Archive for the 'Personal Finance' Category

Oct 23 2008

Offshore Internet Banks

Published by admin under Personal Finance

Take your online banking experience to the next level and earn more for your savings. Try offshore Internet banking. It is perfectly legal and returns a high yield for your deposits.

Offshore Banking

There are a number of individuals and businesses that utilize offshore banks to manage their financial resources. You may wonder why they have to get their dollars out of the country for banking purposes when they can get the same services at home. One of the best-kept business strategies around is to put money in countries that offer tax shields for foreign deposits. These countries include Antigua, St. Vincent, and others in the Caribbean.

Offshore banking is convenient for businesses as it offers secure and stable economies. Depositors are assured that their money is safe and that they can withdraw and transfer it anywhere at anytime. Normally, you need a third party to arrange for your offshore banking needs. The agency walks you through the application and the preparation of the necessary papers to get an account with an offshore bank. But with online offshore banking, you can get direct access to the bank itself. There is no need for you to fly in to settle anything. Everything is facilitated through online transactions.

Once you have an account, you can start with your banking: manage your savings and current accounts, formulate investment plans like time deposits and foreign exchange or forex transactions, and facilitate money transfers, among others - all of these services from the comfort of your own home or office.

Before you proceed though and get an offshore bank account, check the bank\’s credibility and licenses. You must choose a bank with a great track record for customer relations. Beware of frauds and false advertisements. Or better yet, consult with an expert financial and investment adviser who can guide you through the process and explain to you the details and nuances of offshore banking.

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Oct 22 2008

Student Bank Accounts

Published by admin under Personal Finance

Most of the college or university financial transactions are processed through student accounts. Banks are usually willing to offer students a specific bank account, called a student bank account. The student savings account is offered exclusively to college and university students. A student checking account is available to all full-time students who are at least eighteen years old.

Specifically tailored for students, student bank accounts are generally used to manage billing and payment of student tuition, on-campus housing, and other campus charges. They are offered to students from freshmen to seniors and beyond. Most of the financial aid and scholarship money is directly credited to student bank accounts.

Almost all of the major banks offer student bank accounts with a wide range of services and facilities. Certain financial institutions offer incentives and gift vouchers when students open their accounts. Just like normal current accounts, the facilities offered by student bank accounts often vary enormously from bank to bank. With student bank accounts, one can view the account transactions by date or by term. Unlike other bank accounts, student bank accounts do not pay interest.

One of the major advantages of student bank accounts is that they provide instant access to funds. Moreover, they offer credit cards and interest-free overdraft facilities, but the amount of overdraft varies from bank to bank. Besides, they provide flexibility wherever possible in order to help students meet their financial obligations. Before opening a student bank account, one must be aware of the services offered by a bank. To open a student bank account, a student must provide personal details along with a reference from his parents or college principal.

There are several factors to be taken into account while opening a student bank account. Proximity of the bank to the campus is of importance as it facilitates greater access. If there is no branch nearby, then Internet banking facilities and telephone banking are the best alternatives. Overdraft rates and charges on authorized overdrafts are the other factors to be considered when opening a student bank account.

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Oct 22 2008

Can Money Buy Happiness?

Published by admin under Personal Finance

What is happiness? The most ambiguous question posed in the universe apart from \”What is love?\” is often associated with this question regarding money and whether the more you have the happier you will be. Well, can it? Is happiness for sale? Is there a store at the local shopping centre that trades happiness for some of your hard-earned cash?

Wikipedia define happiness as;\r

Happiness, pleasure or joy is the emotional state of being happy. The definition of happiness is one of the greatest philosophical quandaries. Proposed definitions include freedom from want and distress, consciousness of the good order of things, assurance of one\’s place in the universe or society, inner peace, and so forth…

The first proposal in Wikipedia\’s definition regards this very question, \”…freedom from want and distress…\” So, if money can free you from want then surely it must be able to buy you happiness! Right?

Financial freedom is the state most people chase. The ability to pay your own way with everything without ever having to check the credit card statement in fear and trepidation.

