5 Interesting Techniques for Raising Money-Wise Children

Being financially savvy is one of the many gifts you can give to your kids. But it’s not easy to raise children who have good money management skills. For one, it takes years of training to instill in them the habit of saving especially in their early years wherein they still have a vague concept of money.

You will also have to make conscious effort in practicing good money habits yourself to serve as a model for your children. Your words of advice to them won’t matter if they don’t see you doing what you teach them to do.

You will also have to make conscious effort in practicing good money habits yourself to serve as a model for your children. Your words of advice to them won't matter if they don't see you doing what you teach them to do

So how can you assure that your children will grow up having a healthy attitude towards money?

Include them in making the shopping list

Creating the list together will let children understand what are deemed important for the house such as toiletries and food supplies. You can first ask them what they think you should include in the list and write down whatever they say. They can then rank each item according to priorities.

You can also discuss to them why you have to let go of some to give space for alternatives that are better in terms of price and quality. By engaging children in making the household shopping list, you give them the opportunity to learn about prioritizing, one of the essential skills needed for good personal finance management.

Involve them when you actually shop for the home.

It’s highly possible that your children will be begging you to buy the toys they see while in the store. While this can be an annoying scenario, consider this as a chance to explain that if you buy the toys, they need to give up something or you won’t be able to buy an important item for the home. It’s also a good chance to teach about delayed gratification, which is another essential for good money management.

Shopping with children also allows you to show to them how you strike a balance between price and quality when choosing products from various brands. You can give practical money tips from time to time, too.

Moreover, you can also give the shopping list to them and let them choose the products themselves to give them a sense of responsibility. Of course, you should be there to guide them and ensure they make wise choices.

Let them know about the bills to pay.

Help them understand the implications of the utility bills in connection to money and to the household’s electricity and water consumption. Most importantly, inform them that they can help reduce the bills and save more money to buy the more important stuff if they take part in conserving water and energy.

Let them know that as simple as practicing the habit of turning off the lights and appliances when they’re not in use or preventing water from unnecessarily running out of the faucet can greatly help in reducing the bills. Of course, you should also practice saving water and electricity.

It will also help if you teach children how to read and monitor the water and electrical meters used to determine the household consumption. The kids can experiment on how fast or slow the meters run depending on how many faucets or appliances are currently being used, and thus, will have an understanding of the grave effects of wasting water and energy.

Help them understand how doing chores can save money.

While it’s a common advice to teach kids about the value of work in order to earn money, it’s not wise to constantly put financial rewards on household tasks. Although most kids hate doing chores, they have to realize that it’s important to do these tasks to keep the house clean.

But most importantly, doing the chores can save the family more money because you won’t have to hire someone else to do the job. If children help in washing the car, for example, the family won’t have to spend for premium car wash services. Moreover, if kids are trained to clean the house regularly or at least to clean as they go, the family can reduce their expenses on professional cleaners who are paid per hour because they won’t have to stay long in the house.

Teach them to save whenever they receive money.

Whether it’s an allowance from you or cash gifts from relatives and godparents, help your children instill the habit of not spending the money right away just in case they need to buy something more important in the future. You can opt to use transparent cookie jars or if you want to further introduce children to the concept of interest income, you can open a savings account under their name.

Final Words: Train Children As Early As Possible

Raising money-savvy kids require time, patience and constant reminders until the good habits become a natural thing to do for them. Don’t forget your role, too, as you have to walk your talk because children often follow what adults do despite the verbal advice given to them.

Mari writes for Loansolutions to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on finance. Also, she’s fond of 9GAG, so you might read some random stuff over here.

How to Choose A Finance Advisor In UK

Choosing a good financial advisor in the UK is tricky. The laymen are hardly aware of what they should actually look into. I too have undergone such problems and so like to share the fundamental criteria which you should base your choice on.

How much will it cost you?

First and foremost, you should think about the cost factor. The consultants are in money-making business. Are you getting some good suggestions that you cannot dig out on your own or get at a lower fee? According to me, good advice is worth its weight in gold. Sometimes choosing a cost-effective option over solid yet expensive investment do you no good and at the end of the day, you realize about money waste in lieu of almost nothing. I got the brunt of my wrong decision and so advise everyone to prioritize the quality of service.

