How Real Estate Debt Capital Operates

For short-term funding for commercial real estate projects like multifamily buildings, shopping centers, construction loans, and many other property types, real estate debt capital helps connect borrowers (often developers) with lenders. Real estate debt funds now fill a modest but lucrative gap in the commercial real estate lending market.

After the housing crisis of 2008, real estate debt capital began to take off. Commercial real estate credit dried up at the time because traditional lenders like banks were experiencing liquidity problems. Then, additional limitations on the kinds of loans that conventional lenders could originate were imposed by post-crisis regulation. To fill this gap and start lending to investors and companies in commercial real estate, several private lenders, including real estate debt funds, stepped in.

Although banks, agencies, and CMBS (Commercial Mortgage Backed Securities) lenders are once again offering commercial capital, many traditional lenders have not yet pursued borrowers in need of bridge or construction loans, leaving that market in the hands of debt funds and other private financings. In the sweet spot where borrowers need loans that are typically less than $100 million but too big for small lenders and too small for non-bank institutional lenders, debt capital offers loans.

Debt funds can provide the capital a company needs more quickly than a traditional lender, thanks to streamlined processes. This agility can be especially helpful in the real estate industry, where quick closings are typical and missing a funding deadline can have disastrous results.

Real estate capital companies make their money from interest on borrowed funds and, in the event of a default, from taking ownership of the underlying collateral for the loan. The fund charges borrowers interest rates that frequently start at 9%+ and can change depending on the state of the market. Rates get fixed, and payments get made each month. Due diligence, origination, servicing, draw, modification, extension, and exit fees are examples of borrower fees for loans. These non-interest-based fees may be given to investors in complete or in part, depending on the types of funds.

From $5 million to $150 million or more may be borrowed. It provides short-term loans, such as terms of one to three years. For the most part, the LTC (Loan Cost ratio) or LTV (Loan Value ratio) for loans is not greater than 80%; however, it depends on location and the specific characteristics of a property.

The fund may seize the title to the loan collateral in the event of default. The fund might also try to sell the underlying note to another investor or lender or restructure the loan’s terms with the borrower. The lender’s objective is to maximize the loan’s disposition value in each case while knowing the price and timing of foreclosing on the property and filing for bankruptcy. Acquiring the homes used as collateral for defaulted loans offers the best benefit. While there are many ways to increase value, some include stabilizing, enhancing, or finishing property to get the highest sale price in the shortest amount of time.

Crucial Components of Consumer Finance

You should consider two factors when considering consumer finance, such as a personal loan or an auto loan: rate and term. These two elements determine not only your loan’s total cost but also your monthly payment. In light of this, be sure to take the following into account before applying for a new loan.

● Rules and Regulations

Inquire about the effects of the consumer finance term on your rate and payment. If you choose to repay your loan, for instance, over 48 instead of 60 months, you might discover that the increase in your monthly payment is negligible and that you will save money overall. You can also inquire as to when the rate fluctuates. For instance, you might get the best loan if you can afford the long-term at a lower rate. The bottom line: Don’t focus solely on the monthly payment.

● Upcoming Commitments

What would you do if you decided to take out a six-year personal loan to solve your current issue? You’ll probably need to control your expenses in addition to making these payments. Consider your upcoming obligations. It’s not a good idea to spread out personal debt over time. Make it a priority to pay off your loan as quickly as possible, and if you can do so without incurring penalties. Consider the shortest time frame you can afford to pay it off.

Think about your upcoming purchases as well. For instance, are you thinking about purchasing a home? Unless you’re consolidating debt, it might not be a good idea to get a personal loan right now. Avoid taking loans unless necessary because they have a long-term impact on your credit score.

● Alternatives

It can be tempting to finance as much of the cost of a significant purchase when a low rate is available. However, when you calculate the total cost of the loan, you might take other options into account, like making a sizable down payment or purchasing a cheaper item. Leasing is another option, particularly when it comes to automobiles. Leasing may be a better option if you’re unsure that your finances will be stable for the duration of the loan. Examining the financing offered by the provider or retailer is an additional choice. Some merchants provide zero interest, which can be a much more affordable choice than applying for a personal loan.

