How to Prepare

How to Prepare a Financial Plan for a Hotel
By Joel Balaba Calamba Escol

Isn't your childhood dream to own a high-rise building with an elegant interior and one of the city's best hotels? What would be the next step if you suddenly decided to open a hotel? The next step is to make a financial plan. It's like a blueprint for the hotel's day-to-day operations and activities. Entrepreneurs are submerged in troubled waters at this point.

Many entrepreneurs face a dilemma in the planning stage of their businesses, whether they are new to the industry or have been in it for a long time. One of the most common problems they experience is with their finances. When you don't know how to plan for business finances, who wouldn't get grumpy?

Your hotel budget should be as clear as a crystal to you. It will assist you in developing a feasible plan or strategy for allocating budget to key areas that can generate profit.

Here are some tips on how you can prepare a Financial Plan for a hotel:

1. Determine the type of hotel you want to open.

This is critical because it will serve as a guide and a starting point for understanding your target market. It's important to remember that different types of hotels require different budgets.

2. Make a list of all the factors that could affect a hotel's profit generation and all the accommodation units, services, and amenities that you have.

All the factors that may affect the hotel's finances must be considered, and all the hotel's offerings and services must be acknowledged. You will have a better idea of what you can offer your customers this way.

3. Make a budget for the hotel's expenses.

Even if you are still in the planning and development stages, you must anticipate or estimate how you will allocate the budget for all the services, accommodations, and amenities you will provide. This will assist you in gaining insight and determining whether it is necessary for the long run to generate profit despite its costs.

This will also serve as a guide for keeping your company running smoothly. Forecasting startup costs will help you decide how to adjust and allocate your finances to finally open your hotel. 4. Use a plan to project or predict assumptions.

4. Use a plan to project or predict assumptions.

If you're starting from scratch, creating a plan that projects your forecast of the overall performance of the hotel will help you determine the probable profit, cash flow, and risks. These forecasts or assumptions will assist you in predicting the hotel's demand and future performance.

Forecasting or generating forecasts is an important component of managing finances or creating a financial plan since it will better prepare you to deal with future uncertainties. You must be ahead of the game in order to make modifications to maximize revenue, resources, and prevent any dangers, as they say, "If you plan to fail, you plan to fail."

If you're having trouble organizing your business's finances and don't have a basic understanding of how to plan and anticipate cash flows, as well as prepare reports and analyses, we offer a simple and painless solution for you. You can check out our best-tailored fit financial model for your business at http://www.efinancialmodels.com.

Have a great time, hustlin'!

Joel calamba Escol is a professional Journalist in the Philippines since 1992. Currently, he's been writing about financial plan for a hotel.

Article Source: https://EzineArticles.com/expert/Joel_Balaba_Calamba_Escol/196490
http://EzineArticles.com/?How-to-Prepare-a-Financial-Plan-for-a-Hotel&id=10464532

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Avoid These Six Common Life Insurance Mistakes

By [https://EzineArticles.com/expert/Dwaipayan_Bose/1976106]Dwaipayan Bose 

Life insurance is one of the most important components of any individual's financial plan. However there is lot of misunderstanding about life insurance, mainly due to the way life insurance products have been sold over the years in India. We have discussed some common mistakes insurance buyers should avoid when buying insurance policies.

1. Underestimating insurance requirement: Many life insurance buyers choose their insurance covers or sum assured, based on the plans their agents want to sell and how much premium they can afford. This a wrong approach. Your insurance requirement is a function of your financial situation, and has nothing do with what products are available. Many insurance buyers use thumb rules like 10 times annual income for cover. Some financial advisers say that a cover of 10 times your annual income is adequate because it gives your family 10 years worth of income, when you are gone. But this is not always correct. Suppose, you have 20 year mortgage or home loan. How will your family pay the EMIs after 10 years, when most of the loan is still outstanding? Suppose you have very young children. Your family will run out of income, when your children need it the most, e.g. for their higher education. Insurance buyers need to consider several factors in deciding how much insurance cover is adequate for them.

� Repayment of the entire outstanding debt (e.g. home loan, car loan etc.) of the policy holder

� After debt repayment, the cover or sum assured should have surplus funds to generate enough monthly income to cover all the living expenses of the dependents of the policy holder, factoring in inflation

� After debt repayment and generating monthly income, the sum assured should also be adequate to meet future obligations of the policy holder, like children's education, marriage etc.

