Dangers to Watch for When Using a Debit Card
Cash
is the safest way to make a purchase, but many of us have become
reliant on plastic to the point that we rarely carry cash. There’s a lot
written about the dangers of credit cards, but many consumers aren’t
aware of the safety measures they need to put in place to protect their
debit card. An online resource provided by the Federal Bureau of
Investigation, whose responsibilities include upholding and enforcing
the criminal laws of the United States and to investigate spies,
terrorists, mobsters and computer hackers, is designed to help educate
Americans in protecting against crime and fraud.Skimming Threats at the ATM
The FBI estimates that ‘ATM skimming’ costs hundreds of millions of dollars every year and is on the rise. Debit card information is stolen by placing a hidden camera or a bogus card reader at ATM sites, especially those that are secluded or not affiliated with a bank. You may think that the ATM you're using is perfectly normal; even if it’s located in your bank’s building. But the skimmer’s tampering captures your PIN allowing them full access to your account.
To protect against skimming, vigilance is needed whenever using an ATM. First examine the machine for signs of tampering; once you’re confident all is well, cover the key pad with your hand when punching in your personal identification number. Monitor your account for fraudulent activity and report any suspicious transactions immediately to your bank.
Are You Entitled To Mis-Sold Bond Compensation?
This article looks at how bonds may have been mi-sold, and how customers can seek compensation.The Financial Ombudsman seems to have been dealing with a number of mis-sold investment bond cases recently, and it looks likely that there will be a few more in the pipeline yet. Recent headlines covered the record bond compensation that HSBC was ordered to pay out following the poor sales practices of one of its subsidiaries, and nearly every week seems to reveal another company with problems.
The rules around whether a product has been mis-sold, and therefore whether any investor has a right to compensation, aren’t straightforward, which shouldn’t be a surprise when you consider all the regulations that have been put in place around them, but there are a couple of guiding principles that should let you assess whether you might have a claim. These are explained below, and you should also bear them in mind if you are considering taking out any new investments as they might just prevent you becoming a victim of mis-selling.
Swimming In Debt? Get off of the Beach by 2013
In the
world of debt and IOU's, there are reasonable debts of investment that
could (potentially) turn you a profit at the end of its term, i.e. a
mortgage or a student loan. But when journalists report on the dismal
state of America's s debt and repay ratio they are sounding the alarm on
a system bloated with short-term high-interest credit card and personal
loan debt. Currently, the amount of consumer debt in America is
five-times that of the U.K. and debt in Australia combined; while we
only have three-times as many people. Is it not safe to say that America
has a debt addiction?Most Americans are awaiting a governmental messiah to come and wipe away all of their debt, bill collectors and other personal anxieties in one fell swoop. But part of the reason you're reading this article is because you've decided to take an honest look at your personal circumstance and get help on what to do, and you’re fed up of loans for people with bad credit. Here are a few tips on how you can take control.
Top Tactics To Keep Your Finances In Check
If you
are looking to keep your finances in check, there are some tips and
strategies that can be implemented in order to restore some fiscal
sanity to your life. Money management is a really good skill to have and
being able to take control of your financial situation can really make
your life a lot easier. How can you go about keeping your finances in
check?Keep Track Of Credit Usage
Make sure that you are keeping your credit usage in check. Do not go out and get any more credit that you can afford to repay. A good rule of thumb is to get a single card for emergencies and maybe another card to help you build your credit history. You might consider getting a store credit card so that you have something to make payments on while getting a good deal on something you would buy anyway like a TV or a furniture set.
Read Your Credit Report
If there are inaccuracies in your credit report, it can cost you money in the long run. A lower credit score can equal higher interest rates and less bargaining power with your creditors. However, an accurate credit report, with a higher credit score, can result in saved money. This will help you if you ever wanted to refinance a loan that could cause your monthly expenses to drop, as they are less likely to provide loans for people with bad credit.
Seven Cyber Scams to Watch For
Cyber
crooks are on the prowl all year long, but the holiday season brings
them even more opportunities to drain your bank account and rack up
fraudulent credit card purchases. It’s been estimated that half of
American consumers will use a smart phone for holiday shopping,
increasing their chances of becoming the next scam victim. Prevention
begins with understanding the risks and putting safe practices in place
when using a smart phone or shopping online this holiday season.Smart phone are prime targets for hackers with more consumers freely using them for banking and purchasing. But just like a computer, malware can be secretly downloaded that can cause tremendous damage to your accounts. One of the most vulnerable are QR codes you scan with your Android phone to unlock deals that may lead you to a page with a virus that unbeknownst to you is downloaded to your phone. In addition, malicious apps are sometimes disguised as free apps. Look for apps that come from respected companies.
