Do you already enjoy surfing specialist forums and searching eBay for second-hand goods?

Buying and selling used timepieces may be a perfect fit for you.

With assistance from The Watch Exchange London, we’ll give you a shortlist of the most essential things to know about buying and selling second-hand watches.

We want to educate you about the second-hand watch market so you can get a good deal if one comes your way.

What You Should Know About Watches

Wristwatches walk the fine line between fashionable and functional.

Those produced in previous decades are highly desirable and are frequently released in limited or small batches.

Wristwatches are an extremely important piece of equipment that has evolved over time to become a fashion statement.

They are emblems of wealth and might.

Complications & Movements Inside the Watch

Simply put, a ‘complication’ is any additional function on a watch other than telling the time.

These can range from as basic as an AM/PM indicator to as complicated as a helium escape valve for deep diving.

Knowing that a chronograph is simply a timepiece with a stopwatch is an excellent way to add pizazz to your lingo.

A watch’s worth rises with its number of features, but the more complex they are to repair and the more likely they are to malfunction, the more valuable they become.

What You Should Know About the Watch Market

Like a collectable market, the second-hand watch market is governed and legitimized by the prospect of investment.

Watches are classed as “wasting assets” in the UK, and their appreciation is not taxed under capital gains tax for non-traders.

This should be kept in mind since it has encouraged and justified large investments in timepieces.

Because these items are considered investments, they’ll always retain a baseline worth.

Investment goods create an economic climate in which commodities are purchased up, become rare, and sellers can raise prices when selling watches.

Secondhand Patek Philippe and Rolex timepieces have appreciated in value over the last two decades, surpassing a number of other investment categories.

There has been an increase in the number of new investors lately.

As a result of this, the market does not appear to be currently overbought, which is encouraging for our buying and selling.

The watch business is experiencing a resurgence in how it does business, with a shift away from physical stores to the internet.

People buying and selling online or people buying and selling in person are the main market players today.

It’s unusual to come across someone who purchases on the internet and then offers in person.

Traders used to conduct a significant amount of business by trading with one another or in physical shops until around ten years ago.

Finally, with the advent of internet selling, it became simpler for individuals to sell.

The market is available to all economic agents as long as they have enough cash to invest.

The post Definitive Guide to Making Money Selling Watches appeared first on Italy Mag.

Sometimes, constructing your property can be less expensive than buying one.

The finance required will depend on the investor’s intended scale and scope of property and of course, the budget for the same.

To choose the best method of funding, reliable and expert financial consultancy will be essential.

A few suggestions on property development finance are given below, and the right advice from a consultant can guide you with clarifications and explanations to make the best choice.

Construction Loans

These are short-term loans to finance the construction of a property.

The security will be the property being constructed.

The funds are usually disbursed in phases, on completion of each stage of the project.

Once the construction is over, the repayment is made by paying the loan in full, or by a combination loan, which starts with a construction loan and then becomes a permanent loan.

A rather large deposit is required.

However, many such loans are interest-only loans, so interest is paid monthly only on the money borrowed without paying part of the principal loan as well.

Bridge Loans

These are also short-term bridge loans, used for a down payment for a new house before another house is sold.

It is based on another property standing as collateral.

The amount of the loan is usually based on the combined value of both houses.

The four types of bridge loans are:

Closed Bridging

For a predetermined time frame which gives more security for repayment.

Interest rates are also lower.

Open Bridging

The repayment method is not fixed, and there is no predetermined pay off date.

For security, the loan interest is usually deducted from the loan advance.

The interest rates are generally higher.

First Charge Bridging

The lender gets the first charge over the property and, in case of default, the lender will receive repayment first.

These interest rates are also lower.

Second Charge Bridging

The lender becomes the second charge, under the first lender.

The repayments will be made only after the first charge lender is paid.

The interest rates are higher.

However, the second charge has the same repossession rights to the property as the first one.

Bridge loans are usually quick to obtain and are flexible with repayment terms.

However, in case the loan cannot be repaid in time, the lender can recoup your property.

Commercial Real Estate (CRE) Loans

These are mortgages obtained by a lien on a commercial property which is income-producing.

