Archive for the ‘Finance’ Category
4 Financial Mistakes on Your Way to Bankruptcy
Today I read an article by Katie Adams entitled, Financial Mistakes that Could Haunt You Forever and it got me thinking. In this unprecedented Economic Depression, we are faced with more difficult decisions about our finances than ever before. Who can we turn to? Who do we trust? I say that now more than ever before we need radical self reliance. Don’t wait for someone else to tell you what you need to do. Be informed and then decide the proper course of action for your own financial well being.
I hear it every day. “We cashed in our savings and retirement to try to stay afloat.” “We lived off our credit cards and now we can’t afford the payments.” These 4 financial mistakes can be fatal in the long run and you may land in bankruptcy:
* Living beyond your means is so yesterday.
* Cashing out retirement accounts to pay bills is fatal.
* Fear, Shame and Guilt will paralyze you financially.
* Never, Ever Co-Sign on a Loan, unless you intend to own it and can afford the payments!
We’re not in a recession, we’re in a depression. We need to adjust our lifestyles accordingly and stop creating debt and live within our means. Never, Never, and I will say it again, Never cash in your savings or retirement accounts to pay bills because you will lose that compound interest, you’ll be penalized for early withdrawal and wind up paying taxes. It’s just not worth it. Besides, you’ll most likely get to keep many of your assets in bankruptcy under an exemption. Lastly, you absolutely must not panic. Don’t let your fear paralyze you into inaction. The last thing you need is to have your wages garnished by a creditor who has sued you before you decide you need to file for bankruptcy.
I believe that the most important thing to remember is to never co-sign on a loan for anyone, unless you have the ability to pay for it yourself and intend to own it. Here’s the reason for this. When you co-sign for the debt of another, you are putting yourself on the hook for that debt, in the event this other person can no longer pay for it. If the person you’ve co-signed for ends up in bankruptcy, then the lender can come after you for that debt. You may find yourself being thrown under the bus, so to speak, and may end up in bankruptcy too, if you did not intend to pay for that debt.
Don’t go broke before you talk to a bankruptcy lawyer about your current financial circumstances. Every situation is unique and you may have options outside of bankruptcy, but you must act now.
Yahoo! Finance – What Sets This Finance Website Apart?
“What Obama Must Say Tonight,” “10 Tax Moves to Make in 2010,” and “Ailing Banks Favor Salaries Over Shareholders,” are all examples of the dozens of articles that could be found today at Yahoo! Finance. Yahoo! Finance is a finance website that offers lots of free information and tools all related to finance. There are many websites today that offers resources and tools related to personal finance and investing, so what does Yahoo! Finance have to offer?
*Free- Although there are some services available for a fee, accessing the Yahoo! Finance website is free and so is the use of many tools.
*Personalized Updates- If you choose to set up an account, you can get personalized updates when you log on about stocks or companies that you’re interested in.
*Up to Date- This is one of the best things that sets Yahoo! Finance apart. Market indexes and updates are updated frequently and the “news” is fresh.
*At a Glance- You can see Market index averages for the day including the DOW, NASDAQ, S&P 500 and more, as well as graphs showing the trend in these averages for the most recent working day.
What’s Up at Yahoo! Finance?
In addition to the Yahoo! Finance home page, you can find helpful pages on:
-Investing
-News and Opinion
-Personal Finance
-My Portfolios (if you choose to organize your financial information here)
- A Tech Ticker
On the Investing Pages at Yahoo! Finance:
Find out about “Today’s Markets,” including recent earnings statements, recent stock splits and more.
Mutual Funds, Stocks, ETFs, Options, Industries and Currencies are all explored furher. Find research, converters, calculators, articles and more.
You can also learn more about world stock index levels, world news and exchange rates are under “International.”
“Research and Education” offers a business term glossary, personal tutorials on finance and investing and more.
Of course Yahoo! Finance also offer “Community,” a section where you can chat, ask questions or join groups.
On the Personal Finance Pages at Yahoo! Finance:
Get your personal finances organized at “Banking and Budgeting.” Free trials of online bill pay are available. Frequent offers include free for 6 months and $4.95 thereafter.
