how-to-balance-your-checkbook-instantly
How To Balance Your Checkbook Instantly!
Writen by Valerie Mills
Do you cringe each month when you see your bank statement arrive online or via snail mail?
You can banish traditional checkpoint balancing forever. How? By taking advantage of your bank’s “between statements” record-keeping. It’s perfectly legit and accomplishes exactly the same goal as statement balancing, but Instant Balancing is faster and simpler.
After all, the point of checkbook balancing is to make sure your bank hasn’t made any mistakes . . . and/or that you haven’t. Either way, most people want to avoid bouncing checks or the ever-embarrassing ATM “insufficient funds” message.
HEY! WHAT ABOUT MY BANKING SOFTWARE?
You say you have software for balancing your checkpoint? Get rid of it if all it does is balancing. This software compares bank records against its records and then you have to update your written checkbook records. These activities create way too much opportunity for error.
WHAT YOU NEED FOR INSTANT BALANCING
1. Your checkbook, the written one. If you insist on keeping the balancing program, then have the program checking account ready to review also. If you only keep your transactions in your software program, make sure it’s up-to-date.
2. Internet access. A simple dialup connection works just fine. An Internet security program is a must.
3. Access to your checking account ONLINE. Why? Because you’ll need “any time” access to do Instant Balancing. If you don’t have this access, call your bank and find out how to get it. Usually, you need a web site name and a username and password.
WHEN TO DO INSTANT BALANCING
How often you Instant Balance depends on how many transactions you generate in a given time frame. The greater the number of transactions, the higher the possibility of errors.
A guideline is to Instant Balance 1 to 2 weeks after the last time you wrote a bunch of transactions, like after you’ve paid the household bills. If your timing is good, you may not have any balancing to do at all!
6 INSTANT BALANCING TIPS
1. Use a calculator for checkbook additions and subtractions. Even if you’re a math wizard, you’ll make mistakes.
2. Because you may be logging onto the internet account infrequently, you may forget your user name and password. Record the information and put it in a safe place.
3. Your bank account internet access may time out after a certain number of minutes. Just log on again.
4. Most internet banks allow you to isolate transactions between certain dates. Use this feature - it cuts down on the number of transactions to review.
5. Recent studies shows that 12% of identity theft occurs online. If you are afraid of accessing your bank transactions online because of identity theft, don’t do it. Stick with the paper statement balancing routine.
6. Instant Balancing works best when your checkbook is up to date. It will instantly become Frustrated Balancing if you left out a few key postings, like an ATM withdrawal or an automatic deposit.
HOW TO USE INSTANT BALANCING
Remember the goal - your checkbook balance must agree with the bank’s balance. The assumption is that the bank has the right number. So, the bank’s balance won’t change, but your checkbook balance might.
The steps in the next section may seem a wee bit detailed at first. But, good news - there’s 3 “you’re DONE’s” scattered throughout the steps. If you’re lucky, you’ll be finished after step 2.
As with any new process, it may take a few times before you’re comfortable with Instant Balancing. The secret to Instant Balancing is timing. If your timing is good, you’ll finish at step 4. If it’s great, you’ll finish an instant after you access your online bank balance.
INSTANT BALANCING STEPS
1. Sign onto your bank’s web site and access your checking account transactions (in date order, latest transactions first.
2. Look at the bank’s balance and then your checking account balance. If they agree, you’re DONE.
3. If they don’t agree, figure out the date you last balanced your checkbook.
all-about-arbitrage-what-is-arbitrage-in-financial-terms
All About Arbitrage - What is Arbitrage in Financial Terms?
Writen by Mike Singh
Imagine an investment strategy that allows investors to take advantage of the difference in the price of a certain market or asset. In other words, the investor would profit from the discounted purchase and immediately resell of the product or share in a different market at a higher price. This investment strategy has been in practice since the concept of competing markets was first recognized. In today’s marketplace, this practice is known as arbitrage.
An arbitrageur seeks out assets that exhibit certain characteristics that indicate that the market (or markets) is compatible with sustaining a reasonable profit during the exchange. In order for this to happen, one of the following three circumstances must exist:
1. An asset with a reliable future-estimated price is currently trading at a lower price than its monetary value in a market with little or no risk.
