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  • Methods Of Saving Money

    Methods Of Saving Money

    Saving is basically putting aside money or a way to utilize your present income for future use.

    One saves for several reasons such as for a college education, buying a new car, for a new TV set you wish to acquire in three to four months time, for down payment on a home, or to provide for yourself when retirement comes.

    As much as there are several reasons for saving, there are likewise many methods in which one can save. In most instances, the best method can be determined by whatever plans you have for the future.

    1.    Savings accounts. When saving for just a short period or for emergency purposes, consider opening a savings account passbook, as it is in this method that you can easily gain access to your funds.

    Great for both long and short term savings, you can deposit and withdraw money to your account and earn interest, based on your average daily balance. A minimum balance is required to be maintained though, and you are charged with a penalty should you fail to maintain it.

    2.    Checking account with interest.  Here one can benefit from checking account conveniences, while your deposits gain interests. Generally these types of accounts grants privileges such as limitless withdrawal and check writing, access to ATM and bill payments that can be done online.

    This method typically requires a daily maintaining balance of at least $2,000.

    3.    Money market insured accounts. For long-termed goals, this method is ideal, as it generally offers a much higher rate of interest compared to a regular or standard savings account.

    The interest rate usually is dependent on the amount of money in your bank account; larger balance means higher interest.

    4.    “CD” or Certificates of Deposit.  This is a savings method requiring you to “loan” your money to your financial agency for a certain time frame, usually ranging from thirty days up to five years. Here, the longer the time span again, means higher interest.

    Keep in mind that usually insurance companies offer better deals on interests compared to banks, so before you invest, compare rates first!

    At certain times, when your goal is many years away, it can be a wiser decision to save money in a certain way that you are not drawn on using it other than the main reason for saving it. Deciding on the right financial agency such as a bank, credit union or insurance firm can bring about a lot of benefit in your finances.

     

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  • Job Search Tips

    If you’re not sure what to do, here’s a list that might help.

    1. Know thyself.

    Identify what really interest and excites you. Understand that these traits define you and use it to explore career choices and opportunities.

    2. Take a career assessment test.

    There are a lot of career assessment tests available online. Find the time to take one. The test gives you a lot of insights about your core competencies and work preferences.

    3. Ask others.

    It’s actually quite difficult to see yourself as others do. It would be to your advantage to ask friends and family on your traits and skills. Your co-workers are also a good source of information. Knowing how they perceive you, what they like and don’t like about you and what skills or traits need to be changed can be helpful in determining your professional profile.

    4. What moves you?

    Would you be more interested in status or a six figure salary? Do you want to make a difference in your community and the world or just on your company’s net worth?

    5. Take charge.

    In the ‘80s, when you worked for a large company, you usually could conclude that you would be working there for your entire career.  In those days, the corporation drove your career path, advancing as it saw fit.

    At the turn of the century, times have changed.  In the span of your career, you would probably work for at least five companies. In most cases, you will probably work for more than five.  Know which career track you desire, and make sure that track brings you to where you wish to go.

    6. Determine the company fit.

    With the current emphasis on streamlined and productivity-focused companies, the cultural and company fit are just as important as the professional goals. Consider the values and principles of the company and compare them with your own.  It is important that you feel comfortable and fit in with company.

    7. Free your mind.

    The career path you choose is about change and more change. It includes expansion and new opportunities. All of these changes require a desire to journey and discover.

    8. Balance is the key.

    A huge amount of time is devoted to your career when you are in your 20s and 30s. When you reach your 40s, your personal life might take precedence and maybe more important to you. Find a corporation that will provide you with a balance in your work and your life.

    9. Don’t hang around.

    If you’re not satisfied with the way your career is going, go do something. Always be in control of your career path to have a satisfying career.

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  • The economic cost of female genital mutilation

    The economic cost of female genital mutilation

    An interactive data tool launched by WHO reveals for the first time the current and future financial cost of health care for women living with conditions caused by female genital mutilation (FGM).

