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About riyabhora

I love to travel to different and discover new things. Fashion lover.....<3

Easy Ways You Can Turn Personal Financial Planning Into Success

Personal financial planning means having financial goals and then taking systematic steps to achieve them. It is a method through which you can keep a balance between your wants and needs. While you might have a personal finance plan, its success is never guaranteed.

An extended shopping spree, an outstanding credit card bill or a sudden emergency expenditure, all these are enough to throw your finances plan out of track. However, if you plan your finances taking into account every possible gap, your financial plan can be a success too. Here are a few ways to do so.

  • Identify your goals and objectives

Defining your goals and objective is one of the most vital steps for successful financial planning. Your goals should have all the SMART elements. It should be Specific, Measurable, Achievable, Realistic and Timely. While setting your goals, objectives and targets, envision your future, asking yourself questions like what all you want to achieve, where and how you see yourself and how much amount do you need to reach there. Also, though aiming high is a good thing, ensure that your goals are realistic, which can complement your financial plan and help you achieve them turning it into a success.

  • Ascertain your present status

You can never reach on your destination successfully on time if you do not know where you are starting. Similarly to achieve a financial success it is necessary to ascertain where you stand at the current situation. It is necessary that you have a clarity of your financial information, regarding your assets and liabilities, expenses and receipts. Moreover identify your risk tolerance and capacity, along with putting down all your obligations including taxes and debts.

While looking at the financial aspects of your life distinguish between your financial strengths and weakness which will help you manage your money well.

  • Execution of the financial plan

A financial plan can never succeed if you do not put it into action. Often this is the most difficult part yet most important. Sticking to your financial plan demands a lot of determination and people often fail to do so. You might deviate from your plan due to change in circumstances, or mood that can defeat its overall purpose. One way to avoid is to divide your goals and objectives into short term and long term and tagging them into deadlines.

An important way is periodical review of your financial plan. Your goals, financial position and circumstances can change with time. Therefore it is necessary that you review and revise your financial plan accordingly.

  • Have an inclusive financial plan

There are various ways to create a financial plan which ultimately aims towards your financial stability. However to ensure that your plan is successful, it is essential that you include all the required strategies. These are risk management, tax planning investment management, retirement planning, debt management, etc. Debt management is significantly important if you are trapped in debt trap. Adopt a debt repayment plan and build your credit history.

All You Need to Know about Your Personal Loans

What are personal loans?

Personal loans are unsecured loans that you can take from a bank or a financial institution to meet your personal needs. A personal loan is a debt that you are required to repay in installments as per the lender’s repayment tenure. Moreover, lenders charge you an interest for the amount you borrow which is often higher than other loans.

Being an unsecured loan, you are not required to submit any collateral or warranty in lieu of the personal loan amount. However, defaulting on a personal loan can adversely affect your credit score.

What can you take a personal loan for?

A personal loan has no end use and so you can use it for whatever purpose you want to. It could be used to finance the following purpose –

  • Education
  • Wedding
  • Consolidation of debt
  • Business
  • Travel
  • Home renovation
  • Medical expenses
  • Emergency Situations


Every lender has different eligibility criteria to lend you a personal loan. However, as an overview they consider the following factors – your age, occupation, your income, the city you reside in and your capacity to repay.

Often there are different criteria for self-employed and salaried person.

Your eligibility is also determined by your credit score and credit history. While the amount of loan you get also depends on the city you live in.

Tips to help you get the best personal loan

 A personal loan is beneficial when you want to solve your urgent financial needs. It is easy and simple to avail with easy repayment duration so that you can repay the amount as per your convenience. If you are planning to avail a personal loan, look at these tips to get the best deal.

Offshore Banking in Hong Kong

What is Off Shore Banking?

Offshore banking simply means banking outside the country of your residence. When you deposit funds in a bank that is located outside the country in which you live, it is termed as offshore banking. Often offshore banking is done in a country which has a legal or a financial advantage along with low taxation regime.

Why should you open an Offshore Bank Account?

  • Through offshore banking, you can get a political and social stable jurisdiction to operate your account. It is beneficial when you fear the attachment or seizure of your assets in the case of a political turmoil in your resident country. It also protects your money against unsound banking system in your residence country.
  • You might also get the advantage of lower cost and higher interest rates in offshore banks. It is mostly due to a lack of government intervention in that country or other economic conditions.
  • Offshore banking is mostly done in tax haven countries. This means that your tax liability is lower or could be nil.
  • Offshore banks can also benefit you in terms of regulations and formalities.
  • Offshore banking offers privacy to your deposits.
  • It also helps you operate in multiple currencies without incurring currency conversion fees.

Hong Kong is one of the largest international banking centres in the world. Offshore banking in Hong Kong offers the following additional advantages to your business and your finances.