More under Personal Finance…
*Insurance
*Taxes
*Loans
*Real estate
* Family and Income
*Retirement
On the News and Opinion Pages at Yahoo! Finance:
Look for articles on…
*Industry news
*New technology
*Top picks by experts
Creating a Yahoo! Finance Account:
Creating an account at Yahoo! Finance is easy and free. Once you’ve created an account, you can personalize your logon so that the information that is important to you will be displayed including stock prices and relevant news pertaining to companies you are interested in.
The Perks of Yahoo! Finance:
Yahoo! Finance visitors and members enjoy that there’s so much financial information in one place and that the articles and financial charts on Yahoo! Finance are kept up to date. They also like that so many of the services available are free. Visitors also applaud Yahoo! for having limited ads.
Popular Tools at Yahoo! Finance:
There are rate charts and calculators for Mortgage, Home Equity, Savings, Auto Loans and Credit Cards for fixed loans and ARMs. You can see rates across the country as well view rates in your area.
What’s not to love about Yahoo! Finance?
While many users like the non-nonsense format at Yahoo! Finance, others find the finance web sites look to be drab, boring and unexciting with little more than two colors, black and blue, a limited photos.
Still, Yahoo! Finance is recommended as a finance website that has a lot of helpful tools and resources that are well organized, up to date and more than not, free.
Why Derivatives Are “Weapons of Financial Mass Destruction’
When I managed national real estate and construction for the then ‘Tiffany’ of investment firms I learned from the CEO that should the 1932 Glass Steagall Banking Act ever be rescinded-it was certain that speculators would game the system and cause another Great Depression.
Wanting to know more I became licensed on all exchanges-and started paying close attention when derivatives were de-regulated in 1992. Gold at the time was $300. Today it’s over $1,000 with China, Russia, France and the UN calling for the USD to be removed as the reserve currency, a status that has long shored up our economy.
In 2003, Warren Buffet termed derivatives ‘financial weapons of mass destruction created by mad men’. At that time their ‘value’ stood at $9 trillion. Today, that number has reached $1.4 quadrillion and continues to expand geometrically.
Can you picture even $3 trillion? In stacked-up dollar bills it would reach from Earth to the Moon 238K miles away. If you’d spent a million dollars each day for 2,000 years ago–even that would ‘only’ amount to three-quarters of a trillion dollars!
A quadrillion is a thousand trillion. A trillion is a thousand billion. A billion is a thousand million. The relative scale of the world’s financial engines in relation to those $1.4 quadrillion derivatives follows in U.S. dollars:
1. The U.S. GDP is $14 trillion.
2. The Global GDP is $45 trillion.
3.Global real estate value is $65 trillion.
4. Global stock and bond markets are $74 trillion.
5. Global derivatives exceed all combined global wealth by 31 times.
6. The global population is 6.8 billion people. The derivatives market is equal to $206,000 USD per every person on the planet.
‘When I Ruled the World’:
The public is right to be angry at the US Big Banks that caused the meltdown: Citi, BofA, JP Morgan, Chase, Wells Fargo–and both sides of Congress that are in their pockets. The banks are still using customer deposits protected by FDIC insurance to speculate in derivatives, instead of lending to small business. They’ve not paid back taxpayer bailouts, and have rewarded themselves with billions in bonuses while raising customer fees.
It’s up to the people to stop feeding the monster banks. Check out the ‘Move Your Money’ online movement. Find out how to determine which local banks and credit unions are well managed, and stop supporting the big banks that are endangering us all, and are turning America into the Coldplay lyric ‘When I Ruled the World.’
A Man is Not a Financial Plan by Joan Baker
Joan Baker has written this book with women in mind but her message is clear whether you are young or old, single or in a relationship, whether you have savings or not you can take control of your finances. Women are capable of so much, keeping a family functioning while holding down a job is no small task. Taking care of yourself is often on the bottom of the ‘to do’ list, however taking care of yourself financially is essential for your own and your families long term security.
Women need to create their own wealth, enough to survive independently, so that whether they have a man in their life or not they will be ok financially. A plan is needed, even if you have a high income that alone is not enough to grow wealth.