They are more expensive since they are for the specific purpose of building or buying property to use for commercial purposes.

The terms can range from short-term to more extended, but the time for repayment can extend to beyond the loan period.

Deposit and interest rates can be higher.

The common types of CRE loans are:

Permanent Loans

Are first mortgages on commercial property.

They are for a longer period and must have some amortisation and a loan period of at least five years written in the contract.

SBA (Small Business Administration) Loans

There are various SBA loans for different borrowers.

They are both secured and unsecured.

Unsecured loans are usually for smaller amounts and cost more with shorter repayment terms.

Secured loans are for larger amounts against the security of an asset like another property.

Mezzanine Finance

Is a balance between debt and equity financing, where the lender has the right to convert to an equity interest in case of default.

It does not require property as collateral.

It is a way for raising funds for specific projects and can provide higher returns.

The advantage of mezzanine financing is that the interest is deductible for tax.

It can have fixed or variable interest payment structures.

It is subject to senior debt, but there is no amortisation of the principal loan.

Long term saving on interest costs can be accrued by restructuring mezzanine financing into senior debt at a lower interest rate.

However, it is often an unsecured debt and more expensive.

Because of the risk, some lenders may ask for warrants to participate in the success of the borrower.

Conclusion

Before deciding on the type of funding to be used, a budget will need to be drawn up, including costs of construction.

Additional costs will need to be taken into account, specifically the facility (arrangement) fee, interest rate and exit fee on completion.

Various other charges will also add up – fees for valuation, legal, administration and monitoring.

Drawdown fees (when every instalment is paid to the borrower) may also apply.

Depending on the loan, documentation will have to be provided, usually to cover the creditworthiness of the borrower, an evaluation of the property and plans for the building.

So, ahead of the final process, seek the expertise of a professional and experienced financial consultancy to find the right “easy methods” for you!

The post 4 Easy Methods to Raising Property Building Funds appeared first on Italy Mag.

Many of you might have experienced that.

And it is obvious that not everyone knows everything about the right way to invest.

Lack of knowledge always results in a bad investment, especially when you are investing money for the safe and secure future of your family.

A family financial advisor can help you to choose the right field of investment with maximum profit rates.

Before helping you to choose the best family financial advisor, let’s first understand whether you should hire it or not?

Reasons To Hire A Family Financial Advisor

It Can Offer You A Greater Investment Variety

A family financial advisor offers investment products that the managers of the banking entities cannot provide.

This is how one can optimize the investment options and thus obtain maximum profitability on their savings.

Helps You Achieve A Financial Protection For Growing Family

A financial advisor can help you design a plan and a strategy.

Which, in return, allows you to achieve financial protection for a growing family considering factors like tax rate, investment risk, etc.

Additionally, once the plan or strategy is implemented, a family financial advisor will know how to adjust it on the fly if necessary.

It Is Dedicated Exclusively To You

Unlike the personal managers of banks, a family financial advisor works independently and offers his services exclusively to his clients.

It Allows You To Live With Peace Of Mind

Just as you trust other professionals for your decisions regarding your life, such as lawyers or doctors, similarly in financial decisions for your family, you can trust a family financial advisor to get the most out of your investment and your savings.

It Allows You To Prepare For The Future

The plan that a family financial advisor designs, not only includes the current situation regarding the present value of your investment assets, current tax costs, etc.

But also allows you to make an ideal investment at the right time.

Choosing The Right Family Financial Advisor

Thinking to hire a family financial advisor?

Here are some tips that can help you to find a family financial advisor that is perfect for you:

100% Independent

Make sure your family financial advisor is 100% independent.

Remember that their role is not to sell products, but to recommend you the best investment options so that your savings are safe and productive.

By getting informed, one can reduce the risk to purchase inappropriate products.

Proper Qualification

It is essential to choose a family financial advisor who is properly qualified.

A qualified advisor will get more out of your money and by helping you to avoid making wrong decisions.

A specialized family financial advisor must know your profile ‘inside out’ including your personal situation, investment capacity, risk, performance expectations, etc.

Written Information

A responsible and ethical family financial advisor should provide you with the financial product information in writing.

That way, you can analyze it calmly and see all the possible commissions or penalties, interest rates, risks, etc. that are offered.