  • Choice of currency you want to trade and save with.
  • Low tax regime
  • An absence of foreign exchange controls
  • Ease of offshore company setup
  • Adherence to international standards on tax information and exchanges

Moreover, offshore banking in Hong Kong gives you the convenience of conduction offshore banking activities, international trade, investment activities and asset protection.

How to open an offshore bank account?

  • An offshore bank account can be opened easily in a few hours once you are aware of all the formalities. Each foreign jurisdiction and offshore banks have different regulations and requirements. Therefore, the procedure can vary for each.
  • Similar to opening an onshore bank account, for opening an offshore bank account in Hong Kong you would be asked to submit your personal details like your name, address, contact details along with the documentary proofs of the same.
  • As per the government guidelines, the KYC procedure of Hong Kong banks are stringent and therefore you might also be asked to submit documents pertaining to your investments and deposits elsewhere and other financial reference document form your current bank.
  • If you are planning to open an offshore account for your company, you would have to submit the following documents –
  • A detailed business plan
  • An initial deposit
  • The contracts and invoices generated by the company to support the off shore bank account
  • Recent address proof of the bank signatories.
  • Passport copies of bank signatories
  • Bank reference letters for bank signatories.
  • It is recommended that you visit Hong Kong to open the offshore bank account. However, if you are unable to visit the country you can open the account through remote bank account opening.


Contrary to the beliefs, opening an offshore bank account is relatively simple. All you have to do is fill the application form, supply the documents and complete the formalities of the respective banks. You can also take the assistance of a service provider for the same.

Lifestyle in Hong Kong

Hong Kong, officially called as Hong Kong Special Administrative Region of the People’s Republic of China is a city in southern China which welcomes you with its high skyscrapers, iconic skylines, lush green nature, delicious cuisine and dynamic Chinese culture. Hong Kong today is the world’s fourth most densely populated region and also a leading market for wealth management services due to its expensive lifestyle. To know more about it, let’s explore the lifestyle of Hong Kong, Asia’s World city.


Commuting from one place to another is an easy breeze in Hong Kong. With well managed public transport systems you can go around conveniently and fast. The MTR system that includes trains, metro, buses and trams is a cheap and speedy mode of transportation in the city. Moreover, a prepaid travel card called the Octopus card makes it easier as you can recharge the card and use it for all the public transport mediums.


Accommodation is the biggest problem in Hong Kong. The place is small and the living space is scarce. As a result, a major percentage of people in the city lives in high rise apartments with high rents. Moreover, due to its compact spaces, it is also called the concrete jungle.

Public welfare

Hong Kong has an excellent public welfare facility. The government provides public healthcare for everyone who has a valid ID card. Many employment contracts also provide health care as one of the perks. Moreover, though the education system in private schools is expensive, it is of the highest quality.


Hong Kong enjoys a subtropical climate with four distinguishable seasons. The city gets a considerable share of monsoons and often faces tropical storms and typhoons. However, the warning systems of the country are well equipped for extreme weather.


Hong Kong is an amalgamation of western and eastern culture. People celebrate various festivals like Birthday of Tin Hay, The Spring Lantern Festival, The Hungry Ghost Festival, and the Chinese New Year.


Hong Kong has two official languages which are Cantonese Chinese and English. Most people speak English though all signs are in both. However, Mandarin Chinese is also spoken there.

Cost of living

Due to its expanding population and favourable living conditions, the cost of living in Hong Kong is rising at an alarming rate. As per the recent reports, Hong Kong is the 9th expensive city in the world and 3rd most expensive in Asia. Though the city is small, more and more people keep pouring in for its cultural vibrancy, cuisine and stable society. It leads to a steep rise in prices of not only accommodation but also of daily items like a cup of coffee.

Due to the high cost of living and the expensive lifestyle in Hong Kong, it might be difficult to manage your funds. Irrespective of your income, if you are not able to manage your money, you can opt for an expert help. To ensure that you secure the future of your family and also plan a comfortable life after your retirement, you can take the help of wealth managers. Wealth management is a professional process that helps you create, manage and grow your wealth.

A Simple Guide on How to Apply for a Personal Loan

Whether you want to buy a car, start a new business or consolidate your existing debts, a personal loan could be just the financial product that suits your needs. If you’re considering applying for a personal loan but don’t know where to start, you have come to the right place. In order to apply for a loan successfully, it important to have a basic understanding of the application process as well as understand how to choose a personal loan that matches your requirements.

