1
Nov
Posted in finance by Owen |
If you live in the UK you might have heard of Faster Payments, an initiative the banks are putting in place to speed up inter-bank transfers. Previously bank transfers used to take 3-4 days and using Faster Payments a transfer can be done in a couple of hours. Not all banks are taking part in this yet, so a useful resource to know about is one where you can check if a bank is participating in the scheme. Just type in the Sort Code into the Faster Payments Sort Code Checker and you can find out if you can use it or not.
It works pretty well; and you can use it whether you’re paying for Moen faucets or even for your online hosting. Definitely a step in the right direction.
7
Oct
Posted in finance by Owen |
I’ve been reading how in the US investors have access to a financial instrument called a Self-Directed IRA which allows them to invest their retirement fund into real estate or to use it to invest in a business. It’s a great idea and is particularly attractive in the current turbulent market where investing in traditional stocks and shares seems like a recipe for disaster. Here’s a diagrammatic overview of how it works
The starting point of the process is your current retirement funds which would need to be moved to a new Self Directed account with a Custodian, which can be a bank or savings and loan association or any other entity that has the approval of the IRS to act as Custodian. The safest way forward from this point is to set up an LLC (Limited Liability Company); which not mandatory this offers you extra flexibility and legal protection by limiting your personal liability. The Company than affords access to your funds to allow you to start investing in real estate if this is what you wish, or you can use this Company as the vehicle for your business and or to finance future initiatives.
It’s an interesting idea but I’m not sure we have a similar concept here in the UK. One word of warning however; if you do decide to go down this path, make sure you get sound investment advice as at the end of the day, this is your future you are playing with.