● Terms and Conditions

Last but not least, be completely aware of the repercussions if you decide to move forward with taking out a loan. If the need arises, would you be able to pay it off? The cost of an early repayment penalty is what? Think about whether you’ll be able to keep making payments until the end of the term if you have to leave the country or get fired. To fully comprehend the penalties for late payments, read the contract terms carefully. Understand the uses and restrictions the lender will permit you to put the vehicle to when you purchase a car or another asset. For instance, some lenders might forbid you from taking the property abroad until the loan gets settled.

Why Do You Need Personal Financial Planning?

You need to take care of yourself and your family’s expenses and achieve set goals like saving for child education, retirement, emergency needs like illness and job loss, saving to buy a house or car, etc. It requires proper financial planning at the earliest possible time.

Many people are wise and try to manage their finances to accomplish set targets and navigate life easily. However, availing yourself of the advice of experienced and learned financial planners such as Joseph Stone Capital will help you achieve your goals seamlessly. Financial experts will share their expertise in your financial planning so that you can easily pay for your child’s education, earmark funds for emergency needs, save for buying a property or vehicle, etc.

Insurance to Save the Family

Personal finance experts suggest taking out insurance to provide a lump sum fund to the family to manage situations like the sudden demise of the breadwinner, job loss, calamities, loss of property or business, etc. that cause huge financial losses.

It would help if you talked to a financial expert to select the right insurance plan that covers the above-mentioned risks and financially supports the family. Some insurers are tricky. You should understand the terms and conditions of an insurance plan before deciding to write a check.

You need to set goals like a child’s education, building a house, or marriage. It requires a sufficient amount. It is time to set aside some funds for paying household expenses, tuition fees, car loans, emergency needs, etc. You need to decide how much insurance coverage is required for your family to manage in your absence and how much you can pay monthly toward that target. You can seek the help of a financial expert to help you choose the best insurance product.

Saving to Buy A Home

Buying a home in your new job location requires huge amounts of money. People from affluent categories can pay the amount outright and own a house. It is possible for people on a budget or in the salaried class. It requires proper financial planning and earmarking some funds every month towards this goal. You can gradually increase savings for a house purchase when you get a salary hike or find a part-time job for some extra money.

Invest Surplus Funds

Apart from paying for household expenses, mortgages, insurance, and emergency needs, you can invest your surplus funds in equities, mutual funds, and real estate. The financial planners at Joseph Stone Capital will assist you in selecting the right property in a prime location or investing in suitable mutual or equity funds to grow your money.

If you are over 40 and do not want to take a risk, you can choose to invest in balanced mutual funds to save for your retirement and that of your family members. Such mutual funds invest a majority of the fund in bonds and other government-backed securities and a small amount in equities.

You can also invest in a property in a location where its value is expected to increase significantly in the future. You can also join schemes where houses are constructed and given for rent. You can earn rental income from such homes in addition to a share of their value. You can also deposit money in bank accounts that offer higher interest rates.

How Does Your Business Benefit From the Services of A Financial Analyst?

The business’s performance is to be evaluated at regular intervals to achieve success and reap rich dividends for the stakeholders. A financial analyst will do a comparison of your business’s financial data. You can use financial analysis to gain insights into the performance of your business. It helps to detect areas for improvement and refine your processes.

The Financial Analysis Benefits Your Business

It helps to use a uniform methodology so that you can compare the changes in your business operations over time. A financial analyst will ask the following questions for a better financial analysis and decision-making process to spur your business growth:

• Why one business is more profitable compared to another business?

• Why is this business making fewer profits than other businesses?

• How solvent is your business?

• What benefits do shareholders enjoy in a business or from reaping rewards on their investments?

• Is your business able to pay the bills on time?

• Is your business able to manage assets such as inventories, creditors, and debtors?

You can get answers to all these questions with the help of financial analysis. You can formulate solutions based on these answers to improve the long-term and short-term performance of your business. So, you can evaluate the performance of your business, its operating efficiency, its prospects in the short and long term, and its liquidity. You can hire the services of a financial analyst at Joseph Stone Capital for efficient financial analysis and to make informed decisions for improved business performance and profitability.

You can identify the drawbacks in each department and incorporate changes to improve performance. It is a continuous process. A financial analyst analyzes the financial statements using fifty accounting ratios. You need to use all these ratios together when evaluating the performance of a business rather than judging the performance using a single ratio. Financial analysis is also beneficial for stakeholders in a company.

