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What is a Money Market Account?

A money market account is a great of maximizing your cash, while keeping it safe at all times. However, for some consumers this may not prove to be as a better investment deal than others. Through this article, we’ll look into the common features of a money market account.

Before taking our discussions any further, it’s noteworthy that a money market account is not same as a money market funds account. They are completely different from one another and it’s best to know those differences thoroughly.

The term “Money market” describes the market where banks and other financial institutions lend, borrow, and trade money. This being said, it should be understood that a money market account is in general a high interest savings account or a premium account.

On the other hand, the money market fund is an investment system and works mostly with the stock market.

You can simply open a money market account setting up an account with your bank. This money is then invested by the bank in several financial investments. These investments are extremely safe and ensure a high return rate. And in return of allowing the bank to invest your money, the bank offers you a higher interest rate than normal savings account. This rate can sometimes be even twice as high as the normal interest rate.

You should note down that the money market accounts hosted by your banks are under the insurance of FDIC for up to $100000. However, if you decide to open a money market account with a company that’s not insured by FDIC, you risk losing your money in case that company goes bankrupt.

There are many corporations that offers accounts like the money market account and can even offer higher interest rates, but there the risk of losing your money and you should understand that risk before investing.

There are several restrictions on a money market account, which vary from bank to bank. But a common restriction is that you may not be able to withdraw your money at will. There is a certain time lag and even penalties in some cases. Also, it’s mandatory for most accounts to have a minimum deposit for the account and also imposes that a minimum balance has to be left in the account at all times. Also there are often restrictions on the maximum amount of money you can withdraw in a period of 30 days.

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Passing on Good Financial Practices to American Kids

In a world where we’re constantly indulged in the need of futile gratification, we often lose track of what this costs us. We’re constantly borrowing money from banks, building up huge balances on our credit cards, all of this just to get newer stuffs, most of which we don’t even need exactly. Take a moment and think of your parents; did they spend tons of money to buy things just to show off to the society? Did they keep on loaning money to quench their thirst of hollow gratification? No, they didn’t. Their priorities were providing food, cloths, and shelter to their families. In this sense, we have a lot to learn from our parents and if we could understand the priorities of life, we could pass that knowledge to our children, creating a lineage that have a sound and smart financial knowledge.

Teach them about today’s money

Spending money isn’t what it was at our parents’ times. With checks, credit and debit cards, the flow of cash can be hard to track for a child. So you should start at an early age. Let them know that the credit card isn’t a magical plastic card that lets you buy things; it’s merely a link between you and your money in the bank. Tell them that ATMs are not machines from where money magically appears, but rather it’s your hard earned cash that’s coming out. As they age, educate them with more sophisticated lessons of late fees, interest, and savings. The more time you spend making them realize about money, the better are the chances that they’ll learn of its value.

College quality counts

In todays’ competitive world, earning a degree from a reputable college can be extremely beneficial. So to send your children off to a good college, you need to start saving as early as possible. Going to a high-class college can cost more, but that cost will be nothing compared to what they’ll be able to make after finishing college.

Save, Save, Save

Rather than choosing to just spend, spend, and spend without thinking twice, take some time before making any decision. The ads would try to make you believe that you need every item on the market, but consider your must-needs at the very start. Teach your kids about the importance of saving. If they want something, hand them an allowance and encourage them to save by agreeing to match their savings if they can reach a certain limit within a fixed time.

Help them as adults

Results from various studies show that most grown, independent adults aging 25 to 34 receive over $14,000 per year from their parents. This money is a great help for them to get started in their life. The IRS allows gifts up to $11,000 per year for each child and $22,000 for couples, without being subjected to gift tax. But make sure that you make it perfectly clear that this cash gift is not for making shallow purchases, but a way to help them get a better start.

It’s important that you become a role model to your children for making financial decisions. Mouthful of advices and wise words won’t make a difference if you make illogical financial decisions before your children.

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Mistakes to Avoid When Consolidating Debts

When you are in debt, it can be a very low point in your life, not knowing which way to turn for help. There is a wealth of information available on the internet with websites such as choice.com.au, which can help you make the decisions that you need regarding your debt. If consolidating is an option that is open to you, then you will need to ensure that you avoid common mistakes that people often make.

⦁ The Root of the Problem

Before you look to consolidate debts, you will firstly need to address the problems which have created the debt in the first place. A common mistake is for people to take out a loan to settle their debts, and still living the frivolous lifestyle that caused them the problem initially. It is important to find the root of your problem and address it accordingly, which can often also mean a change of lifestyle.

⦁ Lack of Knowledge

People are often afraid to ask for problems, and their debts continue to mount up with them being unaware of the options that are available to them. Make sure that you do some research and speak to professionals so that you find out what options you have from which to choose. You will most likely find that there is someone that you can talk to at your local bank branch, and they will be able to give you some helpful advice on the different options that you have.