2. Choosing the cheapest policy: Many insurance buyers like to buy policies that are cheaper. This is another serious mistake. A cheap policy is no good, if the insurance company for some reason or another cannot fulfil the claim in the event of an untimely death. Even if the insurer fulfils the claim, if it takes a very long time to fulfil the claim it is certainly not a desirable situation for family of the insured to be in. You should look at metrics like Claims Settlement Ratio and Duration wise settlement of death claims of different life insurance companies, to select an insurer, that will honour its obligation in fulfilling your claim in a timely manner, should such an unfortunate situation arise. Data on these metrics for all the insurance companies in India is available in the IRDA annual report (on the IRDA website). You should also check claim settlement reviews online and only then choose a company that has a good track record of settling claims.

3. Treating life insurance as an investment and buying the wrong plan: The common misconception about life insurance is that, it is also as a good investment or retirement planning solution. This misconception is largely due to some insurance agents who like to sell expensive policies to earn high commissions. If you compare returns from life insurance to other investment options, it simply does not make sense as an investment. If you are a young investor with a long time horizon, equity is the best wealth creation instrument. Over a 20 year time horizon, investment in equity funds through SIP will result in a corpus that is at least three or four times the maturity amount of life insurance plan with a 20 year term, with the same investment. Life insurance should always been seen as protection for your family, in the event of an untimely death. Investment should be a completely separate consideration. Even though insurance companies sell Unit Linked Insurance Plans (ULIPs) as attractive investment products, for your own evaluation you should separate the insurance component and investment component and pay careful attention to what portion of your premium actually gets allocated to investments. In the early years of a ULIP policy, only a small amount goes to buying units.

A good financial planner will always advise you to buy term insurance plan. A term plan is the purest form of insurance and is a straightforward protection policy. The premium of term insurance plans is much less than other types of insurance plans, and it leaves the policy holders with a much larger investible surplus that they can invest in investment products like mutual funds that give much higher returns in the long term, compared to endowment or money back plans. If you are a term insurance policy holder, under some specific situations, you may opt for other types of insurance (e.g. ULIP, endowment or money back plans), in addition to your term policy, for your specific financial needs.

4. Buying insurance for the purpose of tax planning: For many years agents have inveigled their clients into buying insurance plans to save tax under Section 80C of the Income Tax Act. Investors should realize that insurance is probably the worst tax saving investment. Return from insurance plans is in the range of 5 - 6%, whereas Public Provident Fund, another 80C investment, gives close to 9% risk free and tax free returns. Equity Linked Saving Schemes, another 80C investment, gives much higher tax free returns over the long term. Further, returns from insurance plans may not be entirely tax free. If the premiums exceed 20% of sum assured, then to that extent the maturity proceeds are taxable. As discussed earlier, the most important thing to note about life insurance is that objective is to provide life cover, not to generate the best investment return.

5. Surrendering life insurance policy or withdrawing from it before maturity: This is a serious mistake and compromises the financial security of your family in the event of an unfortunate incident. Life Insurance should not be touched until the unfortunate death of the insured occurs. Some policy holders surrender their policy to meet an urgent financial need, with the hope of buying a new policy when their financial situation improves. Such policy holders need to remember two things. First, mortality is not in anyone's control. That is why we buy life insurance in the first place. Second, life insurance gets very expensive as the insurance buyer gets older. Your financial plan should provide for contingency funds to meet any unexpected urgent expense or provide liquidity for a period of time in the event of a financial distress.

6. Insurance is a one-time exercise: I am reminded of an old motorcycle advertisement on television, which had the punch line, "Fill it, shut it, forget it". Some insurance buyers have the same philosophy towards life insurance. Once they buy adequate cover in a good life insurance plan from a reputed company, they assume that their life insurance needs are taken care of forever. This is a mistake. Financial situation of insurance buyers change with time. Compare your current income with your income ten years back. Hasn't your income grown several times? Your lifestyle would also have improved significantly. If you bought a life insurance plan ten years ago based on your income back then, the sum assured will not be enough to meet your family's current lifestyle and needs, in the unfortunate event of your untimely death. Therefore you should buy an additional term plan to cover that risk. Life Insurance needs have to be re-evaluated at a regular frequency and any additional sum assured if required, should be bought.

Conclusion

Investors should avoid these common mistakes when buying insurance policies. Life insurance is one of the most important components of any individual's financial plan. Therefore, thoughtful consideration must be devoted to life insurance. Insurance buyers should exercise prudence against questionable selling practised in the life insurance industry. It is always beneficial to engage a financial planner who looks at your entire portfolio of investments and insurance on a holistic basis, so that you can take the best decision with regards to both life insurance and investments.

Article Source: [http://EzineArticles.com/?Avoid-These-Six-Common-Life-Insurance-Mistakes&id=8691522] Avoid These Six Common Life Insurance Mistakes

Loans Guide

By [https://EzineArticles.com/expert/Bill_Stone/199517]Bill Stone 

Many people are confused by the different types of loans available. Here is a helpful loans guide of the most common loans available today. 