2. An asset trades in one market considerably lower than it trades in another.
3. Two different assets are traded at varying prices although the cash flow for both assets is the same.
These conditions might seem a bit confusing to the everyday investor, however, arbitrage takes place daily in a number of circumstances that are fairly commonplace. For example, foreign money exchangers take advantage of the arbitrage between two currencies when they exchange one currency for another with international tourists.
Another common example of arbitrage is when an individual purchases a stock in a market where the stock is undervalued and turns around and sells the stock in a foreign market where the stock is priced higher. By doing this, the trader has generated a profit through the difference in the price of the two stocks.
Arbitrage occurs frequently in a variety of environments. Many businesses operate each day based solely upon its principle. Investors from both domestic markets as well as foreign markets have been taking advantage of arbitrage as an investment strategy since its popularity greatly increased during the 1980’s.
Private investors who are interested in becoming arbitrageurs must keep in mind that while this technique can be a very lucrative investment option, one of the key elements to turning a profit using this approach is the ability to make a decision quickly to purchase the stock or asset in question and then turn around and resell before the market has the opportunity to equalize (therefore reducing or even eliminating the profit margin between the two markets).
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Check out http://www.bond-trading.org/ for more articles on treasury bonds and bond investors. |
heres-how-factoring-is-better-than-a-loan-or-line-of-credit
Here’s How Factoring is Better than a Loan or Line of Credit
Writen by Donna Poisl
When business owners realize they have a cash flow problem and start looking for ways to solve it, the first thing they usually do is call their banker or the SBA.
The second thing they do is discover all the financial and credit information they will have to provide and how many weeks or months it will take to find out if they are approved.
Bankers decide what a business qualifies for by the value of the assets they own and can use as collateral. Many businesses don’t have many assets, therefore the loan or line of credit they qualify for is not what they need. Even a business with many assets often can not borrow as much as they need to keep everything running smoothly on a continual basis.
Funds available through factoring are actually unlimited, in the sense that they are based on how much business you do and how much you can do in the future. The assets you use as collateral are the accounts receivable you generate for goods or services you have already delivered. That means the amount you can get each month depends on the amount of work you delivered the previous month.
In order to qualify for a bank loan, you have to be in business long enough to establish good credit and show financial statements that will allow the banker to feel that you can repay the loan out of your company profits.
If you haven’t been in business very long, are in Chapter 11 or have tax liens, you wouldn’t be approved for a bank loan but you would probably qualify for factoring, if your customers are credit worthy. The most important thing a factor considers is the financial strength of your customers.
Factors need basic financial information about you and your company. Once the factors see your A/R aging report and get the names, addresses and phone numbers of your customers, they do credit checks and make the decision based on that information. They will verify that the goods or services that you invoiced were actually delivered and accepted by your customer.
The factor advances you 70%-90% of the invoice and then waits for your customer to pay. When the bill is paid, you’ll get the rest of the money except for the small fee (2%-5%) the factor charges for this service.
There are many ways you’ll make up the cost of factoring. By having your money in your own bank account almost as soon as you send the invoice, you could save more than the amount of the fee with discounts from your suppliers. When you pay on delivery, you also make your suppliers happy and get better service from them.
You’ll gain more than that by being able to go after and accept more jobs. If you know that you will be paid when you send each invoice, you will feel confident when large orders or new customers come in and won’t have to hesitate, wondering if you should accept them.
You can keep up with payroll, insurance and taxes when you don’t have to worry about when you will be paid for the jobs you do.
There will be less stress in your life too. Maybe this is the best part. Maybe it is priceless.
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Donna Poisl is President of Creative Funding Solutions. CFS works closely with several of the best factors in the country, each with different rates, fees and requirements and is able to find the best one for each client. Contact Donna at http://www.solvecashflowproblems-factoring.com. |
hurricane-recovery-financial-institutions-step-it-up
Hurricane Recovery: Financial Institutions Step It Up
Writen by Matthew Keegan
We have all heard the stories of financial institutions exploiting consumers with shady practices such as exorbitant interest rates, hidden fees, and the like. These accounts anger us and, rightfully, those that practice these deeds should be exposed. Fortunately, not all reports are bad as evidenced in the way many companies are treating their customers in light of recent disasters such as Hurricanes Katrina and Rita. Let’s take a look at how some companies are responding in the wake of disaster.