⦁ Which Debts to Consolidate?

You may be in a position that you will not be able to consolidate all of your debts in one go, so you will need to choose which ones you will consolidate. It is often advantageous to speak to a financial advisor on this subject as they will be able to give you good advice on what the best options are with the debt that you have. Make sure that you consolidate the debts that will have the biggest impact on your financial status, and will help you to get your feet back on the ground.

⦁ Shopping Around

Armed with the knowledge of knowing how to get out of debt, you will need to speak to the various institutions that offer consolidation loans. Many different companies are offering these types of loans, but they are not all the same. The interest rates that they charge will vary between companies, so it is important to speak to as many different companies that you can and compare the terms and interest rates that are charged.

With a bit of legwork, you can find a good solution for your situation and consolidate your debts to make them much easier to manage. Remember, it is important that you make sure you address the reason why you got into debt in the first place as if you do not solve this you will be likely to be back in a position of uncontrollable debt before long. Make a change in your life for the better and get rid of debt once and for all.

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Getting Some Quick Cash for your Assets

If you need to get some quick cash, then selling valuable items that you own is an excellent way to get your hands on some money. There are also many other ways to make some quick money, and you can get some inspiration by searching for tips online. If you have gold jewelelry and other precious items, you can easily sell these for a good price and have that money you need in your pocket quickly.

⦁ Diamonds and Other Precious Stones

A Pawn Shop will buy anything of value so you can sell diamonds in Melbourne for cash, just as easily as you can sell gold. As well as having the relevant identification with you, you will also need to have certificates for each of the stones you wish to sell. You may find that without having the certificates for your diamonds, they may be harder to sell, although it does all depend on how old they are.

If you already have an existing valuation, you should also take that along with you. If you have a current valuation, it is often possible to get a little bit more for your diamonds or other precious stones.

⦁ Gold Jewellery

You can sell gold jewellery for cash effortlessly by using the internet to find a reputable Pawn Shop. All you need to do is take your identification along with your valuables, and the pawnbroker will evaluate your items and make you an offer based on the current market price of gold, or whatever other precious metal you may have. They will base the price on the scrap value of gold, and minus a small commission, you can have some money burning a hole in your pocket, in no time at all!

⦁ A Quick and Easy Process

When you have your offer from the pawnbroker, as long as you have all of the necessary documentation, you will be able to get your hands on the cash within minutes. Typical identification required is as follows:

⦁ Driver’s License
⦁ Passport
⦁ A document issued by a statutory authority such as Firearms or Tertiary Education Identification

Alternatively, if you do not have these you can use any two of the following:

⦁ A Pension Card or other card issued by the Commonwealth Department of Family and Community Affairs
⦁ Marriage Certificate
⦁ Full Birth Certificate
⦁ Certificate of Australian Citizenship

As long as you have the paperwork ready, as well as any documents about the items you are selling, you are ready to go and cash in on your assets, turning them into cash quickly.

Choose a Reputable Pawn Shop

You will want to make sure that you choose a fully licensed Pawn Shop, and you will be able to find lots of information on them using the internet. Check out all of their reviews that you can find online, as there are often independent forums and websites that people can post reviews on, whether they are good or bad. Take your time and chose a reputable company to do business with and you can have your assets liquidated in no time at all.

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Using the Right Partners to Help Your Business

Very few businesses can get by without the help from numerous partners. Whether it’s a partner to help create your products and services, or a partner that’s going to deliver them, the relationship you build will determine how successful you become. It’s absolutely essential to make sure you’re choosing the right partners. So how can you do this?

The importance of using the right partners

So why is it so important to make sure you’re using the right partners? Whoever you choose to go into business with, directly effects your reputation. Take the company you hire to deliver your products for example. They are the final step in the transaction. After you’ve sent the products to the courier, you’re relying upon them to deliver them in a timely manner. Not only that, but you need them to deliver the goods in a professional, friendly way. If a customer receives their goods later than expected by an unprofessional driver, it’s going to make them reconsider ordering from you again.

For this reason, you need to make sure you’re choosing a partner that will provide the same level of service and professionalism as your business. Choosing well-known suppliers with a great reputation such as TNT, is key.

Where to find the right partners?

Whatever industry you’re in, there’s going to be professional organisations that you’re a part of. You can use these to find likeminded partners. Networking within the industry on social networking sites is also a great way to find potential partners. Take LinkedIn for example.The site is one of the largest professional networking websites in the world. Not only does it give you a full bio of each potential partner, but you can also see if they’ve been recommended by others.

Other things to consider

When searching for the right partners, ideally you’ll want someone who can bring something different to the table. Someone with a different level of expertise to you. You’ll also want to make sure they’re in a stable financial position. The last thing you need is to partner with a vendor who ends up going bankrupt a year later. You’d be left with no supplier and no way to get the products out to your customers.

