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Why Tracking Your Finance Can Be a Bad Idea

Why Tracking Your Finance Can Be a Bad Idea

You may love to organize your financial documents. In fact, you take a step further into categorizing them by different coloured folders. There is even a special cabinet at home just for financial documents! You might even carry a notepad and a pen wherever you go just to keep track of every single thing you spend on. Best of all, you can and balance your chequebook regularly.

While this financial habit of tracking is great and should be applauded, it can be the ultimate time waster. It can easily take up 7 hours of your time a month, just to analyze where you spend. In a year, you might find an error which amounts up to $100. That 7 hours a month totaled up to 84 hours a year. In that one year, 84 hours were spent just to uncover a $100 financial error made by the bank. That is like $1.19 wage an hour for the meticulous tracking every month. You could have used up that time for work and do something productive.

The problem is time. Time waits for no man and is limited. Financial administration is indeed important, but do not sweat the details until it takes over your life. Tasks like these are mundane and should be dealt with minimum amount of time. A good tip is to reduce spending at the first place. If you spend less, there is less to track. Ultimately, you have more free time for yourself, instead of harvesting lots of time into financial paper work.…

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Are Pre-Approved Credit Offers Any Good?

Are Pre-Approved Credit Offers Any Good?

People are usually excited to get a new credit card, and rightfully so.  But just because you are pre-approved does not mean that’s the right card for you.  There are some things you can do before accepting enrollment offers that might turn the experience into an even happier one in the end.

Pre-approval is a technique that credit card companies use to replace members.  When members fall off, these companies seek out new customers to replace them.  You are generally solicited for membership through the mail.  Most everyone has received one of these direct mailers at their home.  The pre-approval is designed to elicit a positive response from the person receiving it.  It’s planned to make you feel special and excited to participate.  It is an impulse sale.

While the offer may be good for you, you’ll want to assess some salient points before signing on.

You’ll want to consider fees and interest charges.  Is there a membership fee?  Is there a bonus program and what is the transaction rate?  Are they offering you a low interest for balance transfer and then skyrocketing that rate after an initial period of time?  Is the penalty for late payments very high and will it affect your interest rate, causing subsequent purchases to cost you more even when the payments are made in a timely fashion?  Sometimes the first year annual fee is very enticing, but rises exorbitantly thereafter.  You need to consider all these fine-print possibilities before responding to this “generous” offer.

Many of these pre-approved offers come with hard to resist bonus programs.  You might get free airfare or cash back.  Wow, they want to reward you for using their card.  But is the reward worthwhile?  All of these great rewards probably are fee-driven.  You’ll probably have to join the program, and pay a fee to do so.  You may even have to continue to pay fees to remain in the bonus or rewards program even when the offer says ‘no annual fee’.  And, will you use the card often enough to do well with the rewards?  These programs often feature a minimum you will need to meet to qualify for the bonus program.  Does your purchase pattern make sense for this or will you need to spend more than usual on your credit card to redeem your rewards?

Most of all, please realize that a pre-approved offer is no way a promise that this company will actually issue you a credit card.  When reviewing the offer, you’ll find criteria you will need to meet to actually get the card.  If your credit rating has changed, the company may issue you a card with a higher interest rate that suggested in the bulk mailer.  They may tie additional fees to your membership for the same reasons.

So, don’t just accept your pre-approved offer on impulse.  Be smart and check out the company and make sure the offer is a good one for you.  This way, when you do get the card, you can safely feel excited about using it.…

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Anti-Money, Does It Matter?

Anti-Money, Does It Matter?

Few days back and during the last week of November 2010 I went through, by coincidence, and interesting article about the new scientific development in the journey of understanding antimatter theory in reality.

The theory of antimatter was assumed for existence by the British physicist Paul Dirac in 1930. After two years, Carl Anderson came-out with the positron (the anti-electron). By the 1950s, physicists were able to come up with anti-protons.

Briefly speaking, scientists and researchers at CERN’s lab in Switzerland, Geneva, and as part of ALPHA experiment, were able to produce and trap a sizable amount of anti-hydrogen for a fraction of a second.

The theory says that when a particle – matter – collides with its anti-particle – antimatter – pair, the resulting annihilation turns their masses – of the particle and anti-particle – into enormous amount of energy.

