Federal lawmakers patted themselves on the back, last Friday, in a joint bi-partisan news release issued by three New Mexico politicians: U.S. Senators Pete Domenici and Jeff Bingaman, and U.S. Congressman Steve Pearce. Their celebratory remarks were meant to remind voters why the politicians were in Washington – to bring their state new jobs for at least some of New Mexico’s voters. While the chorus of praise revolved around creating new jobs and bringing millions of dollars into the state’s economy, is there more behind this story, which has not yet been told?
For Senator Domenici, this was another major victory as the longest serving U.S. Senator in New Mexico’s history. The Republican Senator heads the Senate Energy and Natural Resources Committee. Domenici made his views on nuclear energy quite clear in his book “A Brighter Tomorrow: Fulfilling the Promise of Nuclear Energy” (Rowman & Littlefield, 2004). He began pursuing Louisiana Energy Services to move to New Mexico in February 2003, after it became apparent Hartsville, Tennessee didn’t want uranium being enriched in their backyard.
And again, it was Domenici, whose last minute negotiations with Energy Secretary Samuel Bodman, led to the adoption of the Part 810 Waiver. The waiver allowed Louisiana Energy Services (LES) to contact foreign-owned Urenco Ltd about transferring high technology data (the gas centrifuge technology) to LES so the uranium enrichment technology could be utilized at the new facility. U.S. laws ordinarily prohibit such nuclear technology transfers, but Domenici’s intervention brought the project to the NRC approval stage. LES had been on the drawing boards since 1989, having derived its name from the state of Louisiana. The LES partnership was initially formed with the intent of building its centrifuge enrichment plant in Homer, Louisiana.
Senator Domenici’s impact upon the nuclear resurgence in the United States is evident to the entire industry and most politicians. He announced last year, “In 1997, I predicted the resurgence of nuclear energy in the United States. For the last eight years, I have worked to help make that renaissance a reality.” Is there, perhaps, one more achievement Senator Domenici would like to add on behalf of the nuclear industry, before giving up his Senate seat? In his book, “A Brighter Tomorrow,” Domenici bemoans and condemns nuclear fuel reprocessing. With the advent of the Global Nuclear Energy Partnership (GNEP), Domenici may bring a nuclear power plant to New Mexico before he retires.
Domenici’s Democratic counterpart, Senator Jeff Bingaman, is the ranking Democrat on the Senate Energy and Natural Resource Committee. We suspect Bingaman may play an integral role in helping Senator Domenici fulfill that dream. Ironically, Senator Bingaman, who last November was invited to a Santa Fe anti-nuclear environmentalist fundraiser, and which highlighted television mogul Ted Turner, was effusive in saying about the LES enrichment facility, “This will be one of the largest construction projects our state has ever seen. And the economic impact in southeastern New Mexico will be tremendous.” Does Bingaman appear to be playing both sides of the nuclear chessboard?
No, the former attorney, who reportedly once provided legal advice to uranium mining powerhouse, Kerr McGee, is deftly maneuvering between being a good Democrat and providing what he may honestly believe is best for his state. While Bingaman has curried favor among the environmentalists, in May of this year, he accepted, along with Domenici and others, the William S. Lee Award for Leadership at the Nuclear Energy Institute’s (NEI) annual conference, saying, “I share a belief that nuclear power can make a meaningful contribution to controlling the growth of greenhouse gases, while still allowing our economy to expand.” It was his subsequent remark directed at the NEI, which leads us to believe he may be among the first to support additional nuclear growth in New Mexico. He told the NEI, “I am hoping that you will do your part to use those tools that Congress has put in place to ensure that nuclear power achieves its potential as part of our future energy mix.”
The Global Nuclear Energy Partnership
In March 2006, Senator Domenici pledged his support to President Bush’s Global Nuclear Energy Partnership (GNEP),
“With GNEP, we begin to close the cycle on nuclear waste in ways that prevent proliferation and reduce both the volume and toxicity of waste. By recycling spent nuclear fuel, we can reuse the uranium, which is 96 percent of spent fuel, and separate the most toxic radioactive material to be burned in an advanced burner reactor. By reusing uranium fuel and burning the transuranic material in a new generation of modern reactors, we can reduce the amount of waste placed in Yucca Mountain by a factor of 100.”
One of the key technologies in the GNEP program in is the Advanced Burner Reactor (ABR). Deriving its technology from fast reactors, which were used to make nuclear weapons, the concept of the ABR is to minimize the amount of nuclear waste, produced by the nuclear industry’s power plants, to a tiny fraction of content. The concept behind the ABR is to “burn” the transuranic elements, such as plutonium and other long-living radioactive material. In this case, burning the radioactive waste is translated as: destroying the transuranics, by converting them into shorter-lived isotopes. When the transuranic elements are consumed by the ABR, a large amount of energy is released and then converted into electricity.
Instead of burying several football fields of nuclear waste in Yucca Mountain (or elsewhere) for one million years, the toxic waste would be recycled as energy to be immediately used to power homes and industry. Part of the GNEP plan is to combine the current, or advanced, light water reactors with the ABR. As the light water nuclear reactors produce transuranics, the ABRs consume those highly radioactive elements. This leaves less nuclear waste for future disposal, and immediately provides energy.
The major issue in the western United States, about nuclear waste, is “please don’t put it in our backyard.” Several western states have been approached, and even the Carlsbad area was once discussed. Through the ABR technology, it may be possible to minimize the amount of this waste to make it a less undesirable disposal problem. A look at local New Mexico politics may provide an insight as to where the two U.S. senators may be heading with regards to a nuclear power plant for New Mexico.
