Trader Beware: Navigating the Forex Market
Labels: Binary Options
Labels: Binary Options
Are you ready for retirement? Do you know when you will be ready? Do you know how much you need? If you don't, you aren't alone. In spite of today's financial woes, people are not looking ahead and figuring out how much money they will need to retire comfortably.
Just like researching credit cards at moneysupermarket.com it is important to research how much you are going to need to retire and come up with a plan to make it a real possibility.
It does not matter whether you are in your 20s or your 70s, you need to know how much money you require to retire. The sooner these calculations take place, the more time you have to prepare. At first, many people find these numbers chilling. They look at what they already have saved and realize that they are behind. Don't just put off the calculations for fear of what they may reveal.
Find a retirement calculator online. Look into what you are making now and how much you will need annually to retire. The calculator should give you a better idea of not only how much money you will need overall but also how much you will need to save to make that amount a real possibility.
Take Often Overlooked Items Into Consideration
Don't make the mistake of not taking everything into consideration. For example, when you retire, you do not automatically get excused from paying taxes. You will be paying on those retirement benefits as well. This means that when you calculate the amount that you will need each year, don't forget to factor taxes in to the calculation.
Most people do not see their retirement as a time to sit back and relax. Many want to use this time to pursue their interests. They want to travel, volunteer, or try out new things. This is going to take money and no retirement calculator will be able to take this into consideration unless you add it into the amount of money you'll need. You can always overestimate to ensure that you have too much in the bank for retirement rather than not enough.
Healthcare costs aren't decreasing anytime soon. In fact, the cost for insurance, doctor appointments and medications will continue to rise. Think about this when coming up with an amount that you need to retire. You do not want to overlook these costs and find yourself unable to do the things you had planned because you did not think about how much it would cost to protect and take care of your health.
While these calculations will help you come up with a goal to save, be sure that you don't underestimate your needs. While many professionals suggest that you need around 80% of your current salary to retire, consider shooting for 100%. This gives you more freedom when the time comes to retire. With increased healthcare costs and the opportunities for an active lifestyle, you always want to make sure that you have more than you need, not less.
Benefits of student bank accounts:
A student bank account has many benefits to count on. Most of these types of accounts are absolutely free of cost. Sometimes, many banks will open a “no fee” checking account. Its perfect for a student to have a checking account without having to worry about any kind of fees if their account is running on a low balance.
Many banks will open accounts with no minimum balance requirements. This is also a plus factor for a student and maintain their accounts smoothly. Now, a student who is only having $100 can also easily open an account. Banks will often offer free wire transfers to attract more number of students. This can be very helpful for the students who receive funds from their homes and there is no fee charged for it. If you are able to maintain your checking account properly, it will boost up your credit ratings as well.
Limitations of student bank accounts :
While there a many benefits to count on, there are few limitations as well. While so many benefits offered to the students, sometimes the bank has to bear some losses because of it. They bear these losses with the hopes that when a student establishes himself in his career and is making good money, they will want the student to stick with them and does not open a different account with another bank.
In many cases, the banks will limit the number of transactions that is for free. It often includes use of the ATMs, withdrawals, and the amount of money that can be deposited to the account. Usually, a student account will also have a lower interest rate attached with it.
Quite often, a bank will open a student account with a parent's signature on it. And in some extreme cases, the parent also must have an account with the same bank, most likely, as a guarantor.
Labels: Student Accounts
The good news is that most student loans offer very good interest rates. There are also a number of online tools and resources, such as the Discover student loan calculator, which allow people to make their student loan situations more transparent and easier to understand. The bad news is that, unless you win the lottery, those student loans are still going to haunt you for a while, as few people, even ones with a salary, have thousands of dollars in disposable income. For those situations, you need to take practical steps toward paying off your student loans. Here's a quick but comprehensible game plan:
Contact your lender and try to defer or forebear your payments until you have a bigger income. If you're living off unemployment or minimum wage, as a surprising number of graduates are, most educational loan organizations will be understanding. Make a few small good faith payments just to put yourself on solid ground.
Pay off any credit card debts first. Interest rates on credit card balances are much higher than student loan interest rates. Plus, credit card debt contributes more adversely to your credit score than delinquent student loan payments.
Try to switch to graduated loan payments. Most lenders offer graduated payments that start off low and then increase every few years. This works well for students who are entering tough industries and may need time to build up their careers and salaries.
Look into consolidated loans. If you have a number of different loans, sometimes you can package them all together into a consolidated loan that has a lower interest rate. However, this may exclude the possibility of deferments and forbearances.