Financial Analysis Helps the Following Categories

Investors, who parked their funds in your business, want to know how efficient cash utilization is and how business operations are performed to improve profitability. For example, if a CEO is drawing more incentives and salary without putting in significant efforts for its improvement, the investors can request or force the management to reduce such perks and put in other processes or invest in other products for improving profitability. You can seek the help of Joseph Stone Capital in identifying such deficiencies in your business and incorporating changes to efficiently utilize the capital.

Investors can also force the management to change managers or other professionals who are not performing. They can also suggest adding additional businesses to improve growth. All these changes are possible with a proper financial analysis.

Lenders such as banks monitor the liquidity position of your business and ensure that interest and principal due to them are paid on time. Creditors and lenders also show interest in knowing how efficiently business capital is utilized in a business.

Your peers will also want to know how your business is performing. Otherwise, they want to take advantage of it and gain the upper hand. Therefore, you can hire the services of a top-notch financial analyst to prepare financial analysis by gleaning into balance sheets, income statements, and books of accounts to provide a correct status of your finances.

How Financial Planning Can Help You Build Wealth While Minimizing Risk

Financial planning is a crucial aspect of wealth-building that cannot be overlooked. It is a comprehensive

process that involves setting financial goals, analyzing your current financial situation, and creating a plan to achieve those goals. By doing so, Joseph Stone Capital Financial planning can help you build wealth while minimizing risk.

The first step in financial planning is setting your financial goals. Whether your goal is to save for a down payment on a house, pay off your student loans, or retire comfortably, it is important to have a clear idea of what you are working towards.

The next step in financial planning is analyzing your current financial situation. It is important to have a clear understanding of your current financial situation before you can create a plan to achieve your financial goals.

Once you have a clear understanding of your current financial situation, you can begin to create a plan to achieve your financial goals. This involves creating a budget, setting a savings plan, and creating an investment strategy.

Creating a flexible budget is an important part of financial planning. A flexible budget helps you track your income and expenses and helps you identify areas where you can cut back on expenses. By creating a budget, you can free up more money to put toward your financial goals.

Setting a savings plan is another important aspect of financial planning. This involves setting aside a certain amount of money each month towards your financial goals. Whether you are saving for a down payment on a house or retirement, setting a savings plan with the help of Joseph Stone Capital LLC can help you reach your financial goals faster.

Creating an investment strategy is the final step in financial planning. This involves investing your money in a way that will help you achieve your financial goals while minimizing risk. With the right financial planning, there are many diverse types of investments, including stocks, bonds, mutual funds, and real estate. Each type of investment has its risks and rewards, and it is important to create a diversified portfolio that minimizes your risk while maximizing your returns.

One way to minimize risk while investing is to create a diversified portfolio. This involves investing your money in a variety of different investments, rather than putting all of your money in one investment. By diversifying your portfolio, you can minimize your risk while still achieving your financial goals.

Another way to minimize risk while investing is to work with a financial planner. A financial planner can help you create a personalized investment strategy that takes into account your risk tolerance, financial goals, and time horizon. They can also help you monitor your investments and make adjustments as needed to minimize your risk and maximize your returns.

In addition to minimizing risk, financial planning can also help you build wealth. By creating a budget, setting a savings plan, and creating an investment strategy, you can put your money to work for you and achieve your financial goals faster. You would be happy to know that this can help you build wealth over time and achieve financial security.

Debt vs. Equity Capital: Which is Right for Your Business

Financе rеquirеd by thе businеss tο еstablish and run its οpеratiοns is known as Businеss Financе. Nο businеss can functiοn withοut an adеquatе amοunt οf funds fοr undеrtaking variοus activitiеs. In οrdеr tο prοducе gοοds οr prοvidе sеrvicеs, any businеss nееds mοnеy. Lοngеr gοals οf еxpansiοn and grοwth can οnly bе achiеvеd with thе hеlp οf thе rеquirеd amοunt οf funds.

What is Debt capital?

Dеbt capital is thе capital, usually mοnеy, raisеd thrοugh issuing bοnds. Althοugh mοst οf thе timе thе capital raisеd is mοnеy, it cοuld bе οthеr gοοds οf valuе as wеll. Thе capital raisеd must bе paid back tο thοsе whο financе thе dеbt. Bοth privatе cοmpaniеs and gοvеrnmеnts can raisе dеbt capital this way.

