If you are reading this, then you obviously have access to the Internet. And, more than likely, a PC at your home or work. These two requirements are the basis for using personal financial software. Chances are high that you have seen ads for personal finance software. But, should you use this software to help perform the most basic of personal finance tasks?
In our culture instant access to information and ease of information reigns supreme. Anything that is available to make life easier and more convenient is considered chic. Not to be outdone, personal finance software fits this mold very well. And for good reason. Ease of use, error protection and a myriad of features make this a must for everyone. Use it and be better because of it. The ability to categorize expenses and organize your current and savings accounts is worth the time, money and effort.
You have two options available. First, you can purchase software to load onto your PC. Or you can access a site via the Internet that will allow you to perform your personal finance activities there. The difference is that with software on your PC, you have the actual information on your hard drive. If your Internet connection goes down for some reason, you still have access to your data. But, then the down side here is that if your hard drive crashes, you can lose it all unless you have a backup. Then, even if you do have a backup, how long would it take to get your PC up and running for you to be able to access the data once again?
Online personal finance providers give access to your stored data from any PC that can get to the Internet. That gives you options. If you travel to your mother’s, but do not have a laptop to take with you and you find you need to check your balance, just log on at her house. But this can also work against you. If there is no Internet access, there is no viewing or changing data.
You need to be aware of these differences and make the choice between the two as to which option would best fit your needs. If you choose software for your PC, you will enjoy many features. At this point, the Internet sites offering this service are still in their infancy and do not have as many features and benefits.
Whichever you choose, your personal finance tasks will be easier and more accurate. Do not delay – get in on this now.
Personal finance briefs
Fuel savings add up with car maintenance
Barack Obama got ribbed by John McCain when he advised drivers to fill their tires, but the Car Care Council, a nonprofit funded by an auto trade group, agrees with the Democrat.
Car care, the group says, can save a lot of fuel and money, based on $3.96 a gallon gas:
• Once a month, check that your tires are properly inflated. Gas savings: up to 12 cents a gallon. Boost in fuel economy: up to 3 percent.
• Replace clogged, dirty air filters. Check them every 3,000 miles. Gas savings: up to 40 cents a gallon. Boost in fuel economy: up to 10 percent.
• Use the right grade of motor oil, and change it regularly. Gas savings: less than 1 cent a gallon. Boost in fuel economy: 1 to 2 percent.
• Tune up your engine, about once every 30,000 to 100,000 miles, depending on the car. Gas savings: 16 cents a gallon. Boost in fuel economy: 4 percent. The group also recommends keeping your gas cap on tight and replacing spark plugs.
FIRED AND REHIRED
Downsized and out of a job can be a rebirth
So you got downsized. It's happening a lot this year -- 579,260 job cuts reported so far, according to outplacement consultants Challenger Gray & Christmas Inc. -- but experts say you shouldn't see it as career death. In fact, it can be a rebirth.
"A majority of people end up telling you it's the best thing that ever happened to them," said Marc Cenedella, CEO of jobs site TheLadders.com.
How to move on:
• Get rid of the negativity: Write an angry letter to your boss, then rip it up. Take a vacation. Get relaxed and refreshed so you can be positive in interviews later.
• Make a plan: Interested in a new field? Here's your chance. Investigate retraining programs, take classes. "Reassess what you want to do," said Tony Santora, senior executive at Right Management, an employment consultancy. Take note of your strengths.
• Network, network, network. "Over 50 percent of the jobs out there are found through networking," Santora said. Reach out to friends, family, former colleagues. Use online sites like LinkedIn.com. Call up trusted recruiters.
Personal finance literacy worsens amongst British adults
Despite personal finance issues taking centre stage over the past 12 months, the latest research from Abbey Banking has found that financial literacy amongst British adults has in fact declined since this time last year...
In August 2007 Abbey set a simple GCSE level personal finance exam amongst a representative group of adults, and found that one-in-ten (5.9 million) would fail to achieve the 40 per cent mark needed to achieve grade GCSE grade C (or O'Level pass). One year on and a repeat of the exercise shows that the number of adults failing to achieve a grade C has increased by 1.2 million adults - to one-in-seven.
At the top end of the scale one-in-four adults (25 per cent) matched last year's results by scoring an A*, but straight As were down on last year by 2 per cent - to 28 per cent. Twenty two per cent were on for a respectable B (up one percent from last year), but C grades fell year on year from 13 to 12 per cent.
Government plans to introduce personal finance skills into the Maths GCSE should certainly be welcomed by 18-24 year olds, since they slipped from an average score of 56 per cent in 2007 to 53 per cent in 2008.
The top wrong answers were:
88 per cent didn't know that they get six weeks to pay back a credit card before it accrues interest. (86 per cent last year)
38 per cent failed to explain that negative equity is where your mortgage is larger than the value of your house. Better than last year when 47 per cent got the answer wrong.
25 per cent were unaware that failure to pay a secured loan meant that your house could be sold to pay for the loan, up 2 per cent on last year. Five per cent thought that it involved selling off the contents of your house.
18 per cent don t know what hire purchase means, against 12 per cent last year.
Why is Saving So Important?
The trick to saving is to make it your number one priority when allocating your cash outflows.
When I first start working with a client on wealth creation, I always start them saving 10% of their income regardless of their current financial position. Invariably, the client has a difficult time with this. Unless they are a "born saver" or were conditioned to saving from an early age, the client views this strategy as either drudgery or, worse, it appears that they have less money for themselves.
The truth is: savings will give you more money in the long run. If you want to become wealthy you must start thinking long-term not short-term. Generally, most people waste more than 10% of their income every week on things they don't really need. By eliminating wastage and extravagance from our lives, we can find that extra 10% to save.
Most of my middle-income clients have been able to trim an easy $50 to $100 per week off their supermarket bill alone by simply ensuring that they only buy what they need and focusing on buying value for money. This does not mean you have to buy inferior products. It means: buy value-for-money. Consumer research organisations have proven that the most expensive products are not necessary the best.
Ultimately you will feel a major sense of accomplishment watching your savings grow. Having savings in the bank provides a strong feeling of security and you will never feel poor. You can finally relax and know that the future is being taken care of.
Some wealth strategies may advocate paying off all your debts first and then start saving later. I disagree. These systems usually put you on a very stringent budget. To me, this is like going on a strict diet. It is too harsh for most people in the long-term and, more often than not, doomed for failure. I prefer to start everyone off by saving 10% of their income. It gets then into a good habit from the start. The 10% savings should always be allocated first. If you make it your number one priority, you are well on the way to conquering your financial problems and becoming wealthy.
A soon as any income is received, 10% should be deposited into a separate savings account that is easy to deposit to, yet difficult to withdraw from. Do not attach this account to your ATM card. This money should be left to accrue over time and then converted into investments. It is not to be used for holidays or buying large purchases such as furniture. A separate savings account can be used for the latter.
I tell my clients with children that the most important thing you can teach your children about money is to save 10%. If you start them young and teach them, in the same way as you teach them to brush their teeth everyday, they will be millionaires by the time they are 30 or 40 years old - maybe even sooner. It is as simple as that. Start them saving as soon as they start receiving pocket money.
When I first start working with a client on wealth creation, I always start them saving 10% of their income regardless of their current financial position. Invariably, the client has a difficult time with this. Unless they are a "born saver" or were conditioned to saving from an early age, the client views this strategy as either drudgery or, worse, it appears that they have less money for themselves.
The truth is: savings will give you more money in the long run. If you want to become wealthy you must start thinking long-term not short-term. Generally, most people waste more than 10% of their income every week on things they don't really need. By eliminating wastage and extravagance from our lives, we can find that extra 10% to save.
Most of my middle-income clients have been able to trim an easy $50 to $100 per week off their supermarket bill alone by simply ensuring that they only buy what they need and focusing on buying value for money. This does not mean you have to buy inferior products. It means: buy value-for-money. Consumer research organisations have proven that the most expensive products are not necessary the best.
Ultimately you will feel a major sense of accomplishment watching your savings grow. Having savings in the bank provides a strong feeling of security and you will never feel poor. You can finally relax and know that the future is being taken care of.
Some wealth strategies may advocate paying off all your debts first and then start saving later. I disagree. These systems usually put you on a very stringent budget. To me, this is like going on a strict diet. It is too harsh for most people in the long-term and, more often than not, doomed for failure. I prefer to start everyone off by saving 10% of their income. It gets then into a good habit from the start. The 10% savings should always be allocated first. If you make it your number one priority, you are well on the way to conquering your financial problems and becoming wealthy.
A soon as any income is received, 10% should be deposited into a separate savings account that is easy to deposit to, yet difficult to withdraw from. Do not attach this account to your ATM card. This money should be left to accrue over time and then converted into investments. It is not to be used for holidays or buying large purchases such as furniture. A separate savings account can be used for the latter.
I tell my clients with children that the most important thing you can teach your children about money is to save 10%. If you start them young and teach them, in the same way as you teach them to brush their teeth everyday, they will be millionaires by the time they are 30 or 40 years old - maybe even sooner. It is as simple as that. Start them saving as soon as they start receiving pocket money.
Protect Yourself From Bank Fees
Do you use a checking account? You may be paying too much for the use of a checking account and could be saving bundles by switching or eliminating the use of a bank checking account altogether.
If you want to save money by using a checking account you need to use it wisely. Banks are happy to have you deposit money for short term use, but they plan on making money through fees somehow. What type of fees can you encounter simply by using a checking account?
Personal Finance Problem: ATM fees
Most people have an ATM card where they can retrieve money from their checking account funds any time of day. But did you know when you pull out a mere $20 you could be paying over 5% in fees?
Most bank ATMs will charge you an average of $1.25 for the use of their ATM console. To pull out $20 cash that's a 6.25% fee on your funds. For $40 cash it's still a 3.12% fee that you could put to better use.
At the worse end, if you choose to retrieve funds out of your checking account from an ATM owned by another bank you could be charged up to $3 for that little bit of cash. Ouch!
The Personal Finance Solution
• Don't use ATMs unless you absolutely have to. For the price you pay to access your checking account, it's not worth it.
• Use a bank that does not charge ATM fees. Some banks do not charge an ATM fee as long as you use one of their ATMs. National banks like Bank of America or Wells Fargo who have ATMs in cities all over the country may give you this deal. Take advantage of it.
• Use a debit card. Banks today offer to issue a Debit Card to access your checking account funds. Most retail stores will accept debit cards because the transaction is instantaneous out of your checking account and they get their money fast. The best part? No fees! Use the debit card whenever you can, but be sure to keep tabs on your checking account balance.