Bad Credit Personal Loan

A Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. However created, your past record of County Court Judgements, mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal. If you are a home owner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you really wanted. With a Bad Credit Personal Loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases. 

Bridging Loan

A bridging loan as the name implies is a loan used to "bridge" the financial gap between monies required for your new property completion prior to your existing property having been sold. Bridging loans are short term loans arranged when you need to purchase a house but are unable to arrange the mortgage for some reason, such as there is a delay in selling your existing property.

The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold. A bridging loan can also be used to raise capital pending the sale of a property. Bridging loans can be arranged for any sum between £25000 to a few million pounds and can be borrowed for periods from a week to up to six months. 

A bridging loan is similar to a mortgage where the amount borrowed is secured on your home but the advantage of a mortgage is that it attracts a much lower interest rate. While bridging loans are convenient the interest rates can be very high. 

Business Loan 

A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment. Business loans are generally available from £50,000 to £1,000,000 at highly competitive interest rates from leading commercial loan lenders. They can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and length of term. 

They are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.  A business loan can be secured by all types of UK business property, commercial and residential properties. 

Car Loan

The main types of car loans available are Hire Purchase and Manufacturer's schemes. Hire purchase car finance is arranged by car dealerships, and effectively means that you are hiring the car from the dealer until the final payment on the loan has been paid, when ownership of the vehicle is transferred to you. 

A Manufacturers' scheme is a type of loan that is put together and advertised by the car manufacturer and can be arranged directly with them or through a local car dealership. You will not be the owner of the vehicle until you have repaid the loan in full, and the car will be repossessed if you default on repayments. 

Cash Loan

Cash Loans also known as Payday Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds. 

A Cash Loan can assist you in this situation with short term loans of between £80 and £400. 

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays.  To apply for a Cash Loan you must be in employment and have a bank account with a cheque book. A poor credit rating or debt history is initially not a problem. 

Debt Consolidation Loan

Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one - giving you one easy to manage payment, and in most cases, at a lower rate of interest. 

Secured on your home debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment - one calculated to be well within your means.  With a Debt Consolidation Loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases.  It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life. 

Home Loan

A Home Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home loan. 

The loan can be used for any purpose, and is available to anyone who owns their home. Home loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation. 

With a Home Loan you can borrow from £5,000 to £75,000. 

Home Improvement Loan

A Home Improvement Loan is a low interest loan secured on your property. With a Home Improvement Loan you can borrow from £5,000 to £75,000 with low monthly repayments. The loan can be repaid over any term between 5 and 25 years, depending on your available income and the amount of equity in the property that is to provide the security for the loan. 

A Home Improvement Loan can help you with a new kitchen, bathroom, extension, loft conversion, conservatory, landscaping your garden or new furniture. You can even use it on non-house expenditure like a new car or repaying credit card or other debts. 

Home Owner Loan

A Home Owner Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home Owner loan. The loan can be used for any purpose, and is available to anyone who owns their home. Home owner loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation. With a Home Owner Loan you can borrow from £5,000 to £75,000. 

Payday Loan

Payday Loans also known as Cash Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds. 

A Payday Loan can assist you in this situation with short term loans of between £80 and £400. 

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a cheque book. A poor credit rating or debt history is initially not a problem. 

Personal Loan

There are two categories of personal loans: secured personal loans and unsecured personal loans - See individual titles below. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have the option of an unsecured personal loan. 

Remortgage Loan

A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property.  You can borrow from £25,000 up to £500,000. Rates are variable, depending on status.

Secured Loan 

A secured loan is simply a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances. 

Secured Personal Loan

A Secured Personal Loan is simply a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. Secured personal loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years. 

Student Loan

A student loan is way of borrowing money to help with the cost of your higher education. Applications are made through your Local Education Authority. A student loan is a way of receiving money to help with your living costs when you're in higher education. You start paying back the loan once you have finished studying, provided your income has reached a certain level. 

Tenant Loan

A tenant loan is an unsecured loan granted to those that do not own their own property. A tenant loan is always unsecured because in most cases, if you are renting your accommodation, you do not have an asset against which you can secure your loan. Tenants sometimes find that some loan companies will only lend money to homeowners. If you are a tenant you need to look for a company, bank or building society willing to give you an unsecured loan. 

Unsecured Loan 

An unsecured loan is a personal loan where the lender has no claim on a homeowner's property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. The amount you are able to borrow can start from as little as £500 and go up to £25,000. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans to £25,000. 

The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains. An unsecured loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements. It is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation. 

Unsecured Personal Loan

An Unsecured personal loan is a personal loan where the lender has no claim on a homeowner's property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. 