Finance Advisor In UK

I am quite blunt and biased in saying that it is an independent advisor whom I feel comfortable to work with. If an advisor is employed with a brokerage firm, he will fob off the choices that will work in favor of his employer. Furthermore, when it comes to cost factor (better to say, fear factor!), an independent advisor works out much a better structure that will not pinch your pocket.

Overall attitude of the advisor

Watch your advisor’s action. Does he pay attention to what you say or seems quite pushy about solutions before having a complete picture of your needs? Suppose visiting a doctor’s chamber and before you speak out your problems, the person is writing a prescription or pushing you into a USG cabin. Can that be the right approach to cure and care for any patient? If a finance advisor behaves in the same way, then working with him will invite only the worst scenario. Your UK advisor should be decent and patient so that you can feel comfortable while talking about your problems at large.

When you invest in something in the UK, it is a must to have a rough idea of what you are doing and what your goals are. Yes, the consultant is there to do his stint of work but you must know why investing in a particular project is best suited to your financial objectives. Though it may not be possible for a common man to realize the nuances of a financial planning as developed by a qualified advisor but gathering a rough idea makes enough of sense as it is your hard-earned money that goes into the investment.

Your financial advisory must stay up-to-date

An advisor must be working consistently. An ideal person should not suggest radical changes that will give a heavy blow to your financial status or do some major shifting of your money. In addition to these, he must be a man of principles and have transparency in his working procedures.

The advisor must offer genuine solutions

A good financial advisor must stick to you through your thick and thin instead of acting like an escapist from fears and frustration. Looking back the recession period and considering the fact that UK economy is yet to revive its old glory, it is important that you seek advice from a consultant who will understand your panicking in the event of market ups and downs. It is quite unfortunate that some seasoned investors go out of the market if they are worst hit by economic turmoil, leave alone the newbie. Your advisor must make you feel relaxed whatever condition hits the market.

Finding a financial advisor in the UK for mortgages and equity release:

  • Specialized mortgage advisors must have relevant qualifications. The same goes for advisors dealing equity releases for customers.
  • Such advisors’ main income is through commissions for every mortgage and equity release product that they sell. However, they may also charge an exclusive fee for their financial advisory services.
  • Mortgage advisors offer advice related to life insurances, covering a wide spectrum of market services, protection insurance schemes.
  • If you wish to deal with mortgages and equity releases better, an independent mortgage advisor will be able to offer a range of options from the market.

Choosing an advisor in the UK for general insurance products (such as a car, home, travel, etc.):

  • Also known as insurance brokers, you will not be charged an additional fee for their financial advisory services.
  • Insurance brokers work on fetching the best deals for you and have spread their services to cover a number of claims for customers to shop.
  • Specialized insurance brokers deal with claims pertaining to specific insurances that you need. For example, a general auto broker will deal with your auto insurance claims only.

You will find financial advisors who cover more than just one area of services. Always ask your advisory for the kind of insurance service provider they work with and determine the value you will gain for the required services and financial guidance.

Final words:

Always remember to put down your needs first while choosing a financial advisor in the UK. With the broad spectrum of financial advisory services spread out across the market, make sure you are working with the best person to assist you with insurance claims and issues professionally.

Personal Tips to Revive and Safeguarding Your Personal Finance

Many say managing finance is the most difficult task while some think otherwise. But for sure, many of us are not wise enough to have a clear idea of how to utilize our earnings in the best possible way. Isn’t it?

Most of us are very forgetful persons and don’t remember the deadline day of paying our bills and we incur a penalty on payment.

Personally, I stress on automated methods of financial planning and bill payments so that I am able to make a pragmatic and optimized use of our income and at the same time, add to my saving.

Safeguarding Your Personal Finance

Owning a car has become an obsession with middle class families. When it comes to car, I prefer some reliable names Like Mazdas, Hondas etc. You see that these are Japanese cars. At first, I checked through the available offers from ‘The Country of Rising Sun’ and then chose a Honda Crosstour.

I did not place an order immediately. After all, I am from a middle-class family and in my early 30. I tried to figure out how many instalments, I have to pay at a particular interest rate. I stumbled upon several online calculator tools, but they turned to be a little better than being called ‘worthless’.

Some were good, but the sparkling ads in flash were enough to stub out my interest of using them. And then I decided to create a much better experience

Financial goals earlier in your life

The financial goals change as you get older. However, those must be in place when you are in your early twenty i.e right after landing a job. When you are in your early 20s or 30s, you should have a different set of priorities. Let us now see what studies reveal.