Personal Finance Problem: Check printing fees
When you order checks, especially ones with fancy options and decorations, you pay exorbitant fees for the price of printing. For each check you write you could be paying .10 cents to .25 cents per check. That adds up over $6 for the use of a book of checks.
The Personal Finance Solution
Use banks that offer actual "Free" checking with no check printing charges. Or, simply forgo the use of checks and use a debit card for retail purchases and online banking to pay your bills.
Personal Finance Problem: Overdraft fees
This is the big one. Always - ALWAYS - keep your checking account in balance. If you pay by check or by debit card and overdraft more than is in the account, you could be slapped with a hefty fee up to $40. That's just on the bank side. The retail store may have their own overdraft fee on top of your bank's.
The Personal Finance Solution
Use overdraft protection. Most banks will allow you to have overdraft protection with a savings account. But that means you must have money in that savings account! Keep it stocked with enough to get you out of a jam. A $40 fee on a $5 overdraft can really knock you out financial if it occurs over and over.
How to Find a Financial Advisor!
How to make your choice
We all know by now the types of financial advisors existing today; it's essential to decide which type to go for first. There are financial advisors and independent financial advisors; the first one functions as a part of a firm or a similar financial institution while the other operates like a freelancer. That makes sure one thing; with an independent financial advisor, your options are more. A financial advisor shall thus providefinancial advice- which is correct - but then again, financial advice is a very broad term requiring fine-tuning.
To be precise, financial advices are as many as the number of financial products and strategies available in the market; there also remains a question on their individual suitability. A financial advisor is the one who matches them up and therefore; it's a specialized service that you require for better results.
Let's see what can be achieved from an independent financial advisor. An IFA doesn't hold any contract whereas others remain bound by contracts with financial institutions (e.g. life insurance or mortgage companies) or work directly under the company's payroll. Therefore, why a contract bound/employed financial advisor may suggest going for a financial product sold by the same financial company - maybe that's not meant to suit you completely - an independent financial advisor shall select a plan tailor-made to your needs if all other readily-available financial packages fall short. So now that you've known the difference, it's time to learn how to choose the best.
Questions to ask
The regulatory body of financial services (FSA or Financial Services Authority) has put up certain requirements for any person willing to work as an IFA. This is something you need to enquire about when you are on the process of finding a suitable independent financial advisor; for those working under some financial institution, their credibility can be verified with the employing company. A Certificate in Financial Planning is the bare minimum; if there are advanced qualifications showing, it is all the better. These qualifications are specialization based, for example, an IFA dealing in mortgages must have a Mortgage Advice Qualification (MAQ) or a certification from the Association of the Pensions Management Institute (APMI) and so on. Just remember that the field an IFA is providing his services for must tally with the degrees he/she has earned so far. Ask your questions as you feel, but the abovementioned points must stay included in the answers you receive. And always remember; don't hesitate to take any free quote that's available. It helps to gain some idea on who's more correct to address your needs.
What to expect next
Be prepared to reveal your entire financial history to the chosen financial advisor, from your most silly impulse spending to your long-term financial goals and everything that's influencing your current spending habits. The financial advisor shall then choose for you a package, but it's always better to get it verified from another source.
Financial Advice is Not a One Size Fits All Proposition
I've been reading on various blogs where people leave comments preaching that everyone should avoid using credit - most recently today over on The Digerati Life and Five Cent Nickel. I have also noticed several titles in the bookstores as well, such as "The Last Book on...You'll Ever Need" or "The Only Book on...You'll Ever have to Read", "The ...% Solution". To be honest, none of it makes any kind of sense. Finances, and therefore financial advice is not like a baseball hat that is "one size fits all". No, it needs to be tailored to fit each person as an individual, and to conform to their individual goals and situations.
Now there are some basic principles that can be used as blanket statements, such as save for an emergency, pay bills when they are due, live within your means, etc. but telling people in general to avoid using credit at all costs, or that they need to save 20% of their net pay is just irresponsible. Along the same lines, it is simply wrong to say that all people just starting out should have a 100% exposure to stocks, while a person already in retirement should switch to a 100% bond portfolio.
Ideally, what should happen is that there should be an interview process in which the person dispensing the advice gets an overall sense of the seeker's situation, regardless of whether it is retirement or college planning, debt reduction, bankruptcy avoidance, etc. finding out what led them to where they are now as well as where they want to be in the future. Then, and only then can someone truly give informed and targeted advice. No two situations are exactly identical, as people have differing levels of need, as well as differing levels of knowledge. It is not as simple as saying "everyone should..." because of these differences and the necessity to recognize and understand the uniqueness of each situation.
Of course, not everyone is a financial advisor, planner, etc. but there is still a need to be responsible when giving advice. One cannot advise others on a certain diet before you discover their religion or any medical conditions related to food that could affect their ability to maintain such a plan. Nor would anyone give driving directions before ascertaining whether or not the recipient is interested in getting to their desired destination in a speedy manner or if would like to make stops at certain points of interest. The same holds true for financial advice. No matter who is dispensing the advice, certain facts need to be reveled in order to get those in need where they would like to be. That cannot be accomplished by making blanket generalizations and incorporating personal beliefs blindly. It simply is not right nor is it in the best interest of the people in need.
Do You Have a Back-up Plan?
Last week I woke up and strolled over to my home office to find that the screen on my laptop was black. After rebooting, and playing with the connections, I came to realize that the backlight was blown and that it was time to go out and buy a new system. I also realized another important fact: my back-up plan was severely flawed. Of course, since I preach the importance of organization to my clients, al of my documents and files are meticulously arranged on the hard drive, but I had failed to set my programs to automatically back themselves up daily to my external hard drive.
Luckily, my problem was not hardware related, and I was able to move everything to my new system, but the event did make me scrutinize my lack of disaster-preparations. Unfortunately, I have seen this many times with others, and I am sure that I will continue to hear horror stories so I figured it would be wise to outline my new plan in order to perhaps help others avoid such issues in the future.
I always keep digital records of everything, in part to avoid the clutter that papers create, but also in order to be able to find things more easily. I sign up for electronic delivery of all bank, brokerage, and credit card communications, and each institution has its own folder. Anything that is not delivered electronically gets manually scanned and archived.
Each program I use, whether it be for personal or client finances now gets backed up upon exit, automatically, with the last 5 back-ups being retained. Almost all programs create default files containing the name of the file with the date for easy recognition. Each day I get an e-mail of my blog and website databases which get stored as well.
At the end of the day, I transfer the entire contents of my partition containing all of this information not only to an external hard drive (which automatically overwrites the previous data), but also to a DVD-RW. At the end of each month, the RW is copied to a DVD-R and moved to an off-site location, and the RW gets erased and prepared for the next month. This is an important step since just like in finances, you should never keep all of your eggs in one basket: having multiple back-up solutions ensures that should one fail, there is always a back-up to your back-up!
I have also been tinkering with the idea of using an online storage system as well, in order to take advantage of the ease of delivery and retrieval. However, since I am responsible for other people's I am making very certain to do my due diligence so that I can find the most secure and reliable source for these services.
All in all, the migration to a new system can be quite tedious even with having everything you need to do so, but the migration isn't the worst of your worries should disaster strike. Not having a back-up plan can wreak havoc on you mentally when you come to realize that all of your important documents and information are gone. The simplest way to avoid this agony: back-up your information often, and on several different types of media, keeping at least one copy off-site in case of emergency.
Learn Foreign Currency Trading Online - Best Forex Book
Looking to learn, looking to earn and struggling to get started? The biggest problem with the internet is that there can be too much information. Analysis paralysis leads to failure. If you're looking to learn foreign currency trading online why not check out the 10 Minute Forex Wealth Builder? It is the best forex book on trading I have.
What's the big fuss?
If you've been busy bookmarking websites, blogs and forums you'll know that there is a lot to take in. How involved do you really want to get with foreign currency trading and how much time, money and energy do you have once the working day is over? Let's face it. Success has a price but it doesn't have to be a high.
The best forex book, the 10MFWB can be downloaded immediately, you can start learning straight away and you can apply it today. There is no analysis paralysis because you just have to read and apply. Stay focused and take action.
The reason so many people fail with foreign currency trading is that they get blown away by the detail. Bollinger bands, moving averages, SMA, EMA, MACD, double tops... You start with the best intentions, the dedication. Then one hour becomes two becomes an evening becomes everyday after work. You're learning but not earning.
To succeed you need to learn foreign currency trading online that you can apply quick smart. A strategy that gets you off to a running start, makes you money (bag those fx pips) and build your confidence. Then you can start to scale it up.
Sounds a bit 'Get Rich Quick'
You're right it sounds get rich quick and that's a phrase that really means 'waste a lot of time trying and give up'. This course isn't one of them (it's been around too long for a start). The 10MFWB, my best forex book, is packed with technical analysis help that lets you apply the best forex indicators.
The key to its success is picking the winners, if there isn't a winner you don't trade. It is as simple as that. You spend 10 minutes each day checking your forex graphs to identify the foreign currency trading signals that mean a high probability of profit. Too many systems rely on throwing 'mud at a wall' and hoping some sticks. Not this one.
How does it do this?
The 10MFWB uses forex breakouts and swing trading strategies. The course will take you through forex graphs and when to open or close your trade. Analyzing forex candlesticks, a forex breakout occurs when the price passes through a level of support or resistance. Don't worry too much, the course will show you all you need to learn foreign currency trading online.
The swing trading strategy is perfect of those starting out at forex without the time (or simple not interested) in sitting in front of a screen all day, every day. There are 4 types of foreign currency trader. Scalpers who trade for seconds, day traders who open and close their trades in one session. Swing traders leave a trade open for days and then position traders, the long term traders, who open a trade for weeks. Using swing trading you have the perfect balance, it is realistic for those short on time and with out the border (or necessary patience) of a position trader.
In my humble opinion the 10 Minute Wealth Builder is the best forex book out there. If you really want to learn foreign currency trading online check it out at 10 Minute Forex Wealth Builder Features. You can find out about the benefits of using this fantastic system.
If you're reading this you like to research or try before you buy. Read the real comments on the course HERE.
Here's to fx pips with 10 Minute trading!
Article Source: http://EzineArticles.com/?expert=John_Hurt
What's the big fuss?
If you've been busy bookmarking websites, blogs and forums you'll know that there is a lot to take in. How involved do you really want to get with foreign currency trading and how much time, money and energy do you have once the working day is over? Let's face it. Success has a price but it doesn't have to be a high.
