Category: Financial Planners

By Benjamin Robert Ehinger

Why Might You Need Payday Loans?

The best payday loans are for emergency use when you have bills to pay, a car issue, or something else that has to be paid as soon as possible. This is necessary because you have to have cash fast and with the best payday loans you can get exactly what you need when you need it without much of a hassle at all.

Are you in need of a payday loan to get you through until your next payday? Do you have an unexpected expense that you need to pay, but you know you will not have enough money until your next payday? There is a way to get money for your emergency and you can get what you need with the best payday loans.

Finding the Best Payday Loans for You

First, you have to know what you are getting into. A payday loan is meant to be a short term loan that gets you through for about 30 days. This type of loan needs to be paid back on time and promptly. The longer you wait the more it will cost you to pay back this high interest type of loan.

Second, since this is such a high interest loan you need to make sure you only borrow what you need. When you borrow more than what you need, you will only make it harder for yourself to pay off the loan. This could end up costing you hundreds of dollars in the long run in fees and interest.

Last, you need to use the loan for the emergency and only the emergency. These payday loans are not meant to cover the cost of a night out or to help you pay for something that is not necessary. They are short term loans for car repairs, medical bills, groceries, rent, or anything else that is a necessity.

Make sure you use the best payday loans for your emergencies and you pay them off as soon as possible. These are short term, very high interest loans that need to be used only in emergencies. Use them correctly and they can really help you get through a tough situation, but if you use them incorrectly you could be paying on your loan for years.

The Newest One of the Best Payday Loans

There is a new type of loan that you can get and it will not only give you the money you need, but you will also not have to pay it back tomorrow. This type of loan give you more time to pay it back and it is quickly becoming one of the most popular and one of the best payday loans out there for anybody that needs cash.

This type of payday loan is a 100 day loan. The 100 day loans give you much more time to pay them back and the payments will not be as hard on your budget. This means you do not have to commit a full paycheck or even a half paycheck to paying your loan back in a week or two. The time you get to pay the loan back is what makes it one of the best payday loans.

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The History of Family Offices – Through the Ages

by

Stuart MitchellMW

Having briefly described the incarnations that family offices in the present can take, the second installment of the article looks at how we have arrived at these business models through centuries of evolution.

Ancient History

The concepts behind family offices have developed independently across the world, especially in Asia where there was a strong tradition of family dynasties in countries such as China and Japan. These dynasties required the means to preserve their legacies and power and significant facet of that would have revolved around their wealth. Some of the earliest incarnations of family office-type teams can be traced to these roots, with evidence of people being employed to preserve the wealth and welfare, for example, of the Shang dynasty in China as long ago as the 17th century BC.

Early European History

In Europe, the idea of a family office can trace its financial history back to the inception of the concept of banking for the sake of sustaining and preserving wealth; in contrast to money lending. One of the earliest examples of this practice can be attributed to the age of the crusades when a need arose to place wealth in trust whilst noblemen were away fighting in foreign lands. The demand for trusts to conserve wealth remained throughout the many conflicts that affected the continent down the subsequent centuries.

Generally speaking, family office-type and trust services were provided by traditional banking operators such as the Jewish communities, the protestant Swiss and Scottish bankers. However, prominent, sometimes ruling, European families from the middle ages – those that we now think of as dynasties like the Medicis of Florence and, more latterly, the Rothschilds family who spread across western Europe – also created their own banks and would have provided similarly styled services, They would have managed wealth creation on behalf of their own families but then, in turn, would have also offered services to the other prominent families of the time; effectively acting as forerunners of what we would now think of as private banks or specialist banking for HNWs. The lines for such families would no doubt have been very blurred, between entities that we would class as family offices and their banking services – because the family wealth would have been inextricably tied up with their banking activities. The families who were creating these early banks, and providing financing for others, were also likely to be those with the wealth to warrant a need for family office-style services.

Away from the financial management, land owners, from the middle ages onwards, also employed people to run their estate and the workers who would have toiled on their lands and serve the family in their day to day lives. Through the feudal systems of medieval Europe (for example, after the Norman invasion in England), ownership of land became focused within the minority nobility who in turn could give access to that land to vassals in exchange for their loyalty and labour. These labourers evolved through time, beyond the breakdown of feudalism, into teams of land workers and servants. These workers were free citizens and simply employed by the wealthy land owners to maintain the estate – lands and properties. The concept of these servant classes arguably reached its zenith in the Victorian era but as relative wealth declined the larger teams became the preserve of the ultra-wealthy only, creating the footprint for family offices.

Modern US History

The modern European incarnations of family offices in particular can therefore trace their lineage back to the medieval estate managers and family banks (indeed for those looking for a family office london is still a centre for the industry) but the modern concept is also heavily influenced by the resurgence of family offices as financial management organisations in the US. In fact term itself, Family Office originates from modern US usage.

The American resurgence occurred at the end of the 19th century and start of 20th when private offices were established by wealthy US families in response to a lack of third party financial services, such as private banks, which targeted ultra-HNW individuals. The banks were prohibited by US legislation from offering joined-up services and so it was left to teams of advisors and other financial firms, such as accountants and legal partnerships, to provide the services associated with family offices, often creating family trusts in the process.

The specialist companies that started to appear focused on managing the financial elements of multiple wealthy families in contrast to the in-house offices that had existed before and that were previously popular across the pond. Latterly, relaxation in the US laws has allowed for the integration of family office services back into private banks.

© Stuart Mitchell 2012

If you want to find out more about financial or estate management services for ultra-high net worth families then you can visit Family Office London.

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