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Finance

What the Future Holds for Finance – Scott Tominaga

January 19, 2022 by admin Leave a Comment

The world is changing rapidly, and the world of finance is no different. Experts like Scott Tominaga and others have some bold predictions for what the future holds for finance and how we handle our money. Here are some of those predictions:

The Rise of Mobile Wallets

With NFC (Near Field Communications) and other technologies like it, it is becoming easier and more convenient for consumers to pay with their phones. Mobile wallets will be a big hit in Japan; we can see this already with the rise of the Suica system in Japan’s major cities. The NFC mobile phone platform has been used as a transit payment system in Japan since 2004 and is now used for close to half of all transactions.

Mobile wallets are becoming more popular in the US as well. Google Wallet has recently partnered with MasterCard on a new mobile payment program, so it wouldn’t be surprising to see NFC-enabled phones being adopted by major carriers like Verizon, AT&T, T-Mobile, etc. The convenience of mobile payments will drive consumer demand for NFC-equipped devices.

Bringing Money into the Digital Age

Although mobile payment systems are convenient, there are some problems that have not been solved yet. For example, what happens when I lose my phone? Since the phone is tied to your bank account or credit card, you will still need to go through the process of recovering your account. This problem will not be solved unless you move money out of your physical wallet and into the “cloud.”

Cash is one of those products that has stayed almost the same throughout its history, but even cash is starting to change. If you’ve ever used Square, you know how easy it can be for a small business or individual to accept credit cards with an app on their phone. Increased mobile payments should lead to more mobile card readers like this one because they are simple to use and inexpensive.

Counterfeiting Currency

Another issue that arises from cash becoming digitalized is counterfeiting. Countries where counterfeiting occurs, would benefit greatly by transitioning towards a digital medium for currency transactions. Countries like Japan and the US have advanced significantly in this area. In fact, the US has recently upgraded its currency to prevent counterfeiting, but there is always more that can be done.

Widespread Job Losses

Many jobs will be lost as technology continues to advance across all industries. This trend may not happen right away, but advancements in robotics are leading to decreased demand for certain skill sets that were previously necessary for these jobs. For example, taxi drivers may not need to know how to drive manually because self-driving cars are much safer. Taxi companies could also benefit from mobile payment systems like Square if they want customers who prefer paying digitally. It’s unlikely that many taxi drivers would use a mobile wallet because it takes too long to load, but the demand for those willing to accept payment by credit card should increase as self-driving taxis hit the road.

Final Thoughts on the Future of Finance

Looking at all these changes, it’s hard to predict what finance will look like in a few years. We may still be paying with cash and cards, or maybe we’ll have a digital wallet on our phones that is used for 90% of all transactions. In any case, cash will most likely be a lot less popular as more and more people adopt the new technology.

 

Filed Under: Finance

7 Ways to Maximize Your Retirement Fund – Robert Nico Martinelli

January 19, 2022 by admin Leave a Comment

Planning for retirement is crucial to the security of your future. Savings and investment strategies can make a big difference in how easy it is to maintain a comfortable lifestyle during this phase of your life. While there are many available options, each with its own advantages and disadvantages, this article will take an objective look at seven common methods used by savvy planners like Robert Nico Martinelli.

1) Maximizing contributions to your IRA

Contributing the maximum amount to your individual IRA every year is an excellent way to accumulate funds for retirement. The maximum contribution may not seem like much in today’s dollars, but it can make a real difference over time.

2) Contributing to your 401(k)

Contributing to your 401(k) plan at work is another great way to accumulate funds for retirement. Most employers will match some of the money you contribute, essentially providing free money toward your future. But there are drawbacks to consider before contributing too much. For one thing, any funds invested in a 401(k) will be pre-tax, which means they are not available for other purposes during the year. Also, if you can’t make it through your working years without tapping these funds early, penalties may apply when you try to access them later on. Contributing too much here could also hinder your ability to rebuild after taking a job that pays less or requires fewer hours.

3) Participating in a 403(b)

If you work for a non-profit organization, a 403(b) might be available as an investment vehicle. The tax benefits are much the same as those for a 401(k). But here again, unless your employer provides matching funds, there is no free money involved. So if you contribute too much to this account, or if you fail to make it through your working years without drawing down these funds, penalties may apply.

