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Monthly Archives: March 2017

Financial Planning Is Important

Gives Financial Security to Family

Raising a family leads to widening of your expenditure. Money for education, basic living, entertainment, vacations and others require a prominent amount of saving beforehand. Becoming financially secure is a result of wise investments and savings. Financial planning will make you invest in lucrative schemes, and helps you become financially abundant. Hence, your family needs are never put on hold.

Manages Tax Payment

Having a clear account of all your expenses, amount of saving and number of investments is good. Besides that, you also get to know the amount of tax, which you are liable to pay as per your income scale. You will never miss tax deadlines, which will save a lot of unnecessary mental stress.

Facilitates Ready Cash Availability

Having your finances in good shape also means, that you have a lump sum amount of hard cash, always available at your disposal. There are certain situations where payment through debit or credit card is not acceptable. In such situations, you will require physical money. Being financially planned will enable you to have this requisite.

Enables Asset Building

With increased financial stability comes your desire to purchase assets. One of the most common asset is a house. When you are well planned, you can easily buy a house and start living under your own roof. It is not necessary that you exhaust all your funds in purchasing house. Most of the people take home loan for property buying. Other kinds of asset include car, an expensive gadget or equipment etc. You can also check out a personal loan from any online lender for purchasing such assets.

Info of Money Transfer Threatens

Money laundering

Sometimes scams are initiated with an email or a phone call, or even an advertisement in the newspaper, offering commission for work with minimal risk. All that is required from the prospect is a laptop, an internet connection and a few hours every week. It might be pitched like an opportunity to work from home or flexible working.

You will be asked to either deposit money to receive initial working kit or receive a hefty payment into your bank account, then redistribute the money overseas (laundering). Whilst the fraudsters may convince you that money is being used for legitimate purposes such as trading shares abroad, or helping a charity distribute funds – you need to be vigilant. Or you could find yourself unwittingly funding criminals or converting someone’s black money into legitimate funds. Further, once you are lured into this by commission, scammers may also try to access your bank account, using the details you have given them.

Don’t respond to such advertisements or give your bank details to strangers. Ever.

Gift card/phishing

This scam usually happens during the holiday season. Consumers receive special promotion or gift card emails that look like it comes directly from an authorised retailer. Unfortunately, the links to the special promotion lead to a replica of the real website. The fake site swarms with malware, virus and phishing worms of all kinds that invade your gadgets to retrieve your financial credentials.

Look out for a small security lock icon at the bottom of your browser or next to the HTTPS in the browser bar when accessing any profiles, user accounts or online forms that ask you for financial information.

Online shopping

There are many fake companies online that sell drugs without legitimate prescriptions, or weight loss products. If an offer seems too cheap/good to be true, it will most definitely be a fraud. So no matter what the seller says, never share your credit card details for payment. Don’t take chances on your health and wealth by sending money to a stranger without proper validation and research.

Be vigilant, check reviews and avoid payments by any means. In fact COD might be better than giving your credit card details on their website.

Online vehicle sales

Criminals often attempt to hide behind the names of reputable companies such as eBay Motors and other well known brands by having replica websites, with just a slight change in the domain name. If you really want to initiate purchase of a vehicle, find out if both the seller and car ownership details are actually legitimate.

Do not send money to a complete stranger. Check for reviews online about the website, and spend time researching. Best bet – buy cars offline.

Lottery/sweepstakes

Legitimate lotteries will never require people to pay money upfront. How often do you receive a text or an email, saying you won something (money or a prize)? These scams usually request you to send money to pay for taxes, customs, or any administration fees for the collection of the prize.

About Asset Protection

Plans are all encompassing, whereas protecting your home entails protecting a single asset. Though it is good to protect a single asset, one must keep in mind “flow through” liability. Liability can be passed or transferred just as proceeds, profits and cash revenue can be passed and transferred.

Personal liability is different from business liability, but it is possible to mix the two. However, it is also possible to compartmentalize or separate liabilities and this is a main objective of asset protection plans. A skilled planner will understand the options available for specific circumstances.

Oftentimes, it is beneficial to go offshore, which may increase security and privacy, in addition to providing interesting planning opportunities, such as greater rates of return on investments and asset protection. All of these considerations are built into an asset protection plan.

Do you need Asset Protection? The emotional hurdle is as to whether or not you think you need Asset Protection. The first question is, do you own anything? If you do, you are someone who should understand the basics. This is the reason we have provided this educational and informative guide.

Whether or not you need Asset Protection depends on whether or not you own any assets. If you do, you are vulnerable to many of the potential entities, such as creditors and judgments that can potentially attack your assets. It was once thought that only the rich needed to protect their assets. New tools and techniques are available and are widely used, in estate planning, through insurance products and pension etc., to practice asset protection.

It is a simple fact that nine out of ten lawsuits filed and litigated in the world occur in the US. If you have assets, you are most likely a target. When your assets are visible, you are the bull’s eye. You and your belongings are what litigators refer to as “deep pockets.” Even if you create a stealth lifestyle, your assets are discoverable by a motivated creditor.

The core goal of Asset Protection is to set up your business affairs in such a way that raises the bar for the professional takers. It does not mean that a person ignores his debt obligations. It means that a person will control his debt obligations, and your asset protection plan is in essence a proactive step in performing self-help tort reform. You in fact will control your assets and your life, instead of the courts.

Asset Protection does not give you the authority to commit fraud or engage in illegal behavior. There is a legal strategy and systematic planning that occurs when you protect your assets from creditors. This plan is specific to your assets and your financial situation and must comply with the IRS and the law.

Online Payment Systems

By making online payment of your bills, you save a lot of postal expense. An average household spends about $70 per annum towards postal expense. It also helps eliminating the payment of late fees against bills that don’t get paid in time. Missed payments can result to paying:

  • A higher rate of interest
  • Overdue charges or late fees
  • If the payment remains unpaid for long, you may get classified under ‘collection status’

CONVENIENT

You can manage your debts quite conveniently by having an automatic system for making online payments against bills that need to be paid every month or week. You can specify the amount and the date of making the payment, and the system will automatically withdraw funds from your account and pay to the designated party, thus eliminating the chances of making late payments, or the checks getting lost to save you from penalties; it saves your time as well. That makes it the most reliable way of ensuring that all your regular bills are paid in time.

What should users look out for?

The execution of electronically concluded transactions is always associated with slight risks. Though negligible, the probability of such risks is on the increase, mainly due to the development of very refined hacking techniques.

For quite some time, a significant issue has been of a technique called ‘phishing’. This technique involves sending a cleverly designed fake message by way of a web page popup or an email that makes send the details of your personal account to a wrong person. Such messages often seem to be genuine, but swindle unsuspecting consumers who aren’t vigilant.

How to Safeguard Yourself from Scams

Here are some steps to avoid getting cheated online:

  • Frequently change your passwords. Your password should have lower and upper case letters, along with certain symbols to make its guess too difficult.
  • Do not ever entertain any email that asks for the details of your personal account, howsoever genuine the mail may look to be.
  • Keep checking your online account regularly to realize any suspicious activity that may occur.
  • Delete mails received from unknown senders. Should you get prompted to open them, don’t click on any of the links provided there. You may be exposing your computer to the risk of attracting some viruses. Even if you consider the mail to be genuine, it is recommended that you type the given address on your browser and not to click on that link.