Contrary to popular social media sentimentalities about travel and “having no time” to do so because of hard work and thinking forward in finance, it would seem the former idea is still winning.
If you’re working hard, have a financial plan for your children and you own a house where you could pay enough to address, you deserve a financial breather, like a vacation to the Bahamas.
If you think of money this way, you may be left with memories rather than money.
Experts have seen a trend among people in their 30s and 40s borrowing money for lifestyle reasons.
“If you borrow for a holiday or to buy nice clothes, sooner or later all you have is memories – and debt,” according to financial adviser Simon Hassan.
“Better to borrow for things that grow in value over time [like a home] or help you improve your income [like education].”
Hassan says people in their 30s should make repaying their mortgage a priority.
“Repaying personal debt is often the best investment option: in effect you earn the mortgage interest rate, with no tax to pay.”
Biggest money mistakes to make in your 30s and 40s
- Buying consumable items like clothes and holidays on finance
- Up-sizing your house and mortgage
- Having no money plan in place for your future
- Failing to save if you income increases
Start them young is what most people would say and I would say that myself. The better equipped in knowledge your children are about finances, the better they can manage their money in the future.
The first thing that a parent can teach a child is that money is important and the management of money reflects the person’s personality.
Here are three things any parent should teach their children regarding money.
Money is Earned, Hard
Children can often see money as an endless supply because parents just push a button and money comes out. However, they do not understand that the money you take out should be repaid.
At a young age, teach them how money is earned and how the bank works. Teach them that you also ask for money that you intend to pay back later. Teach them about the importance of time being more expensive than money.
If It’s Worth Having, It’s Worth Saving
Don’t always give into your child’s request for a new toy or an expensive new videogame. To give them everything only teaches them that they can get everything they want if they just ask.
Have your children work for it. Tell them they have to finish their chores and they earn a certain small amount. Teach them that over time, their money grows that they could buy their own toys if they want to.
Credit and Investing
Without the Internet today, I doubt plenty of kids worldwide couldn’t understand the meaning of investment and finance.
Financial literacy is a very important thing. To avoid leading to irresponsible credit usage and bad investment, teach your children about the differences of renting and owning. Teach them how mortgages work to own properties. Also, teach your children about how interest rates affect credit and when investing.
The recovery of the FTSE 100 had allowed the pound sterling to recover slightly amid public backlash about the Brexit vote. As the pound may fall lower to $1.20, the current day showed only a 0.32% decrease to $1.2903 despite having an initial $1.30 mark during the morning.
Global stocks bounced back as risk appetite returned to the market and investors snapped up more bargains. Robust corporate earnings and positive US jobs data also lifted stocks, as Brexit fears took a back seat for the day. The FTSE 100 closed up 84.44 points or 1.31%, at 6,548.03. European bourses also made gains, with the German DAX and the CAC in Paris rallying 0.7% and 0.9%, respectively. US stocks also jumped 0.5%.
Financial markets are betting on a 78 per cent chance that the BoE would cut interest rates the following week instead of introducing quantitative easing. According to Bank Governor Mark Carney, the risks presented by the Brexit had finally begun to “crystallise” and now the UK is primed to enter a period of uncertainty.
Greek Finance Minister Yanis Varoufakis, not representing the Vote Leave party of the United Kingdom, said former Britain Prime Minister Margaret Thatcher was correct in her plan to stay out of Europe.
According to Varoufakis, Britain would face about a half-rate unemployment once it joined the Euro.
Britain’s special arrangement with the Eurozone allows it to stay out of Europe and have its own currency.
Speaking in the Hay Literary festival, Varoufakis said he had protested against Thatcher’s government living in the 70s and 80s but he admired Thatcher’s principles about a lot of things.
“That last speech…for Prime Minister’s Questions, she gave an amazing performance… and someone from the other side decided to challenge her on the opposition to the European Central Bank policy and she came out all guns blazing and made the most pertinent comment about European Central Bank and the Eurozone.
“It was very nuanced and sophisticated. She said that whoever controls interest rates in Europe control the politics of Europe and that money cannot be de-politicised .