The best forex book, the 10MFWB can be downloaded immediately, you can start learning straight away and you can apply it today. There is no analysis paralysis because you just have to read and apply. Stay focused and take action.
The reason so many people fail with foreign currency trading is that they get blown away by the detail. Bollinger bands, moving averages, SMA, EMA, MACD, double tops... You start with the best intentions, the dedication. Then one hour becomes two becomes an evening becomes everyday after work. You're learning but not earning.
To succeed you need to learn foreign currency trading online that you can apply quick smart. A strategy that gets you off to a running start, makes you money (bag those fx pips) and build your confidence. Then you can start to scale it up.
Sounds a bit 'Get Rich Quick'
You're right it sounds get rich quick and that's a phrase that really means 'waste a lot of time trying and give up'. This course isn't one of them (it's been around too long for a start). The 10MFWB, my best forex book, is packed with technical analysis help that lets you apply the best forex indicators.
The key to its success is picking the winners, if there isn't a winner you don't trade. It is as simple as that. You spend 10 minutes each day checking your forex graphs to identify the foreign currency trading signals that mean a high probability of profit. Too many systems rely on throwing 'mud at a wall' and hoping some sticks. Not this one.
How does it do this?
The 10MFWB uses forex breakouts and swing trading strategies. The course will take you through forex graphs and when to open or close your trade. Analyzing forex candlesticks, a forex breakout occurs when the price passes through a level of support or resistance. Don't worry too much, the course will show you all you need to learn foreign currency trading online.
The swing trading strategy is perfect of those starting out at forex without the time (or simple not interested) in sitting in front of a screen all day, every day. There are 4 types of foreign currency trader. Scalpers who trade for seconds, day traders who open and close their trades in one session. Swing traders leave a trade open for days and then position traders, the long term traders, who open a trade for weeks. Using swing trading you have the perfect balance, it is realistic for those short on time and with out the border (or necessary patience) of a position trader.
In my humble opinion the 10 Minute Wealth Builder is the best forex book out there. If you really want to learn foreign currency trading online check it out at 10 Minute Forex Wealth Builder Features. You can find out about the benefits of using this fantastic system.
If you're reading this you like to research or try before you buy. Read the real comments on the course HERE.
Here's to fx pips with 10 Minute trading!
Article Source: http://EzineArticles.com/?expert=John_Hurt
Review of How to Beat the Credit Crunch by Toby Hone of Taxcafe
I placed my property on the market recently so I have had first hand experience of just how difficult the property market is , at least if you are trying to sell. Fortunately we didn't really have to sell . We were interested in one particular house which had become available. Unfortunately we didn't get it and like many others have decided we'll spend money on our own house and make it more like the one we were interested in.
"How to beat the credit crunch" similarly relies on first hand experience. It is written by Toby Hone, a professional property investor. Toby has been in the business for over 10 years and it seems he is the real deal. This is only to be expected from the Taxcafe stable as they have established an excellent online brand attracting quality tax authors.
The title of the book is obviously topical and has been cleverly chosen for maximum exposure at this time. If marketing wasn't a factor it could easily have been given any number of titles as in essence it is a how to book. All businesses to maximise profits need to find ways of increasing sales and reducing expenses. This book explores ways in which to achieve this, for instance the author details 18 practical ways to slash property expenses. However, it does do somewhat more than this. Every man and his dog seem to be saying that one of the major problems with the property market is lack of access to funds. The credit crunch is just that. The banks are much more reluctant to lend even to the very credit worthy it sometimes seems.The book deals with ways to overcome the mortgage drought and not only this but how to find the best deals where available.
One of the things that I truly like about this book is that it is not 100 per cent focused on the UK property market. Take it from me that as a UK professional tax adviser marketing online can be a massively frustrating experience. UK tax is specialist to the UK . It doesn't apply to anyone other than the people on this tiny ( but wonderful nevertheless) island. This means that my presence on the web is relevant for a minute fraction of the worldwide web audience. Thank you therefore Tony for including an analysis of the outlook for the UK property market and a comparison with the US market.
It's impossible to go through all the topics covered. I would have to rewrite the book. What I can say is this book is certainly not for everyone. It's not the solution to the credit crunch, the world and everything.It is specifically aimed at property investors and landlords who are looking at ways to survive and make money during the credit crunch. If you do not fall into any of these categories this book is not for you.
I know that my recent experience in the property market although not disastrous was not a happy one. It may have been more pleasant if I had read this book at the time.
For a more in depth look at the contents of the book and to get a cool free tax saving report go to my blog http://www.taxadvicepro.co.uk/blog/?p=8
Paul is a UK qualified chartered accountant, and business consultant, working in tax consulting, and an internet marketer. Reprint Rights: You may reprint this article as long as you leave this resource box intact and leave all of the links active, do not edit the article in any way.
Article Source: http://EzineArticles.com/?expert=Paul_Guilfoyle
"How to beat the credit crunch" similarly relies on first hand experience. It is written by Toby Hone, a professional property investor. Toby has been in the business for over 10 years and it seems he is the real deal. This is only to be expected from the Taxcafe stable as they have established an excellent online brand attracting quality tax authors.
The title of the book is obviously topical and has been cleverly chosen for maximum exposure at this time. If marketing wasn't a factor it could easily have been given any number of titles as in essence it is a how to book. All businesses to maximise profits need to find ways of increasing sales and reducing expenses. This book explores ways in which to achieve this, for instance the author details 18 practical ways to slash property expenses. However, it does do somewhat more than this. Every man and his dog seem to be saying that one of the major problems with the property market is lack of access to funds. The credit crunch is just that. The banks are much more reluctant to lend even to the very credit worthy it sometimes seems.The book deals with ways to overcome the mortgage drought and not only this but how to find the best deals where available.
One of the things that I truly like about this book is that it is not 100 per cent focused on the UK property market. Take it from me that as a UK professional tax adviser marketing online can be a massively frustrating experience. UK tax is specialist to the UK . It doesn't apply to anyone other than the people on this tiny ( but wonderful nevertheless) island. This means that my presence on the web is relevant for a minute fraction of the worldwide web audience. Thank you therefore Tony for including an analysis of the outlook for the UK property market and a comparison with the US market.
It's impossible to go through all the topics covered. I would have to rewrite the book. What I can say is this book is certainly not for everyone. It's not the solution to the credit crunch, the world and everything.It is specifically aimed at property investors and landlords who are looking at ways to survive and make money during the credit crunch. If you do not fall into any of these categories this book is not for you.
I know that my recent experience in the property market although not disastrous was not a happy one. It may have been more pleasant if I had read this book at the time.
For a more in depth look at the contents of the book and to get a cool free tax saving report go to my blog http://www.taxadvicepro.co.uk/blog/?p=8
Paul is a UK qualified chartered accountant, and business consultant, working in tax consulting, and an internet marketer. Reprint Rights: You may reprint this article as long as you leave this resource box intact and leave all of the links active, do not edit the article in any way.
Article Source: http://EzineArticles.com/?expert=Paul_Guilfoyle
How to Have More Than Enough by David Ramsey - A Book Review
Dave Ramsey is a financial guru, and my favorite book is his "How to Have More than Enough: A Step-by-Step Guide to Creating Abundance".
More than a budgeting book and how to cut costs guide (and this book does include both), it outlines his "baby steps".
Step 1: set up an emergency fund for true emergencies. And he explains what real emergencies are (medical, car repairs, etc).
Step 2: debt snowball, and ways to find money for it.
Step 3: 3-6 months of emergency savings. This is what you live off of if you lose a job, get downgraded at work, etc.
The next savings for retirement, house, college, are all prioritized.
I enjoy this book because it talks about not just how to plan your finances, like paying off debt comes before retirement savings, and you say no to kids college before you have credit card bills, but do save for college before you pay off the house early. He even details how to get back on track if an emergency comes up, and more debt result - like a surprise surgery and you've used up the emergency fund AND savings.
The changes he details to get the mindset in order - how to not just tighten the belt but be able to live and even thrive living on less than you make, are key here. It's not just clenching teeth for a few months or a year to pay off those debts. It's changes in lifestyle, too, so you never get into debt (except a house mortgage) again. And then it's how to live and prosper later, when you can afford the toys (when you can save up and pay cash for them) later.
Live like no one else so that later you can live like no one else. And you're allowed to say "No" to the kids demands for toys, to all the "please give me another loan" and "but I really need you to do this" while you get your own life in order.
How to Have More Than Enough is a financial planning book that almost anybody could relate to and apply for a more pleasant financial well being.
Gordon Kaye is an avid reader who loves nothing more than to put on a pair of comfortable reading glasses and sitting down with a great book. He hopes to share his great literary finds with you. http://www.EasyReadingGlasses.com
Article Source: http://EzineArticles.com/?expert=Gordon_Kaye
More than a budgeting book and how to cut costs guide (and this book does include both), it outlines his "baby steps".
Step 1: set up an emergency fund for true emergencies. And he explains what real emergencies are (medical, car repairs, etc).
Step 2: debt snowball, and ways to find money for it.
Step 3: 3-6 months of emergency savings. This is what you live off of if you lose a job, get downgraded at work, etc.
The next savings for retirement, house, college, are all prioritized.
I enjoy this book because it talks about not just how to plan your finances, like paying off debt comes before retirement savings, and you say no to kids college before you have credit card bills, but do save for college before you pay off the house early. He even details how to get back on track if an emergency comes up, and more debt result - like a surprise surgery and you've used up the emergency fund AND savings.
The changes he details to get the mindset in order - how to not just tighten the belt but be able to live and even thrive living on less than you make, are key here. It's not just clenching teeth for a few months or a year to pay off those debts. It's changes in lifestyle, too, so you never get into debt (except a house mortgage) again. And then it's how to live and prosper later, when you can afford the toys (when you can save up and pay cash for them) later.
Live like no one else so that later you can live like no one else. And you're allowed to say "No" to the kids demands for toys, to all the "please give me another loan" and "but I really need you to do this" while you get your own life in order.
How to Have More Than Enough is a financial planning book that almost anybody could relate to and apply for a more pleasant financial well being.
Gordon Kaye is an avid reader who loves nothing more than to put on a pair of comfortable reading glasses and sitting down with a great book. He hopes to share his great literary finds with you. http://www.EasyReadingGlasses.com
Article Source: http://EzineArticles.com/?expert=Gordon_Kaye
Unsecured Personal Loan - Free From Collateral
Unsecured personal loan is non-collateral-backed money provision. Initially, it evades you from bothering and time-consuming effort of arranging asset for security to lender. And then the personal loan makes possible for a large group of potential borrowers to raise funds easily. For they meet their any range of personal demands feasibly.