4) Investing in real estate

Buying income property can be profitable and provide a place to live simultaneously. Using borrowed funds from a bank is usually necessary to make such deals happen. Leverage can magnify profits but also increases risk. And remember that even though you may own several rental properties, it’s important not to invest more than you can safely afford to lose.

5) Investing in stocks and bonds

Investing in publicly traded securities is another popular option for people saving money for retirement. While investments like this offer the potential for great returns, they also carry a significant risk of loss. Unless you have a high tolerance for risk or are comfortable employing strategies that limit your downside exposure, investing too much here could be dangerous to your long-term plans of retiring comfortably.

6) Saving toward a down payment on a home

Purchasing a home usually means taking out a mortgage loan from a bank or other lending institution. In addition to paying an ongoing monthly expense, homeowners generally must pay interest only on the amount borrowed to purchase their home. As a result, you can expect your total monthly expenditures to increase when you own rather than rent your home.

7) Using an annuity

An annuity is an arrangement where a company pays you a guaranteed income for life in exchange for a lump-sum payment upfront. Annuities have been criticized by many financial experts, including Robert Nico Martinelli, for carrying high fees and potentially exposing consumers to market volatility after surrender charges no longer apply or if long term care becomes necessary. Yet there are circumstances where using an annuity may be appropriate for retirement planning purposes. If you need to create an income stream from your savings but don’t want to take the risk of losing your income, an annuity may be worth considering.

 

Filed Under: Finance

How to Prepare Yourself Financially Before Filing for Divorce

January 7, 2022 by admin Leave a Comment

Divorce is stressful for all parties involved. There are uncertainties and upheavals you may come across that can overwhelm you anywhere in the process. Because of this, you need to be well-prepared. Before you decide to divorce, there are things you must do. These include the following:

Secure Your Finances

Take inventory of your finances. Get copies of financial records and store them in a secure place. You can leave these records with a family member or friend you trust and have copies for your Columbus divorce lawyers. Avoid storing copies on your computer or house. If you think the divorce will be contentious, take out a safe deposit box to keep the records here. These records include bank account information, credit card statements, and other financial records.

Separate Funds

Before the divorce process starts, secure as many funds as you can without making it obvious to your spouse to avoid chaos. You will need funds to pay your lawyer and live on after the finality of your divorce. Doing this early will ensure your spouse won’t choke off your money supply. If your spouse is not aware of your intentions, do not file for divorce until you have put aside enough funds to live on for at least six months.

Open New Accounts

Go to a new bank and open a new savings and checking account. Also, open a post office box, so all personal mail will be sent to this. You can use these new accounts to find a great lawyer who may tell you to withdraw up to half of the funds you have in your joint account. Make sure to open a new credit card in your name so you can build credit.

Keep Track of Your Financial Statements

If you and your spouse share assets and one of you decides to be irresponsible, you both will suffer the consequences. In divorces that have joint accounts, a party can drain assets without telling the other. But, you can avoid becoming a victim of this move when you keep track of your financial statements. Also, before you even file for divorce, you want to start building a credit score to start living a financially-independent life. Your credit report will tell you a lot about what’s happening with your finances while you are still married, so keep track of it before your divorce is completed.

A skilled divorce attorney can suggest other ways to ensure you are prepared for divorce financially. Also, they can tell what actions are legal and what are not.

 

Filed Under: Finance

Financial Planning Done Right with Jeffrey Small Arbor Financial

September 28, 2021 by admin Leave a Comment

If you’re looking for a financial planner, chances are you’ll be inundated with advice before you choose one. Some experts will say that choosing a financial planner is like shopping for toothpaste; others say it requires the same effort and diligence as selecting your life partner.

The truth is somewhere in between: Finding a qualified financial planner takes some work, but you’ll likely find the process somewhat easier than finding a new dentist.

What qualifications should you look for? What are the best questions to ask any prospective financial planner? How do you go about finding one who has experience working with clients just like you? And how do you tell whether your new advisor is the type who stays with you for life instead of selling your account to a bigger firm?

Jeffrey Small has authored several books and hosted radio shows on investment strategies and financial planning. He also runs Jeffrey Small Arbor Financial Group, an independent advisory firm in Florida that helps investors navigate investing through all stages of their lives—from young professionals moving out of college to retirees looking for reliable income.

Jeff recently shared his thoughts on what investors should look for in a financial planner, the best strategies for finding someone who fits their needs, and how to avoid common pitfalls.

What makes a financial planner qualified to work with you?

