Dear Class of 2012,
Congratulations! You have just found out that you have landed your first job. After years of living dirt poor, you now are beginning to dream of vacations and designer clothes. But hold off on living big. Hopefully, you know better than to go on a crazy shopping spree at the mall. You need to begin practicing smart financial skills.
Here are a few ideas and tips:
Make a list of your debts– Debts are not all alike. You want to prioritize your debts based on what will cost you the most over the long-term. To do this, rank your debts by their interest rates, with the highest-rate loans at the top. Then add up your minimum payments, and figure out how much more than that total you can pay on your debts each month.
Apply that extra amount to the highest-rate debt until it is paid off. Cross it off your list. Attack the loan with the next-highest rate in the same way. Keep going until you have no debt.
Plan accordingly – The concept of “take home pay” is misleading – especially if you have student loans. Six months after graduation, you'll need to start paying them off. But if you are like most new graduates, you bill. By then, some have locked themselves into other monthly expenses – a car, for example – that makes paying off debts difficult.
Don’t fall into this trap. Before you make any new financial commitments, find out how much you already owe, the interest rates, your minimum monthly payments and the terms of the loans. You'll then be able to figure out how much of your disposable income will have to go to paying your loans and how much you'll have left for other spending -- including paying more than the minimum amounts due.
Save –You need a safety net in case of job loss, medical expenses or emergency. It is recommended that you save at least three months of living expenses. Make sure to calculate all the expenses you need for day-to-day life, including rent, bills, groceries – anything to maintain your current standard of living. Pay your “savings account” a set amount every month – just like you would with any other bill.
Your image is your brand – Begin investing in a few key wardrobe pieces, appropriate to your industry. If you aren’t dressed professionally, you are inviting your colleagues to not take you seriously. You need to dissect the dress code by taking a look at those around you. You can still have some personal style, but you need to do it within the confines of the industry standards. For example, if you are in a conservative field like banking or business, then invest in a simple black suit (blazer, slacks and skirt), two to three button down blouses, a cardigan set, a more colorful blouse, a work dress (find out the rule on sleeves), a tote and pumps (be sure to know rules on open-toes, hose, etc.). You will be able to interchange these items and slowly add more wardrobe pieces. It’s important to note that you don’t have to spend a lot of money to start your professional wardrobe. Try outlet malls, sales and discount stores like Old Navy or H&M. Simple jewelry, hair and makeup will complete your look.
Splurge – That’s right. You can splurge every now and again. You work hard and deserve to treat yourself with a mani-pedi, drinks out with friends, a nice dinner or new outfit. Go ahead -- do so in moderation. You've earned it.
Do you have some great financial advice, or a story to share? Feel free to let us know at patricia.kagerer@gmail.com. Thanks, and good luck.
Popularity of Invoice Finance Continues - PR Inside
BIRMINGHAM, WEST MIDLANDS–(Marketwire – May 14, 2012) -
In a new survey from the Asset Based Finance Association (ABFA), businesses expect to be turning to releasing more cash from their assets by using invoice finance through either invoice factoring or invoice discounting.
The report suggests that the take up of invoice finance is set to grow by 9 percent in 2012. Total funding provided by the sector for the benefit of UK and Ireland firms is forecast to reach £17.2bn in 2012.
There is also some good news and optimism from the businesses surveyed, as members were asked to predict their industry growth figures for the following year. This revealed forecasts that turnover from companies using asset based finance in 2012 will
hit £259bn, up 12% from £235bn in 2011.Although only a relatively small proportion of the total number of firms in the UK & Ireland use invoice finance the popularity of the option to release cash from invoices as opposed to more traditional options like overdrafts or loans looks set to continue with the number of clients using factoring or invoice discounting expected to increase by 7% to peak at 44,412.
Overall the expectations of funders in the UK who were surveyed were more cautious about the overall picture for UK PLC, with many feeling that the economy will not pick up in 2012 and could possibly worsen.
Paul Barnsley, chief operating officer for The Interface Financial Group (IFG) said, “as a funder offering a different option to businesses like factoring and invoice discounting, it is great to see the figures rising. We speak to businesses on a daily basis who are not short of work or opportunities to grow their business, but who are extremely frustrated at the lack of available finance to help them. It is a situation that we must support. We see many businesses, particularly those in the construction industry struggling to get access to cash to fund projects, but there is help available to them with our construction factoring product. Confidence is certainly there from the funders who are pushing for the growth in invoice finance but we need that confidence to be felt from business owners generally. There is still much more to be done to make access to finance easier to SME’s, without going back to reckless lending. I am pleased to say that the invoice finance community is here & willing to help.