Social media sites are full of fun and games that offer opportunities to win prizes while reconnecting with long lost friends. But the danger lies in the links that cover up a scammer’s efforts to steal your personal information. Caution is the word – beware offers that are too good to be true or ask for financial or personal information.
5 Tips for Avoiding Impulse Buying
If you
are someone who runs into the grocery store to just pick up a gallon of
milk and comes out with the latest celebrity gossip magazines, enough
snacks to feed a small country, and an array of beauty products only to
get home and feel guilty for your purchases…there is a good chance that
you could be an impulse shopper.Not to fret, there are many others out there, who like you, can’t resist a buy when money is burning a hole in their pockets. However, there are ways to revamp your shopping habits even when tempted by the latest ‘As Seen on TV’ merchandise gleaming on store shelves. Check out the following tips for resisting the urge to impulse buy:
Tip #1: Limit the shopping. Create a strict shopping schedule so that you don’t make unnecessary trips to the drug store, mall, etc. Plan a trip once a week or once every other week to shop in bulk. When you make several mini-shopping excursions each week, you are more likely to have an “I need that” moment and succumb to impulse buying.
How to Pay for College
As
tuition costs rise and the economy stands still in the post-recession
slump, you may be asking yourself whether a college degree is worth the
paper it's printed on. As expensive an investment as going to school
is, however, the potential return is still greater than the initial
investment, according to a recent Census Bureau study, which found that a
bachelor's degree will increase your lifetime earnings by up to $1.2
million.Given that college still actually is a worthwhile investment, the question then becomes how in the world are you supposed to pay for it? Especially for high school students just graduating who have never even seen the likes of $40,000, the prospect of paying for school is both mysterious and intimidating.
But there are ways to pay for school, and many, many more opportunities out there for funding than you might initially think. Here are some of the most common ways to pay for school in this economic climate:
1. Scholarships & Grants
Scholarships and grants make up a large portion of the money used to pay for school, primarily because they are free money. Scholarships are usually need or merit based and don't need to be paid back as they are reward for accomplishments; grants are typically need based and often given out by the government. Submit a Free Application for Federal Student Aid to see if you qualify for federal funding, and how much they will allot you.
Rental Property Do’s and Don’ts
The
best known form of income stream from property is rental. There are
others, like agistment for rural properties, venue hire, licensing users
of land, etc. Rental, however, is the most easily defined version of
the issues related to creating income out of your property. Property
investment needs to be cost-effective at all levels, and your rental
income stream needs to be managed well.The theory of rental varies, but the core process is periodic income over time. The real issues is value.Time really is money in property investing, and on principle, investments should pay their own way. This is a measurable process, it can be defined in hard dollars, and there’s really no excuse for getting it wrong.
Rental Don’ts
The “Don’ts” of rental are really an exercise in avoiding massive property management mistakes. Sadly, the fact is that rental is too often viewed as a “cheapskate” moneymaking exercise, not in its correct form as capital management. Dumb landlords allow their properties to fall to bits, collect rent while “saving” money on maintenance- And find themselves faced with a massive cost when they want to sell.
How POS Software Can Save Your Business Money
When
retailers start their business, there are a plethora of costs involved.
Most of these costs are expected like rent, employee wages, and
inventory costs. But one thing that many new retailers forget about is
the system that helps them manage every aspect of their business: a
point-of-sale system. POS software is often an afterthought, and because
it's one of the last things that a new store might put into place it's
often neglected. When a store owner goes looking for it and realizes how
much money most systems cost, they run down to the nearest big box
office supply store and pick up an old electronic cash register.That's the quickest way to get setup with something, but if store owners knew how much money they were leaving on the table they would probably think twice. Here are just a few ways that POS software can help a retail store save and make more money.
1. Eliminate pricing mistakes at the register
Cash registers are definitely a "dumb" system. All it does is record what the cashier puts in, spits out a receipt, and later gives the store owner a receipt with all of the money they've brought in that day. It doesn't have any inventory management capabilities, and in nearly all cases it doesn't support a barcode scanner.
