Personal Finance Saving Options

There are many options available to one when he or she begins to think about creating a personal finance strategy to help meet their financial goals. Suggested by many is creating a personal strategy to meet financial goals while growing one’s wealth. There are many opportunities offered by banks and credit unions available and an understanding of them will help when one decides to look for one that meets his or her special needs.

Savings accounts have proven crucial when it comes to successful personal finance and although traditional simple savings accounts can offer peace of mind, they do not offer the rewards of other types of savings options. One aspect a person may consider is the investment into CD’s. CD’s are a great way for a person to invest their money into the banking system with less risk than that when one invests his or her money into other avenues.

CD’s are for people who can afford to invest their money over a given time period. After this specific time period, one can cash out their CD for its value along with the interest it has accrued. CD’s normally have a time period until they meet their maturity. One will invest a specific amount of money, normally at least five hundred dollars, and gain interest on that investment which is typically higher than traditional simple savings accounts.

CD’s usually have an investment of six months, nine months, twelve months, and some even five years of a period where one’s money is invested. Normally, the longer amount until maturity will offer one a higher percentage yield upon cash out. One should note that although these offer better returns over simple savings accounts and money market accounts, the rules are more strict than they are for the other more traditional savings accounts.

When one invests in CD’s he or she is not allowed to make any withdrawals of that money until it reaches maturity. This can be limiting for some in the fact that traditional simple savings accounts will allow withdrawals at basically any time in case of an emergency. However, this is not the case when dealing with CD’s. CD’s must mature before you are able to cash them out. When you invest in a CD, the money no longer is yours until the time period has been realized and although if there is any emergency and you must withdraw money, you will be penalized far greater than with other savings accounts and may actually lose money depending one the terms and conditions are with the bank that you use.

No matter if you choose a CD, money market account, or traditional simple savings account, one must always be sure to read the fine print in the terms and conditions. Make sure you understand the terms clearly and you know exactly what the positive and negative aspects are before sticking your money anywhere.

No Significant Financing For Your Business Without Business Credit Scores

Many business owners seeking financing for their business, don’t realize that without business credit scores, their business will never obtain significant financing. Business credit scores function exactly like personal credit scores, and so you have to build your business credit scores up properly before you can seek large amounts of capital for your business from any lending institution. It is nearly impossible to obtain capital from a lending institution without having first establishing your business credit scores.

The question that businesses face is how do they go about establishing the business credit scores that will nearly ensure financing for their business. You have to make sure that all of your lines of credit or any aspect of financing for your business reports to the major business credit bureaus. Without them reporting you will never build your business credit scores up to where they need to be. A good place to start is with five vendor lines of credit, three business credit cards, and one business bank loan.

To properly establish credit scores it often times can take three to six months to get a credit score that is worthy of large amounts of financing in the eyes of the lender. A lender wants to make sure that their loan has the chance of being repaid, and one of the only ways they can justify that is to see if you have established a business credit history with a solid score. This is the same concept as when you attempt to get a personal loan or a car loan. They will pull your personal credit history, and if you have a poor credit history or no credit history you are either denied, or are forced to pay higher interest rates on the loans.

One thing to be wary of is business credit building services that claim they will build your credit overnight. They charge exorbitant rates for their services, which will do you no good. A good rule of thumb to live by is that if it sounds to good to be true, than it probably is.

Make sure that as you go along the process of obtaining capital that you never submit a business loan request from a lender that you are not pre-qualified for. Credit inquiries can kill any business credit scores that you already have. Make sure you avoid this practice of submitting a business loan application to multiple sources. Another thing to be cautious of are these businesses that allow you to store your information in one place, and they will automatically submit your loan application and information to hundreds of sources. This is business finance suicide, and all you will end up with will be a damaged business credit score and no funding.

Financing your business is not simple, and there are other aspects beyond just credit scores that will get you approved. It is highly recommended that you look into a good business finance coach to help guide you along the way.

Student Finance for Chinese Universities

Chinese universities have recently started to attract a lot of students from abroad. The trend began in the 1950s and recent statistics shows that there were close to 410000 students studying in China as at end of the last decade. There were students from 125 countries and regions. There are undergraduates, postgraduates, doctoral students, trainees, scholars, and students pursuing research coming to China. China is one of the attractive education hubs. Infact, statistics shows that China was the 10th most popular destination for US students going abroad and third most popular non-western nation. However, foreign students cannot be employed in China while at study. Therefore, students must be able to support themselves and arrange for student finance before enrolling in a Chinese university. If you are one of them, how do you go about getting China university student finance? Read on.

Government help to students seeking finance to study in a Chinese University

Good news is that the Chinese government is encouraging its colleges and universities to expand the scholarship amounts and widen the horizon of fellowships and scholarships to foreign students and China university student finance. They are also encouraged to collaborate with private sector and come up with attractive scholarships for outstanding foreign students.

Already the Chinese government has approved finance worth $362 million to around 350,000 students looking to study in Chinese universities since the introduction of subsidized loans since 1999. The extent of subsidy provided by the government is 50% of the interest amount which is paid by the government and the remaining is paid by the students along with the principal.

However the government itself recognizes that the percentage of students who actually got the loan approved stands at 31.2% which is low and the government would like to grow this figure. The main cause for the low percentage is attributed to the fact that the private sector banks are not too keen on providing finance to students who want to study in Chinese universities as the loans are not required to be backed by collateral. Whether loans will be given out or not is determined based on the credit worthiness of the students and the absence of collateral is a deterrent in providing finance. As of now the People’s Bank of China has appointed four main commercial banks to provide finance to Chinese students which are Bank of China, China Construction Bank, the Agricultural Bank of China and Industrial and Commercial Bank of china.

However such finance schemes which look at subsidizing interest repayments are at present only available to Chinese students who are Chinese citizens and have passed the requisite academic examinations

I am not Chinese, can I still get finance to study in a Chinese University or China university student finance?

There are finance programs available to international students who want to study in a Chinese University. One of the popular sources which the students are using today is to go to china by enrolling in an exchange program in a university that offers this option. Normally a host of universities have exchange programs going in which students from their universities visit universities abroad and students from universities abroad come and study in their colleges. These schemes exist not only for students who want to study but also for students interested in internship and working in these countries.

The main requirements of getting finance are credit worthiness, passing the requisite tests and getting through interviews and in some cases having collateral against the loan as well. However in the case of China some universities additionally put up the condition that the students should have a working knowledge of Chinese or Mandarin to be eligible.

There is a growing number of American students who are now interested in studying in China while in the past this was to gain exposure culturally and most of the students were of Chinese origin born in American the trend is changing now. More and more students are coming to China not only to gain cultural knowledge but also advance their careers professionally when they get back home. As a result commercial banks have also designed specialized finance programs with the needs of the students in mind and it is becoming increasingly easy for students to find such loans as China’s Universities are becoming popular as an international destination for further education.