1. Disaster Relief Programs. If you live in an area designated by the Federal Emergency Management Agency [FEMA] and own property, you may be eligible for relief depending on your financial institution and the program they have in place. One well known bank, for example, is automatically deferring mortgage and home equity loans for as long as ninety days, or three payments. In addition, this same bank is not assessing late charges for that timeframe, nor are they reporting negative information to affected consumers credit reports.
2. Payment Holidays. Similar to disaster relief programs, several credit card companies are allowing their customers to not make credit card payments for a two or three month time period. Two institutions have stated that they will not collect late fees, but in each case it is not clear whether customers will still be charged interest on their unpaid balances.
3. Loan Extensions. The financial arms of several automakers are allowing customers in affected areas to defer loan payments for up to three months. Essentially, these institutions are extending the loan’s length and adding the months to the end of the loan period without charging customers fees for this service.
If you live in any of the affected areas, it is best to contact your financial institutions directly to learn exactly what type of deferral plans, if any, they have in place. Some programs are less clear than others, particularly the payment holidays for credit card holders since it isn’t always apparent whether you will still be charged interest during the affected time period. Still, these types of compassionate gestures by certain financial institutions can create plenty of goodwill for consumers and they are the types of corporations certainly worth patronizing for the long term.
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Matthew Keegan is the owner of a successful article writing, web design, and marketing business based in North Carolina, USA. He manages several sites including the Corporate Flight Attendant Community and the Aviation Employment Board. Please visit The Article Writer to review selections from his portfolio. |
wit-and-wisdom-on-money-wall-street-and-success-part-3
Wit and Wisdom on Money, Wall Street and Success - Part #3
Writen by Harald Anderson
I have received incredible feedback on the financial quotes series so I am providing another ten GEMS for you to ponder and evaluate. Sometimes a great book has had a profound impact in my life and made me change my ways. Occasionally a great quote has also had the same effect. Enjoy!
1) “I learned more about economics from one South Dakota dust storm than I did in all my years at college.”
-Hubert Humphrey
2) “A bull must be fed every day with good news. But a bear need only be fed once in a while.”
-Anonymous
3) “Each of us has a choice - we must make money work for us or we must work for money.”
-Conrad Leslie
4) “Don’t ever make the mistake of telling the market it is wrong.”
-James Dines
5) “It was never my thinking that made me money. It was my sitting.”
-Jesse Livermore
6) “Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with managers of highest integrity and ability. Then you own those shares forever.”
- Warren Buffett
7) “The trading rules I live by are: (a) Cut losses, (b) Ride Winners, (c) Keep bets small, (d) Follow the rules without question, and (e) Know when to break the rules.”
-Ed Seykota
“Taxpayer: Someone who works for the government but doesn’t have to take a civil service examination.”
-Ronald Reagan
9) “October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.”
-Mark Twain
10) “It’s not how much you make when you are right. It is how little you lose when you are wrong! Manage your risk on every trade and the winners will take care of themselves!”
-Harald Anderson -Analyst at eOptionTrader.com
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Harald Anderson is the founder and Chief Analyst of eOptionsTrader.com a leading online resource of Options Trading Information. He writes regularly for financial publications on Risk Management and Trading Strategies. His goal in life is to become the kind of person that his dog already thinks he is. http://www.eOptionsTrader.com. |
whats-all-the-fuss-about-family-limited-partnerships-flps
What’s All The Fuss About Family Limited Partnerships (FLPs)?
Writen by Carlos Lee
In the last few years, many tax advisors and attorneys across the country have been touting the tax benefits and asset protection advantages of Family Limited Partnerships (FLPs). Many people rushed into forming FLPs without knowing exactly what it can or cannot do. To make sure you are knowledgeable on the subject, here are the main problems associated with FLPs.