Basically, the personal loan provision has been made unsecured to meet the demands of the people who are unable to put collateral. As a result of this, borrower like tenants, non-homeowners, graduates, retired, unemployed, self-employed, and homeowners also, can make applications for the personal loans now.
However, to make it a secured funding, the lenders usually take a look at your repayment capacity and regular source of income. If you do have even a regular source of income, your good credit can do a great work for you. A good credit status implies perfect financial record of the past. Based on these criteria, the loan amount is released.
You can hold of the fund anywhere from £1,000 to £25,000. This amount you can invest on any range of your personal purposes. You can dispense the raised funds on paying of your long-awaited holiday tour, children's tuition fees, car buying, paying off your multiple debts, and so on. After all that, you have to repay the loan amount well on the due date. Nevertheless, you are given a time span of 10 years maximally for that purpose. Though, you can make the loan payment in flexible manner also.
Rate of interest on unsecured personal loan is comparative it is due to risk factor for lenders. The lender incur high rate in order to compensate his risk. But you can shop around for a suitable deal also.
A number of lenders are out there in the money market for unsecured personal loan. You can tame them even online. Online application is preferred, as it fast processing tool. Along the side, it puts way to compare different quotes together to cull out the best possible one.
Fast Bad Credit Personal Loan - Things You Need to Know to Stay Out of Trouble
Have bad credit history but need a personal loan fast to settle some unexpected expenses? No problem, there are companies that don't discriminate against bad credit; many issue personal loans even if you have experienced bankruptcy or foreclosure. Don't let a damaged credit history prevent you from getting the loans you need.
Debt is a large part of our economic system. Even the government has debt. Do you know that our National Debt is over $9 trillion? Don't believe? You can google the phrase "US national debt" and check it out yourself. Of course, it's not the attention of this article to encourage you to have more debt. Debt is a bad thing; no matter what the amount is. Sometimes, however, we need to borrow money for a short period of time to settle emergency expenses.
This article is to inform you that there are companies that can help you get your personal loan almost instantly (normally within 1 business day) as long as you have a steady job, with earnings of at least $1000 or more per month and an active checking account.
While it's possible to get a personal loan even if you have a bad credit history, there are some important things you need to know before you apply one; some basic knowledge can help you stay out of trouble. So read on...
Interest rates can vary from different companies. So make sure you shop around and do some comparisons. You certainly want to look for one that can provide the lowest interest rate.
Pay your loan on time. Quick personal loan such as payday loan or cash advance is a short term loan; usually last for 2 weeks and for small amount usually $1,000 or $2,000. As mentioned, this type of loan is for emergencies. Make certain you can pay off the loan on time; never extend your loan because the lender will charge you unreasonable high interest if you do. There are people who got charged 300% interest after they extended the loans several times.
You may wonder how come the lender can charge such a high interest? This is because there is no regulation on how much interest the lender can charge in personal loans. These types of loans are unsecured loans; there is no collateral. If you default, the lender will take you to court; they can't foreclose or repossess any of your asset.
Make sure you have a steady job and earn enough income to cover your loan. If you're jobless, then it's a bad idea to apply for personal loan as this will not help you solve your financial problem; it will get you into more problems instead. If you're jobless, try to look and apply for a job first; not loan. If you really need a loan before you've a job, try to borrow it from your family or closed friends.
Secured Personal Loan Finance - Smart Way to Contain Your Demands
The rising expenses along with the soaring inflation have made it quite tough for a person to lead a normal life fee from hassles. After all, how much one can depend on a fixed income to sustain the rising demands? Invariably, these individuals have to look for other option such as loan. Coming to loan financing, a borrower can easily derive it as per the need and requirement. Among all the available options, secured personal loan financing is considered to be the best as it enables the borrower to avail a bigger amount at comparatively low rates. With the derived funds, one can easily execute the various needs in a convenient manner.
As compared to other loan provisions, secured loan offers a bigger amount with flexible terms and conditions. To acquire the finance under the loan, one has to offer any asset containing substantial equity value as collateral. As per the equity present in the collateral, the amount is advanced. Usually, the loan amount approved is in the range of £5000-£75000, which can be further extended up to £100,000. The repayment term too is elongated and spans over a period of 5- 30 years. This implies that your monthly payments towards paying of the loans will be comparatively low.
Another remarkable feature of this loan is that of its low interest rate. Since the loan is secured against an asset, there is no risk on the lender. This is why lenders too advance the finance with very cheap rates of interest.
Individuals with a history of bad credit such as CCJs, IVA, arrears, defaults too can avail the finance. However the interest rate levied will be slightly higher. But on ensuring timely repayment of the amount, the borrowers have a chance to restore and rebuild their credit profile.
As per the need and convenience, you can source the finance from lenders based on the traditional market such as banks and financial institutions as well as online lenders. Applying online saves you a considerable amount of time and effort. The approval comes fast and a proper research will help you select a low rate deal.
Secured personal loan finance presents an opportunity by offering feasible finances, which in turn enables you to deal with your various needs in a suitable manner.
Low Rate Personal Loan Leads to High Rate Happiness
At the time of searching for a loan to buy home / car or financing for your new business, you will find loans now in an easier manner. After the liberalization of Indian economy, there a number of providers for Personal Loans, Home loan or any other types of finances. That makes the whole process more confusing. Deciding the lender and availing loans at lower rate are the two most important steps before taking a loan. As Indian loan market is in its transition state, lenders vary in the nature of their business up to a significant extent. This difference necessitate the need do a thorough research about different loan options and different lenders, repayment period, rate of interest etc.
Generally interest rates associated with personal loans can be fixed or floating in type. A fixed interest rate by the name it suggests does not vary according to the fluctuations of the money market during the loan tenure. A floating interest rate on the other hand is the rate updated by the lender depending upon the ongoing market trends. A floating interest rate can go up or down depending on the demand and supply of money in the money market. In Indian loans market, there are lenders who offer the option to take the loan which is split between fixed and floating interest rates. This combination paves the way for low interest personal loan.
Low interest personal loans offers instant cash at an affordable rate and is a useful finance option for travel, wedding expenses, home renovation, down payments, medical expenses, education and investments. You can also use the loan amount to transfer your outstanding credit card balance or pay off an existing loan and benefit from lower interest rates. These loans can be secured or unsecured. As a thumb rule, the secured category is the low rate personal loan as the security pledged by the borrower acts as a negative catalyst for the payable rate of interest.
The second thumb rule to avail the low rate personal loan is comparison. It is evident that more choice leads to better rates. The loan applicant should talk to multiple banks for his loan requirement to make sure his pay affordable EMIs with the lowest interest rate. Once the loan applicant identifies the need for taking a loan, he will have a rough idea regarding the loan amount. The next step what the loan applicant needs to do is checking his eligibility for taking loans. Lenders have their own criteria for determining the loan eligibility of an individual and this is highly variable concept. For salaried persons, the amount of loan is generally a multiple of their gross monthly income. For businessmen, it is a multiple of total annual income.
Having the loan amount and the possible interest rate in your mind, the next thing is to plan the repayment period of the low interest personal loan. The EMI ( Equated Monthly installments ) will be low for a loan borrowed for a longer tenure. Usually the procedure of approval of personal loans are fast and a loan is approved with simple documentation. The major advantages of personal loans are Speedy Approval, flexibility to choose your loan amount ranging from 10000 to 10,00,000, longer repayment period from 12 to 48 as per your interest.
The documentation process of these loans vary from borrower to borrower. In case of salaried persons there is relatively lesser documentation. For Self Employed Persons and Professional ( Doctors / Lawyers / Engineers / Architects ), except for the salary statements documents like tax return documents, Balance Sheet / Profit Loss Statement of the firm he owns may be required at the time of loan application. Other than the normal interest on the loan, you may be charged a one time processing fee by the lender for your low interest Personal loan.
Personal Finance - An Important Financial Figure
Among the chaotic people personal finance keeps an important figure. It is the need to meet ends that leads you to loan provisioning. An entity whose income is less than its expenditure raises capital by borrowing or financing. If you are such a potential borrower, a financial intermediary such as traditional bank, credit union, building society, and even high street lenders can work for you.
You apply for personal finance in a tough spot when caught between sharply slowing growth in a rising inflation. To soothe your grueling situation, personal finance comes in secured as well as unsecured forms. Secured loans are collateral-backed money provisions. With that you are able to get fund depends on the equity value of your asset. For that reason only, amount of the finance varies dramatically. However, there will be no problem at all receiving funds in between £3,000 to £75,000 over a period of 25 years. Whereas, if you are a tenant and unable to manage collateral, unsecured loans can do a great work for you. Fund is released simply after checking your repayment capacity. In due course, lenders do not bother taking much headache evaluating your property. As a result of that you will able to secure fund in no time. You obtain funds up to £25,000 instant for 10 years without much hassle.
Even, rate of interest for personal finance depends upon various factors. These factors are mode of loan option, your employment status, bank statement, etc. so, you do not worry much about costly funding.
Above all, for personal finance, lending tempers flared with the surging numbers of numerous lenders for the same personal finance. You can find these lending options even online. Online is a simple and convenient way of loan obtaining. It saves your time and energy. By comparing different options, you can cull out the best possible one easily.
George Bell has been associated with Finance Personal. Having completed his Masters in Finance from Lancaster University Management School, To find Personal Finance, personal loan, personal cash loan, finance personal visit http://www.finance-personal.net/
Article Source: http://EzineArticles.com/?expert=George_Bell
You apply for personal finance in a tough spot when caught between sharply slowing growth in a rising inflation. To soothe your grueling situation, personal finance comes in secured as well as unsecured forms. Secured loans are collateral-backed money provisions. With that you are able to get fund depends on the equity value of your asset. For that reason only, amount of the finance varies dramatically. However, there will be no problem at all receiving funds in between £3,000 to £75,000 over a period of 25 years. Whereas, if you are a tenant and unable to manage collateral, unsecured loans can do a great work for you. Fund is released simply after checking your repayment capacity. In due course, lenders do not bother taking much headache evaluating your property. As a result of that you will able to secure fund in no time. You obtain funds up to £25,000 instant for 10 years without much hassle.
Even, rate of interest for personal finance depends upon various factors. These factors are mode of loan option, your employment status, bank statement, etc. so, you do not worry much about costly funding.