Financial Planning for Mothers
This is a guest articleA mother handles myriad responsibilities in a household. It not only includes running the household and taking care of children and family but also today, many working mothers are planning and aspiring for the future needs for their children like their education, health and marriage. While any mother concentrates on executing these responsibilities with utmost diligence, they may not necessarily be aware of the most optimal way of reaching her own financial goals to ensure a good education and life for their children and hence the importance of financial planning.
While the market today is flooded with myriad investment options such as insurance, mutual funds, fixed deposits etc, as a mother its very important for a woman to identify the investment options best suited for her own and her family’s goals and time frame.
The first and foremost step to financial planning for mothers is to identify and set their financial goals. Some of the common financial goals for any mother irrespective if earning or homemakers are saving for the education and marriage needs of her children.
How Students can Stay Debt Free in College
Taking
out loans in order to complete your college degree sets you up for
years of repayment. Not only that but having student debt can also make
it difficult to finance major purchases, such as a car, after graduation
and may force you to take a more stressful job just for the higher
salary. Thus, staying out of debt while in college will afford you
greater freedom after graduation.Choose Wisely
When applying for colleges, do your research on the cost of tuition, room and board and other required fees such as laboratory and supply fees. It is important to remember that the most expensive university is not necessarily the best university or the right one for you. In most cases, private colleges and universities are more costly than public or state colleges, and out of state public colleges usually cost more than in-state schools. Seek scholarships through Pell Grants, national foundations such as the National Association for the Advancement of Colored People, and foundations such as Veterans of Foreign Wars. If you have trouble finding aid on you own, stop by your college financial aid office to get a listing of scholarships to which you can apply.
Create a Holiday Spending Budget to Control How Much You Spend
This is a guest article from Evan FischerThe holidays are just about here: excitement and a chill in the air, the thrill of the hunt for the perfect gift for that special someone and the anticipation of what your loved ones have wrapped under the tree for you. But it’s also the time when you suddenly realize exactly how many gifts you have to buy, which can become overwhelming and will grow into a holiday nightmare if you let it. Here are a few helpful hints you can follow to reduce your stress by creating a spending budget for this year’s gifting season.
Just like Santa Claus, you too should make a list of who’s been naughty, who’s been nice, and everyone in between. Start with the essential people in your life: your family, your loved ones, spouses, children, and your close friends. Consider gift exchanges at work, and include your boss in the equation. Once you have your list down you can begin to cross people off. This can be tough, but you can ease the process by sending a holiday card wishing them well instead, especially if you haven’t seen them in at least a year.
5 Most Common Mistakes Made By Property Investors
Property
investment seems one of the most sure fire ways of making money. In
today’s uncertain economic climate, surely you can’t go wrong with
property? In fact, many first time property investors founder on the
rocks. There’s a number of traps you need to be wary of:1) Poor Research
Far too often investors come a cropper by buying the best house in the worst street, or, through buying a terrific property in an area that’s in economic decline. So make utterly sure that you’re buying into a real estate hot spot. Check the sales results for the area over the last ten years. That way you’ll be able to spot any trends. You’ll also be able to tell if the market is rising or in a slump. Also do the comparatives. Check how similar properties to the one you’re interested in have fared over the last ten years. It also doesn’t hurt to hire a professional like a buyer’s agent.
Advantages and Disadvantages of Spread Betting
If you
are looking forward to take a flexible stand in the stock market,
spread betting could be of great help to you. Through a spread bet, you
can wager on the outcome of an event, such as expecting Vodafone’s share
prices to rise. If your intuition turns out to be true, you land up
winning or vice versa. It is through a spread betting company that you
can place a spread bet. The company quotes two prices, out of which one
is the bid or sell price and the other is the offer or buy price. You
sell if you think the price of a market will fall and you buy if you
think the price of the market will rise.Spread betting is one of the best means with which you can get an opportunity to speculate the future movement of an index or share without possessing it. With spread betting, investors get an opportunity to deal in ordinary shares without actually owning them. The practice has been very common in the UK stock market since a long time and there are more than 20 spread betting companies in the UK. One can trade in the following things:
- Currency trading
- Indices of stock markets like the NASDAQ and FTSE.
