Financial Management


Net WorthNet worth can be a useful tool to measure individual financial progress. It can be determined by subtracting total liabilities from total assets at a specific time. If assets is more than liabilities, individual will have a positive net worth. If otherwise, it will be negative wet worth.

The goal is to work towards a positive net worth. This indicates debt-free status or capability to pay all debt.

It doesn’t offer information about cash flow, or monthly income and expenses. However, it does provide insight regarding how well you’re accomplishing your long-term financial goals.

Calculate Net Worth

To calculate net worth, the first thing to do is to list up all assets and liabilities.

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Save MoneyWith a new year often comes new goals and focuses for the year ahead. Some come in the form of resolutions which often end up all but forgotten as January fades into obscurity, others are longer term goals, perhaps working on character traits such as punctuality or putting more of an effort into socialising.

It is in the new year that many also turn their gaze to finances, hoping to manage money more effectively than the previous year; perhaps finally paying off that guarantor loan. It is goals such as this that can be life changing, once you are in a habit of managing your money effectively it not only relieves a lot of day to day stress and worry but can also open up numerous opportunities to the keen budgeter.

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What’s so special about being Scottish?

The Scottish government has put in place several programmes to you regain control of your finances if you feel you can no longer manage your debt. These schemes are exclusive to Scottish residents and may just be the solution you need to get you on the path to financial stability.

What solutions are available to me?

There are two main debt solution programmes in place in Scotland that could free you from the stress and anxiety of falling behind with repayment dates, being harassed by creditors or accumulating large amounts of interest; a Debt Arrangement Scheme (DAS) and a Trust Deed. Both of these schemes are designed to take into consideration your personal circumstances so when it comes to calculating how much you will repay each month you will only repay what you can afford.

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If you find that you can’t keep up with your credit card payments and that you have overstretched your overdraft facility, then it may be that the next step for you is a debt management plan. For those people who find it hard to make the monthly payments to creditors, it can be a really helpful tool.

The intermediary who helps you set up a debt management plan will talk to your creditors and arrange a monthly amount to go to each of your creditors that is manageable for you. Payments are worked out according to your income, but your debts are not written off, they still need to be paid.

A debt management company like Debt Free Direct can talk you through the different options, but a debt management plan is usually suitable for both tenants and homeowners. If your circumstances change, it can be possible to amend payments to suit any changes in income, etc.

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The Poor are Getting Poorer

Why the famous statement of, “The rich are getting richer, while the poor are getting poorer” is a mathematically and economically impossible statement. Occupy Wall Street Answered!

Current economic data shown by many economists and journalists out there on income inequality are plain wrong. First, let’s start by checking the famous statement of “The rich are getting richer, while the poor are getting poorer”.

When you sell cars to many individuals, you will end up rich. But do you know that those people buying your cars, will end up far richer combined, than you? The answer is very simple. When they buy your cars, they use the cars to enable them to go to work, earning wealth in the process. Some turn their cars into taxis, generating wealth in a slightly different way.

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