Personal Finance Online Or Personal Finance In Excel

Personal Finance Online Or Personal Finance In Excel?

Wherever you are in the World, be it New York City, New York or Mumbai, India, before technology made things easy and before the explosive use of online services, personal budgets if they were done at all, were largely done on computer spreadsheets, and by far the most popular choice was doing personal finance in excel.

Now that apps and technology have made so many things easier, accessible and convenient online, including managing budgets online, it’s time to reconsider if personal finance in excel has had its day, including all the variations of family budget worksheets, financial planning spreadsheets, or any other offerings of managing money in excel.

The Benefits Of Managing Personal Finance In Excel

The most obvious benefit is that calculations are done by a formula processor so that the mechanics of adding up and making calculations can be automated and easily repeated, pasted, and copied.

That much is obvious, and all sorts of elaborate versions of family budget worksheets in excel can be created by anyone who can write a basic formula. So ease of creation is a major benefit, even though cost of time is high in order to create the formulas, and format the financial spreadsheet as you build it.

Another benefit to managing a budget worksheet in excel is that it could be free, certainly it will be free if you invest the heavy hours to do it yourself. Given that creating family budgets is not exactly a fun day out in the first place, however, many people look for free family budget worksheets or spreadsheets.

These products are invariably created by someone else online and sold or given away free – fully formatted and formulaic.

The Problem with Managing Personal Finance In Excel

The problem with personal finance in excel though is exactly that – personal finance in excel!

It sits on a personal computer or laptop, and is not much use on a smartphone – no-one wants to sit squinting at a finance worksheet or spreadsheet on a phone. Also, the time it takes to personalise these standard financial worksheets in excel can be wasted with one little slip, an accidental delete, formula mismatch and everything clogs up and numbers and columns don’t match up.

It is incredibly hard to recover a corrupted formula unless you are professionally trained in excel.

Also, personal finance in excel is limited to basic calculations and can’t really be integrated easily to a wider range of financial budget decisions. Each personal finance worksheet created in excel is for single purpose, not multipurpose use. One obvious danger is localised loss of the PC, laptop, or attack from virus or malware – spyware and identity theft from an unsecure system.

One very real danger in downloading free financial excel spreadheets is that these are so often given away in promotions, as ways to harvest personal details, or include hidden shipping costs, or suck you into buying something much more expensive later.

You can never be sure if you have bought or loaded illegal pirate copies or OEM software. These localised personal finance spreadsheets might even contain malware, spyware or tracking cookies to steal your data – you just can’t tell.

The Explosive Benefits Of Personal Finance Online.

Managing money online has a lot of the benefits of finance in excel without any of the drawbacks.

In fact the only problem with it isn’t really a problem at all. It costs more than free – but comes with dedicated service, it never crashes, you can’t lose it, someone else has to maintain the connections, and a bunch of employed people are concentrating 100% on making it work and work well.

There are no install problems, hidden costs, or personalised mistakes. The best ones have encryption software to protect security, they make it really easy to use, access it and maintain it.

Financial budgeting online can even be fun, and money saving. Chose one which pays back a user dividend or uses your details anonymously with your permission to find you really cheap deals and money saving opportunities without spamming you to death.

Personally, I think personal finance online software is the only way to go, way better than personal finance in excel, which frankly is decades out of date and not at all convenient.

Think about it – If I’m going to invest time to create a family budget, a critical component of mastering money – why would I not want to gain some benefit through a finance online service which sourced cheaper prices on my behalf – why go and do all that searching myself, all over again?

Premium Finance – 5 Benefits for Business Owners

Life insurance today is more than just paying out a death benefit. These insurance policies offer a tremendous amount of living benefits while the policy holder is alive than ever before in history. For business owners and high net-worth individuals, the benefits of premium financing of life insurance can be amazing.

Benefit #1 Tax-Free Loan:

Life insurance premium finance is a loan made to individuals and companies who want to purchase and fund large amounts of tax-free cash value inside a life insurance policy. Because businesses do not pay income taxes on loans, the money the individual or company receives can go directly into the life insurance policy and be taken out as cash at a later date, tax free. In addition to tax free loans and tax free withdrawals, business owners can write off on their taxes the loan interest.