Overall finding a business partner is a time consuming task, but it’s important to take that time to ensure you’re partnering with the right people. Always compare several potential partners before deciding which one to do business with. Make sure they’re equally as dedicated to providing the same level of service you are and have a good understanding of what it is they can bring to the table.

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Four Hidden Costs of Buying a Home

Buying a new home is a potentially once-in-a-lifetime purchase so you’ll no doubt want to make sure you get the best deal. The bad news for you is that buying a property is almost certainly going to cost more than you originally thought. Without proper research, even the most critical buyer will likely end up overlooking something. Here are four expenses that people often forget about.

Stamp Duty
Stamp Duty is a requirement when purchasing residential properties over £125,000 in England, Wales, and Northern Ireland. The rate ranges from 2% to 12% of the value, depending on the final value of the home. Since April of this year, there’s also an additional 3% tax if this isn’t your only property (this also applies to homes that cost less than £125,000 too). Take a look at this Stamp Duty calculator to see how much you’ll have to pay.

Mortgage Expenses
If you’re taking out a mortgage to pay for your home, you’ll likely have to pay some additional fees. Arrangement fees can range from just a few hundred pounds to 1% of the final value, which could end up a significant figure. Similarly, if you decide to use a mortgage broker, you may be required to pay a fee equivalent to 1% of the cost of your mortgage, though some brokers don’t charge for this at all.

Legal Fees
You’ll need a solicitor or qualified conveyancer to carry out all of the necessary legal paperwork that goes with purchasing a property. Solicitor like Withers Worldwide are qualified lawyers, whose training covers many aspects of the law, whereas a conveyancer typically has less training but is specialised in real estate. What you need will be dependent on the complexity of your situation, but regardless you should budget between £500-£1,500 plus VAT to cover the service.

Removal Costs
Finally, another area that people seldom consider is removal costs. If you have friends who like you — and we mean really like you — they may not begrudge you asking them to spend a day hauling heavy furniture. The alternative is to pay a team of professionals, which could set you back several hundred pounds. Even if you have friends willing to help you, you may also need to rent a truck for the day.

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Start Saving Money Right Now!

There’s not a single soul on this planet who wouldn’t want to use more money. Everyone wants to save some more and spend some more at the same time, but that’s not an easy task. If you’re looking to save some money for future occasions, you’ll either have to earn more or spend less.

IN todays’ economy, making more money is a dream that seems ever out of reach. Your earning may go slightly up, but keep in mind that the inflation rate and cost of living is increasing at all times. With the increasing cost of EVERYTHING, your increase in earnings will seem meager.

You might get a promotion, but that takes time and besides, in an economy this crippled, you can’t rely on that option. You might take on another part-time job, but trust me when I say this, that’s absolutely exhausting and monotonous.

So the option you have is to lower your expenses. It may sound difficult, but with proper planning and a little control, you can save more without even knowing the difference. Look around your house and ask yourself: “Did I really get the best deal in buying these things? Would I be able to retire when I want to?” If your answers are no, then you’ve probably missed out on opportunities in your life that could’ve changed your life.

Don’t get too upset. Achieving financial security is a difficult task, and it’s not something that we’re taught. You’ll have to learn them yourselves. All we can do is to show you a few ways to improve your financial state.

Set your goals. Whether it’s going on a nice vacation or buying a bigger house or retiring early, set your priorities. From that moment onwards, whenever you’re about to spend, consider whether it’s worth risking your goals.

If you own a house, see if you can refinance your mortgage. Find out if you can refinance them with lower interest rates, and hopefully you can save hundreds of dollars.

Don’t keep huge balance on your credit cards. If you already have a balance, see if you can transfer them to a card with lower interest rates. Many cards offer 0% interest for a year or more, transfer your balance to these cards and pay off as much money as possible, as soon as possible. Keep an eye out on credit report and if anything seems unusual, get it checked immediately.

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Money Saving Tips On Funerals

Funeral arrangements are one of the biggest purchases you’ll ever make in life. Like purchasing a car, planning a wedding or buying a home, planning a funeral can have quite an impact on one’s finances. And while it’s normal to worry about the finances, a funeral of a loved one is something that can’t be done over. How the funeral is planned should show the kind of respect for the deceased one has, as well as reflect their unique personality. The good news is that there are money saving ways to meet all these objectives and more without having to break the bank. But to make that happen, below are a few tips that will help you save money when planning a funeral.

Skip embalming: If you wish for people to view the body of the deceased, you can easily achieve that without having to go through with embalming. If the body was kept in a refrigerated area, some areas will allow public viewing of a body that’s not being embalmed before the funeral thus helping cut on the cost of the funeral. In cases where you still don’t want to embalm but your locality doesn’t allow public viewing of a body that’s yet to be embalmed; you can instead opt for a private visitation where only family members are allowed.