The amount you are able to borrow can start from as little as £500 and go up to £25,000. The repayment period will range from anywhere between six months and ten years. An Unsecured personal loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements. It is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

Bill Stone writes for Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk [http://www.directonlineloans.co.uk/] website.

Article Source: [http://EzineArticles.com/?Loans-Guide&id=1151093] Loans Guide

POLITICS The Texas Governor Is A Typical Instance Of Any Republican’s Anti-Life Coverage

 

By Article Dashboard 

It’s strange why many Americans believe the Republican Party when it claims to be for life when any policies they support are fatal to many Americans – including die-hard Republican voters.

Whether it’s promoting anti-polluting measures that poison the air and water, opposing mitigation measures to save lives during a deadly pandemic, or protecting violent right-wing extremists from prosecution; Republicans can hardly claim they are for life. It is true that they are pro-zygote, but they are in no way pro-life.

With the exception of a few Republican governors, most of those who allied with terrorist-backing Trump to fake COVID19 were nothing to worry about returning to the early stages of the pandemic.

As of Friday, around 524,000 Americans had succumbed to the virus. Trump went to extremes to downplay as there was nothing to worry about. While it is true that the death rate appears to be on a plateau nationwide and in many cases is falling, there are still regions where the infection rate has increased. Texas is one of those regions. In the past two weeks, COVID19 cases in Texas have increased by five percent.

Despite the increase in cases and instead of advocating for the lives of Texas residents, Republican Governor Gregg Abbot defied medical science, saying:

“Too many Texans have been excluded from employment opportunities. Too many small business owners struggle to pay their bills. This has to end. It is now time to open Texas to 100%. “

When Abbot said, “Texas Open 100%,” he meant the end of the state’s mask mandate, allowing all businesses to open up as if there was no deadly and virulent pandemic in Texas and the nation. According to Abbot, Texans “have mastered daily habits to avoid COVID19,” and 5.7 million doses of the COVID19 vaccine have been given. Sounds impressive, doesn’t it? Not so fast.

Despite those 5.7 million doses, less than 7% of Texans are “fully vaccinated” and are still at risk of contracting the virus and spreading it.

The Fort Worth Star Telegram editorial team “blew up” Abbot after his announcement. They asked the prescient questions even though they were aware of the answer. Partially. The editors asked:

“Why now? Why does the risk increase when the news of cases, hospitalizations, and vaccine manufacturing is so good? With the spring break and the associated trips and activities around the corner, why are you sending the message that we can abandon our watch?

It is unfortunate that the governor cannot show the patience that most citizens have. Instead, he decided to make more illness and death more likely once the finish line is in sight. “

Abbott’s motivation is no secret. Aside from caring about the health or lives of Texas residents, he is up for re-election in 2022. And in the back of your mind, the possibility of a Republican presidential nomination in 2024 looks extremely attractive.

Abbot has taken heat away from the stupid wing of the Texas Republican movement who are religiously loyal to the terrible Trump and, like many rabid Trump acolytes, view a scientifically proven mitigation measure like wearing a mask as an “assault on their personal freedom.” They know that saving lives is definitely not a public health measure.

Saving lives is as distant to Abbott as earth is from the sun, despite a terrible lesson Texans faced last spring and early summer. In many Republican-controlled states, Republican governors dropped or ignored rigid stay-at-home orders and other mitigation measures specifically put in place to contain the spread of Covid-19, as their respective states do not have large numbers of cases like New York and California existed. The result was exactly what health experts had predicted. COVID cases, hospitalizations and deaths increased. In Texas, more than 44,000 residents died from the virus; only California and New York died altogether.

With an upcoming election and rising COVID cases, Abbot concluded, “Damn the health professionals’ warnings,” and their freedom to steal mitigation efforts – Texas is 100% open, and if more Texans die, so be it.

Abbot’s actions are typical of Republicans who are more concerned about their own political futures than about the lives of their constituents. When an ungodly number of Americans are gunned down as if they are in a war zone instead of decent gun control regulations, Republicans want more guns on the streets. When the water and air vital to human life are toxic due to industrial dumping, Republicans are deregulating industries that tend to poison the air and water and leaving people to die. If every state in the union decides to share power to provide consumers with stable electricity, no way is Texas saying – let people die.

Now that there is finally hope that this deadly pandemic can be mitigated so life can return to normal, Texas Governor Gregg Abbot disregards medical scientific warnings and opens up Texas for political power to a human is more important than human life. called pro-life Republican governor.

Audio engineer and instructor for SAE. Posted a comment that supports secular humanist concerns and exposes the oppression of women, the poor and minorities. An advocate of religious freedom and especially freedom without religion.

Born in the South, raised in the Midwest and California for a comprehensive overview of America. it does not look good

Former minister, lifelong musician, Mahayana Zen Buddhist.

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