It\’s why we set up pension funds, play the lottery, spend more time working than we do playing with our kids. We hope to one day be independent of a boss, of a budget, of any constraint that could limit our desire to be happy. To spend whenever we had the inclination.

Okay. This is just frivoluous spontaneity. It bursts onto the screens of our life for a short time and as quick as it came it goes. That\’s a shallow expectation of happiness. I want happiness that survives time. Can money buy that?

If money can buy happiness, how much would I need and how much happy would it make me? I earnt a couple more dollars this month on my Adsense account but it wasn\’t even a blip on the happiness radar. So how much would I need?

John Silveira\’s article \”Money can buy happiness\” says this…

How much do the experts say is enough? In a study conducted by Andrew Oswald and Jonathan Gardner at the University of Warwick, in Coventry, England, they discovered about 1.5 million tax-free American dollars moved most people into the top 2% on the happiness scale. Their study also revealed that, at the low end of the scale, each $75,000 moves one between 1/10 and 3/10 standard deviations (which is a measure of how statistical data is spread out) up the happiness scale.

I know John has a lot of statistical evidence showing that perhaps money CAN buy you happiness but for me the jury\’s still out. I know a lot of people who earn less than A$20K per year who are happier than some with dual incomes earning A$100K per annum.

I think it has more to do with contentment and self-identity than it does with the amount of money you have or earn. If you\’re striving to have more money and know that you\’re not making it this will lead to all sorts of anxiety issues which will deprive you of happiness.

Maybe learning to be content and set achievable goals for our money is a key to happiness?

Age: 33 Married with 4 children.

My Qualifications.

Bachelor in Business - (Double Major in Accounting & Marketing from Edith Cowan University) Working as a College Bursar with over $2m in annual revenue. My Story

I first got excited about business and money when I was about 18 when my father introduced me to a network marketing scheme called Omegatrend. It was an off-shoot from the US\’ Amway. I worked every available moment trying to make this work for the next 3 years to no avail and finally decided to get a life when I met my wife to be.

My next scheme was producing a trading magazine for collectable cards which we began publishing from our own home and self-distributing to newsagents across the country. After our first 2 editions (they were produced monthly) we realised that the printing and distribution could be outsourced but it meant producing more than 5000 copies each edition. We borrowed some money from my dad and ran up a huge bill with the printers and finally called it quits after our eighth edition.

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Oct 22 2008

Savings Account Is Important

Published by admin under Personal Finance

There are many different reasons that prompt people to create a savings account. You may be looking to create a savings account to have some extra money for emergencies or to save up for a vacation. Perhaps you would like to save money for your childrens college education or simply provide them a security net when they enter adulthood. Some people may create a savings account because they want to save money for retirement. All of these reasons are typical for most people. There could be thousands of reasons that any one person opens a savings account. The problem is what type of saving account do you open? Well, first things first, you should know that the best benefit of a savings account is that they all earn interest on the money in the account. Typical interest rates are anywhere from .55% to 4.25%.

Banks usually have many different levels of savings account that all require different deposits and balances. These range from regular savings to what may be called platinum savings, money market accounts and retirement accounts. Each will have different fees, deposit and balance requirements. You will want to research different banks to find the one most suitable for your savings account needs.

The internet has made life easier for a great many people and it is no different when it comes to banking. The internet has opened the doors to many more options when it comes to a savings account. Thanks to the internet, it has never been easier to do comparison-shopping with different banks. You can shop and compare the different rates and other benefits, right in your web browser. Talk about convenience! What is even better is that the internet has now allowed people to do their banking right online, in the comfort of their own home. You should consider opening an online savings account.

By opening an online savings account, you will be able to have complete control over your money in an instant. You see, many people have turned to an online savings account because it sure beats going to the bank every time you need to check your balance, transfer money into a personal checking account or just see what transactions have occurred in your online savings account. You can have access to a statement prior to ever seeing one in the mail. In fact, many banks now offer the option of receiving your online savings account statement online or paper through the mail. The choice is yours.