Benefit #2 Tax-Free Income Stream:

Once the policy loan is paid back, the business owner can take out the money from their life insurance policy as tax free withdrawals. Money taken out of the insurance policy is considered a policy loan and therefore is not subject to taxation by the IRS. Usually, most individuals can start taking out money from their insurance policies is as little as 5 years.

Benefit #3 Asset Protection:

In most states, the cash value build up inside annuities and life insurance is protected from creditors. If you are ever sued, these assets will not show up on any data base that is connected with you personally. Also, most states have a guarantee association that covers cash value up to $250,000. These protections will ensure that the huge amounts of money you have inside of your life insurance policy is protected by risk and law.

Benefit #4 Never Lose Value:

The benefits as stated above are meaningless unless the underlying life insurance vehicle has some type of guarantee to protect the policy owner from stock market losses. This is achieved by using a whole life or indexed universal insurance (IUL) policy. We recommend using an indexed universal life insurance policy because the upside potential of 12-15% yearly cap and a minimum guarantee of 1% is very attractive.

Some indexed universal insurance policies offer critical and chronic illness riders. These riders are usually offered at no additional cost and they can provide for additional income in case of a medical situation. If you are ever terminally ill, you can access up to 90% of the death benefit to use while you are alive.

Benefit #5 Creative Living Buyouts

When business owners decide it is time to sell their business, they are confronted with the reality that their buyers may not be able to find financing. Most business owners will have to resort to some type of self-financing where they will help the new owner finance the purchase of the business.

By using the premium financing method, it does not matter if the new owner runs the business into the ground or if business is good or bad. With our method of financing you would have taken out your money and there is nothing at all to worry about.

Build and Maintain Financial Wealth

There are a few steps to building and maintaining wealth. They must be followed to achieve financial success for you, your family and your heirs. The following gems will help you build wealth and keep it for your lifetime, and for your family’s.

Spend less than you earn

I have seen people who earn $100,000 a year and spend $110,000. They will never build wealth. I have seen people worth over $5 million spend much, much more than they earn and lose everything.

I have seen people earn $60,000 a year, but save $10,000 a year. They are on the path to building wealth (although at an admittedly slow pace.)

Give the IRS as little as possible

Utilize all tax saving techniques available. This is difficult, because most accountants are not familiar with unique tax saving strategies like cash balance plans, K plans, and dash plans, which substantially reduce income taxes while building money for the future.

Many frustrated taxpayers have expressed the opinion accountants are working for the IRS. Most accountants deny this and would argue they represent their clients and are not servants of the IRS.

However, the government has been relentlessly extending varied tax penalty provisions applicable to accountants and advisors to the point where advisors and accountants are caught in a dilemma.

Overly aggressive representation of clients can easily put an accountant or advisor into a position where they can be subject to varied penalties, which might even result in the loss of their license to practice law or accounting in addition to some significant financial penalties.


Develop and follow a sound long-term investment strategy. Too many people invest based on what they have read or who they have talked to recently.

They often sell out of the stock market after it has dropped. They purchase real estate after the market has gone up for years. They invest in the latest get-rich-quick strategy they saw on an infomercial.

Find ways to reduce taxes and insurance costs with health savings accounts and the insurance swapout process IM. Investigate senior settlements as a way to sell existing life insurance policies and make a substantial profit.

Once you have acquired wealth, pass it to the next generation with trust-owned premium-financed life insurance; A great way to pay for substantial amounts of life insurance at a huge discount.

A 70-year-old male in average health can purchase $2,000,000 of permanent cash value life insurance with an approximate out-of-pocket outlay of about $10,000 per year. If done properly, the proceeds are income and estate tax free.

How a Financial Advisor Can Help Guide You

Most people have dreams and life goals. Whether you want to send your kid to an Ivy League school, buy a vacation home in Italy, or retire comfortably, you’re going to need money to do it. Careful planning aided by a financial advisor can help you get there by working with you on the challenges you may face on your way to your dream.