Problem Solving

Of course, the right family financial advisor should resolve all your issues without leaving you a trace of doubt about any investment bet.

If he can’t do that, it’s better to find another advisor.

Availability

The professional family financial advisor must accompany you throughout the investment process.

This way, you can avoid mistakes that can affect your investment; negatively.

Final Words

So, these were the advantages of hiring a family financial advisor, along with some tips to choose the best one.

We hope these tips can help you find a good family financial advisor.

Tip: Hire a family financial advisor that fits your budget.

They are the one that you can trust while planning your finance for a growing family.

The post How To Hire A Family Financial Advisor appeared first on Italy Mag.

Your financial independence is no different.

Whether you want to save for retirement, send your children to college, buy a house or pay-off student debt.

You need a plan before you start. And the sooner you create a plan, the better your end-goal will be.

This article reveals the six steps needed to generate a financial plan and to turn your goals into reality.

These six steps are:

Define Your Goals

As we mentioned earlier, the first step in any plan is to list your financial goals.

These are specific to you and can change over time depending on your current life situation.

For example, a recent college graduate might prioritize student loan payments over saving for college for their future kids.

A recent retiree might prioritise controlling expenses and maximising the return on their investment portfolio.

Wherever you are in your own financial lifecycle, list what is most important to you.

You can set short-term and long-term goals as well like shorter-term medical bills or a long-term vacation house.

Takeaway

You need to define your goals before you make your plan. An archer doesn’t pull his bow before defining his target.

Track Your Spending

There’s two ways to increase your net worth:

1. Increase how much you make (income) and how much you own (assets)

or

2. Decrease how much you spend (expenses) and how much you owe (liabilities)

By ruthlessly reducing expenses you’re automatically increasing how much money you have at the end of the month.

And thanks to technology, tracking expenses has never been easier.

Take the Personal Capital app (not sponsored, just a great product).

It trackshow much you spend every day, week, month, etc.

There’s a few easy expenses to cut-back like going out to eat, streaming services or new clothes.

Netflix costs less than $15/month.

Yet that’s $180/year.

You can save an additional $100-$200/month by cooking more meals at home rather than eating out. Just those two changes alone result in an extra $2,580/year in savings!

Takeaway

Cut back on various expenses to maximize the amount you have at the end of each month. Then you can use the extra savings for Step 3.

Save For Emergencies

Now that you’ve ranked your priorities and developed a plan to track expenses, it’s time to focus on emergency savings.

It’s your safety net in the event you lose your job, take extended time off work due to illness or a costly house/vehicle repairs springs up.

Here’s a startling fact: 40% of Americans could not cover an unexpected $400 bill right now.

Emergency savings are different for every individual.

For example, a retired couple without kids and a paid-off mortgage might spend $2,500/month.

Whereas a family of 4 young kids have an average monthly spend of $6,600.

The ideal emergency savings account should have 3 months of expenses saved.

Once you have 3 months of emergency savings it’s time to move on to Step 4.

Takeaway

Set aside 3 months of average living expenses in case of emergency.

Kill The High Interest

Now it’s time to tackle the liabilities side.

There’s a couple ways to do this: Debt Avalanche and Debt Snowball.

You can read this article for information on the debt snowball method.

For now we’ll focus on Debt Avalanche.

One of the best ways to reach your financial goals is to pay off high interest debt.

Different people classify “high interest” debt differently.

For our purposes, anything over 7% is considered high interest.

Takeaway

Rank your current outstanding debts from highest to lowest interest rate. Then pay off the highest interest rate debt first.

Start The Hustle

If you really want to accelerate your goal deadline, start a side hustle.

A side hustle comes in many forms.

You could Uber or DoorDash on the side.

You could start a side business mowing lawns.

Doing this allows you to put more money in your pocket on the income side.

Takeaway

Start a side hustle to accelerate the achievement of your goal.

Invest, Invest & Invest

Congratulations! You’ve made it to Step 6!

That means you’ve made a plan, tracked expenses, created an emergency fund, paid-off high interest debt and started a side hustle.

You’re on the fast track to fulfilling your financial goals and dreams!

