We have all felt the pinch of rising cost of health care. Our costs are on a path to $4.8 trillion by 2021; up from $2.76 trillion in 2010 and $75 billion in 1970. Health care is fast approaching 20% of the U.S. economy.
What does that mean to you personally?
Accelerating health care costs leave families with considerably less cash to spend. But what are our options? What can we do differently?
PricewaterhouseCoopers calculates that up to half of all health-care spending results from waste. That waste can be divided into 2 areas.
One area of waste is excessive, defensive medicine that orders redundant, inappropriate or unnecessary tests. What can you do to prevent this? Ask questions, challenge the “why,” get second opinions and look for less expensive options for the same procedure.
We can also control the other major area of waste-our own health behaviors. We can take medication as prescribed. We can stop smoking and drink alcohol moderately or not at all. We can eat healthy whole foods and stay physically active, to maintain a healthy weight. We can very significantly reduce our chances of suffering
Will 2016 be the year that you start building your real wealth? I hope it will be mine. It can be ours if we set our minds to do it. Each year, GoBankingRates, the personal finance site, asks the world’s most famous financial experts for their tips for the coming year. These are some of the best tips. You can use these tips no matter how much money you do have or don’t have in essence. Just follow the advice given and you can possibly end 2016 with lots more money in the bank or in your investments possibly. It may end up being way more than you or I have now.
Here are some of the best, as well as, the wisest of tips to use to your advantage in the New Year:
Warren Buffett has one piece of wisdom, which he does like to repeat, and he puts it in his own way. “Rule Number 1 is this: Don’t lose money. Rule Number 2 is this: Never forget Rule No. 1.” What does this mean to you and me? Especially since this
Money doesn’t just happen. You work hard to earn it and get the best from it. But if you’re not a good expense manager and too much of it slips through your fingers like dry sand, today is the day to think about things differently to change the rest of your life for the better.
1. Perk up your pension. The pension climate is changing so much that many financial advisers don’t talk about pensions anymore; they talk about ‘retirement income’. Do you know how much you’ll have? With auto-enrolment putting people into company schemes up and down the UK, this is probably a good time to look into just what your pension pot will be worth to you when you get to retirement age. The government’s Money Advice Service has a really useful online calculator allowing you to get an idea of how much you might have when you retire. If you’ve done the calculation and find there’s not as much as you thought there might be, now’s the time to pay more in. The sooner you start, the larger your pension pot will
Finance is an imperative aspect of your life. You cannot imagine a sound living without sound finances. Loans have become the need of the present. In fact, with the alluring interest rates it is becoming more and more feasible to apply for loans. However, when you are out there to avail loans, your credit score is of immense significance. For those of you, who have a poor credit score will be able to understand this even better. A low credit score is nothing short of a nightmare.
The impact of a low credit score is:-
- You start getting rejection from loan companies.
- It hampers your professional career.
- It has a deteriorating impact on your personal life.
Hence, if you are dealing with low credit scores, here are provided some tips to improve the same:-
- Pay bills timely- almost 35% of the credit score is dependent on the payment history. Hence, it is imperative that you pay the bills on time. So, your insurance premiums, your personal loan installments, utility bills, cell phone bills and even the mortgages need to be paid at the apt time.
Modern technology and its abilities have completely changed our lives. The Internet and high technologies have transformed the way we work and live.
Paper Checks Vs. Electronic Payments
Based on the report by Association of Finance Professionals, 80% of companies based in North America are switching their B2B payments from paper checks to electronic payments. Moreover, a number of large countries are no longer using checks.
Each year, consumers are writing 7% fewer checks: this has been registered since 2003. The US Federal Reserve provides incentives to banks to cease manual check processing. In 2015, more than 95% of the $380 billion that was spent on North American charities was paid either by cash or by check. The expenses associated with receiving checks are quite large.
According to the Association of Funding Professionals (AFP), the average cycle is about 18 days. It might be 6 months between the moment an employee starts taking action and the time when the charity receives donation matching funds. Given the nature of the work of these organizations, the delay could cost a lot. On the other hand, an EFT payment makes a rapid path through Automated Clearing House right into a charity’s bank account.
Moving Towards Electronic Payments
I want to share with you the most effective operating time (findings) in my entire life veteran. In the field of Forex, I have been working for about 10 years. I’m not a professional foreign exchange market and rowing money with a shovel. But after going a long way from the basics of Forex trading before the creation of his adviser, I have something to tell you.
Like all new traders I downloaded forex trading platform, on the way to a stable income, I have tried a lot of indicators. I think many familiar with this picture. Much love and popularity enjoyed stochastic oscillator, the RSI and MACD, as well as the Ichimoku cloud, Bollinger Bands, “alligator», Moving Average of all sizes and colors of the rainbow and more than 100 other “helpers” in the trade. Programmers writing new programs, and I as a true stubborn traders spend real test, invariably ending with the surrender of the trading account. Moral: learn from the mistakes of others and, therefore, greater read and communicate with other traders.