“And the idea that we can be outside the realm of politics, a democratic business managing Europe money is the first step towards very unsavoury burdens and she was completely and utterly right.
“She was probably completely correct it is because of that you don’t have 50 per cent unemployment which you would have had if you had been in Europe.
“Even though I spent my youth joining every demonstration against Mrs Thatcher’s government, and there were many, I always had a great appreciation of her.”
Careers in finance involve having theoretical knowledge and a bit of know-how in mortgage, insurance and investment banking industries.
In the United Kingdom are rich opportunities for fresh finance graduates. However, the best finance companies are ones that offer great benefits to employees. Those companies can be found in the United States.
Compiling information from PayScale, I’ve seen these three companies in action and I’ve to say they’re pretty good!
Capital One Financial
In Virginia is a company that provides about a $96,100 yearly pay with satisfying benefits. Capital One Financial is a 45,000 employee-strong company in Virginia’s natural McClean offices. Employees are staying because there’s nowhere else you could get healthy living rewards from your benefits, including an incentive program to stay healthy.
New York Life Insurance
If you could survive the terrains of New York and its expensive lifestyle, you could find a job that pays you $76,000 in New York Life Insurance.
NYLI is an international insurance firm that promotes inclusion amongst its employees. It even has its own “The Women’s Initiative”, which helps career development for female employees, ensuring gender equality in the workplace.
You’ve heard this name in the news several times analysing finance and mortgage-related issues in the country. The government sponsored mortgage-servicing giant is in Washington DC and can give you a take home $114,000.
Employees get plenty of opportunities to volunteer and take paid hours off their work for doing such. The work usually involves charity. And you’ll be encouraged because you get lots of time off for doing so!
We are living in interesting times.
In 2013, NSA whistleblower Edward Snowden revealed the NSA and the UK GCHQ had procured, kept and inspected intercepted data from cellular calls, text messages, emails and net activities of suspected terrorists.
In 2015, the world of ‘shadow finance’ involving the systematic processes of offshore accounts for tax evasion, money laundering and other tax shelters, was exposed by information collected by investigative journalists from anonymous sources in Mossack-Fonseca, a global law firm.
The clientele of Mossack-Fonseca involved big political and corporate names, all of which have been using offshore properties, business and investments that help reduce their taxes.
Despite the weakened trust with different financial industries worldwide, it is a chance for financial institutions to fully restore consumer confidence by doing what’s right.
What happened was not law-breaking but more of exploitation. According to political analysts and lawmakers, no laws have been broken in relation to tax evasion scandals.
According to De Vere Group, a firm of financial advisers, and its CEO Nigel Green:
“The overwhelming majority of the offshore sector only provides services that are fully compliant and legal and they are used by law-abiding clients, who are simply looking for typically better returns, more investment options and greater flexibility.”
It’s an awesome feeling to allow yourself some luxury now and then. Night outs were meant for that. Meet new people, see new places, unhinge yourself and relax. Partying is an awesome thing. Sadly though, partying is a costly thing.
So here are three things you could do to save while you spend your leisure time completely!
You’ve got savings, you have budgets, you don’t want to go broke else your night outs and other adventures would come to a sad end. To prevent overspending, withdraw early.
Based on your past experiences going on some spendy night-outs, try to estimate how much you’re spending.
If you have no idea, then…
You need to prioritise the things you want to do. The gate entrance is a bit steep in your favourite bar. But your friends want to go in it.
You have two options.
The first one is to save up for the night out. Learn to say no to your friends for a bit. Or find another place where you’d like to hang while you wait for your friends to come out. Better yet, find another way to spend the night without spending so much until you save up enough for the gate entrance.
The second one is find a promoter. Promoters can include you in their guest lists and you get discounts on plenty of stuff. Also, if you’re friends with the promoter, maybe he or she can even let you in for free or spot you some cash, which you can repay without interest, in the coming weeks!
You do know that bar alcohol and food can be quite expensive. Don’t spend your money inside the bar. Instead, have you and your friends dine and drink somewhere else outside the bar. Get yourself loosened up. When you’re ready to party, you’ll be partying guilt-free!