  • 4% of individuals belonging to this age group are in favor or building an emergency fund.
  • 4% consider planning for retirement.
  • 7% are saving to buy a home.
  • 1% are ready for investment in stocks.
  • 1% want to clear credit card debt.
  • 1% contribute to student loan elimination.

These are really very pragmatic goals and worth considering when you are in this age bracket. Having said that, I must want you to acknowledge that leaping into the dark to save, invest and clear debt could boomerang back with difficult-to-manage problems. You need solid and suitable planning for each of the above-specified goals. Let us now consider some serious questions while developing financial plans to meet your goals.

  • How much do you have to save to build up your contingency fund? The answer depends on how much you want to have in your find after a certain period of time. If the time period is longer, you are required to save less.
  • How quickly can you own a house? You must be precise in calculation about how long you have to wait for a down payment to buy a nest of your own.
  • Have you calculated how much you have to save every month so that you can enjoy a worry-free life after retirement?
  • How long will you have to contribute towards paying off auto loans, student loans and credit card loans? Obviously, the time length depends on your current APR.

If you have right calculations on paper and plans in place, you won’t have to suffer what I underwent while paying off my student loan debt. To offer you a helping hand, I have identified some useful blogs. They offer straightforward solutions and will guide you to assess time periods and amounts towards fulfilling your financial objectives.

When I first decided to assess and plan, it took several hours and even days for each aspect. At one point of time, I lost patience and thought about throwing the sheets away. But I stuck to what I should do. Like me, you will also not find it easy to prepare financial plans. But without those, you will easily get lost on your way.

How to manage your money

Money and how you manage it are some of the most important things in your life, since they influence your present and past. They help you reach your financial goals. Check out below how to manage your money:

Pay off debt: This tip will help you figure out how quickly the debt can be paid off and how much you should contribute towards debt clearance so that you feel like a bird out of cage over time.

Save to invest: Idle saving does not earn you money. You have to make investment with what you save. This tip will guide you for different types of investment goals and how long you have to wait to achieve your personal investment objective.

If you find these tips useful, share them with others. Also feel free to give your opinion about how we could improve our blog and what more you want from us.

How to Choose an Accountant for Your Business

Choosing a business accountant can be a tricky business, especially as you won’t be able to test the merits of their work until they have been handling your accounts for a while.
There is a line of accountants waiting to help cook your books and keep your finances intact. But how do you know if he or she is indeed the best professionals in the industry to consult?
Guide to Choosing an Accountant
An experienced accountant can save you time and money year after year. Therefore, it is imperative that you do not fail to understand the credibility of your accountant by making the right hiring decisions. Whether it is to manage your personal finances or manage your company’s financial account and books, the right accountant can help you receive the best in every measure possible.
There are steps you can take to ensure that your small business is receiving the best accountancy advice and support possible. The next time you consider hiring an accountant, remember to do the following:
Step One:

Make a decision

As soon as you make the decision to hire a business accountant, you will need to create a shortlist. Speaking to friends and associates about their accountants, the services they offer, how much they pay etc can help you to start creating a list, but will also serve to act as a comparison when contacting accountants.
While seeking recommendations is the best way to go about your search for the right accountant, you can also contact local body organizations that certify accountants in this regard. A few sources such as the American Institute of Certified Public Accountants (AICPA) sets forth some guidelines to help individuals further with choosing the right accountants and accountancy procedures.
Step Two:

Check their qualifications

 
Step Three:

How big is their firm?

Big isn’t always best. In fact, you will often find that big accountancy firms aren’t best designed to deal with individuals or small businesses. For this reason you may find that a small or medium size accountancy firm will best be able to understand your requirements and offer your industry-specific advice to suit you.
While the size of the firm doesn’t matter, it does project their professionalism, standards, and clientele base to some extent. When there are a large number of employees, it actually means that their client base is probably as huge as that. And when they have such a following from clients, you know that you can totally rely on their job and performance.
Step Four:

How much do they cost?