A recent federal appeals court decision could spell big trouble for advisers telling clients to set up family limited partnerships (FLPs) as a means to reduce estate and gift taxes.
In Albert Strangi et al. v. Commissioner; No. 03- 60992 (15 July 2005), the Fifth Circuit Court of Appeal affirmed the decision of the Tax Court to value the FLP assets at fair market value and the proposed estate FLP discounts were denied. As a result, the IRS charged tax deficiency of $2,545,826 plus interest was sustained!
The court found that Strangi had continued to be in possession of or benefited from the transferred property and there was no business purpose to the transfer of the assets to the FLP. Under IRS Code, the transfer was invalid and the assets should have been included in the taxable estate, the court concluded.
The lesson one can learn here is that for the tax advantage to hold up in court, a person must have a business purpose to transfer assets into a FLP and not just for tax reduction. In addition, the original asset owner cannot enjoy the assets of the FLP as if he/she still owns them personally.
ASSET PROTECTION THAT CAN BACKFIRE
A FLP provides no asset protection. If one of the assets in the FLP incurs a liability such as when a tree branch on a property falls on a person, the FLP becomes liable for the accident and the victim can sue the FLP and all the assets in the FLP can be up for grab.
If someone sues you personally and wins and you are a partner of the FLP, the judgment creditor can obtain a charging order against your partnership interest and receive all the rights of your partnership interest including all future distributions from the FLP until the judgment is paid in full including interest.
You haven’t heard the worst yet!
Most states allow a judgment creditor to go further and foreclose on your FLP interest. Foreclosure essentially means that the creditor can seize your partnership interest and become the general partner of the FLP. When that happens, the judgment creditor can control and keep all the distributions from the FLP and charge a management fee as a general partner even if the total amount he receives from the FLP exceeds the judgment amount! In other words, if you have a FLP and the total value of the assets in the FLP is $2 million and your creditor has a judgment on you for $250,000, he can move to foreclose on your FLP interest and become the general partner of the FLP. He will in effect have complete control and receive all the benefits from all the assets in the FLP. Therefore, instead of giving up just $250,000 on the judgment, you could lose the entire $2 million in the FLP to your creditor.
The lesson here is that FLP is a poor vehicle for asset protection.
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Carlos Lee, MBA, is the senior consultant for Asset Protection Consulting Group. Visit Asset Protection Consulting Group to learn more about how to bulletproof your assets against future lawsuits. |
Rheumatoid Arthritis
Many people today suffers from joint pain and in fact other subtle signs may be caused by Rheumatoid arthritis. Signs like reduced power in your hands, you suddenly start to drop your coffee cup on the floor etc. It gets harder to pick up small objects, like a sewing needle, it hurts to make a hand shake, small signs like that.
Rheumatoid arthritis is an autoimmune disease that occurs when the body`s own immune system mistakenly attacks the synovium.
RA is a chronic disease. Left untreated the disease can cause severe damage to your joints, bones, organs and skin.
RA causes
* joint pain
* stiffness
* swelling
* loss of joint function
Genetic factors are suspected to be of importance. RA often begins gradually with subtle symptoms and can be difficult to diagnose at early stage.
Approximately 2% of the worlds population suffers from RA. The synovium is gradually destroyed. Ginger has shown effective results on RA. ginger stimulates the blood circulation which increases the body temperature. Ginger also stimulates the adrenal gland.
* Drink a cup of ginger tea two or three times a day.
* Apply a ginger based cream to your joints.
* Take one teaspoon ginger and mix with one teaspoon honey. Roll into a small ball and swallow.
Edna Solem is an article writer on a various subjects. She`s also the owner of http://www.houseofedna.com where you find health care supplements such as Ginger cream for joints, gift articles, ladies hand bags, jewelry and so much more.