Tο raisе capital, cοmpaniеs havе a numbеr οf diffеrеnt οptiοns. Οf cοursе, thе purpοsе οf mοst cοmpaniеs is tο sеll a prοduct οr sеrvicе fοr a prοfit. Hοwеvеr, sοmе may nееd οr wish tο raisе mοnеy fastеr than thе nοrmal cοursе οf buying and sеlling will prοvidе. Tο dο that, thеy may cοnsidеr dеbt capital.

If you are looking to expand your business or raise capital, debt financing can be an effective way to secure the funds you need. Joseph Stone Capital provides expert guidance and services to help businesses navigate the complexities of debt capital.

A much larger sum is gеnеratеd whеn cοmpaniеs lеvеragе small amοunts. Lеndеrs usually ask fοr intеrеst paymеnts. Thе cοst οf capital dеbt is thе intеrеst ratе. Dеbt capital might rеquirе capital fοr businеssеs as thеy rеquirе cοllatеral.

Tο put it intο pеrspеctivе, if a cοmpany takеs a lοan οf Rs. 1,00,000 with a 10% intеrеst ratе, thеn thе cοst οf capital is 10% fοr thе lοan. Dеbt paymеnts arе tax-dеductiblе in naturе, and businеssеs takе intο accοunt thе cοrpοratе taxеs whеn calculating a dеbt capital’s rеal cοst. It is dοnе by multiplying thе invеrsе cοrpοratе tax ratе and intеrеst ratе.

What is Еquity Capital?

Еquity capital cοst is a bit mοrе diffеrеnt frοm dеbt capital. Еquity capital is thе funds that thе sharеhοldеrs invеst. Undеr еquity capital, thеrе is nο rеquirеmеnt tο apply fοr a lοan, which means that thеrе is nο rеpaymеnt. In οthеr wοrds, thеrе is nο nееd tο takе dеbt fοr an еquity fund. Hοwеvеr, sharеhοldеrs еxpеct sοmе rеturn οn thеir invеstmеnts basеd οn thе markеt’s pеrfοrmancе and thе vοlatility οf thе stοck.

Cοmpaniеs shοuld bе ablе tο gеt rеturns, hеalthy valuatiοns, and dividеnds. Thеsе lеvеls shall bе еqual tο οr mοrе than thе sharеhοldеrs’ invеstmеnt. Capital Assеt Pricing Mοdеl (CAPM) usеs thе risk-frее ratе, bеta valuе, and thе risk οf thе prеmium widеr markеt tο calculatе thе cοst οf еquity οr еxpеctеd ratе οf rеturn.

Gеnеrally, thе еquity cοst is mοrе than that οf dеbt cοst. Sharеhοldеrs carry a grеatеr risk than lеndеrs bеcausе lοan rеpaymеnt is lеgally rеquirеd еvеn if thе prοfit margin is οn thе lοwеr sidе.
With years of industry experience and a deep understanding of the financial landscape, Joseph Stone Capital can help you identify the right financing options to meet your unique needs. From assessing risks and opportunities to structuring deals and negotiating terms, they can provide the support you need to make informed decisions and achieve your business goals.

Debt Capital’s Benefits As A Capital Structure

A corporation has debt capital when it borrows money to boost its capital. To maximize growth, profit, and shareholder value, a firm can use borrowed capital as a component of its capital structure. Along with equity capital, debt capital gives businesses access to funds they otherwise wouldn’t have, enabling them to achieve their financial objectives.

Fearful of a debt? Being scared is not an option for businesses because they leverage borrowed financing to expand. Debt gets used by businesses to build their capital structure since it offers some advantages over equity financing. Borrowing money ensures tax savings and keeps profits within the company. However, managing ongoing financial obligations could impact your cash flow.

● Lower Cost of Financing

Debt takes less money to finance than equity. Due to your legal obligation to repay the principal of the debt as well as periodic interest payments, debt is a limited resource. Following that, the debt gets settled. On the other hand, equity is limitless. You will always pay a portion of your profit to the equity holder once you have sold a stake in the business. Consider that your annual income is 150,000. Which would you choose: giving up 10% of your profits indefinitely, or paying $15,000 in interest for a finite period of, let’s say, five years? A less risky debt investment needs less expense reimbursement.

● You keep the company’s earnings.