Joan demystifies the jargon covering areas such as budgeting, principles of investing, superannuation, diversification, and managed funds. She explains the emotion that drives the share market. Which, by the way, women are often more successful at conquering than men are. She explains the importance of making your money when you buy and how to borrow smart for investments.
She covers how to plan your investment strategy and how to decide what is the best investment for you. She also passes on some encouraging thoughts on taking action, for without action no amount of investment knowledge will help.
Joan has had twenty years experience as a financial coach and says the main thing she has learnt is that anyone can become financially free, but you have to know what it is you want and you have to want it enough.
What is the State of the Bank Bulk REO Market in 2010?
Let’s get something straight to start with. There is NO HIDDEN or Shadow Inventory of Distressed Assets.
I know many of you keep hearing that the second wave of foreclosures is coming. You could be thinking that because you are having difficulty in obtaining large bulk reo tapes, that the Banks must be holding or hoarding houses back from the market or that perhaps they are about to flood the market with thousands of properties.
We’ve been hearing that from many people for over a year now. I have never bought into it, because as I have always stated, is that the market can handle more inventory than most would think There is so much pent up demand it’s crazy.
The assumption that I have never challenged, until now, is that these foreclosures EVEN EXIST! Take a look at the latest numbers crunched at Foreclosure Radar.
I don’t know how you can argue with the data, the sales volume has been so great it is outpacing the numbers of foreclosures hitting the market. Getting unlimited business checks will help to organize expenses of a company.We have been saying that for over a year!
It is important to point out that there are massive numbers of defaults and foreclosure sales that are “hung up”. It’s an absolutely huge number of houses, but still, there’s not one person I’ve spoke to that did not believe that there are masses of foreclosures post sale that were sitting inactive that are not even being placed on the market.
The crazy thing is that every investor buyer wants to believe that they can purchase bulk these single family residential (SFR) tapes in CA, NV, AZ at 50-70 cents on the dollar. These investors are so motivated at the prospect that they are willing to treasure hunt for inventory that does NOT exist.
The reality is that our company is calling the banks every single day and I can tell you from our experience that nothing exists in CA, AZ, NV in bulk SFR tapes at discount prices (we have strong relationships with almost all the mid sized institutions).
The banks at best only have 1-5 REO properties at a time and they are unloading those via Realtors and brokers at NO discount. Asset managers are telling us that most of their bank owned properties are actually selling at full market value without any need to discount! The markets are moving in these states!
The inventory in the Southwest has dried up and the demand is obviously heading east across the Midwest. I can tell you that demand FAR exceeds supply so we only expect bulk SFR tapes in the Midwest and east to last another 12-24 months. The inventory that is available will NEVER be cheaper than it is now.
I am sure many of you have seen large, pennies on the dollar California Single Family Residential “tapes” flying around the internet, but I can assure you that it is NOT authentic product.
Many buyers are frustrated that they can’t find anything and it’s simply because it’s GONE. Anyone telling you that they have $200M – $1B in bulk single family homes at thirty (30) cents on the dollar is a joker or a part of a daisy chain of jokers…
So, check out the bulk market for yourself – the implications are huge for savvy investors! The Midwest is a market we are promoting because of the stock availability at low prices. Investors who are waiting to buy may really, really miss the boat. Available inventory has never been sold at such low prices. Waiting may be harmful to your wealth!
Instant Payday Loans – Easy, Fast and Convenient Financial Service
If you are facing cash crunches between your two paydays, instant payday loans can be the ideal alternative. These loans are short term financial solution that comes with easy application and fast approval. It can be termed as a great financial tool to cover the unexpected financial emergency without any hassle. When you need additional cash and want to have with easy, convenient and fast method, this is the quick alternative.
Instant payday loans are the suitable way to get quick cash that can be available to all without any restriction. To get applicable with this loan, you should be a UK resident with at least 18 years or more. You must be in regular employment earning £1500 every month having a valid bank account not more than 90 days old.
To get applied with ease and quickness, online method is one stop solution. Payday loans no fax can be available to you without any faxing and extensive paper work requirement. Fill out a simple application form with few personal details and find the loan money direct in your checking account within hours. Do not leave your chair or visit to the various lenders’ office. The money will be there at your doorway to put into use.