An online savings account has numerous benefits. The first is being able to perform all of your banking duties right in the comfort of your home. Another benefit of an online savings account is that you eliminate or at the very least reduce trips to the bank. With an online savings account, you can check your balance, transfer money to and from another account and review your account history without ever having to leave the house. This saves you a great deal of time and money.

David Evermon has been involved in many environment related projects, writing on many subjects related to the environment and project management his hobbies and knowledge of construction, David writes articles about Saving Account.

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Oct 21 2008

Are Two Incomes Better Than One?

Published by admin under Personal Finance

Two incomes aren\’t always the obvious choice. Most households today consist of two incomes. Stay at home parents are less and less common. Part of this is due to the increase in housing costs in many areas. Houses are larger, fancier and more expensive than ever.

But have you thought of the costs associated with two incomes? When both parents work, there are more auto costs — double the auto insurance, gas and maintenance. There is also day care, an increased level of taxes, more for clothing and even lunch.

You have to spend money to make money, after all.

Two income homes are often more risky than one income homes. When there are two incomes, a level of spending is reached that is comparable with the two incomes. If one wage earner is laid off or can no longer work, the family may find it is in financial trouble.

In a one-income family, if the wage earner is no longer working, the partner can go to work and provide approximately the same level of living for the family. Yes, there may be a gap in the incomes, but it usually isn\’t as severe as when a two-income family loses one income.

It\’s not that two income families aren\’t great. They are just as wonderful as one-income families. But you should consider all of the costs when looking at the extra income. It is often more sensible and increasingly frugal to consider becoming a one income family.

Even if you are a two-income family, you can reduce your risk by simply working your budget so that you are living off of only one income, not both. That way, you are able to cushion yourself against any unforeseen occurences. The income from the second income should go directly into savings each month. You will be amazed how quickly your savings will grow by doing this.

It can be difficult to go from two to one, but if you adjust yourself gradually, you should really notice the difference. The changes can start as simply as no longer eating out for lunch. For two people, that can save around $100 a week. That\’s $400 a month!

Then, consider carpooling. Lots of families arrange it so that one person goes on and off work fifteen minutes before and after the other person. That way, they can ride together. This can save a lot given today\’s rising gas expenses.

Find ways to cut your monthly expenses. Start paying off all of your credit card debt. If you have no credit card debt, start paying off your other debts. You should make sure that you have emergency savings that will cover up to three months of expenses. This will cushion your budget from unexpected emergencies.

Look to ways to cut your utilities, grocery spending and entertainment costs. You will be surprised what you will cut and never really miss.

One or two incomes, it is up to you. But make sure you base the decision partly on the math involved, not just what others are doing.

Martin Lukac (http://www.MartinLukac.com), represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

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Oct 20 2008

Online Banking for the Faint Hearted

Published by admin under Personal Finance

Its easy to be put off by the idea of online banking. Worries over whether its really secure or not, remembering all those complicated passwords, and wondering how to manage a complicated interface are all concerns that people have; people who havent taken the plunge that is.

Oddly, for an Internet professional I was in this camp myself until recently when I remembered that I hadnt paid a bill late at night and couldnt get to the bank in time to pay it before incurring any charges.

I hate paying for things I dont have to so that simple act of forgetfulness made me start looking a bit more seriously about whether or not online banking was actually going to work for me.

So I went over to the online banking section of my banks web site and took a look. Filling in the application form was relatively straight forward and only asked me for the kind of information you can get without having to rummage around through boxes of old paperwork, which was a pleasant surprise.

A couple of days later a letter arrived telling me I had to activate the account and enter a special code to get things going (Id already saved another special number from the application stage). Back to the computer then to activate the account.

After a couple of minutes following the instructions Im suddenly plunged headlong into the world of online banking. I can see my statement whenever I like, I can pay bills night or day and just generally manage my account when I want to, not just when the banks open.

This is an exciting new world and Im loathe to log out for fear that Ill never be able to get back in again, but eventually I do and get on with the busy of earning money rather than just watching where its all going.