Utilizing debt lets a corporation retain more earnings than using equity, even if it may put more strain on continuing operations because of the need to pay interest. That is so because equity requires that stockholders share in firm profits. Businesses that use debt only have to use their gains to pay the benefits. In contrast, when a corporation uses stock, the more profits it generates, the more it must distribute to equity owners. Companies frequently utilize debt to finance solid business operations so they may more easily make continuous interest payments and, at the same time, keep the remaining earnings for themselves to benefit from this debt-financing characteristic.

● Increase the impact of financial leverage.

Due to the effect of financial leverage, using debt also benefits current owners. Equity shareholders receive any additional profits earned by the borrowed capital, net of interest payments, when corporations employ it to supplement their operating fund. Due to the higher returns generated by the loan capital, equity investors see a higher return on equity for a given amount of equity investments. Equity shareholders support debt capital use to boost their investment returns, so doing so doesn’t jeopardize a company’s ability to weather tough times financially.

● Interest deductions result in reduced taxes.

Because of permissible interest deductions, using debt lowers a company’s taxes. Tax laws allow interest payments to get deducted from income as a cost in calculating taxable income. A firm pays less taxes, the lower its taxable income is. Dividends paid to equity holders must originate from after-tax income and are not tax deductible.

What Are The Prospects of M&A in 2023

The consolidation of assets and companies takes place through mergers and acquisitions. M&A activities are aimed at promoting growth and gaining a competitive advantage. In addition, it allows for influencing supply chains and boosting market share.

M&A investment banking witnessed a transformation in the year 2022. M&A deals declined by 38% because of hikes in interest rates, geopolitical turbulence, an expected recession across the world, and disturbances in supply chains.

Excellent opportunities for M&A

Despite beginning on a sluggish note in early 2023, M&A activities are expected to flourish in the remaining part. According to trends from history, mergers, and acquisitions during times of economic uncertainty would be successful. The economic uncertainty in the present economic climate is the best time for opportunities in M&A. Joseph Stone Capital has a special division catering to investment banking. It offers financial services for successful M&A activities.

Businesses reevaluate targets and revise growth strategies in times of economic downturn. It helps improve your business’s efficiency. In addition, it also provides eye-opening results. To drive growth, the companies can invest in mergers and acquisitions. Early-stage companies searching for capital infusions are the best targets for acquisition. It lays the foundation for the growth of M&A.

M&A needs the valuation of the target company in terms of its finances and products and services that contribute to growth. So, financial experts need to adopt various strategies to increase the net worth of the target company and suggest an acquisition price.

Reputable M&A advisers like Joseph Stone Capital will help companies in need of a capital infusion drive growth. The financial experts concentrate on enhancing the value of your company by considering the value of the real estate, equipment, business prospects, cash receivables and payables, and the market outlook. They will also engage legal experts to check if any lawsuits are pending against the company. If any lawsuits are pending, the cost of their settlement will also be considered in the valuation statement. So, the companies looking to acquire your company will pay higher sums for your business, which helps drive growth.

Gap in skills

Wage wars, labor shortages, a lack of skilled manpower, and higher competition may force companies to search for skilled talent. So, CEOs of some companies acquire smaller companies following the acquihire strategy employed by businesses like Microsoft and Google to benefit from skilled manpower.

Domestic companies can also acquire businesses in other nations worldwide where enormous growth is expected. India is one of the nations where you can expect tremendous growth. It leads to growth in M&A investment banking activities. Companies in the US can acquire companies based in India and merge their business operations for significant growth.

Matches your strategy

You can acquire companies to promote growth and improve revenues. However, it is necessary to know that the target company has sound leadership to run the company post-takeover. Otherwise, you need to find the right talent capable of running the target business. In another scenario, if the target company’s products complement your business, you can position senior professionals from your company to ensure its growth.

There are also scenarios where you can acquire a company to neutralize completion. For example, you can propose to acquire a competing company, merge with it, and nullify its competition. It improves your prospects for growth.

How Business Financial Planning Can Help Your Company Grow

Building a business financial plan is never easy. It takes hard work, thorough research, and a clear vision. However, if you have never done this before, you may hit some roadblocks along the way. A good financial plan can help you focus on goals and achieve them on time. You will be prepared for the new challenges and even train the staff appropriately. It is a fine way to make your business transparent and modern. There are numerous benefits, but first, know more about financial planning in a business and why an expert team of Joseph Stone Capital can offer assistance.