Today my work schedule clear of the “noise” of indicators and easy to read. It is only 2 levels and sliding trend for clarity. Chasing computer
Lean is a system of manufacturing pioneered by Toyota which has helped to make the company very profitable. One component of lean production is the elimination of wasteful practices in the process of creating a product or service for sale.
There’s a lot to be gained from adopting the lean philosophy in your personal, professional and financial life, if you want to be successful with your own goals. Let’s look at some of the ways to accomplish this.
You can get lean with your time by becoming more productive at work, getting the most out of your commuting time, using technology to improve your output, and making the right choices when spending your time to generate an income.
You can also utilise another important resource — your money — more efficiently. In theory, money is not in limited supply like time which is finite, but you still have to ensure that you make the best use of your funds to get the most optimal return.
Operate an efficient money production line
Imagine that your life was like an assembly line at a manufacturing company. Just like the person in charge of production, you would want to ensure that none of the raw materials were wasted
Online banking is becoming an increasingly popular form of financial account management because it gives people the convenience of performing financial transactions such as depositing and transferring money whenever they want from any location – provided they have an Internet connection. Although banks use various strategies to secure the electronic transactions of their clients, consumers must take certain steps to make their electronic transactions much safer.
One of the biggest security problems in online banking is harmful malware. These applications are used by malicious people to intercept users’ personal data, including transaction information and passwords. Malware can affect different types of electronic systems including tablets, network routers, desktop computers, and smartphones.
Another type of security problem in Internet banking is phishing. This refers to an electronic attack that compromises people’s personal information. Criminals often send fraudulent emails that mimic the appearance of official bank emails and with links that lead to fake websites. Phishing steals users’ personal information and passwords when they enter the data into their computers.
The most obvious risk of online banking is theft. However, some bank deposits are secured by the Federal Deposit Insurance Corporation (FDIC). Certain financial products such as stocks, mutual funds, non-deposit
“Too many people spend money they earned… to buy things they don’t want… to impress people they don’t like.” – Will Rogers
Although the economy looks fine for some, if you talk to many of your friends and family I’m sure they’re not feeling the love of the economy.
People are working much longer hours for a lot less pay than they were before 2008. That’s the reality. I’m not sure it’s going to change much any time soon. In the meantime, families have concerns about money and for many this is an ongoing topic which causes incredible strain and pressure.
It’s a tough thing when you want to do something for yourself or your family and, day after day, you simply find yourself as a cog in a wheel that’s spinning with no benefit to you.
Even if times are tougher and the financial gains have gone to a few, it doesn’t mean that your life has to slowly come apart. Here’s the deal: Yes, we all need money to live. And, we all absolutely have to put more in to get close to what we had before the economic recession. But, it’s been nearly 8 years. It’s definitely time to move on
In the past, people paid their bills in the form of cash or checks. They would put their checks in a stamped envelope and send it to be processed. This could take a week or so. Nowadays, more people pay their bills online. While there are several different ways to make payments online, perhaps one of the most convenient ways of using a payment system is by means of your bank, like in the presence of bill pay.
Reason to Use Online Bill Pay
The benefits given by online bill pay via your checking account is not offered by other payment methods. Firstly, it allows you to arrange payments for every bill you have from one location rather than manage your payments on different sites. This lets you keep due dates, making sure that you pay all your bills on time. The other advantages are the following:
- Avoid overdraft fees. If there are no available funds, payment will not be sent.
- See all pending bills beforehand.
- Safeguard your personal information and not make the mistake of entering your bank account details on other sites.
- As needed, change the amount or date of payment without having to go to another website.
- Arrange automatic payments for monthly expenses such
It might be common nowadays to see a sign that reads “mortgage notes for sale,” but since this is about money and business, things could get tricky. Here is a guide meant to help each individual in choosing the right mortgage note and how to wisely purchase notes for sale.
A mortgage note is proof that there was a debt made for a piece of land or property. When a person puts his property for mortgage, it’s like saying that if he is unable to pay, then the property will be the one to repay the fee or cost that the debtor was unable to pay for. Some people sell their mortgaged land or property and are called mortgage notes.
First, contact a mortgage broker. They can be found online, in newspaper ads, or in the local phone directory. It might also be helpful to ask friends and colleagues for referral as trust is already built in. The mortgage broker’s job is somewhat like a matchmaker as his role is to find which note best suits the client.
It is good practice to carefully go through the mortgage note with the broker. Since it will come with some terms, it is best to
A lot of people have items they no longer want. It’s actually a normal situation because a lot of people don’t like to give away things they don’t need anymore. You may have something you don’t really use but you don’t really want to get rid of it. For many people this includes diamonds and jewelry. You can find places that will buy your old diamonds when you are not wearing them anymore.
There are three reasons you might want to get rid of your old diamonds.