New Mexico’s Enrichment Facility:
Prelude to a Nuclear Power Plant?
If Federal lawmakers are happy about the proposed uranium enrichment facility, some of New Mexico’s state politicians were still floating on clouds when we talked to them yesterday. New Mexico legislator John A. Heaton, the Democratic representative serving Carlsbad, waxed enthusiastic about the enrichment facility, “It’s the first step in converting this country to nuclear energy.”
Mainly the four state senators and representatives, whom we interviewed, echoed each other’s praise about Urenco’s proposed enrichment facility. “I could not be more pleased,” Senator Carroll H. Leavell told us. “It will have a major, very positive impact on the economy.” At the peak of construction, as many as 1200 workers may be employed. Later, when the facility is operational, about 300 workers will remain. All four were pleasantly surprised that town hall hearings for the proposed facility were overwhelmingly positive, and the local citizens would be delighted to have this facility in built in southeastern New Mexico. Senator Leavell said with disgust, “Most of the (anti-nuclear) protests have come from outside our area, places like San Francisco, DC and Santa Fe.”
Senators Leavell and Gay G. Kernan, the state senator from Hobbs, were invited by Urenco Ltd. to tour an enrichment technology plant in Almelo, Netherlands and left impressed with the company, its honesty and especially the management’s attitude of looking at both sides of the issues. Both state senators also observed the surrounding community failed to be negatively impacted by the enrichment facility.
Looking for deeper insights into what the future might hold, we asked all four about the possibility of a nuclear power plant in New Mexico. All four agreed it would be desirable. Additional comments by the four state politicians led us to believe there might be a second step, following Heaton’s remark about the enrichment facility being the first step.
Donald L. Whitaker, the Democratic legislator from Eunice, the closest town to the proposed enrichment facility, told us, “I would like to see a nuclear reactor in New Mexico.” Whitaker has toured a nuclear facility, and believes one would be great for the state’s economy. “They employ about one thousand and bring high-paying jobs,” he said. Representative Whitaker was not the lone voice among his fellow eastern New Mexican legislators.
“Yes, we want a nuclear reactor in New Mexico,” Representative Heaton said. Heaton is the legislature’s Vice Chairman of the Radioactive and Hazardous Materials committee and a member of the Energy & Natural Resources Committee. He discussed the ABR technology and GNEP, explaining how this would solve the waste disposal problem of nuclear reactors and sway public opinion on nuclear energy.
Senator Leavell took a more cautious approach, explaining how nuclear reactors need tremendous amounts of water. “I don’t think New Mexico could have a nuclear reactor, not with the current technology.” But, he still agreed it would be a good idea if new technologies were developed, which used less water.
Senator Gay Kernan told us, “I don’t know if I should be talking about this, but we are one of the candidates for the GNEP program.” Having heard a rumor that General Atomics may propose building a nuclear power plant in eastern New Mexico, Senator Kernan confirmed such a plant may be on the drawing boards, and telling us West Texas is likely to be developed as an “alternative energy corridor.” She told us, “It would stretch from Carlsbad, New Mexico to the Odessa-Midland, Texas area.” Senator Kernan would also like New Mexico to have a nuclear plant, “I don’t have a problem with that.”
The third politician, joining Senators Domenici and Bingaman, in praising the NRC approval of a draft license for LES and Urenco Ltd, was U.S. Congressman Steve Pearce. Comments, issued by his press secretary on Friday and praising the LES announcement, may foreshadow New Mexico’s next step, “Today’s announcement marks a major milestone in our efforts to cement our state’s leadership role in the development of alternative energy.” What greater leadership by a state than in introducing the new GNEP ABR technology in New Mexico? After all, the state of New Mexico remains the founding home to nuclear technology, where the world’s first atomic technology was designed at Los Alamos.
In a related development, David Watts, President of the University of Texas of the Permian Basin, recently met with Congressman Pearce about developing a helium-cooled nuclear reactor facility, which would be built underground in either Lea County, New Mexico or Andrews County, Texas. General Atomics of San Diego has funded the pre-conceptual design, which is underway and scheduled for completion in August. Waste Control Specialists has a low-level radioactive waste storage site in Andrews County. Realistically, a nuclear reactor in New Mexico is not out of the question. The legislators may get what they want. We believe Senator Domenici will ultimately set into motion the plans to bring New Mexico its first nuclear power plant. It would become his crowning achievement in helping the nuclear renaissance blossom in this country and in his state.
Saturday, February 18, 2012
A Nuclear Power Plant May Be Next for New Mexico
Friday, February 17, 2012
A problem called ‘Credit Card Debt‘
Credit cards are no more a luxury, they are almost a necessity. So, you would imagine a lot of people going for credit cards. In fact, a lot of people posses more than one credit cards. So, the credit card industry is growing by leaps and bounds. However, the credit card industry and credit card holders are posed with a big problem called ‘Credit Card Debt’. In order to understand what ‘credit card debt’ actually means, we need to understand the workflow associated with the use of credit cards as such.
