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How to manage your personal debt?

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manage your Personal debt

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Personal debt, this one term has different meaning to different people. Some people see it as an enabler which helps them in getting what they want and some people see it as a burden on their shoulders which they seem to hate. In reality, it can be both.

What does Personal Debt entails in the current scenario?

Personal Debt nowadays means debt incurred by a person to buy something he fancies or needs and he can borrow it from lenders like banks, people and other institutions. People take the money from such lenders and usually pay an interest (depending on the principal and interest rate agreed upon) on debt incurred. It also includes credit card debt, automobile loans, and house loans. Recently many banks have started to offer personal loans, gold loans and loans for buying electronics items like TVs, laptops and even mobile phones.

How it can be good for you?

Personal debt can be an enabler. You can buy things you need and want and you can pay as per your need. A person can pay in easy EMIs and doesn’t need to spend from his personal savings, instead he can pay it out from his future cash flows. Thus in a way it is a good thing for people who are sure of a fixed income. One can also hypothecate some of his belongings like gold and house and fulfill the immediate needs of cash.

With Individual Voluntary Arrangement you can also manage your unsecured debt. An IVA acts like a legal agreement between you and the creditor which usually lasts for 5 years. During this period you pay only what you can afford to pay outside reasonable living costs. All interest charges freezes to 0% and  creditors cannot demand for additional payment as long as monthly IVA payment is made. Once IVA has completed, all remaining debt will be legally written off.

But what are the downsides?

Now comes the tricky part. Personal debt can be an enabler but it can also be a rat trap for you. Personal Debt has many downsides and if incurred beyond a limit, it can destroy your finances and economic wellbeing and you can get bankrupt. It can be a great cause of worry if your personal debt is huge but why exactly? The truth is: most people’s sole asset (let’s assume that asset is something which gives you income) is their monthly

salary only. And they have lots of liabilities (let’s assume that liabilities take something out of your pocket). But how it affects them? Well haven’t you felt the money crunch? Lots of people complain that their salary lasts for one two weeks and they barely get by for the rest of the week. Many people who complain about having no savings are the people who have higher than average salaries and many of them belong to families where many people earn. Why is that? The simplest logic is their expenditure is much higher than their income. And this creates a problem. Most of the people nowadays have low survival ability i.e. if their salary stops coming in, they will go bankrupt very soon. Such people are living from salary to salary and have meager savings and high debts(mostly credit cards). This is really a dangerous condition.

High personal debt means high negative cashflow. Many payments are needed to be paid at the beginning of each month thus the amount you can save goes down. Also the money you have for your immediate needs goes down which causes more credit card debt. Also the interest rates are usually very high for credit card debts. Just imagine, if anyone buys a car worth 5 lakh with 2 lakh down payment and 3 lakh loan, the car might cost him around 7lakh with interest.

Don’t incur high personal debt!!!

How to manage your Personal Debt?

Hopefully by now you will be interested in managing your personal debt. There are some basic guidelines which might help you in managing your personal debt successfully.

1. Try to buy things with cash – If you don’t use your credit card much, you will find that you are buying things less than usual. Also it is hard to choose between a hand full of cash and an item (try it). Your expenditure will go down and you will find that you also save credit card dues and fees (even if it is a ‘free’ credit card, there is usually a limit beyond which, it is free of annual charges).

2. Use tools in the market – There are many tools, available online, using which you can bring your debt down slowly. These are developed by financial experts and you can check them out. I found one such debt calculator tool which I personally recommend. It is an excellent tool which can actually help and is easy to use.  It is the debt calculator at www.IVA.com

An IVA theoretically is an Individual Voluntary Agreement which can help you in managing your unsecured debt. You can take advantage of the fixed rates of IVA and use them to slowly and securely pay your debt. This scheme can thus help you in getting debt free and also offers you protection from creditors which many other debt reducing plans like Debt Management Plans do not.

To avail the benefits of IVA you need to get your financial condition assessed by an Insolvency Practioner (IP). A fixed rate will be chosen and then you can slowly pay off your debt. Mostly IVAs can help you finish your debt in a short duration of just five years.

 3. Save more – There is no alternative to saving more. If you have enough savings you can weather many disasters and it will increase your survival ability. Also you will feel much less anxiety if you know that you have enough financial resources to survive.

4. Get income generating assets – You should always try to get as much positive cashflow as possible. Invest in schemes, buy shares or real estate (which should get you some income every month) or operate some side business. It will also enable to retire earlier and live a tension free post retirement life.

I hope that this article has encouraged you to think and maybe have given you some ideas to how to manage your personal debt and finances effectively. Please do share your thoughts on the subject, I would be glad to reply to your comments.

I am a software engineer in a prestigious MNC. I am NSE certified derivatives professional and I like to dabble in money making schemes a lot. I like to read, play subway surfer on my tab and I am always connected to internet.