This theory and the achievement to produce and trap such anti-particles reminded me with our financial scientists and financial engineers, who spent their years in engineering and creating financial derivatives and complex financial instruments called, as per my definitions, the “anti-moneys.”

To support their innovation and scientific developments in the financial world, they asked for peoples’ precious assets, and sold them, in return for such assets, their own fascinating dreams.

Like the business of selling stars to ordinary individuals supported with the so-called “certificates”. Did anybody examine the authenticity of such certificates, or the practicality of obtaining the benefits out of such transactions?

Those financial scientists kept on producing more and more anti-moneys until the terrifying reality came in late 2007 when they – anti-moneys – went out of control, and those scientists lost their ability to trap the created anti-moneys.

As a result for such breakdown, the whole world started to experience new phenomena of wealth destruction, and capital meltdown accompanied with enormous global financial crisis, and worldwide financial panic, when anti-moneys happened to meet and collide with moneys in the financial world.

In fact I was laughing on the thought and asked my self “will the world go through similar situation, and experience global destruction if our scientists lose their control over the process of producing anti-matters?” interesting to to know!!!!!…

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Choosing a Finance Degree Program

Choosing a Finance Degree Program

There are many different finance degree programs available which gives you different types of qualifications. Taking the right program will grant you better access to your dream job. Plus, knowing which program will help you decide on which finance degree schools you can consider. Basically, the type of program that you choose depends on your present education status as well as the career goals you hope to achieve.

In most careers in finance, one will require a minimum of a bachelor’s degree, which is the undergraduate foundational study. With the bachelor’s degree in finance, one will be educated on the use of complex numerical reasoning, detailed analysis, and technological skills. While students with a business or economic bachelor’s degree can also pursue the finance line, having a bachelor in finance specifically focuses on finance, allowing students to access to more in-depth knowledge and skills in that area. This program can take up to four years to complete.

The MBA in finance is a popular choice of a graduate degree to pursue for career advancement into managerial positions. Some might also take this degree so that they will be able to learn other aspects of business as well, allowing them to make use of their available finance skills in those areas. On the other hand, the Master’s degree of finance is a more narrowed degree, focusing on the advanced concepts in finance, and is suitable for those who are keen on specializing in the finance alone.

If you hope to pursue an academic career in teaching finance in university level, you can opt for a PhD in finance. While other degrees are more practical and career-oriented, the doctoral focuses on the more theoretical aspects like financial methods and concepts. During the years of study, you will need to conduct researches on topics that can evolve an industry, like financial modeling or financial management.

Once you have chosen which program that is suitable for you, complete the programs at the finance degree school of your choice, and you are off to a great start of your career.…

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Bankruptcy Can Relieve An Individual Of All Debt Except Taxes

Bankruptcy Can Relieve An Individual Of All Debt Except Taxes

In ancient times in Rome, it was dangerous to find yourself indebted to someone. You could be sold into slavery to cover your debt. In the worst-case scenario, you could be chopped into pieces to make an example for others who might be on the verge of going into debt. Bankruptcy was not an option, in fact, the concept didn’t exist.

Times have certainly evolved since then. Now it is used as a solution for those who are deeply in debt. In cases of an individual being incapable of covering his or her debts, an attorney can file a bankruptcy petition with the courts. Assets are liquidated, with the exception of one home and one car, to pay off as much of the debt as possible. This is a technicality in a Chapter 7 case, as usually all debt is forgiven, with the exception of taxes.

The United States has the most progressive system in the world as far as allowing a bankruptcy to clear all debt and helping the debtor to start with a clean slate. Another country that is progressive is United Kingdom. It has a system that allows relief of debt in this way.

In fact, it originated in England in 1542 as well as it can be documented. It was originally intended to help creditors. When King Henry VIII was on the throne, law gave a creditor the right to take the assets of a trader when unable to cover his debts. The family of that debtor was forced to pay. If they did not or could not, the debtor went to prison. Then the family had to come up with money to pay off the debts to have him released.

By the eighteenth century, it was common practice for debtors to be released and moved to the United States, which were then the colonies under English rule. In 1789, when the United States Constitution was adopted, it included giving congress the power to establish laws relating to how bankruptcies were dealt with in the United States. This is Federal law, handled in Federal courts.