Credit cards, as the name suggests, are cards on which you can get credit i.e. make borrowings (your credit card debt). Your credit card is a representative of the credit account that you hold with the credit card supplier. Whatever payments you make using your credit card are actually your borrowings that contribute towards your credit card debt. Your total credit card debt is the total amount you owe credit card supplier. You must settle your credit card debt on a monthly basis. So, you receive a monthly statement or your credit card bill which shows your total credit card debt. You must pay off your credit card debt by the payment due date failing which you will incur late fee and interest charges. However, you have the option of making a partial (minimum) payment too, in which case you don’t incur late fee but just the interest charges on your credit card debt. If you don’t pay off your credit card debt in full, the interest charges too get added to it. So your credit card debt keeps on increasing, more so because the interest rates on credit card debt are generally higher than the interest rates on other kind of loans/borrowings. Further, the interest charges add on to your credit card debt each month to form the new balance or the new credit card debt amount. If you continue making partial payments (or no payments) the interest charges are calculated afresh on the new credit card debt. So you end up paying interest on the last month’s interest too. Thus your credit card debt accumulates rapidly and soon you find that what was once a relatively small credit card debt has ballooned into a big amount which you find almost impossible to pay. Moreover, if you don’t still control your spending habits, your credit card debt rises even faster. This is how the vicious circle of credit card debt works.
Thursday, February 16, 2012
A site that will take care of all factoring requirements of is finally at your fingertips.
A business can only grow when it makes more sales and wins the trust of the customers. However often the suppliers of raw materials want payment quickly while you have to sell finished goods to your clients on credit basis where the credit period may range from one to two months. Factoringquotes takes care of all your accounts receivable and by paying the seller of raw materials on your behalf and also paying you your dues from your clients. The company then recovers the dues from your client after the payment arrives. As a result your cash flows are not hampered and also you have money on hand to settle all your dues. Factoringquotes charges commission as a certain percentage from the total amount for rendering its services.
Hence in case of accounts receivable factoring, you may get up to 98% of the outstanding receivables. As a result the company will be able to process all orders and also increase its sales. Factoringquotes handles monetary transactions ranging from $5,000 to $30,000,000 per month. Also when you pay your supplier on time, often you can take advantage of supplier discounts.
You can get all factoring quotes quickly. All you have to do is provide your company details and requirements and within a few hours a representative of the company will get in touch with you. Factoringquotes also assists in other factoring requirements such as small business factoring, construction factoring, export factoring and even cash flow factoring.
Small business factoring proves to be a strong tool for small businesses who have just stepped on the path of progress. This is because a small business may not have the ability to sell goods on credit for 2-3 months as its funds will be locked up in accounts receivable. Factoringquotes comes to the rescue at it takes care of all accounts receivable of the company by providing immediate cash. The site also helps with purchase order financing where it pays for raw materials bought on behalf of the company. As mentioned before, the company stands to gain in the form of seller discounts.
Factoringquotes has also diversified in other types of factoring such as medical factoring of accounts receivables. In this industry the site arranges for funds to be paid to a health care provider on the insurance claims that are frozen in accounts receivable. Then there is also freight bill factoring where the company buys your freight bills and invoices and then gives you advance cash in less than 24 hours. The customers are given an options as to which bills they want to factor. Hence factoringquotes proves to be a cash flow solution for all companies who don't want their funds blocked for a long period of time.
Wednesday, February 15, 2012
A Specialist Solution to Buy-to-Let Financing for up to £20 Million.
Copyright 2006 Geoff Morris
Looking to consolidate or even improve the efficiency of your portfolio financially? Geoff Morris, of Property Horizons, discusses some interesting ways in which to finance your investment property portfolio with Suzanna Grey, an Independent Financial Advisor at Beacon Financial Limited.
As a property professional, are you looking for a different approach to your borrowing requirements? There is a company specialising in professional landlords that many are unaware of. They are unique in the market place and approach buy-to-let in a very different way to high street lenders. They are from a commercial background and approach the property investment market from that perspective.
They are one of the UK’s leading providers of residential buy-to-let mortgages, winning the Buy-to-Let Lender of the Year award at the 2002, 2003 and 2004 Business Finance Awards. They made their first specifically targeted buy-to-let mortgage in 1995 and are unique in being the only UK lender to offer a service totally dedicated to the professional residential property investor.
They provide a bespoke professional service, competitive interest rates and a wide range of products designed specifically with the professional property investor in mind. As a centralised lender a good intermediary is vital to ensure the most appropriate product is selected.
As buy-to-let specialists they have a comprehensive understanding of the market and are able to create mortgage solutions to meet your needs. They are an ARLA affiliated lender and carry out regular research into the buy-to-let market.
Many landlords approach me to help ‘tidy’ the borrowing they have on their portfolios. Often they have loans with several different lenders, on a range of different products, devised by mortgage brokers who did not view the portfolio holistically - but from a ‘best rate for that property’ view point.
For those of you who are used to paying high valuation fees, redemption penalties when you remortgage to raise they deposit for the next property, or who are simply frustrated with the onerous administration, I have the solution.
This specialist lender offers a maximum of £20 million to professional landlords. They can pre-underwrite you on the basis of your existing portfolio so your income separate to the portfolio is not considered. This means it is possible to have an offer very quickly without pages of forms to complete. The only item they require will be the valuation, which at a maximum of £125 per property, and with in-house surveyors who understand the investment market, is very competitive.
You no longer need to re-broke your loans if you need to raise capital, simply apply for a further advance. Should your property require updating when you purchase it they are able to pre-underwrite the completed value and will release the additional funds once works have been completed.
The rates are competitive and they understand the professional landlord as this is the market in which they exclusively deal. They will run suitability checks on new areas to ensure they are appropriate for the rental market, free of charge, to help diversify the portfolio geographically to spread the risk. This ensures that you can invest in new areas with confidence.