    The total costs amount to USD 1.4 billion annually.

    fgm-cost-thumbnail

    The FGM Cost Calculator is being launched on this year’s International Day of Zero Tolerance for FGM. This new tool shows that if FGM were abandoned now the associated savings
    in health costs would be more than 60% by 2050. This data, available for 27 of the 30 countries where FGM is practiced, will strengthen the economic argument of community activists, policy makers, programme planners and donors working to end this
    human rights violation.

    Q&As on the FGM Cost Calculator
    Access the FGM Cost Calculator

    A human rights violation with economic costs

    FGM includes procedures that intentionally alter or cause injury to the female genital organs for non-medical reasons. More than 200 million girls and women alive today have been cut in 30 countries in Africa, the Middle East and Asia where FGM is concentrated.
    [1] An extreme form of gender discrimination, it is recognized internationally as a violation of the human rights of girls and women: including the right to health, security and physical integrity and the right to be free from torture and cruel, inhuman
    or degrading treatment.

    FGM has no health benefits and causes only harm. Women and girls who are subjected to FGM are at risk of both short- and long-term negative health consequences – including for their physical, sexual, mental, and social well-being.

    The direct financial cost of treating the negative health complications caused by FGM can span generations, starting as early as childbirth. This puts a significant economic burden on health systems and national budgets, especially in countries with rates
    of FGM greater than 10%.

    Until now, there have been limited data on the financial costs associated with FGM, making it hard to demonstrate the cost-effectiveness of programmes and policies that can prevent FGM by 2030 – a global priority in the Sustainable Development Agenda.
    The new WHO Cost Calculator now provides an economic argument which can be used by those advocating for an end to FGM.

    Calculating health care costs of FGM

    Users of the new FGM Cost Calculator can choose a country and identify current costs of treating health conditions caused by FGM. Since the tool is interactive, it produces bespoke graphs showing the potential amount of money saved if FGM is prevented
    by a selected percentage.

    If no action is taken to prevent FGM, it is estimated that related health costs will soar by 50% by 2050, as populations grow and as more girls undergo the procedure.

    How it works

    The FGM Cost Calculator combines data on health risk associated with FGM, health costs and national FGM prevalence to analyze the economic impact on national health services of treating the consequences of these harmful practices.

    Health risk data were taken from a WHO database created for this analysis, pooling all available information from systematic reviews of health consequences of FGM. The following categories were used, each with a biological link to FGM: gynaecological,
    obstetric, urological, mental and sexual, as well as the immediate health complications that can result following the cutting.

    To be included in the calculator, a health condition needed to show evidence of increased risk when comparing women with and without FGM. It also needed to have a treatment which could be implemented and costed in the health sector.

    Health costs were calculated from the WHO One Health Tool and other data. The financial burden of treating selected health conditions was calculated at a national level.

    A strong case for investment in preventing FGM

    Rates of FGM have declined over the past 30 years, but not fast enough to keep up with population growth. If trends continue, the number of girls and women undergoing FGM will rise significantly in the next 15 years, in turn raising national health care
    costs of caring for them.

    Additional resources are urgently needed to scale up interventions that can prevent FGM in the future and reduce health complications.

    By providing quantifiable numbers on the cost of treating health conditions directly linked to FGM, for the first time, the FGM Cost Calculator can be a crucial tool in building an investment case for a future where no girl or woman is cut.

    [1] Female Genital Mutilation/Cutting: A Global Concern, UNICEF, New York, 2016
    The economic cost of female genital mutilation
    Read More
    https://www.who.int/news-room/detail/06-02-2020-economic-cost-of-female-genital-mutilation

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  • Dating Vintage Jewellery – The Back View

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    When I pick up a piece of vintage jewellery maybe a brooch, I almost immediately turn it over. Quite a few times the seller has commented “Its not gold or silver”.

    For me this is annoying as that is not what I am looking for.

    Gold and silver do not particularly interest me and more often than not I can distinguish fine jewellery at a glance before handling.

    So what am I looking for:

    First I am looking to make sure the brooch pin or back of the jewellery is intact and not broken/damaged.