Above all, for personal finance, lending tempers flared with the surging numbers of numerous lenders for the same personal finance. You can find these lending options even online. Online is a simple and convenient way of loan obtaining. It saves your time and energy. By comparing different options, you can cull out the best possible one easily.
George Bell has been associated with Finance Personal. Having completed his Masters in Finance from Lancaster University Management School, To find Personal Finance, personal loan, personal cash loan, finance personal visit http://www.finance-personal.net/
Article Source: http://EzineArticles.com/?expert=George_Bell
Ten Basic Rules of Money Management
1. PLAN- Plan for the future, major purchases and periodic expenses.
2. SET FINANCIAL GOALS- Determine short, mid and long range financial goals.
3. SAVE- Save for periodic expenses, such as a car and home maintenance. Save 5%-10% of your net income. Accumulate 3 to 6 months salary in an emergency fund.
4. KNOW YOUR FINANCIAL SITUATION- Determine monthly living expenses, periodic expenses and monthly debt payments. Compare outgo to monthly net income. Be aware of your total indebtedness.
5. DEVELOP A REALISTIC BUDGET- Follow your budget as closely as possible. Evaluate your budget. Compare actual expenses to planned expenses.
6. KEEP A RECORD OF DAILY EXPENDITURES- Be aware of where your money is going. Use a spending diary to assist you in identifying where adjustments need to be made.
7. DISTINGUISHING THE DIFFERENCE BETWEEN WANTS AND NEEDS- Take care of your needs first. Money should be spent for wants only after needs have been met.
8. DON'T ALLOW EXPENSES TO EXCEED INCOME- Avoid paying only the minimum on your charge cards. Don't charge more every month than you are paying to your creditors.
9. USE CREDIT WISELY- Use credit for safety, convenience and planned purchases. Determine the amount that you can comfortably afford to purchase on credit. Don't allow your credit payments to exceed 20% of your net income. Avoid borrowing from one creditor to pay another.
10. PAY YOUR BILLS ON TIME- Maintain a good credit rating. If you are unable to pay your bills as agreed, contact your creditors and explain the situation. Contact Springboard Non-Profit Consumer Credit Management for professional credit debt advice, and inquire about our credit counseling service
Springboard is a non-profit credit counseling and financial education organization founded in 1974.
Jeff Michael
Author of "Repair Your Credit and Knock Out Your Debt"
Article Source: http://EzineArticles.com/?expert=Jeff_Michael
2. SET FINANCIAL GOALS- Determine short, mid and long range financial goals.
3. SAVE- Save for periodic expenses, such as a car and home maintenance. Save 5%-10% of your net income. Accumulate 3 to 6 months salary in an emergency fund.
4. KNOW YOUR FINANCIAL SITUATION- Determine monthly living expenses, periodic expenses and monthly debt payments. Compare outgo to monthly net income. Be aware of your total indebtedness.
5. DEVELOP A REALISTIC BUDGET- Follow your budget as closely as possible. Evaluate your budget. Compare actual expenses to planned expenses.
6. KEEP A RECORD OF DAILY EXPENDITURES- Be aware of where your money is going. Use a spending diary to assist you in identifying where adjustments need to be made.
7. DISTINGUISHING THE DIFFERENCE BETWEEN WANTS AND NEEDS- Take care of your needs first. Money should be spent for wants only after needs have been met.
8. DON'T ALLOW EXPENSES TO EXCEED INCOME- Avoid paying only the minimum on your charge cards. Don't charge more every month than you are paying to your creditors.
9. USE CREDIT WISELY- Use credit for safety, convenience and planned purchases. Determine the amount that you can comfortably afford to purchase on credit. Don't allow your credit payments to exceed 20% of your net income. Avoid borrowing from one creditor to pay another.
10. PAY YOUR BILLS ON TIME- Maintain a good credit rating. If you are unable to pay your bills as agreed, contact your creditors and explain the situation. Contact Springboard Non-Profit Consumer Credit Management for professional credit debt advice, and inquire about our credit counseling service
Springboard is a non-profit credit counseling and financial education organization founded in 1974.
Jeff Michael
Author of "Repair Your Credit and Knock Out Your Debt"
Article Source: http://EzineArticles.com/?expert=Jeff_Michael
Now Withdraw and Deposit Money Without Worrying About the Balance
Banking services in India have undergone a remarkable change from the time when India became an Independent union of states. The credit of this change goes to the governments policies. It is because each government in India laid major impetus on the concept of banking in India. Due to these all consistent and serious efforts, Banking played an important role in the welfare of the entire economy. Also due to these ground breaking policies, the role of national banks also strengthened. Not only that various international banks and the private sector made their way into the market of India. It is only because of this that today both the nationalised and the private sector banks are playing a vital role in the Indian economy.
One of the most important functional aspect of banking field is the current bank account. Current bank accounts are specially meant for the likes of business men, top industrialists and the entrepreneurs. These are the special kinds of bank accounts where there is no limit on the number of transactions. Hence, any person who own this type of account can deposit as well as withdraw the money for any number of time. But in return of this extraordinary facility, the account holder will have to pay a certain amount to the banking authorities. This account works on the lines of the normal account. the only thing that is unique about these account is that since this account is meant for withdrawing money at a very short notice, therefore it also presents the feature of over drawing the amount. Yes, but on this overdrawn amount, the account holder will have to pay a certain rate of interest that is determined by the bank authorities, due to which it may vary from bank to bank.
However, till few years back the current account interest rate used to be on the higher side, but as the intensity of competition among the private as well as the nationalised banks attained new heights, it is the customer that was on the receiving end of all kinds of benefits. Also owing to the competition the current account interest rate have dipped to a very low level. There are various banks in India that are offering current accounts interest rate at a very reasonable level. Which is why more and more corporate people are now opting for it.
On the other hand saving accounts in banks, are the most trusted and the most reliable version that is being used by the Indian people for past many years. Saving accounts are the accounts in which people invest their hard earned money. It is the most effective means of investing the money. It is because the bank authorities charge a certain rate of interest on the deposited money. Thus it is quite a safe technique of increasing the bank balance. It is because this method does not involves any kind of risk of any form. The rate of interest on these saving account offered by various nationalised banks as well as private sector banks are very reasonable. These reasonable rate of interest ensure the account holders of considerable returns on the amount deposited.
Thus current account interest rate that are now being offered by various banks are not only reasonable but also at the same time are proving as a helping hand to most of the businessmen. On the other hand saving accounts are still the most trusted version of investing money that is being used by the most people in India.
About The Author: For more information about high interest rate savings account and current account interest rates. Please visit our website: http://www.paisawaisa.com/
Article Source: http://EzineArticles.com/?expert=Addi_Vardhaman
One of the most important functional aspect of banking field is the current bank account. Current bank accounts are specially meant for the likes of business men, top industrialists and the entrepreneurs. These are the special kinds of bank accounts where there is no limit on the number of transactions. Hence, any person who own this type of account can deposit as well as withdraw the money for any number of time. But in return of this extraordinary facility, the account holder will have to pay a certain amount to the banking authorities. This account works on the lines of the normal account. the only thing that is unique about these account is that since this account is meant for withdrawing money at a very short notice, therefore it also presents the feature of over drawing the amount. Yes, but on this overdrawn amount, the account holder will have to pay a certain rate of interest that is determined by the bank authorities, due to which it may vary from bank to bank.
However, till few years back the current account interest rate used to be on the higher side, but as the intensity of competition among the private as well as the nationalised banks attained new heights, it is the customer that was on the receiving end of all kinds of benefits. Also owing to the competition the current account interest rate have dipped to a very low level. There are various banks in India that are offering current accounts interest rate at a very reasonable level. Which is why more and more corporate people are now opting for it.
On the other hand saving accounts in banks, are the most trusted and the most reliable version that is being used by the Indian people for past many years. Saving accounts are the accounts in which people invest their hard earned money. It is the most effective means of investing the money. It is because the bank authorities charge a certain rate of interest on the deposited money. Thus it is quite a safe technique of increasing the bank balance. It is because this method does not involves any kind of risk of any form. The rate of interest on these saving account offered by various nationalised banks as well as private sector banks are very reasonable. These reasonable rate of interest ensure the account holders of considerable returns on the amount deposited.
Thus current account interest rate that are now being offered by various banks are not only reasonable but also at the same time are proving as a helping hand to most of the businessmen. On the other hand saving accounts are still the most trusted version of investing money that is being used by the most people in India.
About The Author: For more information about high interest rate savings account and current account interest rates. Please visit our website: http://www.paisawaisa.com/
Article Source: http://EzineArticles.com/?expert=Addi_Vardhaman
How to Give to Charity Without Spending a Penny
Have you always wanted to make a donation to charity but worried that you really could not afford to due to your own outgoings and the credit crunch? This article aims to show you ways in which you can give back and be charitable without hurting your own bank balance.
Clicking on sites to make a donation
There are several websites that have been created where you can visit and click on a link. This link represents a donation to that particular charity. The charity receives the money from sponsorships that they have in place. They have agreements with their sponsors who have agreed to donate a certain amount of money for every click that is received from the site. Now you can simply do your part by clicking on the links in order to generate the donation. Companies choose to do this for several reasons. One is because they will get people who are surfing the internet to see their advert or logo for their company and it is also their way of giving back.
Getting a charity card credit card
There are many credit card companies that work with charitable organisations and have produced a charity credit card. An example would be Cancer Research. As the cardholder you will use your credit card in exactly the same way as a normal card. Every time you make a purchase you receive a cashback reward. The credit card company donates this reward to Cancer Research (or whichever charity they are affiliated with). So you are able to make a donation without hurting your bank balance. You could even see this as guilt free shopping for yourself.
Donate your old phone to charity
Most people own a mobile phone today and due to the advances in technology, we are constantly offered upgrades. This means that there are a lot of old phones in cupboards and on shelves gathering dust. But now you can donate these old phones to charity. The phones are refurbished by the charity and then sold to other countries and the generated revenue is used to carry out the good work of the charity. Again this is a way of giving without spending a cent.
Take part in a charity run
Another way of giving back is to take part in an organised charity run. Several charitable institutions hold these events throughout the year. These events can range from a gentle stroll involving the whole family to a full on competitive marathon. All you need to do is gather together a few sponsors. The amount you raise can be a little or as much as you are able to collect as charities are very grateful for everything that they receive.
To find out what charities run these events simply enter the phrase running for charity in your search engine.
So now you know that you can indeed make a charitable contribution and make a difference without hurting your own bank balance. Do some clicking on the internet, get a charity credit card, donate our old mobile phone or take part in a charity run. Whatever you choose, know that you are making a difference.