The next evening I decide to give it another go and am surprised by how simple it is to get back in (having memorised a couple of important passwords of course), and I can see that the bills I paid last night are all cleared and on my statement.

Now of course Im a convert and regularly turn up at my bank in my slippers at 11pm to be greeted with a warm welcome and a range of online services that I wouldnt have dreamed possible before Id actually tried it.

And the best thing of course, no more interest charges when Im a little more forgetful with bills than I really should be. So, if youre still worried about whether online banking is worth the hassle, you should give it a try. Its not nearly as complicated as you think its going to be and its far easier than trudging down the high street with a load of bills!

Paula Marriss is a financial advisor and editorial contributor at The Money Zone. For more information on personal finance visit http://www.money-zone.net/

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Oct 20 2008

Dealing with The Stress of Debt!

Published by admin under Personal Finance

As the Christmas period comes to an end and the New Year begins many people suddenly find themselves faced with the Credit card bill from hell! It seemed so easy to spend, spend, spend when out buying all the wonderful presents for your loved ones. Nowadays we are bombarded on every side by advertising for yet another Credit Card and it can be so easy to sign the pre-filled application forms that come through our letter boxes!

It seems at times as if the whole world is getting ever deeper into debt and the statistics make frightening reading dont they. However, In all the technical discussion you hear about credit card debt, the best ways to manage it; how to pay it off and all the rest there seems to be one thing which goes largely ignored. Namely, how to cope with the stress that Credit Card Debt can cause!

Credit card debt can be extremely stressful, and it can have an extremely negative effect on your life, if you allow it to. We have all read in the press how people can become addicted to shopping. Alongside that Credit Card usage and the consequent debt can become as bad as an addiction, always hanging over you, bringing you down, making it hard to life your life the way you want to. In this article, well take a look at how you can recognise debt stress, and what you can do about it. Did you notice the key phrase I used about how it can have a negative effect if you allow it to and that is something that we need to recognise straight away. If it has a negative effect it is because we allow it to.

There are many symptoms which are caused by stress. These can include: headaches, not being able to sleep, feeling depressed and irritable, being forgetful and being unable to concentrate on what you are doing. If are uncertain whether your symptoms are related to stress or to something else, then you should go and see a doctor.

Almost without exception everyone who has mounting debts becomes stressed about them. Debt said to be responsible for millions of days of lost work every year and is one of the leading causes of suicide. Often when we read about someone who has felt driven to commit suicide, their name is followed by who owed [a very large amount] in debts.

In todays world there is no escaping the fact that the average adult in the western world owes many thousands in debts. When you think that the average person owes thousands then it follows that there are many people who must owe much more. Its an old saying and one that my Grandmother was very fond of! Theres always someone worse off than you. It is certainly true and in effect means that you are not alone in how you are feeling if you find yourself with what you perceive as a mountain of debt.

So how should you deal with the stress caused by debts?

Stress caused by debts is often considered to be embarrassing, or shameful to some extent almost more so than the debts themselves. People with lots of debts dont want to talk about it, even with their family, for fear of upsetting people or being perceived to be a failure.

However, the truth is that it is very important that you do talk about your problems Keeping it all inside you will make you feel much, much more stressed. It is especially important that you talk to your partner. As much as you may want to protect them from your problems they are the number one person who can support you. Experience has shown that partners are more devastated by having the truth withheld from them than by being told the extent of the problem.

The best thing to do then is to find two people: one of them who can advise you, and one who can be a counsellor. That means a professional who knows what theyre doing in financial matters, as well as a psychologist or psychiatrist, or some other kind of counsellor. Dont let stigmas put you off because this is about your health and your sanity.

The next thing to do is to think about how you got that debt to begin with. See if you can find old credit card statements. What did you spend the money on? What do you not need? You need to sit down, work out a budget, cut unnecessary expenses and try to free up as much money as you can to pay back debts. Even if itll be a long time before you get everything paid off, knowing that your debt is gradually going downwards can be an excellent cure for debt stress.