About The Interface Financial Group (www.ifgnetwork.co.uk)
The Interface Financial Group (IFG) provides short-term financial resources including invoice factoring (invoice discounting). IFG launched the UK operation in 2010 following the success of its New Zealand, and Australia businesses which launched in 2004, and 2006. IFG’s innovative products also includes spot factoring – the purchase of a single invoice or number of invoices. IFG does not require the whole debtor book.
The IFG Network is the funding arm of The Interface Financial Group providing capital and transactional support to IFG’s international office network. IFG has grown to over (150) international offices in the UK, the United States, Canada, Ireland, Australia, New Zealand, and Singapore. Each IFG office is managed on a local level, providing immediate service to clients with local knowledge and experience. This makes IFG unique to all other Factoring Companies in the UK. The IFG team has substantial business experience and expertise in numerous diverse areas, including accounting, finance, law, marketing, banking, etc.
To view the photo accompanying this press release, please visit the following link:
www.marketwire.com/library/20120514-790100800.jpg
Contact Information
Media Contact:
David Pearce, Director
dpearce@interfacefinancial.com
ifgnetwork.co.uk/
Headquarters: The Interface Financial Group
EU finance ministers haggle over bank rules - Yahoo Finance
BRUSSELS (AP) -- European Union finance ministers are to meet in in Brussels Tuesday to hammer out an agreement over how high banks should build their defenses against future financial shocks, with the U.K. running the risk of being isolated over who should set the height.
The EU's 27 members agree on the need to increase capital reserves of banks, following an international agreement called Basel III, which was negotiated by the world's largest economies to avoid another financial meltdown such as the one brought on by the collapse of U.S. investment bank Lehman Brothers in 2008.
But the U.K. wants national regulators to be able to set requirements significantly higher than those of the EU — a position opposed by almost all other EU members, who fear investors might then prefer UK banks and flee from those in other countries.
On his way into the meeting Tuesday morning, George Osborne, the British chancellor of the exchequer, was non-committal about the possibility of reaching an agreement.
"This is a time of considerable uncertainty in the eurozone economies," he said, referring to the 17 countries — the U.K. not among them — that use the euro currency. "And that uncertainty is undermining the entire European recovery. And I think we're reaching a point where we've got to make a decision to see the eurozone stand behind their currency. A very important part of that, of course, is strengthening the entire European banking system. And that is what we intend to do today."
Once enacted, Basel III would require lenders to increase their highest-quality capital — such as equity and cash reserves — gradually from 2 percent of the risky assets they hold to 7 percent by 2019. An additional 2.5 percent would have to be built up during good times. All members of the G-20 have agreed to implement Basel III; if the European Union succeeds, it would become the first entity to institute the new requirements.
The U.K. is arguing that, because national taxpayers have to bail out banks when they fail, national authorities should be able to set more stringent requirements to guard against such failures. A compromise proposal offered by the Danes, who hold the rotating presidency of the European Union, would allow national authorities some leeway to increase requirements beyond those called for in the Basel III agreement. That proposal has broad support — except, so far, from the U.K.
The finance ministers can approve the compromise proposal without British support, through what is known as qualified majority voting, in which member countries have different numbers of votes according to their populations. However, there is a tradition in the EU that changes that would affect an industry in a particular country — such as the banking sector in the U.K. — are not forced into effect over the objections of that country, and consensus is sought.
"I think there should be a unanimous decision on such an important issue," Swedish Finance Minister Anders Borg said on his way into the meeting.
Bank of mum and dad goes bust: A third of pensioners forced to borrow money from their children to cover soaring bills - Daily Mail
By Chris Hanlon
|
Impoverished pensioners are being forced to ask their children to help pay their bills as soaring food and energy bills leave them unable to cope.
A poll of 2,000 retirees conducted by the firm Responsible Equity Release revealed that a third admitted to asking their children for money in the last year and a third also fear they may have to sell their house just to get by.
Almost half have taken on part-time work to boost their income, while one in six have no savings whatsoever.
Piling up: A third of retirees have been forced to ask to borrow money from their children to help them pay bills
Further research carried out by Age UK found 11 per cent of pensioners had borrowed money to pay their rent or mortgage.
Many have seen a shortfall in their income due to low interest rates on their savings or have been hit by pensions not paying as much as expected.