How to Beat the UK Cost of Living Crisis
Many people in the UK are experiencing the biggest hike in fuel and food prices for decades, and all signs indicate that it's going to get much worse.
As a global recession menacingly looms on the horizon, we in the UK can expect to pay higher prices for consumable goods right across the board, together with a further slump in property values. On a brighter note, luxury goods like digital TVs are actually falling in price due to a decrease in demand.
However, the real worries are the forever upward spiralling costs of food, domestic gas, electricity and petrol. All of which have dramatically increased in price over the last 12 months.
Despite obscene profits, the companies who supply the general public with power and petrol continue to lay blame on so-say production and sourcing costs, citing these as the real causes for the dilemma. Despite this, many people now feel that these are nothing more than excuses in a feeble effort to obscure their sheer greed.
In these circumstances the public are completely powerless, and much like the battered motorist, we as fuel consumers are easy prey.
Now, all this price hiking and public fleecing is bad enough but when you take into account the derisory pay rises, which many public sector workers have been offered recently, you have before you an unhealthy recipe for civil unrest. But, although many people will speak out openly about these blatant injustices, many will just grin and bear it. It's the British way.
Well it all sounds like doom and gloom, and for many it is. But it doesn't have to be that way. All anyone needs to overcome all this misery is an extra income. And there's never been a better time to look at all the opportunities, especially those on the Internet.
Anyone with a computer, an Internet connection and a few hours to spare can earn an additional income from doing simple data entry work or participating in online surveys. There are also much more profitable sidelines like auctions, affiliate programs and setting up an online business.
All these income boosters can be operated from home, so there is no financial outlay other than a small initial investment in the information needed to get started. They can be operated on a part-time basis or full-time basis depending on the individual and the time they have to spare.
We all know there's no such thing as a "quick fix" or "get-rich-quick" system. However, these little income opportunities offer a way to help keep on top of those regular bills and see off some of those debts. And for those reasons only, at a time like this, it's worth taking a closer look at what's on offer.
5 Tips For a College Student's Budget
When you're in college, it's easy to get caught up in a busy lifestyle. With all of the studying, part-time jobs, hanging out with friends, and extra activities, it's easy to forget about a very important aspect of your life - your finances. Read on and discover some proven tips for a college student's budget.
1. Plan ahead. Figure out where your cash flow is coming from. Make a list of your income from parents, your student loan, or your part-time job. Then figure out what your monthly expenses will be. Include expenses for food, books, and other activities. Make sure that you have enough income to meet your expected expenses. Also, allow a little extra for emergencies. Once you have a budget, be disciplined and stick to it.
2. Save on food. When you were living with your parents, this is one expense that you didn't have to worry about. But in college, it will be one area that you'll need to watch. Be sure to use your food allowance and avoid eating out at fast food places, as this will most likely to ruin your budget. Pack your lunch and plan meals as much as possible.
3. Take full advantage of student discounts. Use your student ID's and memberships in organizations to get discounts in several establishments. Discounts can really add up over time.
4. Use cash as much as possible. If you already have money on your Student ID card, use it first. Avoid using your debit card when you have cash with you. Use your credit cards only in emergencies. More colleges students are leaving school with high credit card debt that will take years to pay off due to careless spending habits.
5. Keep yourself busy. Be sure to join clubs in your field of interest. Keeping busy will help you stay away from things that you spend money on when you get bored. You will be surprised at the amount of money you will save by spending less on items you don't need and following your student budget.
Remittances to Nepal
Remittances in developing countries have become an important part of economic development. In some countries, they are considered a lifeline for the economy. This source of foreign income has been rapidly growing each year. Migrants have been transferring money for years in Nepal often times through unofficial channels. Today with the many different options available, the flow of remittances has seen a steady upward incline. It is believed that in 2005, unrecorded remittances accounted for 50 percent of transfers to Nepal.
Formal remittances between the agents are monitored periodically in Nepal. Informal remittances are often settled through goods trading. This barter method of transferring money makes it convenient and eliminates the fees charged by the sending and receiving agents. It is difficult to determine the actual number of remittance transactions done in this barter method since most do not keep accurate or any records of the transactions.
How do remittances help?
Remittances provide direct aid to families from the migrants who send them. Families are able to increase their standard of living and, for some families, this may be their only means of support. Remittances may also be used to provide loans to individuals or fund businesses.
Minimizing the transaction costs would put more money in the households of the recipients, and into the economy. The cost of remittance service does not depend on the amount being sent. Often times it includes labor charges, house rent, technology network charges, etc. The underground or unofficial agents can charge whatever they like.
There has been greater competition among the banks and money transfer operators (MTOs), which is bringing down the cost of a transaction. Because of the increased competition, the unofficial agents have been forced to lower their rates in order to stay competitive.
Diminishing export markets and difficult economic situations have labeled Nepal one of the poorest countries in South Asia, but between 1995 and 2004, poverty declined from 42 to 31 percent. This is mainly because of increased work migration resulting in increased remittances. In fact, the proportion of households receiving remittances has increased from 24 percent in 1995 to 32 percent in 2004. Remittances have grown at 30% per year from 3 percent in 1995 to 15% in 2004. Official statistics show that $1 billion dollars comes into Nepal from remittances each year and this does not include remittances sent using unofficial agents.
Be a Smart Shopper Using the Latest Financial Offerings - The Credit Cards
Credit cards are given once an account has been approved by the credit provider, after which cardholders can use it to make purchases at shops accepting that card. When a purchase is made, the credit card user agrees to pay back the issuer. The person having credit card shows his will to pay by signing a receipt with a record of the card details and indicating the sum to be paid or by entering a personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the internet, known as a 'Card/Card holder Not Present' (CNP) transaction. Electronic checking mechanism permits the vendors to check if the card is valid and the credit card customer has enough credit to cover the purchase in a few seconds, permitting the check to happen at time of purchase. Data from the card is obtained from a magnetic stripe which is called PIN, and more technically is an EMV card. Other types of verification systems are used by e-Commerce merchants to determine if the user's account is valid and able to accept the charge.
It involves the cardholders providing additional information, such as the security code printed at the back of the card, or the address of the cardholders. Credit card issuers usually exempt interest charges if the balance is paid in full every month, but normally it charges full interest on the entire outstanding balance since the date of each purchase if the entire sum is not paid.
The credit card interest rates have different types of interest rates starting from 7 to 35% depending largely upon the bank's risk evaluation methods and the borrower's credit background. Europe has much higher interest rates, about 50% over that of most developing nations, which average about 200%. In Brazil bank-issued Visa or Master card to a new account holder can have annual interest as high as 240% even though inflation seems under control at around 6% per annum.
RBI has made life convenient for credit card users. It has come up with a host of criteria for financial institutions and other companies that manufacture cards. The new instruction says that banks should not charge excessive credit card interest rates and must define a rate of interest. RBI also wants banks to have a system to provide credit card customers their monthly statement.
Financial institutions are warned against sending statements after a gap of a few years and demanding payments. RBI has slammed the practice of issuing unsolicited credit cards and has regulated stringent penalties on banks indulging in any mal-practices.
Let us take a look at the best credit cards in India which differ from bank to bank and some of them are visa card,master card, domestic, international, gold credit card, classic credit card,platinum credit card, sterling silver card etc. Many people feel that ICICI has the best credit cards with range of Signature Credit Card, Ascent American, Express card and ICICI bank Titanium Credit Card.
Thus it is clear that credit cards are the latest fashion tools in the word of finance and economics. Their arrival has infused a new spirit in the otherwise boring areas of retailing and shopping. Their arrival has facilitated the business to a very large extent.
Treat Yourself to Sorting Out the Money Thing
Financial abundance is our birthright and we can claim it.
It is never too late to change the way you think about or manage money, particularly if the way you think about it no longer serves you.
For many people, it is not so much how much money is earned, but instead what is done with it, how it is used, spent or saved in some way. It may be that you're a professional and earn way above the national average and yet you still have more month than money. Or it may be that you've worked in a manual/unskilled/semi-skilled position earning around the national average and it may even be that you have another job to supplement your main income - you may own properties in the country you live, and own rental properties in other countries and have a sizeable amount of savings.
It is a question of psychology. How do you think about money? Is your money working for you? Or are you working for your money? That is, is your money earning you money even whilst you sleep or are you earning your money and allowing it to frit away? Our thought processes around money is often determined by the emotional baggage we associate with it, usually from our childhood.
Certainly in my family we grew up never really having much. It seemed as though we just had enough to pay the rent, eat three reasonable meals a day, and pay the bills and not too much more to do much else. Buying clothes, certainly up to date clothes were pretty much off the agenda, much of the time.
I was told about the importance of saving. My mum was particularly insistent about this and I did save for a while, money that family and friends would give me.
My relationship with money has been quite fickle. I have earned a reasonable amount of money and it feels as though I have squandered a lot too. Do not get me wrong - I enjoyed what I was doing when I was doing it - going on holidays, buying clothes, buying property etc. What I did not do though was pace myself. I was speaking to a friend recently and communicated to him that over the last five/six years I have been close to bankruptcy at least four times. I was always living on overdrafts, always maxing on my credit cards, managing my bank account inappropriately and so having items returned unpaid and incurring bank charges.
The pain associated with those times was so great that I made a decision to think differently around money. Yes, it is been an ongoing process of fits and starts and I am seriously focussed and on my journey now. Each time I make money I pay something to myself as well as paying off debts and bills.
I love paying my debts as much as I love paying myself. As far as possible, it's important to be clear of debts. I have a different relationship with money. I have much more respect for money now. I know how it can serve me and beyond me - my community and charities generally. How I use the money I make is now very important to me, otherwise I may just as well stand on the street corner and devalue the money by ripping it to shreds - because in effect this is precisely what I have been doing - ripping it to shreds and throwing it away.
The best person to take control of your money is you. Of course you will take good professional advice, giving up complete control though, to the 'professionals' is not overly wise. You will want to get regular feedback on how your savings/investments are doing (if you have any). Get curious, stay interested, make decisions - take back the control.
I remember as a child I use to dread going back to school after the Christmas holiday - absolutely dread it. Why? Because I knew that I would have to lie about the presents I got. Certainly at the time I thought it was a `had to' lie. Friends around me were getting what seemed to me to be multiple presents of money, clothes and toys etc. etc. I cannot quite remember the gifts that I did get, but I do remember that they were small and yes what my parents could afford and certainly I was grateful for them because I knew that it took a lot to make sure that we did all get something. And yet I felt the `pressure' of having to fabricate all the things that I did not get. Reflecting on it now, I wonder if others did the same.