Poor credit or imperfect credit is no more an obstacle in the loan approval. If you are having poor credit records that generally includes CCJs, arrears, late payment, defaults and bankruptcy, you are allowed to get avail this loan. So, after applying for it, it gets assured that you will receive the applied amount without any apprehension of being bad creditor.
The loan amount that can be offered with instant payday loans can be ranges from £100 to £1500 for the time period of 14 to 31 days. Borrowers can make use of the loan money for any purpose such as car repair, pay off pending bills, clear debts and so on.
Now you can quickly sort out your immediate fiscal crisis with the ease of instant payday loans.
Perfect Time to Refinance?
The situation is like this. Compared to any other time in history, more Americans are foreclosing on their homes. And due to the large surplus of empty houses on the market, property values have fallen considerably. The rates of mortgage interest are at their smallest point in years. Is there anything you might ask? If you are a home proprietor who has gotten themselves with a house that has a value lesser than the principal on your mortgage or if you recently own a loan with fixed rate that is some points bigger compared to the existing rate you may want to thinking of having your recent mortgage refinanced.
Although banks are not intend to lend money to new home purchaser this recent days, they seem to be unreluctant to lend money to people who want to refinance as far they own a good credit history record. Banks are searching to give loans to people they may trust to repay them because they are in desperate trouble. Everything leads to a significant market of loan where people who want to refinance can see these large gains.
Note that you can save thousands of dollars over the remaining life of the loan just by refinancing a high interest rate loan. May be even more beneficial, you can lower your monthly defrayments greatly, one thing that cash strapple people could extremely take advantage from. Just a single decrement of 1 point can make you save a large amount of money.
If you have the arrangement of staying in your existing home for a longer time, mortgage refinancing will also enable you to cash out come equity for other usage. Besiod of that, fees connected with refinancing can be steep and it wil require some years to see any advantages from refinancing. But those fees will be worth it over the long term.
It is true that refinancing can not be done by everyone or not suitable for everyone. If saving a couple thousand of dollars in the next ten years to come look suitable for the efforts you do, you definitely don`t need to do it, because it is a tedious process. But if you are saddle with an interest rate from the boom years or if you are battling with your existing mortgage, you truly have to take into account the options of your refinancing. Just in a matter of minutes on the internet can give you an excellent idea of the affairs on hand and the amount of money you can save.
The Role of Collateral Managers in Trade Finance
Collateral management firms are becoming increasingly important within tradefinance. Collateral managers basically “look after” collateral on behalf of a lender financing goods. By using a collateral manager, the lender can make sure that goods, such as commodities, for example, are being controlled in such a way that if anything goes wrong with the loan, such as the borrower defaulting on payments, then the bank can get its hands on the goods which are the subject of the loan, and sell them to recover monies lent. Leading international collateral management companies serve a growing international market for structured trade finance, wherein money is lent based on the value of the underlying goods, rather than on the balance sheet of the borrower. Notwithstanding the fact that most bankers, borrowers and warehousemen say they find collateral management “just too expensive’ their desire to use the services of collateral management companies is increasing. In the absence of totally secure physical commodity storage facilities and resulting from the risks in moving commodities about, banks are obliged to find other structures for protection against physical risks. The collateral management agreement, or CMA, offered by a number of global firms, offers one such solution. The CMA is a tripartite arrangement between the banker, the borrower and the collateral manager and it is important to remember the CMA is a bespoke agreement. This means it can be time-consuming and expensive. The CMA is designed uniquely for each transaction and the collateral manager will bargain for fees – for the transaction itself, and for participants in the commodity system. Elsewhere in this book you can read in detail about collateral management, but the key influence collateral managers have on the system is that they: • Oblige an understanding, through their agreements, among borrowers of the risks faced by lenders. • Impose a system on warehouses to comply with rigorous standards (particularly important in developing countries). • Manage issues of quality and provide value-added services for quality/other considerations. • Define, through the CMA, complex issues such as commingling and lien over commingled goods. • Issue non-negotiable warehouse receipts • Impose controls through the legal discipline of the CMA • Impose controls on-the-ground discipline as the commodity moves through the supply chain • Provide insurance Some collateral managers make a play of the role of their global insurance cover. There are smaller collateral management firms who depend on this cover, possibly because their balance sheets are not large enough to provide comfort for the bank in the event of a large-scale default. The most efficient collateral managers in the developing world are those who are able to offer local services, make local decisions and sign the CMA’s without recourse to the HQ in Europe, or elsewhere. Collateral management is an increasingly important tool in the armoury of any trade financier. The demand for collateral management is increasing and the use CMAs is becoming an important and regular tool for the structured trade financiers right across the planet. For more information about collateral management, CMAs or structured trade finance, contact Dan Day-Robinson at Day Robinson International in the UK
Choosing the Right Collection Agency
Finding the right collection agency for business profit recovery can be a very difficult task. The sad problem is that nearly every business struggles to collect on every account out there. But the question is, “how do you find the best profit recovery agency to collect all your money?”