Now you can focus on investing that extra cash to make more money for you.

In other words, that money you were spending on high-interest debt can go into an investment account with the potential to earn 10-12% returns.

Here’s the best part about investing. Time is your friend.

The more you invest at a younger age the more money you will have over time.

The reason? Compound Interest.

Let’s say someone invests $5,000 in the stock market at 25.

She adds $1,000/year to her account for the next 20 years.

Here’s how much she would have under a few different assumptions:

• Year 20 Balance at 7%Annual Return: $63,213.60
• Year 20 Balance at 10%Annual Return: $96,640
• Year 20 Balance at 15%Annual Return: $199,642.81

That’s quite the difference!

Takeaway

Invest, invest, invest. Let the power of compound interest take care of the rest.

The post 6 Steps to Building Your Financial Plan From Vision to Reality appeared first on Italy Mag.

The UK faced its biggest financial crash in 2008, which took a deepening and devastating toll on the economy.

With no quick recovery, despite the government using every possible method to turn this financial crash around, this affected the growth of UK’s economy for the next years to come.

And, as it affected the economy, it also affected the finance markets.

The stock market fell, people lost their jobs and savings started diminishing.

Now, in 2020, we are currently facing the devastating impact of the Covid 19 on the entire world, the world economy and the stock market.

As this virus takes its toll on the health of the people, it is also taking its toll on the finance market.

Steeping back to the previous year, 2019, the uncertainty of Brexit or no-Brexit also took its toll on the financial market and the real estate market.

Be it estate agents in Manchester or real estate agents in Buckingham, they can all agree that the uncertainty around Brexit certainly affected the number of houses that were being sold in the real estate market. Why?

Because people did not want to take the risk of parking their money in a bad investment.

Similarly, people were not very keen on keeping their money in the stock market because of the shaky economy and the uncertainty in regard to the future.

After all, it takes a lot of factors to affect the macro economy of a country.

With the new election results, the Brexit decision and the currently devastating Covid 19 virus, the financial market is sure to be affected.

Coming back to the future, here are some ways that the finance market might change in the UK in 2020.

10% Correction

With Boris Johnson leading the UK out of the EU on 31 January, with the upcoming US presidential elections in November 2020 and with the current trade tensions, 2020 is sure to be an interesting year.

However, according to some analysts, the stock market will see a 10 per cent correction, at least.

Boost From Foreign Investments

Due to Brexit, this is a great time to buy stocks in the UK since the prices are low.

With the certainty that has been brought about by Brexit and the increased confidence of overseas buyers and overseas investors will give the domestic assets the boost they require.

Increase in Pound Sterling

Since the pound is currently at a low rate, this is a great time to secure your investment.

After the general election, the Conservative party won with a strong majority which was a great sign for the UK economy and the financial markets.

As the politicians promise to come into the upcoming parliament elections with a turbo-charge and billions of pounds, the pound will definitely rise. And as the pound rises, the stock market will too.

No Change in Investment

As per research, around 50 per cent of the current investors say that they will continue to invest the same amount as they did previously.

However, it is likely that these investors diversify their portfolios and start investing in the Asian and American markets, not only the UK market.

Renewable Energy Becomes Most Loved Investment

While technology is one of the most common stocks among investors, as well as utilities and infrastructure, which basically includes big companies and development companies, there is a new stock that is becoming a new favourite.

An investment in renewable energy is the new top pick among affluent investors in 2020.

Green energy is the new change that will take over the finance market by a storm.

FTSE Will Hit Big Numbers

With the FTSE hitting approx 7900 in May 2018 and around 7600 in December 2018, there might be a possibility that it will hit the high mark in 2020.

Experts and analysts are predicting that there might be a possibility that the FTSE will hit the 8000 benchmarks in 2020.

However, it is also important to note there are a certain few that are predicting it might drop lower than 6500.

Growth in the Stock Market

Strategists and analysts at Goldman Sachs predict that 2020 will be the year of the growth of the UK stock market.

With the increased political clarity coupled with the labour market’s resilience, there could be a visible and impactful growth in the finance market of the UK in 2020.

Huge Dividend Payouts

Great news for investors, there will be huge dividend payouts in 2020!