Paul Duxbury a successful online entrepreneur and a former Banker addresses the problems of Credit Card debts at his new site http://www.sort-your-finances.com

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Oct 20 2008

57 Ways To Reduce Housing & Home Expenses

Published by admin under Personal Finance

Top Ten Tips…..

1. Consider buying an old, inexpensive house & modernizing it yourself.

2. Check firms that build the house\’s exterior and you do the inside work.

3. Give thought to living in a mobile home or modular housing.

4. You can save substantially by learning how to conserve home energy.

5. Insulate your home yourself & you may be entitled to a large tax credit.

6. Use solar energy in your home & reduce conventional energy expenses.

7. Pay property insurance premiums annually for substantial savings.

8. Moving costs may be tax deductible, if it was done for business reasons.

9. If necessary, add extra rooms instead of looking for a larger house.

10. Keep your home in good condition. It will insure top money when selling.

How to save on home repair bills…..

11. Practice preventable maintenance. Take good care of what you have.

12. Get an illustrated manual & learn to repair most common problems yourself.

13. When needed, ask friends & neighbors whom they recommend for repair work.

14. Always get competitive bids for larger repair jobs.

15. Before hiring a firm, ask for names of their customers you can contact.

16. If a loan is required for repairs, shop round for lowest interest rates.

17. Borrow money for the shortest period possible.

18. Use reputable firms. Check with Better Business Bureau if necessary.

19. Establish a good trusting relationship with a reliable repair service.

20. Get a signed cost estimate before repair work is started.

Where to find the best home bargains…..

21. Discount stores.

22. Auctions.

23. Catalog stores.

24. Garage sales.

25. Flea markets.

26. Thrift stores.

27. Classified ads. (You\’ll get a better bargain from private owner, than from a store).

28. Sales and clearances of reputable stores.

29. Look for \”floor samples\” and \”demonstrator\’s models

30. Shop for discontinued models and \”slightly damaged\” merchandise.

31. Buy \”unclaimed\” and \”repossessed\” furniture at warehouse sales.

32. Buy unpainted furniture and finish it yourself.

33. Try to buy wholesale. Some manufacturers have, \”wholesale outlets\”.\r 34. Consider working a swap with friends, relatives, neighbors.

How to buy furniture, appliances, and furnishings intelligently…….

35. Before you buy, ask yourself, \”Do I really need it?\”

36. Shop around before you decide. Become an expert comparison shopper.

37. Ask around. Talk to others and ask their experiences, suggestions.

38. Go to the local library and read. Check out recent articles on the subject.

39. Is the merchant reliable in case you have any problems later?

40. Never sign contracts or agreements until you know what you are signing.

41. If you buy on credit, keep a written record of your spending in your wallet.

42. Use charge cards only if you pay bills before interest is added.

43. Buy only low-energy, high efficiency appliances.

44. See if you can \”make do\” with what you have.

45. When ordering carpeting, ask for broadloom remnants and save about half.

46. Make some items yourself, such as curtains, draperies, bedspreads, etc.

47. Buy radios and TV\’s during January & May sales.

48. February & June are good times to buy bedding, floor covering, and furniture.

49. Shop March & July for good buys on washers and dryers.

50. Buy rugs during August and October sales.

51. Stock up on household linens during the months of January, May & August.

52. March is a good month to buy a house, right after school vacation starts.

53. Buy a kitchen range, paint & wallpaper during April sales.

54. March is a good month to select a new air conditioner.

55. January sales are good for buying small appliances, blankets, quilts.

56. Buy house wares in Feb., Sept.; china & glassware in March & Sept.

57. Buy fabrics in Jan. & October; storm windows in June & July.

More information for parents at:\r http://www.911parenting.com

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Oct 19 2008

Spending Money Is Easy

Published by admin under Personal Finance

The simple problem is that it is so very easy to spend money. We get it in our minds that we deserve something, that we need something, that something will make our lives better — and we just buy it. No matter how little we can afford it.