Throughout this article, I can help you lay out the groundwork to find the solution to the best local collection agency in the Fargo, ND areas and surrounding. Through some primary research, I have found that there are over 2 dozen profit recovery businesses local to Fargo. When it comes to the twin cities, there are numerous agencies out there. But which on is the best?
First of all, you need to find a creditable and licensed profit recovery agency out there. This is the most important factor in selecting a collection agency in Fargo. You need to be sure the profit recovery agency is following all legal guidelines so your business is protected. For businesses out there that want a agency to “knock down peoples doors and to get out there,” are only looking for legal problems. That is illegal and will get your business into big trouble. There are so many laws by our government protecting debtors and that is why finding a licensed credible profit recover service is huge.
To layout some groundwork, many people don’t know that to be a licensed collection agency, you have to send out a written demand. Several agencies will give you a “free” demand for 10-days. How effective is a free 10-day demand? Odds are if the debtor does not pay through your own in-house efforts, he/she will not be paying on the first demand, especially with a “courtesy notice.” Occasionally you might have a debtor pay on the free demand.
After the free demand, it goes into a percentage basis. The debtor will be contacted ferociously for a series of days. If the collection agency does collect, it will cost the business a large percentage anywhere from 30-50% of their money.
There are a few alternatives to a collection agency. There are flat fee service sending out written demands before they go to the percentage part. According to the American Collectors Association, over 50% of all money is collected on written demands. Why send your accounts to a percentage based collection agency when you could give it to a flat fee service?
Instant Cash Loan – Best Financial Solution During Emergency
Instant cash loan is the best way to get hold of small cash solution. It is a short term loan that you can apply to deal with any immediate financial emergency. Expenses such as medical bills, phone bills, electricity bills or any other unexpected expenses that requires immediate attention can be easily taken care of with this loan.
Since it a short term loans, you will not have to wait hours for approval. The amount received through this loan is also small but it is sufficient to help you fix any small term unexpected expenses. You can easily get an amount ranging from £100 to £1,500 by applying for instant cash loan with repayment tenure of 15 to 30 days. The borrowed money depends upon the arrangement between you and the lender and your repayment ability.
No pledging of collateral is required to get approval for instant cash loan. You will also not have to fax any document or undergo any credit checks prior to approval. Lenders usually never discriminate between good and bad creditors while advancing this loan. Therefore, even if you are suffering from bad credit rating do not hesitate to apply for this loan. Repaying the borrowed money on time will help you mend your credit rating.
Since, instant cash loan is a short term loan the interest rates may be high. You can find extension on repayment tenure, but it adds to extra interest. The required qualifications for this loan are very easy to meet. One has to be 18 years of age, should have a regular employment and income along with a current valid back account. The minimum monthly income required to qualify for this loan is up to $1000.
Although you may find the interest rates of this loan high, you are sure to find internet payday loan at best term and rates. Thus it is advisable to get every bit of information which may enable you to choose wisely and understand the different costs and penalties clearly before going in for such loans.
Browse through the various websites and get the free quotes. Comparing the quotes before applying for instant cash loan will definitely help you end up with the best deal.