FTSE will continue to give huge amounts of cash to investors.

Considering the number was around £90 billion last year, this year, the number is expected to rise.

Clearly, 2020 is a great time to be a dividend investor!

The post 8 Ways the Financial Markets Might Change in 2020 appeared first on Italy Mag.

Finance is such a broad and dynamic topic that it’s almost impossible to know everything about it.

Not to mention the most basic fundamentals are often changing over time.

The best thing you can do is keep up with current events and law, stay open-minded, and actively question your assumptions.

That being said, everyone makes false assumptions regarding money.

Below are some of the most habitual misconceptions people have about money and how to avoid them.

Investing Requires A Lot of Money

Many people are under the impression that they should only begin investing when they’re older and are making more money.

This can be a very costly mistake.

The longer you wait to begin investing, the longer you are missing out on compound interest that will work in your favor.

Tax Refunds Are Always Good

Everyone loves finding out that a tax refund is heading their way.

Although they might just sound like extra money in your pocket, refunds come from a few sources:

• Refundable Tax Credits, such as Child Tax Credit, Earned Income Tax Credit, or American Opportunity Tax Credit.
• Tax deductions that lower your taxable income. Some examples include: student loan interest, itemized deductions, and standard deductions.
• Excess Tax withholding from your paychecks.

If your tax refund is from the third source, Excess Tax withheld from your paychecks, it indicates that the government withheld too much from your pay.

This means you are giving the government an interest-free loan.

You are missing out on having that money in your pocket if you are having too much withheld from your pay cheque.

This can be dangerous for individuals who might be struggling financially.

For Americans who use their tax refund to pay off debts, receiving a big tax refund during tax time means they are paying more in interest throughout the year while they are waiting for their tax refund.

An Example of How This Works

Imagine that you have a $1,000 balance on a credit card that has a 25% interest rate and can only afford to make minimum payments every month.

So, you plan on using your tax refund to pay off your debt completely.

Though this may get rid of your debt, if you didn’t over-withhold taxes, you would have had more money throughout the year to pay off your debt.

This means you would have spent less money on interest while waiting for your tax refund to arrive.

It is definitely your personal preference if you want to adjust your withholding allowance to get a bigger pay cheque or a bigger tax refund.

Some might prefer getting more money in their pay cheque, while others might prefer a larger tax refund as a saving mechanism.

Either way, one important thing to consider is to see how new tax laws affect your tax situation.

Whether you prefer a larger pay cheque or tax refund, it is critical to adjust your withholding every year.

Investing is Risky

There have been several market crashes within the past few decades, namely the dot-com crash, 9/11 market crash, and the Great Recession.

Though these events might scare some people from investing their money, a market crash doesn’t always mean investing is bad.

Retirement accounts will tend to falter, but will recover and continue to grow over time.

Many people are under the impression that investing is similar to gambling in the sense that it’s all a matter of having inside knowledge.

Investing, fortunately, can be relatively simple and effective if you stick to proven methods.

A great way to invest and save for retirement is through index funds.

Index funds diversify your portfolio and minimize the chance you’ll lose your money.

They are also low-cost and offer solid returns.

Leave a 30% Balance on Your Credit Cards

Many people are under the impression that they need to hold a balance on their credit cards so they receive more rewards and build credit.

This is one of the most persistent credit fallacies!

Though it is true you need a balance when the statement closes, you can immediately pay off the entire amount once the statement closes.

This will not damage your credit.

If you pay off the card before the statement closes, then the credt provider will report your balance as $0.

The best way to set this up so you get the most benefits is to register automatic payments that process after the statement ends, but prior to your due date.

You can set up automatic payments for the full statement balance with withdrawal dates on or before your due date.

The post 4 Huge Misconceptions People Have About Money appeared first on Italy Mag.

These poor financial decisions are often spur-of-the-moment, impulse buys and can end up being financial burdens that could catch up to you later.

A good question to ask yourself is: “how do I break bad spending habits to help reach my financial goals?”

Switching your wealth mindset is going to lead you to a healthy relationship with your finances.

Taking the time to write down bad money habits you need to kick will set you up for financial success.

Here are some valuable tips to increase your financial health that will help you make the most of your year.