    Then I am looking to see if there is a signature. With familiarity to various signed vintage costume jewellery pieces, I can now identify who the company or manufacturer is at first look for many pieces, without picking it up and looking at the back. So when you have a spare few minutes take a trip through the vintage jewellery websites and look at the photographs and companies.

    If there is no signature – the jewellery’s construction and the findings used can give valuable clues to dating. But more of that in a later article.

    Back to the signature. Look at the wording can give valuable clues to dates.

    First the name – Exquisite produced jewellery from 1914 until the late 1970s but their signature did not appear until after 1953 (confirmed information from an employer who made the jewellery’s molds) So any Exquisite jewellery with a signature dates to after 1953 to about 1979. Probably more accurately from 1956 but to be confirmed still.

    Look up the company to see when they were in production, will give a time span to work on. Most information is available now on the internet and you may be lucky to find when the jewellery was actually patented.

    The copy right symbol – the c in a circle mark means it was made after 1955. This was because Trifari won a lawsuit in that year, and everyone followed suit of copy right their designs rather than patenting them.

    How is the signature presented – in script, abbreviated, block letters, large capital letter for the first letter of the name then small letters. This can also help to date. Again there are many websites and Yahoo groups that can help. Exquisite, Miracle and Kenneth Lane are just a few that changed their signature and this can date them to when that type of signature was in use.

    Pat pending and design numbers are also clues. Pat pending dates to before 1955. Again many sites have lists of patents. Boucher and Sphinx are two companies that used numbers for their designs. With or without the name signature.

    So just looking at a signature on a plaque or cartouche can give you many opportunities for dating your vintage jewellery

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    Source by Susan C Weaver

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  • Terminal Wealth Dispersion, Life Expectancy and Individual Retirement Accounts

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    Terminal wealth dispersion is the technical term that describes the variability of the future value of investment portfolios. This inevitable variability means that no one knows what the value of their investment portfolio will be when they reach retirement age or at any time during their retirement. And the uncertainty of individual’s life expectancies compounds this problem.

    Hedging against the risks associated with these two factors places an onerous burden on individuals. Although this hedging could result in a very comfortable retirement, if one can afford the hedge and their timing is right, the potential downside risk is so great that it may be deemed unacceptable by many individuals. So one has to ask “Do individuals really prefer to forgo a sure but modest retirement income and play the odds with their retirement savings in hopes of being very well off in retirement?”

    With individual accounts, individuals lose the benefit of the pooling of risks. The two risks that force individuals to over-save are investment risk and the risk of living beyond the average life expectancy. In both cases the outcomes, terminal wealth and life span, are highly variable. When the risks are pooled for a large number of individuals over many overlapping life spans, the average outcomes are highly predictable, which is what makes traditional pension plans work so well.

    Traditional pension plans exist, for all intents and purposes, in perpetuity. This being the case, they can build reserves during good times in the financial markets and weather the bad times, thus enabling them to make consistent payouts to retirees regardless of the timing of their retirement. Unfortunately, individuals do not get to choose their holding periods or the years of their retirement and must take whatever comes along, and what comes along might be good or it might be bad. Thus individuals must set savings goals that are sufficiently high to hedge against the risk of the average return of an investment portfolio over its holding period falling well short of that which would be expected very long term.

    The relatively short duration of individual’s holding periods leave them very susceptible to the effects of market cycles, which are notoriously unpredictable in amplitude and frequency. Being broadly diversified mitigates this risk but does not eliminate it, as it’s entirely possible for a worldwide bear market to occur during one’s holding period. Then at the end of the holding period for wealth accumulation, a second holding period begins, which will be the term of retirement, and this second holding period carries the same risks as the first, but at a time in life when there is no source of income to make up for portfolio under-performance.

    The other component of risk that individuals must hedge is the risk represented by the uncertainty of one’s life span, which means that individuals must aim even higher when setting their savings goals. The managers of large pension plans can depend on retirees living on average for only the average life expectancy of employees who reach retirement age. The average life expectancy for someone who reaches the age of 66 is currently 82 years, and 66 is currently the age when workers are eligible for full Social Security benefits, which makes it a reasonable baseline. Based on those assumptions, the average term of retirement would be 18 years and pension plans should only have to be funded to the extent necessary to cover the cost of this average term of retirement.