In most countries bankruptcy fraud is a punishable crime. In the United States it’s a Federal crime. Multiple filings are not considered criminal, although they are discouraged. An individual filing multiple times could be investigated for possible fraudulent behavior. The debtor is required to declare all assets. Even a completed case can be investigated if assets were hidden. It would be a judge deciding whether or not to prosecute for fraud in such a case. The serious charge of perjury would be considered.

United States law lists six types. Chapter 7 is basic liquidation. This is the simplest form of bankruptcy in addition to being the quickest. Chapter 9 is municipal bankruptcy, used to resolve municipal debts. Chapter 11 is used by businesses to reorganize and continue to do business as they repay the debts. Chapter 12 provides rehabilitation for fishermen and family farmers.

Chapter 13 is rehabilitative, allowing individuals to use their regular source of income to slowly repay all their debts. This is known as wage earner type. Chapter 15 applies to International cases, providing a way for foreign debtors to clear their debts.

Bankruptcy is a way for financially troubled debtors to be free of the debts or to pay them off in the case of a Chapter 13, and start a new financial future. It is hoped they have learned how to manage their money and avoid acquiring new debt. It is further hoped they will not become dependent on bankruptcy as a repeat option.…

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10 Considerations For a Balanced Life

10 Considerations For a Balanced Life

One thing that most people grapple with in life is the idea of how to live a life which is balanced. Some usually lean in one direction and are found wanting in other very important areas of life. No one area supersedes the other. They are all important. I am also not saying that you are supposed to spend the same amount of time in every aspect of life. It would be folly to eat into your business life and business time because you feel obligated to relate with your friends. In this article my main objective is to bring to light some areas which when you look into you can be effective and fruitful.

Areas to look at

1. Family & Home – You are born into a family, you grow in it until you stand on your own to start your own family with the one you love. Family is the institution we get most of our life lessons. How much time are you spending with your children, teaching them the ways of life? Showing them your life testimony. Showing them how to live a good honorable life. Parents are sometimes too busy to even spend an hour a day of the twenty four available just listening and coaching their own children. Children catch more from parents than from any other institution hence the need to walk the talk and live a life of integrity and righteousness. It is vital for parents to hide their own wars and personal fights from their children lest they duplicate that in their future.

2. Mental or Educational – This is in reference to the Psychological and cognitive aspects of your life. What are your mental patterns like? How much control do you have over your own mind? Sometimes people watch and envy those making progress in life as a result of their unwavering desire to keep educating the most vital muscle in the body, the brain. You can only go as far as the mind takes you. Expose the mind to good things and soon enough you will live to see yourself enjoy those good things. Increase the mind’s level of awareness and exposure to the areas of your passion. If you enjoy cars, buy car magazines, study on different models that exist. Develop your mental appreciation of cars and become a true master in the area. You will gather credibility and respect from your peers.

3. Recreation/Leisure & Sports – The body you use for all the very busy things of life deserves to be treated to leisure and soothing times. You will lose that which you do not invest in. Having spent the large part of your year working hard, please consider a vacation where the body is revitalized and prepared for the next busy period. Playing a sport or watching one can be a good way to treat oneself. I am concerned with people who believe in spending all their lives serious about chasing the dollar or whatever currency. You can never quench the desire for money. It is a never ending chase like a dog seeking to bite its own tail. It is however sad that people sometimes do not find enough time to enjoy the money they were chasing even after finding substantial volumes. Don’t be guilty about spending your money. Spend it the way you see fit with no regrets attached.

4. Career/Job/Vocation & Skill – This refers to your Career path and what you need to get where you are going. Are you doing what you have always wanted to do all your life? Are you passionate about your job or area of study? It is never too late to make an about turn on your career. Develop and sharpen the skills and talents you have. You can only excel to the degree that you are willing to practice and rehearse and sharpen your talents. For many, talents become dormant because they are not used regularly. The mentality that academic achievements are the only recognizable achievements in life has to go. Look around and see the areas where people are earning a lot of money. Check the pay cheques of soccer players in Europe, Basketball players in USA, Hollywood Star budgets, modeling contracts, formula 1 drivers. Most of those people are not academics. They realized their area of passion and ability and worked on it. Caution to parents – work with your child on areas you see they are gravitating towards and not force a career on them. You can live a good life doing just about anything positive as long as there is excellence in it.