This type of lender can help you gear your portfolio effectively in order to maximise the available capital and expand your properties. They can also assist you to access the auction deals and special offer properties where fast exchange is crucial.
It makes a refreshing change for a lender to be supportive in your investment strategy, rather than prohibitive.
Suzie Grey is an Independent Financial Advisor at Beacon Financial Limited and can be reached by phone (01480 869466). Beacon Financial Limited is authorised and regulated by The Financial Services Authority. She will be a regular guest on the Property Horizons Teleseminars, and mini-conferences.
Tuesday, February 14, 2012
A Stockbrokers Advice
It can be a good idea to use a stockbroker for an active management of your stocks or mutual fund portfolio. It can be vital if you want a steady growth. It may also be unnecessary as a passive management alternative often is available for long term investing.
However, many prefer to use and pay for the services of a broker because they feel more comfortable making decisions about their finances with the interactive guidance of a licensed advisor.
Using a stockbroker for financial guidance one must be aware of the fact that they do get paid on a commission. This can be a reason for them to trade more often as more trades make them more commission. The stockbroker is also paid on the result they can achieve.
Furthermore a conflict of interest arises when a stockbroker offers his/her services as a financial planner, because their revenue is generated as a direct result of your investment in the stock or mutual fund that they broker to you.
Your return on investment may not be as great, and the advice they give you might not be in your best interest. However, some mutual funds and stocks can only be purchased through a broker. In such cases their services are required to purchase the financial instrument in question.
If you use the services of your bank there are some facts to consider. When you talk about the options you have to invest your money, they will certainly recommend the funds they control themselves.
In some countries you can for example invest in a portfolio with shares and have a guarantee to at least get your initial investment back in 2, 3 or 4 years. Sounds great to many and when they say yes to invest, the bank charge 110%. In that way the bank make a profit and secure the costs from start. Do the bank take a risk? No, they cover themselves with other types of investments that function as an insurance.
So now your portfolio starts off with a backlog of minus 10%. Often the investment will recover and take back most of the initial loss and the guarantee makes many invest as they feel comfortable and secure when they invest in this way.
Back to the question about what kind of investments the bank recommend. Do they recommend other banks portfolios? I don´t think so. If you go to a car dealer that sell Ford, do they recommend you to buy a Lexus? Certainly not. A stockbroker working in a bank is not neutral, their job is to make you invest in the shares they make the biggest profit for them. If you make a profit too, that is fine but not their prime priority.
There are the authorities though to help the customer out. And there are rules and regulations about the way stockbrokers can and shall work. Depending on in which country you are investing the rules can vary. In some countries stockbrokers can have his own portfolio and the company where he works can also have an portfolio of shares.
This makes an eventual conflict arise whenever something special happens. There are numerous customers that suspect that they have been recommended shares in companies that will face problems and where the stockbroker wants to sell his own shares before the market drops. To prove these cases are almost impossible and to win them very rare. The number of transactions are also so big that it is almost impossible to trace and see a pattern. There might be just a few that went the wrong way.
Stockbrokers in general are behaving in a professional way and realise that their business will benefit most if the outcome for their customers are great. As a customer you are advised to check the results that a stockbroker have produced, trace their records. Do not look at the advertisements, the truth about the results are not there.
On the internet you can now use the statistics by independent companies that range stockbrokers, funds, shares etc. Here you can find facts – vital facts for the outcome of your future incomes from investing.
Monday, February 13, 2012
A Structured Settlement Annuity: Comparatively Speaking
In earlier articles, we've seen the benefits of structured settlement annuities over lump sum payments. For some, this protects them from the temptation of spending the bulk of their payment on unsound or unwise investments. Protection and incoming cash flow over the long haul are what structured settlement annuities provide. However, not every person faced with a lump sum payment necessarily will be tempted to spend the money rashly. Obviously, there are people who are savvy investors and think that given the opportunity with a lump sum payment over a structured settlement annuity, they will be able to make more money investing on their own.
With that in mind, let's take a look how a structured settlement annuity compares with one of the most popular investment vehicles, the equity income mutual fund.
First, let's look at who issues the annuity and the mutual fund.
A structured settlement annuity is issued by a life insurance company. An equity mutual fund is issued by and investment company that pools the assets of multiple investors in equity securities.
Next, let's look at the long term capabilities of each to provide a lifetime income.
An annuity payment plan is created up front and is a predictable and dependable source of income that can not be outlived. A mutual fund can be a high paying investment. However it can also be highly volatile and unpredictable based on market conditions and can actually lose money and stop your earnings if the fund performs poorly.
What about guaranteeing the payouts?
An annuity is guaranteed by the issuer of the annuity based on the terms of the structured settlement. A mutual fund is solely dependent on market activity and thus can not be guaranteed.
What about costs?
The annuity has no cost associated with it. A mutual fund can be subject to a number of fees, like a sales load, yearly management fee, and marketing expenses. Even the lowest cost index funds have some costs associated with them.
What about keeping up with inflation?
A structured settlement annuity can have a cost of living adjustment incorporated into the annuity at the time it is designed. An equity mutual fund can outperform inflation based on how the underlying securities perform. However it is difficult to predict what the return will be and remember "past performance is not and indicator of future results."
But what about the dreaded T-word....Taxes??
A structured settlement annuity is tax free as long as the money received is the result of personal physical injury or physical illness. As income is earned from an equity mutual fund taxes, capital gains, income etc, must be paid.