The great thing now looking back on those times is that I did get presents and I'm sure that many other children did not, though, as a young person, this was not what was going through my mind at the time. My thing was what lies could I make up about the presents I got? The lie, to some extent, related to who I was talking to at the time. It seems really elaborate now thinking about it, though didn't at the time, I did have to keep track of what I said to whom.
I grew up knowing that my parents always did their best and particularly my mother, she is a very selfless person. She never provided for herself without first providing for us.
Other memories about what I considered to be lack centred on school holidays, particularly going back to school after the summer holidays. Friends would be talking about what they did in the summer holidays - going away to stay with relatives and friends, going off to the seaside. We never did any of this in my family. The impact in relation to my adult life and how I have thought about money is that money it is there to be spent and I will get anything I want. Holidays, clothes, household goods, etc, etc, you name it; if I wanted it, I would get it. Instant gratification. Deferred gratification just was not in my vocabulary. I had no idea what that meant, and saving for a rainy day were words without meaning.
Strategically thinking about and planning in relation to money was not even a consideration. It was a case of making up for in adulthood what I couldn't and did not get as a child. These were my learned responses to money. Took me a very long time to fully appreciate that my thinking around money and use of it was actually counter-productive to my well-being. Maxing on credit cards, getting bank loans, defaulting on bills did absolutely no good to my credit rating.
I remember when I was first told that I was not credit worthy. It felt like a real attack on my identity. I went to a place of defensiveness. Not worthy?! What do they mean? They do not know me. Not credit worthy - I felt really indignant and yet looking back on it, I realise that it was a real wake up call for me. Still did not stop the indignation though. How dare they make judgements and assumptions about me?
Not worthy or even capable of managing my own finances, the evidence was there for all to see. I was completely blinkered to the glaringly obvious evidence. I went into complete denial and continued to spend more than I earned happily - oblivious to the mess that I was creating for myself. Being turned down for credit cards, bank loans. The impact often times going beyond my knowing.
We all carry baggage. Some positive, some negative. I wonder what yours is.
What are your dreams and desires?
What do you wish to achieve around money?
What are your yearly goals - or at least your goals for this year?
What plans will you set in place to achieve your financial goals?
These will be different for everyone. What's important is that you feel at one with your achievement of your goals. They are your goals. You wish to achieve them. It would be worthwhile to set out for yourself why you wish to achieve your financial goals. How will they benefit you and others? If you can arrive at a reason why your financial goals are important to you, it is much more likely that you will achieve them.
Rising Inflation Causing Problems For Many
With Inflation increasing and a significant reduction in the availability of credit, many Britons are struggling with their finances, according to Legal & General.
The financial services firm has announced that the number of people who are now living beyond their means has increased significantly in the last six months, with residents in the north found to be particularly hard struck. Research carried out by the group indicated that in this area, the number of people whose outgoings are higher than their monthly income has ballooned by 82 per cent, with 281,000 consumers in the region found to be in this situation. East Anglia and the north-west have also seen their income shrink in the face of increasing costs, with 51 per cent and 47 per cent increases in the number of people living beyond their means recorded in each of these areas respectively.
For consumers who are finding that their salary is insufficient to cover their bills, applying for a payday loan may be useful to replace missing income. On the other hand, for consumers who find this to be a regular issue, a loan for consolidation purposes may be of benefit.
Indeed, it seems that across the country the number of people with money left over after bill payments is contracting. Research from Legal & General has indicated that only 57 per cent of the population has money to put away at the end of each month, meaning that an additional 1.2 million consumers have found their income insufficient in supporting their household in the last six months.
Again, the north was found to be the worst affected region, with a 17 per cent decrease in the number of people with surplus income logged in this area. However, the firm also pointed out that even Londoners are feeling a pinch, with a seven per cent fall recorded in the capital.
Commenting on the figures, Jonathan Latham, director of wealth customer marketing at Legal & General, said: "As inflation takes its toll, the need for investing becomes even greater as digging into reserves looks inevitable for an increasing number, with nearly 5.3 million people now being forced to spend more than they earn. The harsh reality of today means the end of the 'spend now pay later' culture. We would urge customers to review their finances and carefully look at their spending and savings habits. With some careful budgeting it is possible to keep on saving, even a small amount. If you are having financial problems, it is important that you take action and speak to a debt adviser."
For those who have found themselves struggling to keep up with spending commitments, taking out a debt consolidation loan may be an effective way of getting finances back on track. By spreading out payments in this way, people may find that they can avoid the risks of defaulting on commitments. Opting for this type of loan might be of particular interest to those people who are considering selling their property to avoid repossession after the Motley Fool warned that many buy and rent back schemes come with clauses that could put consumers in a vulnerable position.
Black Homeowners Guide - How to Build a Fortress Around Your Finances
I often tell Black Homeowners the best way to survive the current financial climate is to make sure you have a fortress of protection around your finances. Financial protection doesn't always have to mean denying yourself and your family the necessities or even some of the luxuries in life. But it does mean spending your money smarter so it stretches farther. Your money should also do more than one task at a time (multi-tasking money, how cool is that). Your money should also help protect your other assets.
Many African American homeowners experiencing financial hardship today failed to build a fortress around their finances. Not building a fortress around your finances is causing many people's debts to snowball and eventually overtake them.
Here's three simple ways to build a fortress around your finances. I call it my "Triangle Fortress". The three sides of protection is Quick Decisions, Account Protections, and Smart Shopping.
1. Quick Decisions. Can you make tough decisions fast after you have all the facts? The quicker you can make tough decisions after gathering all the facts, the sooner you'll start building your fortress around your finances and protecting yourself.
"Unfortunately one of the biggest mistakes most people make who experience financial calamities is waiting too long to take action", says financial consultant Seth Weintraub.
Soon the problem snowballs out of their control, making their money problems harder to handle than a greased pig.
2. Account Protections. (Note: Make sure you consult a qualified financial professional for specific laws in your state).
Do you know one of the major advantages the rich have always had? This one secret has allowed them to keep money in their families for generation after generation. For example, the old money rich like the Rockefellers, Kennedy's and Rothschild's place their money in places the tax man can't go.
Now the average or not so average person has places they can place and protect there money. For example ...
401K Retirement Plan. If you have access to a 401K or other retirement account make sure you're maxing it out. This is one of the few areas you have complete protection from creditors, a bankruptcy, lawsuit or even the I.R.S. A retirement account is one of the best ways to build a fortress around your money.
IRA and Roth IRA. The Bankruptcy Reform Act protects up to $1 million in IRAs, including Roth's, from creditors.
529 Plan. Another excellent way to build a fortress around your money is through a 529 college plan if you have children.
A 529 Plan is an educational savings plan managed by a state or educational institution. It helps families save money for future college costs. It's named after Section 529 of the Internal Revenue Code which created these types of savings plans in 1998.
3. Shopping Smarter. When coming out of an economic high and diving into an economic downturn it's important to change your spending habits quick. Here's two habits you should make sure you're doing.
Comparison Shop. This is another way to help build a fortress around your finances. With so much pressure to buy, buy, and buy now, it's tempting to snatch whatever product or service is convent at the moment.
Impatient buyers are an overpriced stores favorite customer. Make it a habit to check at least 3 places or get 3 estimates before buying, especially big ticket items and services. With the internet, comparison shopping is easier than ever. Don't pay for what you can get free.
It's shocking to hear what people pay for everyday that they could get for free. If you follow this simple advice you'll save hundreds may thousands of dollars this year.
As tight fisted as you think your Federal, State and Local governments are, they offer a slew of free and low cost services.
Most people never take advantage of these free and low cost services, but instead pay companies because of convenience or they simply don't have the information. For example, do you take advantage of free government books, pamphlets and other information you can get from the Government Printing Office?
The books and pamphlets are on thousands of different subjects. Most states offer free or no cost medical clinics, vaccinations and health care information and more.
Even your local library offers free books of course, but that's not all. You can also find low cost CD and DVD rentals, free lectures and classes on different topics. Free internet access is also available and more.
Second best is sometimes better. When the economy was flying along everyone wanted the best, in fact many advertising slogans revolved around "You deserve the best ... Because you're worth it." Remember that?
But did you know second best can often be better? It all depends on what you're using the product for. The object of spending smarter is not always buying the best, but buying the best for your particular circumstance.
For example, do you need the best car to get you back and forth to your job everyday? Do you need the best shoes to do yard work? Or do you need to have the best computer if all you do is send and read email a few times week?
If you follow these tips you'll quickly be on your way to building a fortress around your finances. I'll offer more tips in future newsletters. Because the next best accomplishment after making money is protecting your money.
Money - Are You Making Money to Spend Frivolously?
Do you make money and spend it quickly? Take this very short quiz here to see if you are an impulse spender. Please answer these questions truthfully:
1.) Do you live from paycheck to paycheck?
2.) Are you surprised each month when your credit card bill arrives at how much more you charged than you thought you had?
3.) Is your closet jammed with clothes you don't wear or wear infrequently?
4.) Is you home or apartment cluttered, with items you rarely use?
5.) Do you have jewelry or other body ornaments that are collecting dust?
If the answer to ANY of these questions was "yes", I suggest you wait a full minute, at the minimum, and think about what you might buy, before making any purchases. If the answer to ALL of these questions was "yes", the stores love you and turn on the sale lights when they see you coming. Wait 5 minutes, at the minimum, and think about what you might buy, before making any purchases.
Always put away a portion of your check into savings. Budgeting and setting money goals will help tremendously. Set a limit and budget on how much you will spend monthly on necessities, such as food, transportation and shelter and luxuries, such as another pair of black dress shoes.
Impulse spending will not only put a strain on your finances but your relationships, as well. To overcome the problem, the first thing to do is learn to separate your needs from your wants. One "want", we splurged on for the children was a popular Nintendo game set. However, this was only after our monthly needs and savings had been satisfied.
Advertisers blitz us hawking their products at us 24/7. Again, one trick is to give yourself a cooling-off period before you buy anything that you have not planned for.
Becoming an all cash buyer could help you tremendously. We tend to spend less when we are spending cash. Become methodical with your spending. Account for every dollar. Once you have cultivated better habits for your spending, you can go back to using credit cards, if you want to. It takes at lease 30 days to change a habit.