The bigger the accountancy firm, the bigger the costs, but this doesn’t mean you should go for the cheapest option. Instead, compare their services against their cost and your budget, and determine if you are getting value for your money. Do not settle for a company that offers surprisingly inexpensive cost estimates because you may just end up taking a risk and compromising the quality of results.
Most chartered accountants will ask for a fixed monthly or annual sum whilst others will charge you based on an hourly rate, so use this information to determine if they are worth hiring.
Step Five:

Experience

If possible, have a look at their clients’ portfolio and determine their specialty and level of expertise. It is important that they have an up-to-date knowledge of your industry, so they can offer you the best tax planning strategies. More importantly, you may find that some of their extra services can take your business to a whole new level.
Referring to AICPA can help you judge the experience level of CPA’s (Certified Public Accountants) better. Yes, the experience level of your accountant can either make or break your business, so it’s best to be careful about it.
Step Six:

Can they help your business to grow?

It is important that as your business grows, your business accountant is not only able to grow with it but can handle the challenges that a larger business has got to offer. The last thing you want is to have to change your accountant at a later date. Determine if your accountant is keen to learn and grow, as an individual and professional in the field.
Choosing an accountant doesn’t have to be difficult. Following these simple steps can let you take advantage of a free business appraisal, and you can be one step closer to receiving quality tax advice from certified and professional accountants.

6 Money Investment Tips You Should Teach Your Child

When it comes to investment lessons, it’s never too early to start. You might have realized it yourself as you grow older that saving for your retirement is not as easy as you’d expected. If you already have kids, it’s time you start teaching them about investing in the real world but in methods they will understand. This will empower them with practical knowledge about saving, ensuring that they don’t struggle as much as many adults do today in investing for a comfortable retirement. Here are some useful money investment tips you can start teaching your kids:

Money Investment Tips

#1. Starting off early

By teaching your kids about investment at an early stage, you’re already teaching them a crucial investment lesson. In fact, it could be considered as the most important investment tip you could provide them. There will be a huge difference in results for two people who start investing at age 20 and age 30 respectively. That is even if they each save the same amount every month until they turn 60 and they get the same return on investment.

#2. Teach them about priorities

Children should learn early on that they can’t have everything they want. You will need to teach them about making priorities and weighing their decisions based on how each decision would affect them in the long run. Have them write down a list of the things they wish to spend their money on and then help them consider each item on the wish list.

When you examine the items on their wish list, try to point out the benefits of each item so they can easily weigh their decisions. Maybe instead of saving for a video game, a laptop would serve them better in the long run even when they get to high school or college. Help them understand how each decision could have an impact over the years.

#3. Teach them about consequences

While you educate your child about different decisions and their consequences, make sure you don’t force them to take a certain decision. They have to make the decision on their own so that they can learn to face the consequences each decision can have. They will gain a practical experience on why they need to spend and save wisely.

Maybe your son decided to go on a spending spree with his Christmas money, but he end up being unable to afford the video game that he really wanted. This would teach him about the consequences of making rash financial decisions, helping him save up for things that he really wants before spending the money.

#4. Teach them about back-up plans

Another important investment lesson you should teach your child is not to put all their eggs in one basket. Explain to them about the risks involved in focusing their investment in one place. Let them know about the possibilities of failure and how having a back-up plan can cushion their fall.

You need to teach your child to diversify their investment plan. Make it clear that diversification won’t necessarily give them higher returns but will reduce their risk. You can use an example of having one piggy bank in which they save all their money. Tell them that the single piggy bank could end up getting lost or stolen, meaning they’ll end up losing all the money they’ve saved. But if they have about 2-3 piggy banks in which they divide their savings, they will still have some money left even if they lose one piggy bank.

#5. Teach them the concept of ROIs

Your kid should realize that there are plenty of benefits to saving money. While the fact that they’re able to save enough to buy what they want can be rewarding enough, teach them that there’s more to this. You can give them rewards for saving money.

The reward could be in the form of a percentage increase in their saving, which will be most practical for them in the real world. For instance, if they save up $20 every month for three months without spending any of it, you could reward them with another $20. This won’t just motivate them to practice making investments but also teach them that saving money has multiple rewards on its own.

#6. Teach them about the consequences of credit cards

Every wise investor knows that credit cards can be dangerous. Once your kid turns 18, it’s likely they’ll get hounded by salesmen offering credit cards. If you don’t teach them early on about the consequences of debt, they could end up being another victim. Teach them why spending money you don’t have is a bad idea.

Good parenting is about prepping your kids for the real world. When you give them the responsibility of managing money at an early stage, there’s a better chance of them spending their money wisely as adults. By teaching them the wise investment and budgeting lessons, you’ll be providing them with valuable and practical ideas that will guide their investment decisions in the long run.