What about flexibility?
A structured settlement annuity payment amount and schedule may not be altered at any time. Conversely, money can be moved in and out of mutual funds. However, taxes, sales loads etc may be applicable with each transaction.
Sunday, February 12, 2012
A Structured Settlement Nightmare: Don't Let This Happen To You.
Accidents happen. Medical malpractice, while difficult to accept, happens. These are just a couple of instances where forces beyond your control can turn your life upside down and change it forever. Unfortunately, it happens every day. Now, it may be that you can't control these occurrences, but there is a legal system in place that can help you lessen the burden of these events in the coming years. If you are the victim of someone else's negligence get a qualified attorney and go to court. The result should be a a "Structured Settlement" that will pay you on a defined schedule over the course of the agreement.
This structured settlement comes in the form of an annuity that a defendant purchases to make the payments due to you. You may ask, "Why can't I get the amount I am awarded in court in one lump sum?". Depending on where you live that may be an option, though more and more states are requiring that structured settlements be used.
The reason for this is to protect you as the person getting the money from spending the money in a careless manner that jeopardizes you future financial well being.
Let's look at a real life example.
In 1973, Tiffany Adams was born in Memphis with severe brain damage that her parents blamed on her doctor. They sued for malpractice and received a cash settlement of $250,000 in one lump sum.
The family's attorney recommended investing the money to create an income that would help take care of Tiffany over the course of her life.
Well, as this is not a success story, you can see where this is going.
Tiffany's parents wastefully put the money in to the father's business. In a little over 10 years the money to care for Tiffany's was gone.
A few years later the parents divorced and Tiffany receives no child support. If that wasn't bad enough, in 1987 Tiffany was in an accident with her wheelchair that caused severe facial injuries. The family won a new settlement from the wheelchair company.
This time, however, Tiffany's mother insisted on a structured settlement for the payments. This allows Tiffany's mother to take care of her daughter without the fear of having someone take advantage of her settlement.
Accidents and malpractice are things you can not control. What you do, however, with the settlement money you receive is something you can.
Be prepared and be informed.
Protect you and your family by finding out more about structured settlements and structured settlement annuities.
Saturday, February 11, 2012
A Word of Warning About Home Inspections When Buying
When you make the decision to purchase a home, you are committing to a lot of debt. You want a home inspection, but be careful with your choice of inspectors.
A Word of Warning About Home Inspections When Buying
When purchasing a home, it should be required that the buyer set up a home inspection on the home. This home inspection is designed to ensure the home is in good condition and to notify the buyer of any potential problems in the home. However, there are some things that potential buyers should be aware of when having a home inspection done.
In order to ensure that the home inspection goes properly, it is important for the buyer to be careful about which home inspection service to go with. Often times, the seller or seller’s realtor will make a suggestion for a home inspection service. Often, they will even offer discounts for using the service. Should you go with the discounted service offered by the seller?
Sure, the discount can be good, but you could potentially be setting yourself up for a big loss in the future. To understand why, first understand that the real estate agent has a pretty big commission on the line. Real estate agents often make 6 to 8 percent of the total sale. This means they have a lot riding on every sale and they are looking to close out every deal they can. While ethics should drive them to be fair in every sale, the sad reality is they are looking after the seller and their commission, not you. Hardly a surprising statement, eh?
Home inspection services recommended by the agent often carry an unspoken agreement. If the inspection reports are favorable to the seller, the inspector will get more business. If they are not, the seller’s agent will find someone else for future deals. Human nature suggests this situation can lead to certain deficiencies being overlooked by the home inspector, a fact you will inevitably pay for in the future.
The bottom line is that you, as a buyer, need to be aware of the importance of objective home inspections. The inspection is going to tell you if there are any problems with your potential dream home. If there are, you can demand the seller have them repaired, lower the price or pay cash funds at closing so you can have it done. If you use an inspector recommended by the seller or seller’s agent, you run the risk of missing some major problem with the property. Don’t do it!
Friday, February 10, 2012
ABCs Of A Good Accountant
Have a good laugh at this joke concerning accountants:
A businessman was interviewing applicants for the position of divisional manager. He devised a simple test to select the most suitable person for the job. He asked each applicant the question, "How much is two and two?"
The first interviewee was a journalist. His answer was "twenty-two"
The second applicant was an engineer. He pulled out a calculator and showed the answer to be between 3.999 and 4.001.
The last applicant was an accountant. When the businessman asked him the question, the accountant got up from his chair, went over to the door, closed it, came back and sat down. Then, he leaned across the desk and said in a low voice, "How much do you want it to be?"
Dropping off the fun out of this joke, accountants are indeed essential in the community of professionals. It cannot be denied that it is a job with a good distinction over others. At any rate, a good accountant will always be different from a so-so one.
What does it take to be a good accountant?
A good accountant is someone with:
Good Time Management- time will always be a major concern. Accounting is a complex job. True as always will be, time is gold.
Oral Expression- he deals with loads of people. Therefore, he must be good at speking his mind.
Outstanding Quality of Work- In whatever side, quality beats quantity. An accountant must pour out his best in every task he performs.
Deep Sense of Professionalism- He must act as if he owns everything under him. A good accountant is somebody who knows how to act the way his profession asks him to.
Assertiveness- he must not be contented with just sitting down. He must know his stand, speak it out and work on it.
Creativity- he must not have a shortage of ideas, strategies and methods of making great results attainable.