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How to plan the best Ibiza party

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Ibiza is the party capital of the world. In the beautiful Balearic Islands in the Mediterranean sea, the island vibes and gorgeous weather has hundreds of thousands of visitors flocking to the island every year ready to relax, unwind and in many cases party hard.

VIP night in London Barcelone MArbella ibiza

This is why Ibiza is a fantastic place to host the event to end all events, but with so many parties to choose from on the island, how do you get people to yours? Here are some hints and tips to get you started when planning your first Ibiza event.

First things first – set a budget

Amazing parties do not just happen. They need time, a lot of effort and planning, and be prepared to invest a little money in the party.

It is important not to underestimate the budget you will need. Do your research in relation to how much everything will cost, from licences if you need them, staff to run security and provide drinks and food, a DJ, rental of important equipment and the hire of the venue itself.

It can soon add up. You should also allocate some funds towards marketing the event if you want people to book a ticket or simply turn up. Whether you are printing publicity material, or promoting via social media and online, it will cost money.

Choose a venue that will blow people away

For any Ibiza party planner the first thing you have to do is choose a venue, and the more spectacular or unusual the better. You want your guest to walk in an say wow, and be talking about it with all their friends for years afterwards.

When choosing a venue you need to consider the logistics first. First consider how many attendees you are expecting. If it is a more intimate gathering of around 20 to 50 people, then there are many gorgeous villas to choose from.

Or you might want something a little more grand if you are expecting several hundred like a beach party. Talk to the various venues available to hire. Make sure that they are open to your hosting a party at their location, and be conscious of local laws and the neighbours especially of you want to have live or amplified music at the party and the intention is to keep it going long into the night. Or even until the sunrises – this is Ibiza after all, the party capital of the world.

Also consider location in terms of accessibility. Is it easy to get to and find? How will people get home at the end of the night? Much of Ibiza is spread across the island so if taxis are involved you might need to let some of the taxi companies know that you will need a lot of taxis on the night you choose. Also consider other elements of the party. For example you can’t host a pool party without a pool, and if you are serving food, what facilities are there for preparing it.  

Get the sound and lighting right

Lighting can make a huge difference to the atmosphere of a party, particularly at night and especially if you are intending to have professional filming if you want to create promotional videos for future parties.

Think about the atmosphere you want to create, is it something subtle, or a lighting spectacular? The most simple space can be utterly transformed by lighting and this is no area to cut costs, it is likely you will need lighting equipment hire Ibiza, as buying it yourself really will blow the budget.

Are you thinking of pyrotechnics, LED displays, lasers or dry ice. Then the best option is to hire what you need for the event. A good hire company will also be able to provide all the rigging you will need too, delivered, installed and dismantled by professionals.

The second major piece of electronics that you have to get right is the sound system, especially for a music event. Consider sound system hire Ibiza for everything from PA systems to advanced mixing desks for live events and concerts.

Looking after your guests with the best service

You’ve gone to all the trouble of setting up the most amazing venue, the entertain is going to be fantastic, the marketing has got people to turn up – the last thing you want is for the event not to meet expectations.

You need to have a plan for how you will look after your guests after they arrive.

One of the most important aspects, especially for large crowds is the toilets. You do not want half your guests in a queue for the toilet all night. You also do not want those toilets to immediately become disgusting because you haven’t got enough for the number of people. So make sure you have that covered.

You also need to work out the bar, any VIP area and catering options if you are providing them. You want your guests to feel comfortable at all times, and not leaving because they are hungry or thirsty.

Finally, the most important aspect – the people. When you hire staff for the night, as security, runners, bar staff, cleaners, remember that they will be representing you and they need to have a positive attitude when it comes to looking after your guests. This can make all the difference between a smooth running amazing event, and one that very quickly turns into chaos.

It can sometimes feel a bit daunting when planning your first event, especially if you have never done it before. There are a lot of moving parts, and your organisational skills need to be incredible to avoid the pitfalls of a failed event. But don’t let that put you off. It might even be worth calling in a professional Ibiza event agency, so that you can have a little peace of mind in the planning and also rely on their expertise in event planning and the local area. You can then concentrate more on having a good time and enjoying the show rather than run yourself ragged on the night.

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6 reasons why you are not getting a good paint finish on your model car

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car paint

Painting model cars is a great pastime for a rainy afternoon, and there is something so satisfying about seeing the final results of your careful efforts.

But what if the final finish isn’t what you expected? Any small blemish can be enough to ruin the model, and while no-one else will be able to see it, it will be the one thing your eyes are always drawn to. Here are some reasons you might not be getting the imperfection free finish you had hoped for.

1. There is dust or grease on your model

Is is so important to properly clean your model first. Even fresh out of the packet there can be traces of dust or residue from the manufacturing process, and this can have disastrous effects on the ability of the paint to adhere to the model properly.

Use warm soapy water for the cleaning, and a microfiber cloth that is less likely to leave behind fibers and make sure you dry it thoroughly. It is important that your workspace is equally as clean, tidy and dust free as possible.

