Insurance and finance are closely intertwined, not least because they both have to do with money. They also often involve both speculation and risk, and often where one goes, the other will follow. Take real estate investment 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 sum of money on a company and not protect it from potential harm. So it makes sense to store information on these two topics together because the relationship makes so much sense.
Insuring is a form of risk management used to protect the insured from the risk of loss. It is defined as the equitable transfer of the risk of a loss from one entity to another in exchange for a premium. There are different types of insurance for just about every event imaginable. The most common insurance policy is probably life insurance, which provides a monetary benefit to the family of a deceased or other designated beneficiary.
It can cover funeral or burial costs and can be paid out to the beneficiary in one lump sum or as an annuity. Property insurance is one of the most necessary insurance policies as property is extremely expensive and if it is lost or damaged for some reason (fire, earthquake, flood) it can be very difficult to replace without adequate compensation. Travel insurance used to be seen as an unnecessary expense and is still seen as such by many. However, its importance is increasingly recognized by the general public. It is cover for people traveling abroad and covers certain unforeseen events such as medical expenses, loss of personal belongings, travel delays etc. There are countless other types of insurance, too many to list, all vital if you need some of your special interest to you or someone else.
In finance, there are many subcategories, too many to list, but a few will be included here. Forex, or the foreign exchange market where one currency is traded for another. It includes trade between banks, speculators, institutions, corporations, governments and other financial markets. The average daily trade in global forex is over US$3 trillion.
Tax advice usually involves CPAs and tax attorneys in resolving any tax issues. There may also be professional strategic tax planners and registered agents, depending on the company you hire. They will help you reduce your tax debt, eliminate tax penalties, an innocent spouse claim, tax liens, bank levies, and the preparation of unfilled tax returns, as well as any other tax solution problem you might have.
Investing in real estate is usually when an investor buys real estate with a view to generating profit and not to occupy it. It is an asset purchased and held for future valuation, income or portfolio purposes. In some cases, an investment property does not have to be held for profit, as some New York landlords rent 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 when you buy your second or third home, it can be considered an investment property, especially if you plan to rent it out to help pay off the mortgage.
Business networking is a marketing method as old as business itself. It’s been around since humans learned to hold and schmooze a glass of whiskey. In fact it probably has been around for much longer, the Cro-Magnon man probably gathered around the newly discovered fire and showed each other their collection of animal teeth and traded them. Creating networks of crocodile tooth owners and saber-toothed tiger owners, who attempted a takeover bid against saber-toothed leopard owners. Business networks are designed to create business opportunities through social networks. It helps if those involved have the same frame of mind.
A very convenient way of business networking nowadays is via the internet on the various available social media. But it must be said that very little can beat the intimacy and trust created by personal relationships. And where would our businessmen be without their whiskeys and weekly schmooze?