Competence- he has to ignore choosing the least. His target must be the rooms on top.
Open-mindedness- he must view change in an optimistic way. Moreover, he must be flexible towards it.
Understanding his Job- he will act well if he knows what his real purpose is.
Numeric- I need not explain.
Team Work Flexibility- He can work well with all kinds of people. He can build a good relationship with almost everybody.
Analytical Skills- He must think beyond mediocre does
Necessary Listening Skills- Talking alone will not shape him into a good adviser as expected of him. He must be someone who respects the view of others.
Trustworthiness- He is someone who does his job well and establishes others’ confidence in him.
Thursday, February 9, 2012
About Basic Bank Accounts
Despite easier than ever access to personal finance services, there are still 3 million adults in the UK today who are completely outside the banking system, and don't have access to a bank account.
Many of these people are unable to get a standard account because they have a poor credit score, either because of past financial difficulties or simply a lack of positive financial history. While high street banks are always keen to deal with people with good credit ratings, they can be cautious about making credit facilities such as overdrafts available to people with sub-prime ratings.
A new kind of bank account was needed if the industry's government prompted goal of increasing financial inclusion was to be met, and Basic Bank Accounts were born.
Basic bank accounts, also known as starter accounts or introductory accounts, are a very simple type of account which offer little in the way of credit or ways for accountholders to get into debt. There is usually no overdraft facility, no cheque book, and no debit card. The accounts simply provide a way for money to be paid in either over the counter or by electronic transfer, and withdrawn by cash machine.
This lack of features means that there is little risk or cost involved for the banks, and so their approval rates are much higher. In fact, about the only people who will have their applications rejected are undischarged bankrupts, or those with a history of fraud or very serious bad debt.
So how can getting a basic bank account benefit you? Firstly, most accounts will let you set up direct debits to pay your bills, and this will save you money as many companies will give you a discount if you pay in this way.
Also, the government is moving towards paying all benefits and pensions direct into bank accounts rather than in the old way over the Post Office counter, and basic bank accounts will let you receive money in this way.
Finally, this kind of account can be a 'stepping stone' into other financial services, helping you to build up a better credit rating, and in the future to take advantage of other services available such as overdrafts and debit or credit cards.
Since they were introduced, basic accounts have been very successful, and there have now been around 5 million accounts opened. Both the government and the banking industry say they are committed to increasing this figure even more over the next few years, until ideally every adult has some form of bank account, and so we can expect to hear a lot more about basic accounts in the near future.
Wednesday, February 8, 2012
Accident Claim Compensation
There are a number of factors affecting the likelihood of the accident claims’ success.
* Timescale. It is unlikely that a solicitor will be willing to deal with the case if the incident occurred more than three years ago. The limitation period for most personal injury claims is three years and if the case is not settled or proceedings have not been issued in a court of law prior to that time then the matter becomes statute barred. There are exceptions to this rule. The most important one being that time does not begin to run until a person reaches the age of 18 years. There are other exceptions and accident claim advice should always be sought in regards to matters relating to limitation.
* Injuries. The doctor who originally treated the injury will hold medical details, which are of paramount importance when making a claim. The solicitor will use this record as evidence of the type and cause of the injury and if necessary will obtain another specialist's medical opinion as the case proceeds. It is therefore extremely important that medical advice is obtained as soon as possible after any accident either from a General Practitioner or from the local hospital Accident and Emergency department.
* The Police. A specialist accident claims advice solicitor will liaise with any police officers who witnessed the accident or the occurrences shortly after the accident and will usually obtain a copy of the police accident report which will be made available as soon as any relevant criminal prosecutions are completed. A policeman may be called to give evidence in any civil court case for damages if necessary.
* Witnesses: Sometimes there are witnesses and it helps if their statements are collected immediately. Witness statements greatly support the claimant’s case. However, these statements should never be obtained personally by the injured person. A solicitor or a private inquiry agent employed on the client's behalf will usually obtain signed statements which will verify the client's version of events.
* Evidence. The more evidence and information gathered, the greater the success rate. Clients are recommended to take detailed photographs of the location and any injuries. A daily diary charting the recovery from injury is also useful in assessing any compensation payable for pain and suffering. This should include any entries on what kind of activities you can no longer enjoy, or how the pain intrudes on your ability to enjoy a ‘quality” life. All receipts for expenses incurred should be carefully kept and filed (be sure to make photocopies).
Tuesday, February 7, 2012
Accident Claim Online
Many people rely on a solicitor for advice or assistance regarding a variety of aspects of their lives. When facing what can feel like an uphill battle in the world of personal injury claims, the intensity of that reliance is great. The injured person or persons is normally recovering not only from the physical damage that they incurred as a result of someone else's negligence, but also from the pain, suffering, and distress caused by the disturbance of their normal lifestyle. There may be trauma: a natural by-product of one person injuring another, accidental or not. Often there are not only medical bills and appointments, but lost wages, lost abilities or sometimes, even lost life for which a claimant is seeking compensation.
Due to the complexity of injury law and the process of proving negligence and winning a case, most claimants will eventually seek some form of professional legal advice in the form of a solicitor. There are solicitors who work individually, but some people feel more comfortable with an established group of solicitors, who often tend to have access to more resources, that means the brains and experience of each member.
Perhaps you already have a relationship with a personal firm of solicitors. But when so much is at stake, personal firms are not always the best choice. Choosing a legal advisor solely on the basis of existing relationships can injure a claimant's chances of winning a case. Just because your neighbor's brother just got a job at a law firm doesn't mean that you should choose that firm. However, if his job is with one of the top injury firms in Great Britain, which you have verified through a reliable source, then following the instinct to choose his firm is likely to prove to be a good choice.