- Individual shares.
- Short as well as long term rate of interest.
Example of a spread bet:
Let’s say the bid quote decided by a spread betting company is $100 and the offer price is $105 for the stock of XYZ Company. If you believe that the price of the stock will fall below $100, you decide to stake an amount of $3 for every dollar that the stock falls below $100, meaning that for each dollar it falls, the trade makes a profit of $3. Alternatively, for each dollar the price rises above $100, the position nets a loss of $3. Later, if the stock price falls to $90, you bag yourself a $30 profit ($100-$90 x $3).
Like every coin has two sides, spread betting too has some advantages and disadvantages.
Advantages of Spread betting:
- Tax free profit*
- Stamp duty is not to be paid.
- Profit can be derived from rising or falling markets.
- No commission to pay to the company.
- With ‘stop loss’ you can limit your risk.
Disadvantages of spread betting:
- You can incur a lot of loss, especially if the company doesn’t have a feature of ‘stop loss’.
- It won’t suit a long term investor.
- No voting rights or dividends on share trades as you don’t own the stock.
Despite the disadvantages, the practice of spread betting is increasing every passing day in stock markets and other fields as well.
From Editor: This is a guest article from a third party on Spread Betting. Spread Betting is a leveraged product which can result in losses greater than your initial deposit. Ensure you fully understand the risks.
Disclaimer: profits made in spread betting are currently free from UK Capital Gains Tax. Please be aware that UK tax laws are subject to change. Seek your own tax advice.
Like to Add Your Guest Post here?This post was written by a guest writer mentioned above. If you'd like to add a guest post in Money Hacker, please check out Write for Us page for details about how can you share your knowledge with our community.
Should You Sell Stocks If It Comes Overvalued
In my previous article "Should You Invest in Indian Stock Markets Now?",
regionally focused to Indian investors, but applicable globally, I have
listed some factors and how it impact the stock market valuations and
stock prices. I was originally debating with readers and investors to
know whether they buy or sell stock in present conditions. In the same
article, I have shared information about my recent buys of two scrips.
On this decision, I have got a question from a loyal reader asking
whether should I sell these stocks if it comes overvalued in the future.In this post, I am debating with readers on my thoughts to not sell a fundamentally strong business (stock) if it comes overvalued in the stock market. You are welcome to share your thoughts.
10 Things That Impact the Cost of Home Insurance
Buying
homeowner’s insurance is necessary. Without it you run the risk of
having to pay quite a bit out-of-pocket in the event something happens
to the home or its contents. But no one enjoys having to pay more than
they need to. Knowing what can impact the cost of home insurance may help you determine what you can do to save money.The Home’s Age
The age of your home will help determine how much money you’ll have to pay for insurance coverage. If your home is new, or nearly so, it won’t cost nearly as much to insure as an older home would. The reason is that everything that is man made has a shelf life and eventually wears out. That includes such things as wiring and plumbing, which could go bad and cost a lot to fix.
The Home’s Value
How much a home is worth has a definite impact on how much you’ll have to pay for insurance. The more value you have in your home, the higher your premiums will be. The reason is self-explanatory; the more costly the home or possessions are, the more money it will take to replace them if you have to file a claim.
Protect Yourself From Becoming a Victim of Car Insurance Fraud
This
article aims to inform consumers about the incidence of auto insurance
fraud, help them to recognize if they are potential targets of it, how
to protect themselves, and what they should do if they suspect that they
are victims of insurance fraud.We’ve all heard stories about people who commit insurance fraud and get caught—thanks to whom our collective insurance rates have raised over the years. But less publicized and equally real are all the cases of innocent, oblivious consumers who get roped into insurance fraud as well. People will go to terrible lengths to make some quick money, and this is how elaborate schemes that include doctors, fake insurance agencies, body shops and seemingly well-meaning passers- by are born. Today, we’re here to alert you to this growing phenomenon that is a cause for grave concern so that you can recognize this kind of fraud and protect yourself from it.
- Unsolicited offers
Firstly, please be wary of door to door car insurance salesmen or any other unsolicited offers for auto insurance. Any auto insurance company worth its salt would not have to resort to such desperate measures. Most likely, these are scam artists who will take your monthly premiums, bleed you dry and then disappear off the face of the earth for all practical purposes.
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