5. Financial and Business – It is always important to reflect daily on your financial needs and how to meet them. …

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What to Do When Studying the Forex Trading Strategies

What to Do When Studying the Forex Trading Strategies

In case you are a possible investment participant who help make it major in business and finance, then you definitely go for foreign currency trading. The FOREX currency exchange sector also know that one of the most significant financial market on this planet and approximately yield returns of $1.5 trillion each day. Here are some strategies on how to succeed in the forex market.

Strategy One: Understand your industry. The most effective way is to obtain an edge, benefits and decrease losses, to comprehend the marketplace and acquainted to the system. In the currency exchange market, participants normally commercial banks, central banks and foreign trade organizations, investment funds, broker firms and other people involved with an important capital. Along with excessive liquidity and velocity of the resources, almost all of the organizations taking part in this task than any other firm. Purchases are done very fast, no fees and almost always there is the attraction and the guarantee of superb profits.

Transactions are executed in pairs. The most commonly bought and sold currencies are usually in U.S. money, Japanese yen, euro, UK sterling, Canadian dollar, Australian dollar and Swiss francs. Usually traded currency pairs of U.S. money and also the Japanese yen, euro and U.S. dollars, Swiss francs. In currency trading, all that is definitely risky and virtual. No actual product marketed or purchased. The work is made up mainly of the facts confined in the determined worth of a single currency next to another. Consider, as an example, you buy Euros in U.S. dollars, with the expectation that the euro gaining in worth. When the value increases, the euro may be sold again, the benefit they deserve.

Second strategy: Learning the terms. There are 3 concepts you are aware about the Forex market. Pips reference increasing one-hundredth of one percent of the value in the currency pair to trade one. Generally speaking, each core has a value of $ 10 or $ 1 The quantity is the total or the money at one time traded available on the market. The purchase is the acquisition of a certain currency. A trader tends to buy with the expectation that the price of funds increases. The sale made is set for engagement in the foreign currency markets as a probability or the chance of a decrease in value. There are actually a couple of analytical methods commonly used in this function? The essential and technical analysis. Technical analysis is typically utilized by players of small and medium businesses. The most important point of analysis targets the price. Fundamental analysis, nevertheless, can be used by large companies and players with more capital needs to be other aspects to contemplate the value of a coin. With this sort of analysis, the participant on the circumstances in the country, in particular challenges like political solidity, joblessness, inflation and fiscal policies, as they are seen as a representation of the value of the currency.

Strategy three: Create a sound business strategy. Its business strategy depends on what kind of trader they are. The fundamental things to develop a trading strategy is, what kind of trader to spot it. A good trading strategy should reduce if not get rid of, losses.

Forex trading may seem simple and straightforward. However, emotional stress, the demands and challenges of being an operator calls for more than understanding of the market. Featuring more than just a keen and sensitive spirit necessary for the economy. It’s a game, a strategy.…

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Give With a Full Heart and Inquiring Mind

Give With a Full Heart and Inquiring Mind

Background Check

Inquiring minds wants to be sure their money is going to an organization which is trustworthy and puts their donation into services rather than administration pay. Sometimes, smaller programs have a better track record than the behemoths. Check any charity on one of these sites before compassionately handing over your hard-earned money:

Better Business Bureau’s Wise Giving Alliance

Charity Navigator

Great Non-Profits

GuideStar

Keep the following in mind before making a donation:

Donate on a website instead or over the phone where a big chunk of the donation goes to the middle man.

Beware of those who call or solicit you on the street for a donation in support of any first responders whether police, sheriff, fire or military.

Never give a cash donation to someone you do not know.

Never give a credit card donation over the phone. Ask for the web address and donate there.

Did you donate via text message? Go to for a receipt of the donation and know that it works with one-time donations that show up on a cell phone bill

Target Your Objective

Think about how you want to support a charitable organization. Target the one you want and make a bigger contribution there rather than making a bunch of small donations sprinkled all over the place. A bigger difference is made this way. More good can come from it. Sometimes, all it takes is one donation to a cause that affects you personally. Give to groups which have helped someone you know, to your child’s school or any place else you feel will put your donation to work for those in need.