If you are not lucky enough to have the neighbor with a brother working for a fabulous injury firm, then choosing the right solicitor can sometimes seem overwhelming. In any town in the United Kingdom, it is easy to find a solicitor. Simply open the phonebook or look in the local newspaper's personals, and there are bound to be plenty of choices. Yet selecting someone solely on the basis of an advertisement is not necessarily the best way to make what will likely turn out to be a rather important decision either.
There are a number of sources of information to help you choose the right injury firm with solicitors who have experience with cases where one individual or organization injures another. These solicitors have the knowledge that will allow them to best personalise how they handle your case depending on the severity and extent of your injuries and expenses. The Community Legal Service Direct is one such resource. They can provide information on how to file a claim on your own as well as how to select a solicitor and what to expect throughout the litigation process. Located throughout Great Britain, there are also Community Advice Bureaux and Law Centres, which exist to make sure that citizens have the information they need to make the right choices regarding their legal needs.
Monday, February 6, 2012
Accounting - All Businesses Need One.
As business becomes more and more global, and complexities continue to emerge, certain fields have gained prominence in today's career market. One of these is accounting. Accounting is a very conceptual career or task, more a question of information handling than any hands-on approach to product development. However, as trends change, accounting is becoming a little more diverse and less just a question of 'crunching numbers'.
These days, there are specific kinds of accountants who do separate jobs as part of a given company. There are accountants who monitor spending and resource use; these are called 'audit' accountants. Then there are other professionals who use accounting information to guide procedures and to facilitate decision-making, and these are referred to as 'management' accountants.
One could say that while audit accountants are involved in book-keeping history, management accounting is a process of looking to the future to try to foresee events and plan for these in terms of a company's resources. 'Ledgers' and classic ideas of accounting belong more to audit accounting, while management accounting deals directly with the machinery of a firm. Both positions require people skills and analytical skills; both types of accountants need to know how to use computers. Spreadsheet software like Microsoft Excel is popular in keeping accounting information available in a flexible format.
As to the issue of how the two are related, audit accounting is often considered more essential to small businesses. A small business may not need any more oversight than the owner or general manager can provide, but someone always had to keep the books. Also, in management, the old adage may apply that 'too many cooks spoil the broth'. Management accounting seems to be a more useful role in large companies that need many consultants to micro-manage a variety of projects.
In general, accounting is becoming a popular career choice. Some may shy away from it due to an aversion to how accountants have been described in the past. Some people 'don't like numbers' and consider accounting work to be unbearably dry or tedious. Others, however, have already completed their degree to become a CPA (Certified Public Accountant) and these may find themselves well placed in high-profile audit accounting positions. For others, management accounting provides a new look at a classic career.
Either way, the study of this valuable field can be a good way to get into a certain kind of company. many companies are hiring temporary accountants, and the abundance of opportunities means that employers and university graduates may be able to find each other through the phenomenon of accounting, as the majority of businesses turn their efforts toward the study of resource allocation, asset management, or more simply, crunching numbers.
Sunday, February 5, 2012
Accounting Outsourcing Service to augment your business prospects
Are you unable to keep a tab on the heavy accounting work undertaken by your accounting firm? This is just no reason for anyone to despair about his/her business prospects. Opt for accounting outsourcing service from an outsourcing firm to meet hectic customer demands. Accounting is a seasonal business, which witnesses heavy demand from customers to get their tax returns prepared and pay their taxes timely. This is the time when accounting outsourcing service comes as a boon to accounting firms and CPAs.
Several outsourcing companies deal with accounting and provide their clients with accounting outsourcing services. If you are eager about earning revenue through your accounting business, outsourcing the process is the best source for you. Accounting outsourcing services are offered considering the urgent requirements of CPAs and accounting firms to meet customer demand during the tax season in the US.
To run your accounting business successfully, you will have to choose a good outsourcing company which meets all your requirements. Take a few minutes out of your busy schedule to scout the best accounting outsourcing service provider to work for you. The World Wide Web is the best source for information regarding bookkeeping outsourcing service.
While researching for a good outsourcing company, it is very essential to check out the different features provided by the company. See the different types of security features which are put in place for protecting customer’s financial security and personal identity by the accounting outsourcing company. In this age of advanced communication, it has become all the more important then ever to maintain strict secrecy about customer’s finical details and personal identification. Customer security must be of major concern for any outsourcing company.
Compare the cost offered by different companies for doing accounting outsourcing work. Opt for the firm which provides you good quality service at an affordable price. Sometimes however compromising on the price for the service offered to you can actually spell loss for a business. This is to say that always the highest price does not guarantee the best services and vice versa. So you must undertake careful considerations before you actually choose a company for doing the outsourcing work for your firm.
You can get many benefits and enjoy peace of mind by outsourcing your accounting work to an outsourcing firm. Accounting outsourcing service work is done by trained professionals in the developing countries. This means the cost of labor is low compared to other places. Professionals in developing countries are highly qualified, but lack job openings. So by accounting outsourcing your customers can get their work done by highly qualified professionals, without spending an extra cent.
Another benefit of accounting outsourcing service is that if you are at anytime not satisfied with the work done, you can fire the accountant and hire new ones for doing the job. With plenty of opportunities available, you will not find any dearth of talent and manpower in this field. There are plenty of opportunities open for you to explore on the internet.