Paying off student loan debt is fast becoming one of the more uncomfortable financial discussions in America and the issue probably won't be going away anytime soon. Education is big business. Looking into the details of your student loans and coming up with a game plan can help you to deal with this and other forms of debt more easily.
Labels: Student Loans
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When graduates do not make regular payments on their loan, they can develop a bad credit rating. This means that they may not be able to get a regular credit card and they may have to resort to obtaining bad credit credit cards. There are companies that offer these cards and make it possible for people with outstanding loans to obtain financing.
It is important to pay off at least the interest on the loan during the time the student is still in school. This helps to avoid negative amortization and will help the student to pay off the debt sooner. Many students work part time and this is a good way to reduce debt and reduce the amount of loan that has to be taken out to cover school costs. It may not be easy to work a job and engage in studies, but it will give the student a better head start.
Graduating and having large amounts of student debt is very stressful for the new graduate. Graduates are just starting out in their career and, therefore, will not be earning as much as the more seasoned professionals in their field of study. Paying off this debt should be a priority, or it could well be something that the student carries around for a decade or more. Students who take their doctorates have even higher debt amounts because they are in school several years longer than the average student.
The cost of student loan repayment is added to the cost of rent and utilities, as well as any credit card debt and other loans that may be outstanding. Graduates with loan debt should sit down and figure out their monthly budget. Once a job is obtained, there will be a steady inflow of cash and this should be weighed against the monthly cash outflow. It may be necessary to forego items such as coffee at the upscale coffee shop, in order to save extra money.
The graduate, serious about getting a handle on the debt, should try to put as much money aside every month as possible. Making a detailed plan on how much money needs to be paid down to clear the loan quickly is a good idea and can greatly reduce the number of years it takes to pay off the student loan. Instead of looking at the whole loan amount and panicking, it is wise to focus on how much can realistically be put aside every month to make the most impact on debt. Once this is worked out, it is then a matter of regularly and systematically paying off the loan.
There are lot of things to think about when you're in your twenties and juggling a million thoughts at once. One moment you can be looking up a storage unit in Chicago so your band can store its gear while you look for jobs, the next moment you're considering how to pay off the credit card debt you built up buying the gear.
A big question many young people, especially graduates, begin to ask themselves when they first emerge onto the job market is whether they should take a menial entry level job with a good company or an exciting job with a mediocre company. The best way to illustrate this dilemma is by comparing an entry level bank job with a posh waiter job at a good restaurant.
Do You Prefer Mental or Physical Challenges?
The bank job will take up a lot more time and mental energy and may even pay less money, but there is a lot more opportunity for upward mobility and lateral career movement. On the other hand, the restaurant job will contain a lot of messy grunt work and won't be very glamorous, but at least you'll have time to develop your core interests, whatever they may be.
Where Do You See Yourself in 5 Years?
The main factor that should influence your decision is what your long-term career plans are. If you plan to work in the financial sector, or in some form of administrative capacity, the bank job will be an excellent stepping stone and will look great on your resume when you're applying for other similar jobs in the future. Taking the restaurant job, in this instance, would only be a set-back. However, if you plan to pursue a different career path, a more creative one or something completely different than banking, the bank job is only going to distract you from your true passion. You might be able to save some money, but you may also find yourself feeling trapped.
How Will You Be Investing Your Time?
Another factor to consider when deciding between the bank job and the waiter job is how much time you'll be investing. The bank job may give you a better hourly rate but will likely require considerably more hours. Most shifts at restaurant jobs are no more than five hours and if it's a nice restaurant with a healthy clientele you stand to make more money in that five hours than you would in a whole day at the bank.
Ultimately you have to look at your own situation decide what's best for you. Are you looking to develop a career or are you just looking to save up some money while you wait for life's next adventure?
Don't invest with the intent of making a lot of money quickly. Think about why you are investing. If your intent is to get rich quick, you're cruising for a bruising. The market can be brutal in the short term and most major gains are made over time, years or even half a decade. If you're not willing or able to keep your money in the market for that long, you're wasting your time investing in the first place. Hopefully, you're investing to become more knowledgeable of the market so that you can take advantage of future fluctuations. Your first foray into investing will not necessarily make you a lot of money. Keep that in mind.
Be organized and smart. Have a game plan for what kind of companies you want to invest in—green technology, manufacturing, etc. Research the major performers in these industries. Look for patterns over many years. If you see a company whose stock has consistently been very high which has recently taken a hit, now may be the time to jump onboard.