Take it from one who know firsthand, impulsive spending is not good. It can easily destroy your finances, if you allow it to. It can be a terrible addiction, like sugar or food, and just like a food or sugar addiction, it can be cured, with some amount of smart work. Please don't take your impulsive spending lightly. Put together a plan, TODAY, to stop it. Both your wallet and your relationships will thank you for it.
Secure and Safe - Tips For Online Banking
Just within the last several years, the Internet has emerged as a highly convenient way to conduct banking business, as well as shop for financial services. As the use of the Internet continues to expand, more banks are using the web to offer products and services or enhance its communication with existing customers.
However, according to the Federal Deposit Insurance Corporation (FDIC), safe online banking involves making wise choices - decisions that will help users avoid costly surprises or even scams.
Whether selecting a traditional bank or an online bank with no physical office, users should make sure a bank is legitimate and that deposits are federally insured. The following are tips for consumers considering banking over the Internet:
1. Read key information about the bank posted on its Web site. Peruse the "About Us" section on the bank's Web site where a brief history of the bank, its official name, address, and its insurance coverage from the FDIC is featured.
2. Protect yourself from fraudulent Web site. Be careful to avoid copycat Web sites that use a name or Web address similar to, but not the same as, that of a real financial institution. Their intent is to lure potential customers in giving personal information, such as your account number and password. Making sure you have typed the correct Web site address of your bank before conducting a transaction.
3. Verify the bank's insurance status. To verify a bank's insurance status, look for the familiar FDIC logo or the words "Member FDIC" or "FDIC Insured" on the Web site. Internet users may also check the FDIC's online database of FDIC-insured institutions.
4. Due to insurance purposes, a bank may use different names for its online and traditional services. Your deposits at the parent bank are added together with those at the Web site and insured for up to the maximum amount covered for one bank.
5. Only deposits offered by the FDIC-insured institutions are protected by the FDIC. Nondeposit investments and insurance products, such as mutual funds, stocks, annuities, and life insurance policies sold through Web sites or at a bank are not FDIC-insured, are not guaranteed by the bank, and can lose value.
6. Quite often banks that are chartered overseas are not FDIC insured. If you choose to use a bank chartered overseas, it is important to note that the FDIC may not insure your deposits.
Consumers often want to know how their personal information is used by their bank and whether it is shared with affiliates of the bank or other parties. Beginning in July 2001, banks are required to provide customers with a copy of their privacy policy, regardless of whether you are conducting business online or offline. Here, customers can learn what information the bank uses regarding its customers and whether it shares this with other companies.
It's important to remember that the Internet is a public network. So, it's important to learn how to safeguard banking information, credit card numbers, Social Security Number and other personal data. Look at the bank's Web site for information about its security practices, or contact the bank. Also, be informed about the Website's security features including:
1. Encryption: the process of scrambling private information to prevent unauthorized access.
2. Passwords or personal identification numbers (PINs): Used when accessing an account online. Choose a password unique to you and consider changing it regularly.
3. General Security: Security provided by your personal computer such as virus protection and physical access controls should be used and updated regularly.
Considered an added convenience to customers, some banks may offer links to merchants, retail stores, travel agents and other sites. Keep in mind that nonofficial Web sites linked to your banks' site are not FDIC-insured. These company's products and services may not be insured by the FDIC and your bank may not guarantee the products and services. Make sure you are comfortable with the reputation of a company before making a transaction and never provide a credit card or debit card number unless you initiate the transaction.
MUTUAL FUNDS and Personal Finance
Insurance medical exams may not be as certain as death and taxes, but they're not far behind. You'll probably take one when you apply for nongroup life insurance.
You might also have to take an exam if you want nongroup disability, health or long-term care insurance.
Just because such exams are common, don't take them lightly. If you flunk the test, you could be denied vital coverage.
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Some basic steps can help. Take life insurance. Many of its rules apply to other types of coverage as well.
Life insurers typically put applicants into one of four broad categories. "These categories are based on the risk you'll die soon," said Dr. Craig Davidson, assistant vice president and senior medical director at the Hartford.
People in the best health are "preferred" risks. The next category is "standard."
Below standard, applicants are rated by the severity of their health problems. These substandard categories are called tables.
If you're slightly below standard, you're in Table 1. If you have a slightly higher risk of dying early than people in Table 1, you're in Table 2. Some companies go up to Table 10.
Someone with diabetes might be put in Table 2 for determining premium payments. Someone who has had a heart attack may be in Table 4. With a shorter life expectancy, he can expect higher premiums.
Some people won't be offered insurance at all, at any price.
"About 18% of our applicants are rated or declined," Davidson said.
The other 82% are preferred or standard risks. More people pay preferred rates than standard rates. The difference can be substantial.
Premium Prices
Suppose a 50-year-old male wants to buy $500,000 of life insurance. He chooses term life, which charges relatively low premiums and accumulates no cash value.
He wants a policy that will stay in effect for 10 years.
If he is a nonsmoker who is a preferred risk, he might pay $750 a year for that coverage. (Anyone who smokes will pay much more for life insurance.)
If this nonsmoking 50-year-old is a standard risk, he may pay nearly $1,300 a year for the same amount of insurance.
He'll pay much more if he's rated. With some hypertension or cholesterol issues, he could be classed in Table 2 and be charged $1,900 a year.
Obviously, the best way to hold down your costs is to watch your health regularly. Stop smoking if you're a smoker. See your doctor and follow suggested treatment if you have high blood pressure, high cholesterol, excess weight or other cardiovascular risks.
You can do other things at the last minute to get a better grade on an insurance test. If you're on the borderline, these actions might push you into a lower-cost category:
• Eat carefully. Davidson suggests not eating for at least eight hours before a physical exam. That can keep blood sugar and triglycerides down.
For a day or two before your test, avoid steaks and other fatty food.
• Watch what you drink. Limit your consumption of alcoholic beverages before the physical.
Minimize your intake of caffeinated drinks such as coffee, tea and cola. Alcohol and caffeine can raise your blood pressure. Even juice might hurt your result.
Water and more water might help, can't hurt.
• Schedule your test smartly. Let's say your exam is set for late afternoon. You run out of a heated business meeting to make the appointment. The stress might send your pulse and blood pressure sky high.
Taking a physical early in the morning probably is better. After a night's sleep and before you go to work, your stress level may be low.
• Exercise care. Keeping in shape is a good long-term strategy. But a strenuous workout before your exam can be a bad idea.
"Playing squash or running five miles before a physical can affect tests of liver function," Davidson said. That might put you into a lower health class than you deserve.
South Florida Sun-Sentinel Personal Finance Column
Aug. 2--Before she was Dawn Summers on Buffy the Vampire Slayer or Georgina Sparks on Gossip Girl, Michelle Trachtenberg was Harriet M. Welsch in Harriet the Spy. And before Harriet the Spy was a 1996 film, it was a not just one of the greatest books ever written, but the kind of book that, if you read and loved it in your childhood, immediately bonds you to others who did, too, to the point that you sort of lose respect for any woman who did not devour the novel a minimum of seven times.
Published in 1964 by Louise Fitzhugh, who died a decade later of a brain aneurysm at age 46, Harriet the Spy is about a stubborn, smart, decidedly unfeminine adolescent girl who lives in a Manhattan townhouse and is generally ignored by her parents. She has a close if unconventional relationship with her nanny, Ole Golly (played, somewhat incongruously in our opinion, in the movie by Rosie O'Donnell), and spends the vast majority of her time spying on neighbors, classmates and complete strangers. Lessons are eventually learned, but not in some goopy, melodramatic manner; Fitzhugh's writing is as fiercely intelligent as Harriet herself. At least, that's how it was in the book. Frankly, we've never seen the movie. That would be sacrilege. But that's just us.
Personal Finance: Are there benefits in insuring children?
The question of insuring children is a loaded one. The death of a child is an unimaginable tragedy, one of parents' worst nightmares and something no one would want to even contemplate.
Understandably, many people find the idea of insuring their children to be somewhat distasteful - or downright offensive. But purchasing a permanent life insurance policy for your child today could give them a financial head start tomorrow.
Understandably, many people find the idea of insuring their children to be somewhat distasteful - or downright offensive. But purchasing a permanent life insurance policy for your child today could give them a financial head start tomorrow.
A financial advantage
There are two very good reasons to consider insuring your child, for their own benefit. The first is financial: the earlier you purchase life insurance, the less it costs. No matter what kind of policy you purchase, life insurance costs more the older you are. However, with a permanent life insurance policy, you can lock in a premium price when you first purchase the policy. If you purchase a policy for your child at a young age, that affordable premium is locked in and will not go up throughout the course of your child's life, as long as the policy is kept in force. That can be an enormous financial advantage to your child as they go through life.
In addition, the earlier you purchase permanent life insurance, the longer the cash value has to grow tax-deferred. Over the years, that can make a huge difference in the amount of cash value that can accumulate. And down the road, that cash value can be borrowed against if necessary-for instance, to buy a house, pay for college tuition or help supplement retirement income. That's why having a cash value accumulating for a long time can be a financial advantage to your child, in the future.
The gift of insurability
However, the most compelling reason to purchase life insurance for your child while he or she is young is the fact that doing so can ensure their insurability later in life. We all pray that our children lead healthy lives. But, realistically, so much can happen to make them uninsurable or only insurable at a high cost - even their chosen profession. A juvenile life insurance policy can help protect them when they are young, and allow for greater protection as they grow older. Many policies come with riders that allow your child to purchase additional insurance at various points in their life. By insuring your child while they are young, you can help make sure they can provide financial protection for their own family later on in their life.
Should tragedy strike
Even in the event of an unthinkable tragedy, the proceeds of a child's life insurance policy could make a difference in so many ways. That money could be used to keep your child's memory alive. For instance, you can give to a charity or create a memorial fund in your child's name.
The death benefit can also help you deal with some of real financial ramifications of such a tragedy, such as medical or funeral costs. It would be devastating enough to lose a child, without having to also struggle to cover medical bills and final expenses, which can run in the thousands of dollars. The policy death benefit could also allow you to grieve properly. Many companies will give parents a week off with pay when a child dies, but how many people would be ready to go back to work one week after losing their child? The death benefit could allow you to take the time you need to grieve without having to worry about your income during that time.
A gift for a lifetime
Purchasing life insurance for your children should not come instead of purchasing life insurance for yourself and your spouse, or saving for your retirement. However, if you have the funds, purchasing an insurance policy for your children could help ensure they are protected, and also help them and their future families down the line. Rather than being something offensive to even think about, buying life insurance for your children could end up being one of the greatest gifts you'll ever give them.
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