Accounting outsourcing service spells instant success for a business. The simple reason for this is the reduced cost of the services provided. By accounting outsourcing service the entire method of accounting is made cost effective and simple for CPAs and accounting firms to handle.
Saturday, February 4, 2012
Accounts Receivable Financing, Tax Write Off And What Does It Cost?
Banks won't lend money to a business seeking to acquire larger contracts because its not viewed as an asset. So if you are a small start up company, funding for expansion may be hard to obtain. Accounts Receivable Financing could be the key to funding for a start up with desires to bid on large Government (or Corporate) contracts.
So what is Accounts Receivable Financing? It is the selling of your accounts receivable invoices for cash versus waiting 30-60 or 90 days to be paid by your customer. Accounts Receivable Financing is also know as Factoring.
Securing the services of an Accounts Receivable Financing Company will allow a small company to bid on almost any contract within reason. A small company would know in advance that the funds needed to produce goods or provide services are available once they win the contract. In fact, some A/R Companies will advise you on which companies they will Factor Invoices from and which to avoid! (Federal Government contracts are considered "gold" however not all Factoring companies can handle Government Receivables)
One of the major concerns for most small business owners is how much does Accounts Receivable Financing cost? Between 1 to 5% generally speaking. Since Accounts Receivable Financing rates depend on the credit-worthiness of your customers, your average invoice, average payment cycle, and factoring volume, its hard to predetermine the exact cost of the money. However, you should remember, whatever the cost is: Its TAX DEDUCTIBLE and this is important. This means that the cost to factor is offset by IRS.
Not all Factoring companies are created equally (you can't tell that by looking at their web pages). A Cash Flow Consultant or an Accounts Receivable Broker can stir you in the right direction. There are issues such as: process to acquire funding, will the Accounts Receivable Financial company (factoring) company handle your collections, will they provide the funds through a credit card or will they wire the monies into your business checking account, will the Accounts Receivable Financial company factor with recourse or without recourse? (Meaning will they take responsibility for the debt or will you the client take ultimate responsibility? The rates are different)
Sometimes an A/R Broker has a choice, but not all the time. For instances, there are not that many companies that provide Accounts Receivable Financing for health care or construction. It all depends on what type of business you have and what your needs are.
Friday, February 3, 2012
Action Plan: How to power down your debt NOW
It will take you on average between 25 to 30 years to pay off your credit card at the minimal amount. This will not do.
Make a list of all of your credit cards (including all consumer debt such as doctor bills, furniture stores and your home).
List the following in columns: the type of credit card, principle amount, regular payment amount, power down payment, interest rate, total number of payments left on the card, estimated payoff date. Put your list in order of how many payments are left from least to most. If you make a minimum payment of $55/month on one of your cards until it is paid off in full, you then have $55/month freed up to add to the minimum monthly payment for the next credit card. After you pay off the second card, the amount you were paying on that one can be applied toward the third card. By doing this, you will decrease the number of years required to pay off your credit cards from approximately 30 years to nine years.
Using this strategy, think about the other ways you can free up money. If you spend about $100 at Starbucks each month, think about spending that money toward your credit card payments.
Remember, money is emotional. We spend and make money based on emotional compulsion. Go back and see what you spent money on in the last week and how much you spent. It’s not how much money you make that matters, but how well you manage it that counts.
Thursday, February 2, 2012
Adapting Frugal Living To Fit Your Lifestyle
There is a lot of advice out there on how to live a frugal life. You can go from anything as simple as turning off the lights when you leave a room to grinding your own flour. There are forums out there where people discuss the way they use the rainwater they collect to do everything from watering plants to flushing their lavatories.
How frugal you are depends on your lifestyle. In my opinion, all it takes to be considered frugal is to think before you purchase something. You can simply turn down the heat at night and save a little on your utilities to be frugal. You can shop sales. You take the time to ask yourself if you really need something.
Being frugal isn't about washing out ziplock baggies and reusing them. It isn't about grinding your own wheat or collecting rainwater. It isn't even about that sweater you didn't buy. It is about thinking before you spend. It is about conserving what you have. It is about saving money and managing your finances.
And every household has different finances. We all have different goals. It may not look frugal to you for my family to have a $50,000 pick-up truck. But when we need it to haul cattle to and from market, it becomes a necessity. We make up for it in other ways. We buy our cattle feed in bulk in order to save money. We take care of what we have so that it lasts longer.
The point is that every household has to look at their own situation and then decide where they can - or need to - become more frugal. Frugal living doesn't mean doing without. It doesn't mean that you don't have what you need. In fact, it means the opposite.
Frugal shoppers are careful. They take care of their money and make the most of it. Many frugal shoppers actually have everything they want and the satisfaction that it doesn't hurt them financially. They spend time to make wise decisions. They learn how to make their dollars really work for them, instead of against them. They have more for less money.
Frugal living is about reducing what you spend, living within your means, using what you have and taking care of your belongings, including your money. It is about making goals and working to reach them. Which would you rather be: the person who decides when and where to spend his money or the person whose money is spent before he makes it?
Take the time to look at how you spend. Your spending is more important than your income. You can make $100,000, but if you spend $120,000, you are in trouble. It will eventually catch up with you. You have to spend less than you make, and that is what being frugal is about. Living with what you have. It is easier to spend less than it is to make more. It is easier to be frugal than to juggle credit cards and lenders. Find the frugal methods that work for your family and start saving today.