This simple guide will take you through each stage of the application process so that you can pick the right personal loan and apply for it without any hassles. Here’s a step-by-step guide on how to apply for a personal loan: –

Check The Eligibility Criteria

Checking the eligibility criteria is the first step to apply for a personal loan. Checking the eligibility criteria beforehand entails plenty of advantages. Firstly, you will be saved from the prospect of losing processing fee, as there will be low chances of your application being rejected. Secondly, you can save a lot of time by avoiding rejection of your personal loan application. Thirdly, your credit score will not be negatively impacted. Given below is the general eligibility criteria for a personal loan application in Indonesia: –

  • Age – To qualify for a personal loan in Indonesia, you need to be at least 21 years of age or older, but not older than 60. For certain banks the age requirements for personal loans may be even tighter, requiring people to be under 55 or 50.
  • Income – In order to be eligible for a personal loan, you need a steady source of income so that the bank is convinced that you will be able to make the loan repayments. Since personal loans are unsecured loans, the income criteria for personal loans can be quite rigid. If you have a low income, your personal loan eligibility will be lower as compared to high earners.
  • Residency Status – In order to qualify for a personal loan, you will need to be an Indonesia citizen or have Permanent Resident (PR) status.
  • Credit Score – The bank conducts a thorough credit check before approving your loan application to ensure that you will be able to repay the loan. If you have a poor credit history, you may have to pay a higher loan interest rate or even deal with rejection. Therefore, if you have a bad credit history try to improve it before applying for a personal loan.

It’s important to remember that the eligibility criteria for personal loans may differ from bank to bank. You can easily find out the eligibility criteria for a particular bank by simply visiting their website and checking the personal loans section.

Compare Rates and Policies

Once you understand the eligibility criteria, the next step is to compare the rates at which different banks offer personal loans. Besides the personal loan interest rates, you can also compare factors such as loan tenure, pre-payment clause, processing charges and turnaround time for processing the loan. It’s important to compare such factors before applying for a loan as it will ensure that the loan will match his requirements

Different Ways to Apply for A Personal Loan

After you have compared various personal loan options, the next step is to actually apply for a personal loan. There are several ways to apply for a personal loan:

  • The Bank’s Website – Most banks in Indonesia offer online application facility for a personal Just visit the bank’s website and fill up the online application form. On completion of the online application, the bank will contact you with further instructions.
  • Bank’s Phone Helpline – Some banks let you apply for a personal loan with just a phone call. Once you call the bank, the bank representative will guide you through the entire process of the loan application. However, some banks may require you to visit a bank branch while others may fax or email you a form to fill and return via the same mode.

Walk into a branch – You can always walk into the nearest bank branch of your chosen personal loan provider and inquire about the loan application. Most banks in Indonesia, provide fast approval on personal loans with minimal documentation.

Avoid These Common Mistakes While Applying for a Credit Card

Applying for a credit card has never been easier thanks to online applications. All you need to do is complete the online application form and submit it online. Surely, applying for a credit card does not require a lot of effort nowadays, yet there still a possibility for mistakes. If you are not careful, some mistakes can cost you dearly. If you want to make the most of your credit cards, steer clear from the following mistakes while applying for a credit card.

Applying for Too Many Credit Cards Too Soon

While it might be tempting to apply for multiple credit cards to enjoy more benefits, credit card issuers don’t look favorably on multiple credit card applications especially if it’s done within a span of few days. If you apply for several credit cards every few days, your chances of getting approved go down with each subsequent application. Hence spacing out your credit card applications will not help your odds of your application approval but will prevent you from taking on a large risk of credit card debt.

Not Reading the Credit Card Terms Carefully

Visit the credit card website and find out the interest rate and fees instead of just relying on the name of the credit card or the initial advertisement. As a norm, credit card issuers are required to display the cost information on every credit card offer.

Applying for the First Credit Card You See

Although a certain credit card commercial or a pre-approved credit offer in the mail may seem like a great deal, it’s important to do a thorough comparison before applying for a certain credit card. There are numerous credit cards available in the market today. Hence, never settle for a credit card without looking at other available options.

Choosing a Credit Card Based on the Initial Benefits

Some credit cards lure customers with initial benefits such as signup rewards bonuses, no annual fee in the first year, introductory interest rate or double rewards. While the initial period with the credit card may be rewarding, it’s important to consider what the card will cost and benefit you in the second year and beyond.

Assuming Your Application is Going to Be Approved

A high income or a great credit score is not a guarantee for the approval of your credit card application. Factors like a high level of debt or too many recent applications could lead to your credit card application being rejected.

Applying For a Credit Card with Terrible Terms

Everybody wants to apply for a credit card with the lowest interest rate, amazing rewards and no annual fees. If you have a good credit score, you may not have a problem securing a good credit card. However, even if you have a bad credit score, that doesn’t mean you have to accept a credit card with an extremely high-interest rate or high annual fee.

Not Shopping Around

When it comes to credit cards, the market is teeming with choices. Hence, its only prudent to look at a few options before making the final decision. An online search is the easiest way to find and compare credit cards from various credit card issuers based on important factors such as rewards or interest rates.