Don’t Get FOMO

FOMO stands for “fear of missing out” and occurs whenever you feel sad about or regret not going to an event or trip that your friends are planning.

FOMO is definitely understandable and happens to everyone, but it shouldn’t set you back monetarily.

If you truly think joining an upscale yoga studio or going on a trip to Thailand will help you achieve your goals, by all means, go for it.

Just make sure to consider whether or not FOMO is causing you to make that purchase instead of your own personal motivation.

It’s also important to note that tickets to events typically get more and more expensive as they get closer to the start date.

If you decide to go to an event, ensure that you purchase tickets ahead of time.

If you end up going last minute the chances of the price skyrocketing is likely, so it’s crucial that you plan ahead.

Don’t Hide Budgeting Goals From Friends & Family

Making your budgeting goals clear and transparent to your friends and family is a great way to maximise savings across several aspects of your personal life.

This helps prevent getting sidetracked by last-minute plans that could fall out of your projected budget.

It also makes your friends and family members more understanding if you decide not to spend more than what you are comfortable with on gifts.

If you are able to get a group of friends or family on board with your savings plan, there are plenty of fun and creative ways to collectively budget!

You can host potlucks, find group discounts for events, food, and household items, share subscriptions for online services, or even have challenges for who can save the most money over a period of time.

All in all, having a close group of friends or family to support your personal finance goals is a great way to remain motivated.

Watch Your Spending on Conveniences

Convenience purchases have been on the rise with on-demand services.

Though they are a nice treat once in a while, little thought typically goes behind them.

If you catch yourself making regular convenience and impulse purchases, it might be time to reevaluate your spending habits.

Eating out alone can get in the way of your budgeting goals, and on-demand food delivery services can really put your spending over the top.

Stop getting fast food every day and learn to make the dishes you enjoy yourself.

You can make these dishes in bulk, separate them into freezer containers, and enjoy them throughout the week.

Making a strong effort to improve on these spending habits earlier on, will take the stress out of paying for expenses and enhance your overall financial wellbeing.

Organising healthier spending habits and being adamant about planning out more affordable meals is a great habit to start in the new year.

As your spending habits mature, so will your financial portfolio.

Slowly you’ll witness yourself becoming more resourceful on those nights you don’t want to cook and will save you a lot of money in the long run.

Even making coffee at home rather than picking up a cup of Starbucks can make a difference.

Buying coffee is roughly five/six dollars a day which amounts to $2,000 a year.

Instead of spending that cash each morning, brew up a cup of coffee at home and transfer that money into your savings.

Set a Savings Goal & Stick With It

Something that seems pretty obvious to do, but happens more than we think it does is not setting aside money for saving or investing.

Many people end up spending more than what they actually have.

Taking on loans and using credit cards too often can easily place you in debt that can quickly spiral out of control with negligence and high interest.

Not buying more than you can afford, spending less, and setting aside savings funds will alleviate this bad habit.

I like to use the 50/20/30 budgeting rule to form the framework for setting my personal finance goals for the year.

For those who are unfamiliar, the rule is based off your after-tax pay and is split to spending 50% on only the necessities such as rent or mortgage, followed by 20% going towards your savings, and finally, 30% being allocated towards whatever you want it to, like hobbies, shopping, or eating out.

From here, you can modify the percentages and allocations to whatever your 2020 budgeting goals are.

For example, if you want to save up for a house or new car, you might switch the 20% and 30% to bump up your savings.

Some banks and credit unions will allow you set up your accounts to automatically have a portion of your paycheck to be split into separate accounts when it lands in your account, which is a great way to help you achieve your goal for the year.

Don’t Be Afraid To Spend

On the opposite end of the budgeting-spectrum is being afraid to spend anything at all.

If you have been saving to the point where your health, happiness or general wellbeing is taking a toll, it’s time to break that habit.

Spending “fasts” can also result in irresponsible and unpredictable splurges once they are over.

It’s definitely better to maintain a healthy balance of spending and saving throughout the year.

This also encourages good, consistent behavior instead of periodic episodes of irresponsible money management.

The post 5 Ways to Break Your Bad Money Habits appeared first on Italy Mag.