People have an inherent desire to seek growth and self development and certainly, the internet isn’t lacking in tips and guides on how to achieve them. But one aspect that is often left unsaid by psychologists and social experts is the role of financial literacy in enhancing one’s maturity in each aspect of one’s life. That’s because talking about money in relation to self development seems inappropriate and even distasteful to some people. [...]
February 13, 2014
One day my friend decided she wanted a shopping spree as remedy to her broken heart. She went to the mall, picked up some clothes (after perhaps five hours of shopping!), swiped her card, and… nothing. What the heck? Almost zero balance in her credit card only seven days after her last payday? Oh boy, something was not right. [...]
March 30, 2014
It is not only old or sick people who should be concerned about wills and estates. Everyone has assets of some kind, whether it is investment property, a primary residence, a stock portfolio or family furniture and jewelry which has been passed down for several generations. No matter what the financial value is, the property should be identified and allocated in a will.
There are many good reasons for making sure all adults have written wills. Such documents can prevent disputes among their heirs and keeps the family bonds intact. When there is a legal document clearly stating the disposition of assets, it is easier to put aside bad feelings in order to honour a loved one’s wishes. No one wants to leave a legacy of court hearings and lawsuits.
It may seem unnecessary to write a will since any property can easily be divided equally among the children and spouse. However, it is not always so simple. There are many good reasons for making sure all adults have written wills.
Some children may be young, and will have education expenses in the future. Other children may have sacrificed their careers to look after the aged or ailing parents who always meant to do something to compensate. If those intentions are not documented properly, there is nothing to substantiate any claim.
At times, one of the children may have some misfortune, and parents may feel obliged to provide more for that child so that he or she does not become a drain on the rest of the family. In addition, there may be other obligations to clear. Some people are also philanthropically inclined, whereas others may be disappointed with one or more of their children or their spouses. Such displeasure can be expressed using the will, and preventing them from getting anything.
Then, there are debts left by the deceased. The first obligation of the estate is to clear any debts. Only after that is accomplished can anyone else benefit from the assets. There are even certain debts the family would have to meet if the estate does not have sufficient funds.
Young people are encouraged to discuss wills and estates before the wedding. It might even be appropriate to have a prenuptial agreement signed to ensure there is no undue dispersal of assets during a nasty separation. In western countries, it is usually considered sufficient for the partners to write wills, usually with each other as the primary beneficiary.
Even when someone recognizes the need to write a will, there is often the problem of assessing the actual value of assets. For example, real estate, whether houses or undeveloped lands, tends to have anomalous spikes in valuations. Then, there are other assets without much financial value but with great sentimental value within the family.
Once people begin to list their assets, they usually realize the entire business of writing a will is not quite as simple as they had hoped. The best thing they can do is schedule an appointment with a solicitor who specializes in wills and estates. Such a professional can ask all the right questions, help gather all necessary papers and prepare a document able to stand up in court, if necessary. It will be a relief to have the task finished. Once the will is prepared, it needs to be reviewed and revised only when there are any significant life changes. It will be a job well done. A company such as Rees Jones can be very helpful in advising about the steps to be taken for writing a will.
March 27, 2014
Everyone needs to gain more financial knowledge. In today’s economy, knowing a lot about money matters can save one from being bankrupt. Gone are the days when people could stay stable despite not knowing much about investing and other financial topics. Considering that advancements in web and computer technologies have made access to financial knowledge much easier, absolutely no one has an excuse to not learn more about economics and finance in this day and age. In this post, I am going to talk about binary options trading. I believe that everyone needs to consider doing binary options trading because it is a really profitable venture that is accessible even to the most financially illiterate of people.
What is binary options trading? Simply put, binary options trading is a form of online trading where people buy options for underlying assets and guess the movement of the prices of the assets. Correct guesses always lead to people earning a fixed amount of money. Because people only have to guess whether the price of an underlying asset they are dealing with is going to go up or down by the time their option expires, so many people from all over the world find it easy to earn money through it.
Of course, the biggest consideration people must face when doing binary options trading is actually finding a binary options brokerage that they can work with on a long-term basis. Many of the brokerages out there sadly only offer amazing deals on paper. In reality, they do bad business with their clients. Every newbie trader needs to make it a point to actually research the different brokerages out there and discern which one actually offers the best benefits for them.