Have you been there? Well chances are that you\’ve used a credit card to buy the thing that you couldn\’t resist. There are many people out there that shop as a outlet for stress or for other negative emotions.

If you are in this position, you can change it. All you have to do is take control of your spending. If you start now, you will save yourself a lot of stress and sacrifice down the road.

You see, debt isn\’t the main problem. It is your spending that gets you into the debt. Without the spending there would be no debt.

So ask yourself — why do you charge things you can\’t afford? And the answer isn\’t that you can pay for them later. Why did you feel the need to use your credit cards when you know what a financial trap they are? You know that you will struggle to make the payments, so why do you risk it?

Many people simply put the danger of credit cards out of their mind. After all, it is just a little swipe through a machine and the card gets hidden back in your wallet.

You need to face the reasons that you are spending what you don\’t have. If you don\’t address them, you may never get control of your spending and the subsequent debt.

If you are putting all of your money to paying off things you bought yesterday, how will you own anything tomorrow?

Start with putting those credit cards where you cannot quickly access them. I use a safe deposit box in a bank in another town. If there is an emergency, I can always drive there and get a card out. But it is too much hassle for just shopping sprees.

Now start carrying only cash on you. This way, you won\’t spend more than you have. Studies indicate that most people will buy less when they are carrying cash. Personally, I\’ve found this to be true.

And don\’t worry, we all slip up every now and then. All you can do is get yourself back up and start working on it again. Remind yourself why you need to control your spending. What is it you want out of your money? Do you want to retire? Do you want to be debt-free?

Reassess your goals and continue to work on them. But keep in mind that the things you buy today may not last you into tomorrow, but the debt (or savings) will.

Martin Lukac represents http://www.RateEmpire.com, an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at http://www.1AmericanFinancial.com and San Diego loan portal http://www.LendingSanDiego.com

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Oct 19 2008

Enjoy the Fete Called Life with Personal Finance Secured Loan

Published by admin under Personal Finance

Life without cash is unimaginable. With the growing financial requirements, it is very difficult to meet these needs simply by your regular income. In such a scenario, personal finance secured loan can prove to be a blessing in disguise.

Personal finance secured loan can facilitate you to battle out your financial strain with valor. The equity within your home can prove to be a life-savior amidst a financial crunch.

Secured loan can be procured easily by pledging collateral against your loan amount. A securable property acts as a guarantee for your loan repayment. This guarantee minimizes the risk for the creditors and ensures low interest rate. Home is usually the most favored form of collateral used for a secured loan. You should make sure that you borrow only the necessitated amount, which you can afford to repay. The reason being, any defaulting in the scheduled repayments can lead to repossession of your home.

You can cater to an assortment of purposes with a personal finance secured loan such as:

Education

Debt consolidation

Home improvements

Wedding

Purchase of a car

Funeral costs

Vacation

Cosmetic surgery

Miscellaneous expenses

It is a viable loan solution even if you are coping with a tainted credit history. Though lenders are normally apprehensive to offer competitory rate of interest if you have encountered with any of the following circumstances:

Bankruptcy

Individual Voluntary Agreements or IVAs

County Court Judgments or CCJs

Defaults

Slow credit or No credit

Arrears

No proof of income

Self- employed status

Yet, the reason that you would pledge your property against your loan amount makes it easier for you to access personal finance secured loan. The interest rates on your loan amount would be comparatively high, if you have a bad credit record. But these rates would definitely be more competitive than those availed on an unsecured loan.

You can navigate through a range of loan quotes that are provided by various loan providers. This would be beneficial to locate personal finance secured loan to customize with your personal state of affairs. It is advisable to pursue a thorough research before you embark upon a secured loan. A little spadework can keep you well informed of all the pros and cons of a personal finance secured loan. It is a good approach to avoid any negative repercussions.

Andrew Baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice to the residents of the UK. He works for the UKFinanceWorld for any type of loans personal loans, secured loans, Personal finance secured loans, unsecured loans, low cost secured loans, debt consolidation loan in UK please visit http://www.ukfinanceworld.co.uk

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