First, diamonds are usually desired by others. If you have some that you aren’t wearing anymore, selling them to a store allows someone else to have them. This doesn’t necessarily have as much to do with diamonds being only for an individual person as people may think. What this means is, some people only want a diamond that no other people have worn. Other people don’t really care and are fine with buying used diamonds. People may not want to sell them for this reason. Regardless, there is definitely a place for used diamonds.
Second, diamonds hold their value. The value of a stone tends to keep constant because the clarity and cut of the diamond
Anyone with financial goals also needs methods for achieving them. A savings account can be one way to build a nest egg for the future. When you wish to begin this type of relationship with a bank, you will need to follow prescribed guidelines for becoming a customer.
Different financial institutions have specific policies and guidelines for their services. Before opening a savings account with any one bank, gather information from several to enable you to compare. Optimally, the facility you select will have a convenient location, possibly with more than one branch. Also, look for a lender with hours that match your schedule, an extensive ATM network, and attractive features such as online banking. Find out about minimum balances and fees to help you choose the institution that offers the best package to fit your needs.
After choosing the bank you want to use, gather the documents you will need to open the savings account. Most financial institutions require at least one form of identification (possibly two) and proof of address. Acceptable forms of identification include a driver’s license, passport, school identification card, voter ID card, or government-issued photo identity card. Acceptable types of proof of address include a
Money and the absence of it is one of the most common sources of fear in the world. If you learn how to eliminate the anxiety that finances cause, you can start acquiring more of this all-important resources. It is far better to gain control over your finances than it is to let your finances control your life.
Start by creating a budget and diligently adhering to it. Although most people are well aware of the benefits of budgeting, few people actually take the time to write one. Knowledge is what you know, but wisdom is how you use what you know to benefit and improve your life. Put this knowledge into action and start budgeting today.
Stop spending money on things that you really don’t need with the intention of rewarding yourself. This is especially true of big ticket items that won’t provide the same lasting satisfaction and peace of mind that savings will. Write a reasonable sum into your budget for treating yourself on a regular basis and stock all your overages away. Savings are infinitely more valuable than tangible assets when financial problems arise.
Consider your risk tolerance and remain cognizant of this in everything you do. Your risk tolerance
The old adage “save for the rainy day” holds absolutely true in real life. This does not mean that you should discard spontaneity. Living in the moment and enjoying it to the fullest has its own charm. However, unseen emergencies do not send a warning before occurring. Planning ensures a better and a more secured life. More and more people are choosing to gain awareness about organizing their funds and income sources.
If you are habitual of an extravagant lifestyle, it is crucial to understand the importance of financial planning. Thinking about financial management in advance can prevent a lot of chaotic situations in future. Here is why it is essential to start planning your finances in life as early as possible.
Sets Your Budget
Having a plan etched out for your monthly expenditure eases a lot of your mental hassles. When you have a clear stalk of all the bills you need to pay in a month, you become more organized. You can set out a stipulated budget for the month and stick to it. This will not only ensure the commencement of payments on time, but will also keep you aware of your spending limit. Most of the time, you will
1. Robo Advice may not succeed.
There has been a lot of press coverage about Robo Advice. The UK financial services industry is seen as one to the best regulatory frameworks globally. However, it is difficult to see how Automated Advice can be integrated into the current financial Framework. Whilst helpful Robo Advice will not come without risk. The UK regulator has already confirmed that they expect Robo Advice to comply with current advice requirements. I am sceptical it will become a mainstream advice option.
2. No opt out for Auto-enrolment
The UK is facing a pensions time bomb, with people not saving enough for retirement, living longer and the closure of many financial salary pension schemes. I believe the government will eventually be forced to abandon the opt out options for workplace pensions.
3. Cost of Regulation will not reduce
The recent Financial Advice Markets Review covered access to financial advice and the cost of regulation. Although certain sectors of the UK financial service industry may see a fall in the cost of regulation, overall the total cost to the UK will not reduce.
4. Greater access to financial advice
Product innovation and simpler packaged products will become more mainstream. Whichever government is in place the
“It is crucial to understand that wealth flows from savings, not from income.”
– David Chilton, The Wealthy Barber Returns
What if the greatest financial gift you ever gave a child didn’t cost you a cent… but meant that they ended up with a nest egg of a million – or two – dollars?
If you’re the frugal sort, that should put a smile on your face.
So what IS this great financial gift?
Why, advice, of course. Which is: if one starts to save regularly as a young person, then the amount of money that can be accumulated over a significant period of time is staggering.
For it’s not the amount of money a person earns that determines whether or not they will be wealthy; it is the amount of money the person sets aside that really matters. And the sooner they get started, the better.
A few weeks ago, I read an excellent article in the Globe & Mail about the importance of teaching kids about how – and why – to start saving when they are young.
“Financial freedom occurs when a person’s investment income is greater than their monthly expenses. Many people who appear wealthy simply have high incomes but little or no net