2. You are not using a primer

For the best finish you simply have to use a primer. The best model car airbrush paints are solvent based and the primer seals the plastic and gives the surface something for the paint to adhere to.

The primer will also usually include a microfiller that will cover small scratches or dents, without affecting the design detail. It means the paint will adhere properly regardless of whether the base material is plastic, resin or metal. Apply in thin layers, preferably with an airbrush for the best results and allow to dry properly.

3. You are not using the right paints

You need to make sure you are using a solvent based, base coat lacquer paint, like Gravity Colors. The paint should have a fast drying time to stop dust sticking to the wet paint, be made to resist fading and be pre-thinned for airbrush use so you don’t have to worry about getting the consistency right.

You also want to make sure that you are choosing the right replica colours for the make and model you are trying to replicate, and if you are opting for metallic paints, you want the metal flakes to be to scale, or it will not look right in the finish.

4. You are not cleaning your airbrush properly

This is absolutely key, especially when working between primer and paint, or between paint colours.

You need to clean your airbrush with acetone or nitrocellulose thinner, and for the best cleaning of the parts of the brush try an ultrasonic cleaner.

5. You are applying paint too thickly

The colour needs to be applied thinly, and then working up to thicker coats. It is really important to get to know your airbrush and how to adjust the flow of paint. Practice a few times away from the model.

Thicker spray has a tendency to make the paint run which can be very unsightly and difficult to rectify. It is also best to have the model on a stand that you can easily rotate in order to get even coverage with each layer. Don’t forget you can always hand paint in the trickier parts rather than repeatedly air spraying.

You also need this stage to dry properly too, it can take as long as 48 hours before you can move to the next stage.

6. You aren’t applying the clear top coat properly

The top coat is very much the part that will complete the model. It will take it from semi-matt to a high gloss you see on full size cars.

You need to apply the first coating as a fine mist. This will give the model a matt appearance, but this is ok. After 10 minutes, then apply the top coat properly so until you can see the glossy finish.

It won’t be perfect yet, that happens as the gloss cures. Once dry it will have smoothed out complete. After 48 hours you will then be able to polish it up and the gloss will have set rock hard. Don’t forget to clean your airbrush right away.

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Hooks for industry – what do you need to know

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Construction Machine

In construction, we often find ourselves faced with the need to lift or move very heavy materials and, to this end, the role played by cranes is fundamental.

It should not be forgotten that in order to operate a crane it is essential to be in possession of a crane operators licence and, to do so, it is necessary to be over 18 years of age, pass a medical examination, have a compulsory secondary education diploma, pass a theoretical-practical course given by professionals in the sector, as well as concluding this training with a final examination.

One of the main parts of a crane is the hook, which makes it easier to hook heavy parts safely.

It is important to emphasize that the hooking of these materials must be carried out correctly following an exhaustive protocol since the detachment of these materials can cause very serious and even lethal damage and injuries. This is why these hooks require periodic revisions to check the conditions in which they are, since if they show deterioration or possible cracks, it would be necessary to replace the hook since it is not possible to work with damaged hooks.

The construction sector is very important all over the world, especially for all kinds of commercial and personal projects. The machine par excellence to carry out a work of great calibre is the crane, thanks to all the benefits and advantages that it leaves with it, such as the speed and the possibility of moving heavier elements thanks to the crane hook.

As in everything else, there are different more specific equipment depending on the type of material to be used and the size of the load itself. Therein lies the importance of the hook, which is in charge of ensuring that this material can reach its destination in the best possible way and without causing accidents along the way.

It is the companies contracted for the construction of the infrastructure themselves that are in charge of renting this type of vehicle or, in some cases, if they already have their own, they can save a large amount of money. The heaviest ones can even exceed 40 tons in weight.

What kind of materials can they transport? From pictures, screens, lifts, air conditioning and even essential elements for the assembly or disassembly of various heavy objects, which humans can not manipulate by their own.

However, not everything is as simple as having one of these machines and getting into the cabin. The engineer who is responsible for driving it must be well prepared and have advanced knowledge of what he is doing. No one wants all the work to be thrown overboard by one simple mistake, hence the importance of this person.

In the same way, the fact that all the contracted team is made up of professionals can reduce both the risks and the total costs that are going to be carried out and, if all this were not enough, you will also be making sure that the machinery will be handled successfully and the final work will obtain a better result.

The expert gets a very clear function, review the existing working conditions and know what kind of equipment and material is necessary to meet the needs of the client.

It should not be forgotten that in order to operate a crane it is essential to be in possession of a crane operators licence and, to do so, it is necessary to be over 18 years of age, pass a medical examination, have a compulsory secondary education diploma, pass a theoretical-practical course given by professionals in the sector, as well as concluding this training with a final examination.

Other option is the Elebia auto hooks for industry, that is the automatic hook. This is an innovative hook. It is a device that allows unloading remotely without the need for manual presence of any operator. It has a magnet, sibil lock, which blocks the rotating part avoiding the possibility of loosening.

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