Insurance and finance are closely intertwined business fields, not least because they both involve money. They also often involve speculation and risk, and often where one goes, the other follows. Take real estate investing, for example, it involves a large amount of capital investment, quickly followed by insurance to protect the capital investment. It would be ridiculous to spend such a large sum of money on a company and not protect it against possible damage. Therefore, it makes sense to store information on these two topics together, since the relationship is very logical.
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 a loss from one entity to another in exchange for a premium. There are different types of insurance for almost every imaginable event. The most common type of insurance is probably life insurance, which provides a monetary benefit to the deceased’s family or other designated beneficiary.
It can cover funeral or burial costs and can be paid to the beneficiary in a lump sum or as an annuity. Property insurance is one of the most necessary insurances as property is extremely expensive and if it is lost or damaged for any reason (fire, earthquake, flood) it can be very difficult to replace without proper reimbursement. Travel insurance used to be seen as an unnecessary expense and many still see it as such. However, its importance is being increasingly recognized by the general public. It is a coverage taken by those who travel abroad and covers certain unforeseen events such as medical expenses, loss of personal effects, travel delays, etc. There are many other types of insurance, too many to mention, all vital if you want to protect something of particular importance to yourself or someone else.
In the world of finance there are many subcategories, also too numerous to mention, but a few will be included here. Forex, or the currency market where one currency is exchanged for another. It includes trade between banks, speculators, institutions, corporations, governments, and other financial markets. The average daily trade in the global forex market exceeds 3 trillion US dollars.
Tax consulting typically involves CPAs and tax attorneys to address any tax issues you may have. There may also be Professional Strategic Tax Planners and Enrolled Agents, depending on the company you hire. They will help you reduce your tax liability, eliminate tax penalties, an innocent spouse claim, tax liens, bank liens, and prepare unfilled tax returns, as well as any other tax resolution issues you may have.
Real estate investing is usually when an investor buys a property with an eye to making a profit rather than occupying it. It is an asset that has been purchased and held for future appreciation, income, or portfolio purposes. In some cases, it is not necessary to maintain an investment property for profit, as some owners in New York lease office buildings to non-profit organizations for tax purposes. Owners 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 can be considered an investment property, especially if you plan to rent it out to help pay off the home loan.
Business networking is a marketing method, which is as old as business itself. It’s been around since people learned to hold a glass of whiskey and have a conversation. In fact, it has probably been around much longer, Cro-Magnon man probably gathered around the newly discovered fire and was shown his collection of animal teeth and traded them. Networking of crocodile-toothed owners and saber-toothed tiger owners, who attempted a takeover bid against saber-toothed leopard owners. Business networking is designed to create business opportunities through social networks. It helps if the people involved are in the same frame of mind.
These days, a very useful way to establish business contacts is through the Internet on the various social networks available. But it must be said that very little can top the intimacy and trust that face-to-face relationships create. Besides, where would our businessmen be without their whiskeys and weekly chats?