle East with a quality education to the highest international standard.

Dr. Ahmed Yamani, President of Prince Sultan University, said: “Our partnership with UCL demonstrates our continued commitment to work closely with world-leading educational institutions. PSU is truly proud to be directly linked to one of the milestone changes in the Higher Education System in this country, and that is the introduction and establishment of private higher education.”

Professor Mohammad Nurunnabi, Aide to the President on Ranking and Internationalisation, said “We are proud to partner with UCL, a world-leading university. This partnership aligns with our vision to provide the Middle East with quality education of the highest international standard, and our commitment to Saudi Vision 2030.”

The new UCL GBSH has been established to address issues seen in the global health sector, including labour shortages and gender inequality in leadership, as well as other issues brought to the forefront throughout the pandemic. Through this new collaboration with Prince Sultan University, the schools will be able to devise and provide increasingly effective developments to combat challenges faced by this sector.

By: Tony Xia– director of The Mortgage Agency based in Sydney.

If you feel like your credit cards and other debts have you in a chokehold with no room for air, you can breathe easy knowing that you have a few lifelines.

What’s more, you can actually increase your wealth whilst still paying off your debt.

Here are some strategies you can employ to maximise your savings, minimise your debt, and begin growing your wealth.

How Debt Consolidation Can Help

The debt consolidation loan strategy works by calculating how much money is required to pay off your debts in full, including any penalties for early repayments.

Then, you take out a personal loan for that amount only and pay off all your debts.

Consoling all your debts into one single personal loan can come with many benefits:

• Your debts are all housed in one place, so you only have to worry about one payment to one lender. You know precisely how much the amount will be, so you can plan and budget for it appropriately.
• You have a clear repayment schedule, rather than numerous accounts going off at different times for different amounts. Managing your finances can be much easier when you only have one payment scheduled.
• There is an endpoint in sight. When you have different cards credit cards and loan terms, it can feel like you’re never going to be out of debt and become despondent. When you have an end goal, you can work towards it slowly and steadily.
• If you’re not managing your total monthly repayments, you can structure your personal loan over an extended period and reduce your repayment amount. While this will likely result in more money spent in the long run because of interest, it can provide immediate financial relief to get you back on your feet.

Why Debt Snowballing Can Be Effective

If you don’t want to take out any more loans, the debt snowballing method can be an effective option.

This method takes the smallest debt you have and focuses all your energy on repaying that debt early while still servicing your other debts as required.

Focusing on one thing at a time can help you stay on track and maintain motivation, especially when it’s a small amount and can be paid off relatively quickly with a few extra repayments and cash injections.

The victory of paying off one loan will translate onto the next until you only have a few more long-term loans remaining, such as a car, a mortgage or a tertiary education loan.

Is Refinancing a Good Option?

If interest rates have gone down since you took out your mortgage and you’re stuck with a fixed rate home loan, you can benefit from the lower interest rate by refinancing your home loan to a variable rate mortgage.

Keep in mind that there can be two disadvantages of refinancing to a variable mortgage:

• Refinancing your home loan costs money. Although you can benefit from a lower interest rate, consider whether it’s worth the cost of refinancing.
• Variable-rate home loans can be volatile. If interest rates increase, you could land up paying even more money than you were initially.

But, the other benefit of having a variable rate home loan is that you have the option of linking an offset account.

Why an Offset Account Can Save You Money

An offset account is a transactional account linked to your home loan. The money in your offset account is offset against the balance of your home loan, and you are only charged interest on that.

So, the more money you have in your offset account, the smaller the interest on your mortgage will be.

If you have any savings, it’s a good idea to keep them housed in your offset account.

You can request your employer deposit your salary into your offset account every month. An offset account is transactional, so you can still use the money when and how you’d like. The key to an offset account is keeping the balance as high as possible for as long as possible.

How To Create “Good Debt”

“Good debt” refers to investing in assets that will increase in value, and the loan interest is often tax-deductible. The income generated from these assets can be used to service their debt.

Once you have paid off enough of your mortgage, you can access your property’s equity. This money can be used to put down a deposit on a home loan for an investment property.

Or, if you continue putting savings into your offset account, you could use that money towards a deposit.

In both of these instances, you still have the debt of your mortgage to repay, and you may have other debts you’re busy paying back, too. But you’re creating wealth simultaneously.

Key Takeaways

Being wise about how you repay your debts is important to maintain a good credit score so that lenders are in good faith to approve your future home loan applications.

If you’re struggling to manage multiple debts, consider a debt reduction strategy such as debt consolidation or debt snowballing. The sooner you’re able to get your loan repayments under control without defaulting on any, the better.

Refinancing your home can result in lower repayments if interest rates are lower. And, if you set up an offset account, you can continue paying your previous mortgage amount, and the excess will be offset against the balance of your home loan to reduce the interest.

You can use an offset account as a savings account, and the more money you deposit, the more interest you’ll be saving on your home loan.

Once you have all of your debts under control, you can focus on creating “good debt”. You can use the equity from your home or the funds in your offset account towards a deposit on investment property and begin your journey to wealth creation.

Author: Tony Xia

Tony is the director of The Mortgage Agency based in Sydney. He is specialising in a holistic approach to home loans to help the clients with getting the right outcome based on their specific financial circumstances.