Hard-up OAPs need to ask for cash is also hitting their children hard at a time when money is tight due to high living costs.
Michelle Mitchell, charity director general at charity Age UK, told the Sunday Express: 'It is extremely worrying that such a high number of older people report having to borrow money just to keep a roof over their heads.
Struggling: Pensioners are increasingly having to turn to their children to help with the cost of living a study has revealed
'Far too many older people are living in poverty and the Government must continue to work pr-actively on ways of getting money to older people who are in desperate need.
Managing director of Responsible Equity Release Steve Wilkie said: 'More than ay other group, they must feel let down by the Government - the forgotten generation, left to fend for themselves.'
It is estimated that 1.8million pensioners in Britain live in poverty.
The Business Finance Store Discusses How Small Businesses Can Attract Good Employees - PRWeb
Funding Is Available
Santa Ana, CA (PRWEB) May 27, 2012
U.S. companies in the month of March posted the highest number of job openings since July 2008, a May 8, 2012 Associate Press article entitled “3.7 million U.S. job postings: highest in 4 years” reported. These numbers from the Labor Department are further proof that the economy might be improving. As the economy improves, small businesses might be asking themselves how they will compete for talent as larger companies start to hire more. In the recent blog post “Job Openings Highest in Four Years: How to Attract Employees,” The Business Finance Store offers strategies for small businesses to attract good employees when larger companies are also hiring.
Large corporations have much to offer potential employees including large benefit packages, retirement funds, job stability and competitive salaries. As a small business, these lucrative offers for employees are not always possible. However, this does not mean that small businesses cannot attract good employees. Instead they must concentrate on highlighting their own strengths. Read more about how small businesses can attract good employees at The Business Finance Store Blog.
The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as:Business Financial Solutions, Legal Solutions, and Accounting Solutions.
The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.
For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.
For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.
Money from PGA Programs going to kids golf program - Fox 28
WSJV-TV FOX 28
58096 County Road 7, South
Elkhart, IN 46517
Switchboard: 574.679.9758
News Phone: 574.679.4545
Station Fax: 574.294.1267
Email: fox28news@fox28.com
Money market fund assets fall to $2.569 trillion - Yahoo Finance
NEW YORK (AP) -- Total U.S. money market mutual fund assets fell by $5.35 billion to $2.563 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose $369 million to $889.88 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $390 million to $702.8 billion. Tax-exempt retail fund assets fell $17 million to $187.08 billion.
Meanwhile, assets of institutional money market funds fell $5.72 billion to $1.673 trillion. Among institutional funds, taxable money market fund assets fell $5.61 billion to $1.586 trillion; assets of tax-exempt funds fell $110 million to $86.95 billion.
The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds rose to 46 days from 45 days in the previous week.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.22 percent. The yield on one-year CDs was also unchanged at 0.33 percent. It was flat at 0.53 percent on two-and-a-half-year CDs and steady at 1.13 percent on five-year CDs.
Forex Income Map Killer Gratis Forex Gifts + Live Q&A with Piet - PRLog (free press release)
It's time for you to put Piet Swart's Forex Income Map under the microscope and ask Piet anything you want plus massive no-cost gratis gifts.
What if you could ask one of the most consistently profitable traders on earth anything and get an immediate answer? What would you ask? Start thinking about it because you are going to have your chance to do that today/ Monday May 28th at 12 noon EST during a live question and answer session with the Forex Farmer himself.
You can register on this page but I would do it now, with the popularity of Piet Swart's no nonsense approach to trading, it will fill to capacity fast: http://forexcapitalmultiplier.com/
The humble, once broke, farmer who's now living the good life thanks to his simple and very effective system for trading that he calls his Forex Income Map, has already done so much to help other traders become more profitable. Forex Income Map + $1000 in cash
You still have a shot at getting his entire system, the very one he uses every day and is profitable with every single month, delivered to your door completely gratis plus $1000.00 cash out of his own pocket to start trading it with. He’s going to choose someone based on their comment here: http://forexincomemap.info/
He's also giving away an additional copy each and every day, but not for much longer I am told. Several people have already won, if you’ve left a comment, go see if it’s you. There's nothing to purchase and no-catch. His PipKey system, which is just a small part of his overall system, and which he is giving away freely, is more effective and profitable than many complete systems costing hundreds of dollars. These are just a few of the hundreds of comments, you can read them all and grab a copy.
If Gordon Brown hadn't stolen our private pensions, we would not be in this mess.
- Clare, London, 28/5/2012 05:52
Report abuse