[tags]Ingef
federal-grants
Federal Grants
Writen by Damian Sofsian
The objective of federal grants is to strengthen the US and its workforce. The main aim is to develop the economy by building a strong economic infrastructure. Details are available in a single website, grants.gov, providing a one-stop shop for applying for grants. According to the website there are over 1,000 grant programs offered by the 26 Federal grant-making agencies. These programs fall into 21 categories defined by the Catalog of Federal Domestic Assistance. Grants are awarded in categories such as Agriculture, Health, Arts, Housing, Business and Commerce, Humanities, Community Development, Information and Statistics, Consumer Protection, Law, Justice, and Legal Services, Disaster Prevention and Relief, Natural Resources, Education, Regional Development, Employment, Labor and Training, Science and Technology, Energy, Social Services and Income Security, Environmental Quality, Transportation and Food and Nutrition.
Government grants are the greatest form of financial assistance. They are awarded in the form of money to be used for a specific purpose. One attraction about the federal grants is that you need not pay them back, because it is basically a government assistance to get your education or improve your business.
It is not an easy task to get the federal grants. A tour to the grants.gov itself will tell you that it’s not an easy process. But it is easy to apply for the grant because it is done online. You will find the process less tedious once you understand the requirements and the mode of application.
The first step is to know about the grant that you wish to apply for. Check once more that you are fully eligible for the grant, and don’t forget to note the CDFA number or Funding Opportunity Number. This number helps you to return to the details of the grant quite easily, once you skip the page.
Next step is to download the application package and also the Pure Edge Viewer software that helps you to fill in the application.
All grant applications have to be registered with the Central Contractor Registry (CCR) before applying through grants.gov. Now the CCR will designate an e-Business Point of Contact (EPOC), which has powers to nullify a grant application. The CCR also provides information that grants.gov uses to verify an applicant’s identity.
Grants.gov also uses e-authentication to ensure the security of the information, which is done by the credential provider. You have to register with the credential provider for this purpose. You will be provided a user name and password once you register. With this you can log on to the site, submit the application and even track it.
Once you have submitted an application, you can check the status of your application. You can identify your application by the CFDA Number, Funding Opportunity Number, or Grants.gov Tracking Number.
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Federal Grants provides detailed information on Federal Grants, Federal Pell Grants, Federal Government Grants, Federal Grants For Small Business and more. Federal Grants is affiliated with Government Business Grants. |
secured-debt-consolidation-loans-break-the-vicious-circle-of-debt
Secured Debt Consolidation Loans - Break The Vicious Circle Of Debt
Writen by Andrew Baker
Are you surrounded by debts from all sides and finding no way to escape. Do you have a number of creditors lined up outside your door? If you are getting buried under enormous paperwork and looking for a quick and hassle free loan procedure, you must apply for a secured debt consolidation loan. It is the most sensible way to get rid of multiple creditors, who may be making your life hell by their harassing phone calls.
Suppose, if you have taken debts from four different creditors and paying interest rates at 12%, 20%, 25% and 22% respectively. The average of these premiums when calculated comes to be nearly about 20%, which is quite high. In order to deal with this situation you are given the benefit of secured debt consolidation loans, which offers to consolidate your multiple debts into one easily manageable loan. The rate of interest payable on this loan will be lower as compared to the combined interest rate you pay to multiple creditors.
Secured debt consolidation loan requires the borrower to place a collateral such as an automobile, home or any other property. The value of collateral and the credit score is responsible in getting your loan approved speedily. The higher the value of the collateral the better is the chance of getting approval. Normally, the borrower is provided with a longer repayment period. The monthly installmets can be arranged keeping in mind the income and the repayment capacity of the borrower.
One can search for lenders online by browsing different websites and can apply for the loan simultaneously by filling up an online loan application form. When the lender receives the loan application, it first verifies, approves and finally sanctions the loan. Lenders tend to provide maximum help to the borrowers in the settlement of debts. They will negotiate with all the creditors for a full and final settlement of debts. Borrowers can seek the help of online loan advisors too.
Secured debt consolidation loan can serve different purposes. You can clear your credit card bills, medical bills, and make other outstanding payments. Besides these, the money drawn from the loan can be used to invest in business, make home improvements, plan out a vacation or wedding and much more.
Hence, secured debt consolidation loans help you overcome your financial losses. It makes you come out of the dark shadow of debt and shows you a new morning light. Now, let go off all your worries and tensions, and take a deep breath of relief. But, be sure to carefully weigh the pros and cons before opting for a secured loan for your debt consolidation. Try to manage your finances in such a way that you do not get trapped in the vicious circle of debts.