Don't scoff at penny stocks. If you're investing on a low salary, you may find yourself overcompensating by not even considering penny stocks. But penny stocks can be great investments over the long run. It all goes back to research. Research what some of the big growth sectors of the near future and then find small, startup companies in those sectors that have good infrastructure and alliances with bigger players. If these companies hit the big time, your shares of its once penny-wise stock could be worth millions. As an added bonus, many penny stocks offer great dividends.
Wading into the stock market is tricky for an investor of any salary level, but it's especially tricky for lower income people who can't afford to take major financial risks. That's why it's important you do your due diligence by researching the market, practicing patience, and looking carefully at penny stocks.
Small costs add up quick and most people are looking to save money these days in order to meet the demands of a dynamic economic environment. Whether it's a promise ring for girlfriend or diapers for baby, there is no end to the reasons people may have to try and tighten their wallet. One way to affect financial savings in your life is to switch to a credit union. Not only will you be supporting your local community and expressing distaste at corrupt big business banking practices, you can save yourself a lot of moolah in the long run. Here are some of the ways to save money with a credit union:
Better interest rates—Because credit unions aren't for profit they can take the money that banks would normally spend lobbying and buying off politicians and reinvest that money back into the members of the union, meaning you. This means significantly higher interest rates on checking accounts, savings accounts, and lower interest rates on credit cards.
No ATM fees—Find yourself irritated at the money you flush down the toilet on ATM fees, just because your bank's not around? Credit unions don't charge fees as long as you're withdrawing money from an ATM within your credit union network. This can save you up to $4 per withdrawal. Small beans but, hey, it's your money. Why should you have to pay money to have access to your money?
No account fees—Credit unions also charge fewer fees on accounts and loans. That means you're less likely to find anomalous charges on your statement at the end of the month and more likely to actually save money on that loan you're taking out.
Dividends—Many credit unions have made a regular habit of taking excess funds and paying them out to their members in the form of dividends. The Eastman Credit Union, for example, has paid out $37 million to its members in surplus dividends payments over the course of 12 years. That's an example of a financial institution bailing out its members, and not the other way around.
Additionally, many credit unions offer payday loans, car insurance loans, and a variety of other measures meant to help out community members. And your money is still insured up to $250k by the National Credit Union Administration. If you've been thinking about making the switch from a bank to a credit union, consider saving money as an extra incentive. Works for most people.
Having proper nutrition is an essential component of everyday life. Without getting the right foods – and the right amounts of it – we expose ourselves to lethargy, malnutrition, and a host of other problems. In this sense, while we can cut numerous things out of our budget during times when money is tight, we can’t do the same for food. We can cancel our cable subscription, sell the car, and downsize our home, but one thing we absolutely can’t do is stop putting bread on the table. People would do anything, going as far as taking a 401k loan out, to pay for their family’s meals.
We can, however, find ways to cut our food costs tremendously. By deciding on a plan, planning it out, and following through, we can succeed in eating just as well as we ever have – but, now, to do so with a budget in mind. Here are some ideas:
Plan Your Meals
Instead of cruising through the grocery store and buying whatever seems necessary for your next couple weeks of meals, plan out your meals beforehand. If you go into the store with a specific plan in mind and list in hand, you will undoubtedly save money by buying only those products you know that you need.
Glance through a couple of recent grocery lists, and you’ll probably notice a major culprit that jacks up your expenses: meat. Even if you’re buying the cheapest processed meat that your grocery store has to offer, meat is still probably a more expensive way to get your protein than through beans and nuts.
Stop Eating at Restaurants
This goes without saying, but that pasta primavera you got while dining out last week could probably have been made for one-fourth the cost at home. Sure, it may not taste as good and be less convenient, but meals made at home are almost universally going to be cheaper. Accomplishing this also requires some planning ahead: instead of repeatedly forgetting to bring a lunch to work and needing to eat out, make a habit of putting together a sandwich every night before going to bed.
Buy in Bulk
There are certain staples that don’t perish quickly (or at all) and that we use on a regular basis. These food items are good candidates for bulk purchases. Whether you get them at your local Walmart, Costco, or Sam’s Club, there’s a good chance that you’ll eventually run through all those boxes of cereal – and, also, save money in the long run.
Grow Your Own Produce
Far too many people sacrifice fruits and vegetable purchases when money gets tight. To counteract this, you may want to start growing your own vegetables. It can be a cheap, plentiful, and nutritious process, although your available space and regional climate may make this a more or less practical approach.
These are just a few ideas for cutting costs when it comes to food. Ultimately, what all these have in common is that they usually require some planning in advance. By thinking smart and thinking ahead, you can, therefore, fill your stomach without emptying your wallet.