    Individuals, however, don’t know how long they’re going to live, so they must over-save to ensure that they don’t run out of money before they run out of time. This need to over-save is independent of the first need, thus the need to over-save is compounded, i.e., an individual needs to save enough to cover the cost of living well beyond the average life expectancy and the targeted amount of savings at retirement age must be great enough to ensure with a reasonably high level of certainty that the actual amount on hand at retirement is at least the bare minimum necessary to get by on.

    A popular estimate of the term of retirement for which individuals must plan is 30 years. Saving enough to cover the cost of a 30-year retirement is a much greater burden than saving for an 18-year retirement, but planning on a shorter retirement exposes individuals to tremendous risk. It also exposes taxpayers to tremendous risk, as individuals who outlive their savings will undoubtedly require some form of public assistance to make ends meet and are likely to become wards of the state when they become physically incapable of caring for themselves.

    An individual who bases their retirement saving on living to the age of 96 but only lives to be 82 will have forgone a lot of pleasures in life, such as travel, fine dining and better vehicles, that they could otherwise have enjoyed. But many individuals just don’t have the level of income required to support the saving rate necessary to amass the wealth required to hedge against the downside of terminal wealth dispersion and the possibility of living well past the average life expectancy. For them it’s not a matter of forgone consumption, it’s a matter of going through life with the knowledge that they are likely to spend their golden years living in abject poverty and that that will be their reward for 40 or 50 years of hard work. And it gets worse!

    Some economists now believe that within 15 years or so, given the current rate of health care inflation, 100% of Social Security benefits will be spent on medical expenses: Medicare Parts B and D premiums, copayments, uncovered expenses and medigap insurance premiums. If that becomes the case, anyone without substantial savings or a defined benefit pension will be looking for public assistance the day after they retire. Although this is probably a worse case scenario, there is a general consensus that individuals retiring today will need to set aside approximately $180,000 for medical expenses not covered by basic Medicare.

    With the situation already at this state, adding private Social Security accounts to the mix would be like throwing gas on a fire, as individual Social Security accounts carry the same risks as other individual retirement accounts. Those who have tried to kill Social Security since its inception find private accounts very appealing. But, not so coincidentally, most of them seem to be in the enviable position of not needing Social Security to support their retirement. More recently, younger workers, too, have come to oppose Social Security, but not for the same reason as the traditional opponents. Young workers may be crushed by the growing burden of Social Security and may never receive any benefits from the system. Those who oppose Social Security simply because it’s a social program should be expending their efforts on reforming it rather than killing it.

    If Social Security had been managed like a pension plan rather than the ilconceived system it is, with today’s workers paying for yesterday’s workers’ retirement, its current situation wouldn’t be so dire. Indeed, it might very well be a fully funded, functional system. CalPERS and other large public employee retirement plans have operated successfully for decades, with success being defined as being able to meet their obligations, not having an adverse effect on the financial markets, no scandalous events attributable to malfeasance by the plans’ sponsors and being free of influence from elected officials. There’s no reason that Social Security can’t also be managed in such a manner. It would literally take an act of Congress to do this, but the hardest part for Congress would be letting the system run without their interfering with its operation.

    Passing off the burden of retirement to individuals was a great deal for corporations but it’s a very poor deal for most individuals, and extending individual accounts to include the Social Security system would only make a bad situation worse. It’s not a poor deal for all individuals because there will be some who can afford to save a substantial portion of their income and whose holding periods will coincide with bull markets, thus putting their wealth in the upper range of their terminal wealth dispersion, and who also live a long, healthy life. They will be the ones who benefit from over-saving and living beyond the average life expectancy, but they may end up forfeiting a portion of their wealth in the form of taxes to support the less fortunate. I don’t believe that is what the public expects from a well-conceived system.

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    Source by Mike Kennedy

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