What Does a Financial Advisor Do?

These professionals can help you to set realistic personal goals and assess your current economic health by examining your assets, investments, insurance plans, and more. They’ll identify your strengths and weaknesses and help you overcome and build on them. Then, they’ll help you put that plan into action and monitor its progress. Most importantly, they’ll work with the changes you experience in life. Your monetary planner should understand when unexpected expenses come up and will help you to ensure that no real damage is done to your credit or bank account.

When Should I Get a Financial Advisor?

For many people, the decision to hire a professional to help them with their assets is precipitated by a particular event that calls for guidance. These include:

– Planning for a wedding or divorce
– Preparing for the arrival of a child
– Handling an inheritance of a large amount of money or other sorts of windfalls
– Facing a crisis like layoff or serious illness
– Funding children’s education
– Buying or selling a business
– Caring for aging parents

Even if you’re not currently in the midst of one of the aforementioned situations, it’s always good to have professional advice when it comes to all things monetary.

How Do I Find a Planner?

Begin your search by asking friends, family members, and business associates if they know any financial planners that they can recommend. Accountants, attorneys, bankers, and insurance agents can be excellent resources when looking for recommendations. You can also search online for lists of licensed professionals in your area. Once you start looking, you’ll want to find an individual that you can feel comfortable with, as this is a very personal relationship. Your planner should have ethical behavior, high professional standards, and put your needs and interests first. You’ll also want to find someone that specializes in what you’re looking for help with. Many have minimum asset and income requirements, so you should keep that in mind. It’s a good idea to interview at least three people before making your choice.

Take the time to find the right financial advisor for you. Although some dreams may take a little longer to accomplish, there is usually a way if you have the right team behind you. Investing in someone to help you achieve those dreams will always be a smart fiscal move

Easiest Ways to Save Money

Recession has hit every household so hard that everyone is forced to think of the easiest ways to save money. God! What do you do? You are confused and don’t know where to start. You want to eliminate the debt and take control of your life once again. Well to start, you need a plan and need to follow it together as a family. Don’t make very big plans as you are bound to fail. The magic is in keeping the plan simple and achievable. What seem as small savings initially will over a period of time run into a few thousand dollars and you can resurrect your debt completely. Well are you interested? If yes, lets kick start your plan of action.

This is just a broad plan suggesting the easiest ways to save money and you can tweak it as per your individual needs. So shall we start… here we go…

Cook at home – You will be surprised to know that most of us tend to spend a lot of money eating out. Well, start with one day a week where you will cook at home. Slowly increase the frequency and over a period of time the small dollars that you had saved will grow big.
Prepare a shopping list – Most of us tend to be impulsive shoppers. We shop for things that we might never use. Make a list of things that you need and stick to it no matter what. The other advantage is that, you can shop for the entire week and save on valuable fuel as you are avoiding unnecessary trips to the supermarket.
Consolidate and pay debt – Try and consolidate your debt to a lower interest and pay it as early as possible. Why do you want to keep paying interest and make the banks rich?
Pay bills on time – Late fees… you missed the last date once again! Well, if it is happening frequently, you need to organize and start paying all your bills on time.
Carpool or ride your bike to work – You can start a carpool with friends, neighbors and colleagues. You can also ride a bike to work and get the twin benefits of saving fuel and getting fit and healthy. Now isn’t this just great!
Electricity! Use it wisely – When you go out of a room switch off the lights and fan. Don’t keep any of the electrical appliances on standby.
Check prices whenever buying – You should always check for prices whenever you go shopping and especially when you are planning to buy something new. The internet is a great place to check for prices and there are a number of discount offers that you can avail of.
Credit cards – You must use your cards in a clever way and do not indulge in impulsive shopping. If you have more than a couple of credit cards, surrender them and restrict yourself to just two.
Do it yourself – Most of us have the skills needed to paint our house or trim the lawns or wash the car. But do we use them? No we don’t and tend to spend valuable money on these simple tasks. Learn to do all these together and create a special bonding time also with your family.

Just follow the tips for the easiest way to save money. You will over a period of time be debt free and save a lot of money and live happily with your family.