Preparing for retirement is something that shouldn’t be put off for too long. In fact the sooner people are able to begin to think about this the better. When we are just starting work our retirement can seem like a very long time away, but this is when we need to start getting ready. These days many people choose annuities to protect their long-term future.
Owning their own home is a goal for many people. This not only means that they will have accommodation that really feels like theirs but it often makes a lot more sense financially. Paying rent on a house can work out very expensive over a long period and at the end you are left with nothing. Many people also view purchasing a property as a good investment. The vast majority of us will not have enough money to pay for a house out of our own savings so we will need to borrow the money to this; the most popular way of doing this is by getting a mortgage.
The Ponzi scheme is probably the most popular financial scam there is. This type of fraud not only affects those people who are naïve to investments but has also been used successfully on some of the biggest investors in the world. It can take a lot of time before a Ponzi scheme becomes unmasked and during that time a lot of damage can occur. People have been known to lose all their savings and businesses have gone bust because of this scam. It is called the Ponzi scheme because this is the name of the fraudster who brought it to the public’s attention back in the 1920s in the United States; it has probably been around for much longer time than this though. Some experts warn that these scam investment firms make a lot of effort to look like a traditional firm.
It is likely that only those who have been living on a desert island who haven’t at least heard about the stock market. But what are these stocks and are they a good investment? There are actually a number of different types of stocks including; preferred stock, common stock, and treasury shares. We will look at each of these in turn, but first we will need to make sure that we understand what is meant by stock.
As you can probably imagine from its name, predatory lending is an unfair way of lending money. Most people will have heard words like ‘loan shark’ used before and this is a good description of predatory lending. The people involved in this business can make a lot of money for themselves, but they can also make life very miserable for those who are unlucky enough to have borrowed money from them. This is not just something that happens in movies; people do end up with ruined lives because of this type of lending. Even in civilised place like the UK you will find plenty of people involved in this type of illegal business.
Those who have spent any time waiting in line at a bank in the UK or otherwise paid any attention to financial advertisements will almost certainly have heard about ISA’s. Those individuals who find saving easy and always likes to invest in the future are likely fully aware of this financial product. Many people though, will have heard about ISAs but will have no real idea about what this actually is all about. They may have a vague idea that it is something to do with investing or saving money, but have no real idea about the benefits of this type of product.
The future can seem a whole lot brighter if you believe that the finances are going to be there to allow you do the things you want to do. Securing the future does not mean saving every penny now so that you can have a few nice years before you die; the real trick is to manage your finances so that you always have a bit of money throughout the rest of your life. It should be remembered though, that it is a lot easier to be poor when you are young than it is when you are older.
Questions in personal finance revolve around:
- How much money is needed by a person (or a family), and when?
- Where will this money come, and how?
- How to protect against unforeseen personal events, as well as in the external economy?
- How can family assets be best transferred across generations (bequests and inheritance)?
- How does the tax policy (tax subsidies or penalties) affect personal financial decisions?
- How does affect the individual financial capacity?
- How can you for a secure financial future in an environment of economic instability?