3 Universal Lessons for Financial Success

Household financial responsibilities are widespread, creating challenges for those striving to stay atop their finances. Unfortunately, however, personal finance is not offered as part of a young person’s educational curriculum – unless it is specifically sought-out. As a result, money management is a learn-as-you-go prospect for most personal financiers, who gain savvy with each financial interaction.

Monetary matters are different for each person, reflecting a range of affluence and earning power. But despite the particulars distinguishing each person’s financial landscape; universal lessons do apply – giving even the most inexperienced money managers a leg-up on their personal financial responsibilities.

Financial success relies on many different strategies, covering everything from frugal grocery shopping to cost-efficient energy use – each contributing to prosperity and financial security. In addition to using specific, focused efforts to reduce costs, adopting universal moneywise principals also leads to positive financial outcomes at home.

how to get your finances in order

Use these three important lessons to guide spending decisions and protect your financial health.

Distinguish Needs from Wants

Spending opportunities arise daily, so discretion has a significant impact on your financial fortunes. In order to avoid unnecessary spending, each purchase should be evaluated, before committing. Instituting a self-enforced waiting period ensures purchases are not made without reflection. By assessing each potential buy you’ll define the line between wants and needs, protecting you from ill-advised purchases.

Semantics makes it hard to be absolute about wants and needs. After all, designer clothing meets a need, despite its extravagant cost. To effectively apply the principle you must build-in a measure of common sense. The objective is sidestepping unnecessary spending – or at least living within your means. Spending money on needs like food, shelter, and clothing is easily justified, because you cannot go without these items. Depending upon where you live, a car might be considered a need, but at the same time; many people live without personal transportation. If you find yourself justifying too many needs, it may be easier to control spending by focusing on money devoted to wants.

Wants result in discretionary purchases, which are among the easiest to reduce. Entertainment spending, for example, can be controlled with budget discipline, while expenses like housing are typically somewhat fixed. When in doubt, put all your discretionary spending categories under review, making adjustments to rein-in spending.

Make Responsible Credit Decisions

Debt weighs heavily upon individual finances, so controlling borrowing and credit use are essential to financial stability. For starters, you should only ever borrow the amount you need, limiting your use of credit to essential circumstances. Second, your credit options should be evaluated thoroughly to avoid overpaying or using the wrong type of financing. With resources available online, comparing everything from loan alternatives to mortgage products, it is easier than ever to make side-by-side evaluations – without obligation or pressure from lenders.
Once you have a stake in the credit market, whether through student loans, credit card balances, mortgages or other obligations, it is important to manage your responsibilities, without fail. Your credit rating follows you through life, so establishing a sturdy history of successful interactions and protecting your credit score are essential pursuits.

Follow Your Money

Unless you take proactive steps to account for your money, it can be difficult to protect your personal financial health. For the best results, start with a realistic budget, designating categories you can easily track, to see firsthand where your money goes. With a handle on daily, weekly and monthly cash flow patterns, it is easier to plan ahead, helping you make strides toward your long-term financial goals.

In addition to the portion of your take-home pay at your disposal, it is important to maintain thorough understanding about taxes. Although some tax matters are out of your hands, making prudent moves can result in lower taxes. Recognizing these savings opportunities is like putting money in the bank, so keeping a close eye on your money naturally fosters positive financial outcomes.

Universal financial lessons serve as a foundation, from which individuals customize their personal money management strategies. Making wise credit choices, tracking your cash flow, and devoting resources to the things you can’t do without are three essential tenets of a viable long-term approach – use them to reinforce your financial security.

How To Get Your Finances In Order

Our finances can be a big headache for us. It seems that we go out to work each day only to have a big chunk of it taken away each month by bills. Some of us struggle to make ends meet and find saving money for the nicer things in life hard work. You are not alone. Many people find themselves in this situation at some point in their lives. The only thing you can do is to try and take charge of the situation. This means getting your finances in order and working for you. So I thought I would share with you some tips on how to do that.

how to get your finances in order

Look at your outgoings

The first thing to do would be to look at your monthly outgoings. Some of us find that we are still paying for things we no longer use or need. This is an instant saving to you straight away. You can cancel direct debits easily with the bank or with the company the money is going to.