Business financial planning: a path toward success

The company’s financial plan is crucial because it includes real financial data and projections on how to use business capabilities in the future. With such planning, you get an existing accounting figure from which you can make a good plan. It is not a regular copy-paste job in business accounting. You get a clear vision of your business goals and define the investment level.

The financial part of the business is a crucial aspect of the overall plan, as you may need it if you hope to win over investors or get a bank loan. Even when you don’t need financing, you must compile a financial forecast. It will help to grow your business efficiently.

The Role of financial planning in Business

It may not surprise you, but financial planning can help you build a good business. The business plan dominates how you should reach the goal in the coming months, quarters, or even years. It also consists of the business investment assessment, the resources required, the goals needed to reach the goals, resource budgets, and team allocation. It even takes into account potential future risks.

Set clear company goals

It is the point of the entire financial plan. You should establish all facts needed for the business and know if the business meets this requirement. It is also known as “market fit.” Some startups initially spend years trying to create a product and then establish it as a fit for the market. It should be a one- or two-year project with several checkpoints. However, if this is the only goal then you may not be able to set lofty sales targets. For the business investment to get returns in the long run financial planning is useful.

Cash flow management that is meticulous

The financial plan must set the right cash flow expectations. It refers to the amount of money coming in and going out of the company. In the beginning, you may have to spend more compared to how much you will make. However, you need to set a bar on a personal level to manage the timeline and whether you can stay on track. As a part of the financial plan, you need to figure out how to measure the cash flow. With the right company and an expert team, you can track where your money is going efficiently and accurately.

The right allocation of the budget

Once you know how to spend the funding amount, your next task is to ensure the investment or income is used. The company has a whole budget that represents its burn rate for each year or quarter. Categorize it into small team budgets like marketing, product development, and customer support. You need to ensure the amount dedicated to every sector reflects its importance. Tracing the project or team budget can be easy if you have the business financial planning done. You can plan on product developments and even use the campaigns.

Conclusion

With so many advantages, if you are still figuring out how to get time to make a business plan, then Joseph Stone Capital can offer better support. They can create a business plan according to goals and assess the company’s performance.

What are the Usual Sources of Information for Financial Planning

We need to gather information from various sources before making any investments. That is the possibility that each detail you consult may have a unique perspective on a financial product. Your knowledge may be incomplete if you rely solely on one piece of information. Therefore, always investigate multiple sources before deciding which product is ideal. The following is a list of resources where the detail of financial planning can get found:

● Programs on TV

These days, there are a lot of business-related channels on television. The shows on these networks are available in English, Hindi, and other regional languages. While some are more fundamental and explain the underlying principles of finance and products, others are more sophisticated. Some people just provide us with the latest business and economic news. We must watch a balanced selection of news, commentary, and education programs.

● Magazines and newspapers

There are articles available to educate, inform, and analyze us as long as we can read. Since it is impossible to overburden a TV program with facts and data, reading them may take more time than watching television, but they are likely to provide us with more in-depth knowledge. A printed source also enables us to periodically review material to confirm that we have understood it completely and appropriately.

● Yearly reports

If we invest in stocks, we must monitor a company’s success by reading its annual report. The annual report provides information about the company’s financial performance over the previous year or two and the management’s expectations for the company’s future.

● Website of a company or bank

We can learn a lot about a company’s performance, accomplishments, business philosophy, and future goals by visiting its website. We can readily get information on any company we want to learn more about if we discover how to use the internet in its most basic capacities.

● Internet searches and blog posts

We could occasionally desire to learn more about a sector or a problem. The websites of businesses might not include this information. The majority of the queries we have can get answered if we learn how to do effective information searches using search engines like Google or Yahoo. If we’re still not pleased, we can ask questions on other people’s blogs. They offer their opinions on numerous subjects. However, every response we receive via internet blogs should also be verified using additional sources.

● Brokers and industry professionals

People with financial planning experience can occasionally be a great source of knowledge. They are likely to comprehend your question better than any other source and respond to it specifically. Again, be careful not to base your decisions on the advice of just one or two people. Your financial choices ought to be supported by a thorough understanding that you’ve gained from several sources.

● Family and friends

Use this source more for argument and discussion than for genuine information collection or advice unless your friend and family circle includes appropriately qualified, experienced experts. It is also crucial to discuss and debate financial topics and products. You may find that it confirms your beliefs and raises questions you hadn’t considered.