Limit attendance: Another effective way of saving on funerals is to limit the number of people who attend the funeral service of cremation. In some cases, the families prefer to have the cremation or burial first and then a bigger service where charges may or may not apply. Either way, it’s something worth considering.
Opt for a less expensive gravestone or avoid it altogether: The price of gravestones imprinted with the information of your loved one can easily spike the overall cost of a funeral. To save money on it, you can opt not to use a gravestone and put a wooden cross with the details of your loved one at the gravesite. Additionally, you can opt for less expensive stone and have as little information as possible imprinted.

Opt for a less expensive casket: When selecting a casket for the deceased, there are several ways of making sure that you save money. Rather than go for a casket made of hardwood or metal, consider choosing one that’s made heavy –duty cardboard or fiberboard. While they aren’t the most exotic materials for caskets, they sure are a great way to save.

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Where Should You Save Your Money?

Saving money can be difficult, particularly in the current financial climate. As such, when you actually have money saved, you want to ensure that it’s working for you. This means that you want your money to be earning you the highest possible level of interest, so it’s worth more when you need it. Here we look at three places that you could save your money.

Savings Accounts
Savings accounts are widely available both on the high street and through banks operating online. They’re popular with most people because they’re convenient. If you get a savings account from the same bank that you have a current account with, transferring funds can be simple, too.
However, just taking out a savings account with the bank you currently bank with can also mean that you’re not fully benefitting and, as a result, you should shop around. Just because you’ve banked with someone for ten years plus doesn’t mean that you’ll get the best rate, so compare options up and down the high street.
The other downside to savings accounts is that, although you’ll gain interest, it may not be as high as through other options. However, they are a great risk free option.

Investments
Investments, either in property or stocks and shares can provide you with great returns. However, unlike savings accounts, there’s an element of risk too.
Although the value of property, for example, has risen rapidly over the past decade, prices also go down like they did in the last financial crash. This could lead to you losing some (or even all) of the money that you invested.
As well as the risk associated, investments can also be hard work. You have to constantly monitor any investment in stocks and shares and houses often need repair work. So, although returns on investments can be very high, be sure to fully research the downsides and ensure you can commit to monitoring.

Premium Bonds
Nearly half of the UK has premium bonds. Premium bonds are a savings account you put money into where the interest paid is decided by a monthly prize draw. Generally, people can win between £25 and £1,000,000 tax free. Every £1 you have represents a bond, and each individual bond is then entered into a prize draw. The more bonds you have, the higher your chances are of winning.
Premium bonds are great because they’re completely safe and there’s no risk. However, your chances of winning the £1,000,000 is 29.2 billion to one. Generally, people win less than they would through interest – but you have to be in it to win it.
To conclude, there are a number of places you can put your money, and all have different levels of risk. Ensure you do your research before investing.

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Money saving tips for your daily commute to work

How much do you spend to commute to work daily? Well, for most people, the amount spent is unbearable. With everyone trying to save money to invest on other projects, commuting costs continue to hinder the plans. However, cutting the commuting cost is possible if only the proper money saving tips are applied.

Tips to save money on your commute costs
Several aspects need to be considered if you are to reduce the commute costs by a considerable amount. In addition, you should consider applying a long-term solution that will help you save a significant amount of the commuting costs. Some of the money saving tips include:

Moving closer to your work area
Most people love their jobs but hate the fact that they spend a lot on commuting. Therefore, if you can find an apartment around your area of work that allows you to live within your current budget or lower, this should be the best option. In no time, you will notice a steady growth in your savings.

Working extra hours
If your employer is kind enough to compensate you for the extra hours worked, then this could be a great way to save on commuter costs. The amount paid in the extra hours could be dedicated to commuter costs while the rest of the income is channeled towards other projects.

Find greener pastures
In some instances, the job might not be well paying yet you travel a long distance and spend a lot on commuting costs. Try and look for a better paying job in your home area or neighboring area that will not eat into your finances in the name of commuting costs. Preferably, you may opt to start working from home. With the availability of modern technology and the internet, it should not be long before you find a decent income from online gigs or jobs. Additionally, your employer may allow you to work from home for a few days in the week thus allowing you to save some cash.

Changing your mode of travel
If you feel that refueling your car is having a negative impact on your finances, you could opt to change the mode of commuting. You may decide to ride a bicycle to work if you live within your work area. Secondly, using public means will also cut your transport costs by a substantial margin. Moreover, you can decide to buy a used car with a good fuel consumption record. This guide about buying a used car will be of immense help.

Conclusion
Commuting costs is one of the most recurring expenses. More to that, commuting costs exhaust most of our finances. However, it is important to make arrangements with your employer in order to know their stance on the matter.

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