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Andrew Baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice to the residents of the UK. He works for the Secured loan web site loans fiesta for any type of loans in uk, unsecured loan,Secured Debt Consolidation Loans, secured loans please visit http://www.loansfiesta.co.uk |
the-top-10-ways-to-reduce-expenses-when-youre-between-a-rock-and-a-hard-spot
The Top 10 Ways to Reduce Expenses When You’re Between a Rock and a Hard Spot
Writen by Pam Woods
If you’re in a career transition with limited financial reserves or up to your neck in alligators from overspending, run to, not from the problem. The longer you carry this issue around the heavier it will get. Choose to implement all of the action items below to immediately reduce your spending. Better yet, make it a game to see how low you can get your expenses…you just might find that less is more.
1. Phones
Eliminate your cell phone and shop around for a long distance carrier with a low rate per minute and no monthly fee.
2. Subscriptions
Cancel newspapers, magazines, and other periodicals. Everything you need is free at the library, accessible via the internet, or on television.
3. Utilities
Turn down the thermostat, use energy efficient lamps in fixtures, turn off the lights when you leave a room, ask your local utility companies about budget billing, and review the many other energy and money saving tips listed at the U.S. Department of Energy’s website which can be found at www.eere.energy.gov/consumerinfo/energy_savers.
4. Taxes
If you’re employed, ask if your employer offers a Section 125 Plan or Flexible Spending Program. If so, enroll in the plan as soon as possible to pay your health premium, health expenses and dependent care expenses (if applicable) with pre-tax dollars.
5. Medical
Purchase generic prescriptions when possible and obtain the best price by calling and comparing prices at local pharmacies, increase your medical coverage deductible, and read and understand your medical plan to be a smart consumer of health care services and save dollars.
6. Stuff in your home
Clean up, organize, and simplify your home environment. Hold a garage sale and fill it with the things you don’t use, don’t have room to display, or can’t access easily. You might also consider selling items on eBay. Another option is donating your items to a charitable organization as your gift may be deductible. Your stuff is someone else’s treasure.
7. Meals
If you’re working - take your lunch, shop at a discount grocery store and buy in bulk, cut out the junk food, avoid purchasing prepackaged meals, and avoid eating dinner out. Have you stopped to think that your daily latte may be costing you $600 per year?
8. Fitness
Terminate your gym membership. Try walking, running, hiking, or biking. It’s easier and more convenient to step through your front door and start exercising, plus the fresh air is invigorating.
9. Recreation and fun
Stay home with a good book or rent a video or DVD instead of going to the movie theater. Pop your own popcorn, snuggle up in your favorite chair, and have a fun night at home. As painful as it might be, you could also drop your cable TV.
10. Lifestyle
Money problems are seldom about money but rather emanate from your lifestyle choices. For example, I recently spoke with a small business owner who told me he was in financial trouble and was looking for ideas to save his business. He then mentioned that he was taking his family on vacation next month. He must have felt it necessary to justify his vacation plans because he proceeded to tell me he was taking the vacation in spite of his dire financial situation as it was important to create a positive memory and good time for his kids. I wonder how much he’ll enjoy the vacation when his business is about to tank.
If you’re in financial trouble or see it looming on the horizon, please don’t try to justify spending any more money, cut every expense today and when you’re out of debt start saving and building at least a years worth of financial reserve. It can be done! Good luck.
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Pam N. Woods is co-author of a bestselling book, Create the Business Breakthrough You Want: Secrets and Strategies from the World’s Greatest Mentors; endorsed by Ken Blanchard and Dr. Stephen Covey. She is a Coach U graduate and President of Smart WorkLife Solutions, a coaching and consulting company devoted to co-creating customized solutions to fit clients business and personal organizing needs. Prior to founding her own firm she had a successful 20+ year career as an insurance executive and Vice President of Human Resources. For more free how-to articles and advice, or to contact Woods, visit http://www.worklifecoach.com. Copyright 2003 - Pam Woods |