Intuition tells us that we should look for someone who has years of experience and holds the proper credentials. But that’s not always enough… You need someone whose values and interests align with your own—someone who is willing to work hard on your behalf and stick with you throughout your entire financial journey.

I always ask my clients to ask prospective planners, “What is your philosophy when it comes to money and investing?” This question will help you determine if the planner has a belief system that matches up with your own.

For example, a planner might use a contrarian approach, which means they only buy when the market is down. A client of mine once went to a planner who told him he was investing in the wrong areas and should be buying more growth stocks instead of bonds. Although this may have been good advice for some investors at that time, it was precisely the opposite of what my client thought he should do.

This planner’s system of beliefs was not aligned with my client. The same goes for a more conservative investor who wants an income plan and a growth-oriented investor looking to accumulate his fortune.

What are the most important questions someone should ask when selecting a financial planner?

A prospective client should always ask three questions: “How long have you been in business?” “Do you receive compensation one way or another for providing financial advice?” and “Do you work on commission, or are you affiliated with any bank, broker, individual, or company that receives revenue based upon fees?”

The first question helps establish when the planner began his career, which shows how long he’s been in business and how much experience he has. The second question helps a potential client determine if the planner works on commission, receives revenue from product sales, or is affiliated with a company that does so. Finally, the third question lets them know whether this person is an independent professional advisor who is unbiased regarding product recommendations.

By asking these questions, a client can get a clear picture of his financial planner and the type of advice he provides.

How do you go about finding a reputable financial planner?

There are many ways to find a good one: through word-of-mouth recommendations from friends and family members; by asking your financial adviser; through articles and books like mine; or by looking online.

The most critical factor in finding a good planner is personal referrals because someone you know has worked with this person before and can vouch for his skills. If that’s not possible, I recommend the next best thing—a planner who is a member of an independent third-party organization with high standards. The three best independent organizations that I recommend checking for planners who belong to are the National Association of Personal Financial Advisors (NAPFA).

 

Filed Under: Finance

Why you should support Abbey’s Hope Charity

December 30, 2019 by admin Leave a Comment

To discover why the work which Abbey’s Hope Charity carries out is so important, continue reading to discover a few key reasons why you should choose to support Abbey’s Hope Charity.

Why you should support Abbey’s Hope Charity:

Abbey’s Hope Charity was founded after the avoidable death of six year old Abbey Taylor:

In 2008, six year old Abbey Taylor lost her life after she innocently sat on a drain in a public wading pool which was poorly maintained and which ripped Abbey’s intestines from her body. Abbey lived for 9 months after her accident, during which she received not one by sixteen seperate surgeries. On March of 2008, Abbey Taylor lost her life as the result of the injuries which she sustained in her horrific accident just 9 months earlier.

Scott and Tracey Taylor, Abbey’s parents fulfilled Abbey’s wishes of setting up a charity which would try and prevent such accidents from occurring in the future. If you are touched by Abbey’s stories it’s well worth supporting Abbey’s Hope Charity, which is her legacy.

Their mission is to ensure that pools are safe for kids:

One of the primary missions of Abbey’s Hope Charity is to ensure that more pools, including public pools are properly maintained and are held to strict regulations, to ensure that no more kids will end up losing their lives like Abbey. If you believe that all pools should be properly maintained and regulated, it’s well worth finding out how you can help assist Abbey’s Hope Charity and their projects.

Abbey’s Hope Charity hopes to educate individuals about the importance of pool safety:

One of Abbey’s Hope Charity’s key tasks is running public campaigns in order to ensure that more individuals are educated about the importance or pool safety.

Abbey’s Hope Charity also speaks out about the issue of pool entrapment:

As Abbey died as the result of wounds which she sustained when she was entrapped in a pool drain, Abbey’s Hope Charity also wishes to educate the masses about the issue of pool entrapment. An issue which most individuals are completely unaware of.

So if you’re convinced of the importance of educating the public at large about the dangers of pool entrapment and the importance of pool safety, you can’t go wrong following your heart and supporting Abbey’s Hope Charity. Especially if you’re a parent and can’t imagine the pain which Abbey’s parents Scott and Tracey Taylor must have gone through, losing their little girl, you must be read out first at Workpuls.

Filed Under: Blog, Finance

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Hello! Hello! My name is Jack, and I am a health enthusiast. I used to live a life full of guilty pleasures and control was not in the list. It was a dark time for me to lose confidence and make bad decisions about my health.

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