To most people, Banc de Binary is the best binary options brokerage in the world. There are many reasons why so many people trust Banc de Binary. One of these reasons happens to be the fact that Banc de Binary withdrawals are actually very convenient. When it comes to most other brokerages, they give their clients a hard time withdrawing their money because that would mean them losing money. Banc de Binary is different from these brokerages. No client will ever encounter a Banc de Binary withdrawal problem because the brokerage goes out of its way to ensure that its withdrawal system is fully functional and convenient for its clients at all times.
Hopefully, what I have written here will make you consider doing online trading, if not binary options trading itself. There are so many benefits to doing binary options trading. Some people have actually left their day jobs just to be able to solely focus on binary options trading. By engaging in this form of trading on a daily basis, people can earn a decent living. In fact, spending just an hour or two a day doing it can lead to people earning thousands of dollars a month. Online trading, specifically, binary options trading, is definitely one of the best ways to earn money and learn about finance/economics today. There really is no excuse for you to not at least look into it.
March 23, 2014
A recent study done on product liability claims cases shows that the claimant only wins their case about 25 percent of the time. This statistic seems to suggest that legal scales are tipped in favor of the defendant, but most experts agree that it’s the high cost of taking a case to trial that deters most people from getting a fair settlement. When people see the time and money it takes to fight a big company in court, they are more likely to give up and take a small settlement.
High costs have caused plaintiffs to shift the way they go about getting the money they deserve; a high number of them have turned to contingency fee arrangements to spread the financial risk of their court cases. When the stakes are high, it makes sense to put some of the financial burden on the team that is representing you in court. When your lawyers have a financial stake in your case, you tip the scales in your favor.
Big companies used to use tactics to draw out trials knowing full well that regular people didn’t have the money to pay for court costs. They would use their massive wealth to slow down the legal process. The companies did this so much that people would quickly snap up any settlement money that was offered to them; if the plaintiffs didn’t take the settlement, they would run out of money and default on their case.
When it comes to medical malpractice lawsuits, contingency fee arrangements have become the norm. Under these arrangements, the plaintiffs pay attorney fees that are determined by the success of the case. If the lawyer doesn’t win, the plaintiff doesn’t have to pay; a fee is only charged when the case is settled favorably.
These arrangements improve access to the legal system by enabling financially strapped plaintiffs to obtain legal services; the plaintiffs can do this without fear of losing what little money they have left. When big companies use drawn out court proceedings to financially crush the “little guy,” it is important to take steps to level the playing field; if you don’t, big companies can get away with unethical and illegal practices.
People with extensive knowledge of finance use contingency agreements to their benefit. If a person needs to go to court for something like a personal injury case, they need to make sure that the case won’t put them into excessive debt.
Better-funded plaintiffs also use contingency agreements to guarantee that their case is solid. Most lawyers won’t take on one of these cases unless they are certain that they have a good chance of winning. When a lawyer is hired on a contingency basis, they act as the plaintiff’s partner; they put their own money up for court costs. This an easy way for the plaintiff to mitigate their financial risk in court.
Contingency agreements are looked at as investments for attorneys. After the attorney screens your case carefully, they decide if legal action is worth pursuing. The process encourages them to carefully look at cases before taking them on; when they have to take care of litigation costs, they make sure to always get the most out of defendants. When you use a contingency agreement, you spread the financial burden of court costs.
February 11, 2014
If there is a subject that must be required in high school, it must be financial education. This is because most of the youth today have no idea how to handle their finances thus they end up in financial mess. You might have preconceptions about how challenging personal finance is, but in reality it is not. All you need is a list of manageable tips to help you reach financial success or stability. Written below are some of the helpful tips that can help you put your finances in tip-top condition.
- Earn a college degree. Going to college can be tough but it is one of the best ways to end up being financially stable in case your other dreams won’t materialize. So whether you want to be a professional athlete or want to pursue an artistic skill, it is highly suggested that you still give a serious consideration on earning a diploma. It will bring you miles away from where you are currently in. And yes, going to college can be expensive but you can make it less costly by employing strategies such as applying for a scholarship, being a working student or even considering a community college.
- Learn to delay self-gratification. This is a very important characteristic you must learn while you are young. When you have self-control, chances are you will be able to put your finances in order. This is because you will not be bothered with waiting until you have the financial means. Simply put, instead of purchasing items on credit and end up paying high interest for that, you will choose to wait until you have saved up enough cash. This is a skill that people who are trapped in debts do not have.
- Keep track of your expenses. Knowing where your money goes helps you to spend within your financial means. When you develop the habit of tracking your expenses, you will be more conscious about your purchases. The end result of this would be that you will have more savings every time you receive your paycheck.
These are just beginner’s financial tips for success. If you want to know more about personal financial management, you might want to take advantage of the numerous resources online.