Your Money, Your Time, Your Donation

It can be easy to whip out a credit card and make an online donation is an amount too large to pay off when the balance is due. Instead, wait until the balance is paid off on one card and then use it to make the donation in a more affordable amount. Then pay that off before the due date. The reason for this is spelled out in a how-to article by those who write regularly about money topics. Just know that keeping your credit report in excellent standing is the key to obtaining a new home, job, car or a higher credit limit, which in turn can lead to giving more in the following year. If money is an issue, why not clean out closets, drawers and storage units for items not being used anymore? There are so many places that will take clean clothes, (adult or child), furniture, kitchen and home appliances and needs, and food. These are just as badly needed as money and easier on the budget. Ask for a receipt if you think the value of the items given is $250 or more. Save it and use it when filing your taxes. Keep all charitable receipts in one place so they are easy to find before tax time arrives. If all giving is done for the year, total all receipts keep with tax information.

Uncle Sam Gives Back

You made smart contributions to favorite causes and included them when you filed your taxes. Now, Uncle Sam gives back to you. Plan ahead and figure out how much you can contribute and then do some math to find out how much the government will thank you for your dedication. But the real beauty in making a donation of time, goods or money is how it makes you feel. Heart busting.…

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The Energy Subsidy, Who Dares, And Who Cares?

What is the subsidy? It’s a government incentive, a financial aid extended to an economic sector. The World Trade Organization mentioned five types of governmental subsidies: cash subsidies, tax concessions, assumption of risk, government procurement policies that pay more than the free market price, stock purchases that keep a company’s stock price higher than market levels.  Consumption subsidies reduce the price of goods and services to consumers, and from the other side, production subsidy encourages producers/suppliers to increase the production of a particular product, so the market would promote it without raising the final price to consumers. It is well known that; the subsidy is applied with the aim of promoting social and economic policies. So it is clear that the subsidy which is counted as a burden on government, more expenditure, (means more pressures), from the other hand consumers are not prepared for its removal or redirection, unless compensated after a rational debate with conviction!!  The citizens will not accept any attempt or an action towards a price increase; it is a very hard issue for them to give up after acquisition!!  Therefore government leaders could not raise prices; otherwise they will be faced with a strong opposition, unrest, street protests, and strikes………… especially if a price raise is linked to necessities.                                                                                  

    Here at this area I will try to focus at the issue of energy subsidy reform. For many years and up to the present time a government‘s efficiency is measured through its ability to promote democratic principles, improve security, reduce poverty, and fight against corruption. Therefore a government might think that the big energy subsidy which benefits all citizens should be directed towards infrastructures, education, and all services which reduce poverty. If the price of energy is low, then the cost of energy subsidy reform will be low and possible to succeed, but if the price of energy is high, then cost of a failure subsidy reform will be high. Some people think that government should reduce fuel/energy subsidy, because a high energy subsidy will make less budget spending on other potential development fields such as infrastructure, education, clean water and so on. They believe that energy subsidy must not make a welfare loss, as it might benefit the rich more than the poor, as you know mathematically speaking the subsidy functions like a negative tax. They also believe that; economic inefficiency is created by a subsidy, because it costs a government more to enact the subsidy than the subsidy creates additional benefits to consumers and producers. While other economists believe that; subsidies are not bad for a society, they raise a surplus in market, and make sense when considering fairness and equity issues and market availability under rational prices for all subsidized necessities such as food and energy.                                                                                         

I think that the oil (energy/fuel) subsidy must be applied when international oil prices are rising. Most countries subsidize fuel costs in order to stop its prices ballooning. The popular government is that one which; lower prices and control inflation, keep many businesses alive, and increases the access of goods and services to its citizens; all these mentioned goals are counted as subsidy advantages. From the other hand the subsidy disadvantages; might emerge when a government is pushed to impose high taxes or face a supply shortage, and I believe this is not a big issue compared to the advantages. Although we have got different views about subsidies in general and energy subsidy in particular, the G-20 leaders in the year 2009 made the elimination of energy subsidies a central element of their policy platform. Those policy active reforms, along with the big decline in international oil prices, have brought energy subsidies to their lowest levels in several years (up to the year2019).  Later on, at the UN Climate Change Conference, many countries indicated that they are planning to adopt an array of national policies reforms, including reforms of energy subsidy policies. So the problems with energy subsidy reforms have been known for a long time, the resources spent on subsidies could be devoted to other important social purposes!!?? Fixing the problem of energy subsidy has not been an easy one, as energy subsidy reform is mainly a challenge of political economy.                                                                                                  

Can we in the Sudan carry out a successful energy subsidy reform programs?    I think the timing for implementing such a program is not suitable at all!! All types of reform: pricing, institutional, informational and complementary will face difficulties, and obstacles, (economic, technical and administrative). If the Sudanese government increased the fuel prices that will flame the high prices for everything and the present status of hyper inflation will be even worse. The collapsing economy will be without legs and feet!!  A cash transfer targeted to poor households’ reform program will not work because

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Thoroughbreds At Losing Money

Thoroughbreds At Losing Money

I have never been a gambler.

I pay attention to horse racing twice most years, and three times at most. I find out the winner of the Kentucky Derby (though usually not by watching the actual race) and then, when the Preakness rolls around, I check to see if the same horse has won both races. If so, I pay just enough attention to learn if that horse also wins the Belmont Stakes, taking racing’s prestigious Triple Crown. The last time a horse actually won all three races was in 1978, so since then my excitement over the Belmont Stakes has been pretty limited.

In spite of all that, I thought I knew at least one thing about the gambling world: The house always wins. But it turns out that’s not the case when New York City or New York State takes the bets.

In early December, after about 40 years in business, New York City’s Off-Track Betting Corporation (OTB) closed its doors when it failed to receive a hoped-for legislative reprieve. In its last full fiscal year, ending March 31, the state-controlled corporation operated at a loss of $37.2 million after handing over the money it was required to give to the state, local governments, and race tracks.(1) At the time of its closing, OTB had also racked up a pension bill that, together with health benefits promised to retirees, could be greater than $600 million.

This is a pretty astonishing feat considering that OTB’s business consisted of taking money from people and then giving some of it back to them. This is a business which was previously handled by neighborhood bookies, who never seemed to have a problem making money at it. To be fair, the bookies probably had a less generous pension plan.

Yet both New York City and New York State managed to fail to make money in the business of taking money for nothing. The city finally gave up in 2008, when it handed its mess over to the state.

Officials have tried to blame OTB’s collapse on decreased interest in horse racing. Speaking with The New York Times, John D. Sabini, chairman of the State Racing and Wagering Board, referred to off-track betting as “an industry that’s having a tough a tough economy.” But while decreased demand is a fine excuse for not making much money, a gambling outfit should still be able to avoid losing money. All you have to do is reduce expenses to match revenues.

OTB could have easily closed down many or all of its betting parlors and relied on a small staff to manage Internet and phone traffic. For some businesses, atmosphere is everything, but OTB considered it a major upgrade in “customer amenities” when it installed restrooms and seating in 1993. It seems safe to say then that, while some may have enjoyed a sense of camaraderie in the storefront parlors, most people didn’t turn to off-track betting for the luxurious environment. With the cost savings from closing physical locations, OTB could have done some advertising to try to boost demand. That is what any rational manager would have done.

Unfortunately, instead of having rational managers, OTB had New York City and then New York State.

OTB was designed to function as a public benefit corporation, an entity that operates like a private business but turns over its profits to the state. However, everyone knew that OTB, being affiliated with New York City, was almost certain to become a bastion of patronage, if not corruption, and probably would never admit to having any profits to give back to the government. So lawmakers decided to have the corporation pay the city, and later also the state, a portion of its gross revenue, rather than its net profits. As Assemblyman J. Gary Pretlow of Mount Vernon succinctly explained: “If they’re allowed to pay on the net there would be nothing left over.”(2)

This structure meant that the state was sure of getting some money, but it also meant the government had little reason to encourage OTB to cut costs. Meanwhile OTB had no assurance that it would have enough money after paying the state and the city to actually cover its operating costs, let alone reinvest in its business. The result was inevitable. Now that inevitability has come to pass.

It may take some skill to lose money collecting bets, but it’s the kind of skill New York has in spades. When it comes to the sport of mismanagement, there’s no doubt about it: The people who run the Empire State are thoroughbreds.

Sources:

(1) Bloomberg: New York City Off-Track Betting To Shut Down This Week Without Rescue

(2) The Huffington Post: New York City OTB Finishes Dead Last…