Save money on the things you can control

The next thing to do is to look at the things you can control and try and make some savings. The biggest one being your food shopping bill. There a few different ways you can save money on this. The first would be where you shop. Sometimes shopping for things in a few different places can save you money overall. There is information on the internet that will tell you where to buy things the cheapest from. Meal planning can also save you money as you end up only buying what you need. Team those two things up with batch cooking, meal preparation and looking for brand alternatives. You can shop a huge amount off your weekly bill. Also using discount codes and coupons can help save money on food and other expenses.

Look at your debts and how you can reduce them

Sometimes the amount we pay to debt can be one of our biggest outgoings. This is where you can try and be a bit smarter in what you do. A great source would be to check out websites like wealthmaverick.com. There are plenty of things you can do. What you have to remember is that multiple interest rates from different sources all add up. So sometimes consolidating our debt into one monthly payment can save money overall. You could use the amount you save to pay more off each month, bringing the debt amount down sooner.

Find cheaper alternatives to things

A great way to save some money on your outgoings is to hunt out different deals. More often than not we are paying too much for a service because we will have exited an introductory offer. Switching providers can offer us an instant saving. Another alternative would be to consider finding cheaper alternatives to our daily habits. You may buy a coffee each day whereas taking one from home in a travel mug is much more cost efficient. It means taking our lunch to work with us instead of buying it out.
I hope this helps you get your finances in order.

The Use, Pervasiveness and Liability Shift of EMV Chip Cards

In the United States, we boast about being technologically superior than other nations, especially developing nations. But in some areas, we are far behind other countries. Cyber security and payment system are two such areas.

We don’t always follow safe and recommended procedures for online data security. As a result, cyber criminals gain access to our financial details. What they do next can be done by spending as little as $25.

They collect ordinary plastic cards, create fake magnetic stripes, paste the debit card info obtained by hacking other people’s accounts online onto the phony magnetic stripe, and then use the card like a normal ATM card to withdraw money.

EMV chip cards

The good news is debit and credit cards now have the chip technology, which offers a robust protection from card theft. Europay, MasterCard, and Visa cards come with this protection feature. Because of the technology being smart, the cards are called Smart cards.

Here’s how the cards work:

On a chip card, you can find a small integrated circuit. Akin to a magnetic stripe, it stores all payment information of the cardholder. But it generates a unique code every time someone uses it for a financial transaction. Since it’s a one-time code, it can’t be reprocessed.

How it protects you

The one-time code, created by the chip card is a PIN, which offers a two-way protection. When someone uses the card, he has to verify himself as the legitimate cardholder. The verification is done via the PIN.

Let’s say, someone steals your card. When that fellow tries to use it, the system asks him to verify himself as the owner of the card. He couldn’t verify because he doesn’t have the PIN.

To put it simply, a card with magnetic stripe contains static data, which remain unchanged after every transaction. If someone copies the magnetic stripe, he could easily replicate all data that it stores. But if someone has your chip card, he couldn’t carry out any financial transaction because the card creates a unique PIN for every transaction.

Fraud protection level

A chip enabled credit card lowers the risk of a credit card fraud. However, the card doesn’t guarantee that a hacker couldn’t access a merchant’s database. What this means is the information that your credit card contains continue to remain vulnerable. A hacker can steal the information, but he couldn’t easily carry out a counterfeit transaction.

If you have to insert your credit card into a terminal slot for a transaction, then it’s a secure one. That’s because when you insert your card into the terminal, details regarding the card quickly flow between the terminal and the financial organization, which have issued you the card.

If your card has NFC, then you are saved from physically contacting the card to the terminal scanner, as the chip functions as an interface, through which the scanner picks up all your card data. When purchasing something from an online retailer, you need to be very careful because not all retail merchants follow the compliance rule as investing in the EMV technology is costly.

Remember, an EMV card is not a panacea for all types of data breaches and security issues. It makes transactions secure for you, but you need to be cautious.

EMV fraud liability

Whom should you hold liable as a cardholder in the case of a fraud? If the merchant’s system didn’t ask you for a PIN, then it’s the merchant who’s at fault. If the merchant could prove verification attempts have been made by his system, the liability then falls back on the card issuer.

A new liability shift policy has been at work since October 2015. As per the new policy, whoever is not EMV-capable among the card issuer and the retailer, is liable for a theft. In case both have EMV-capable systems, the card issuer is accountable for a theft.

EMV card prevalence

It’s quite disappointing that when more than 100 countries have weeded out the risky and anachronous magnetic stripe system, US lagged behind. Nevertheless, better late than never. But, because US has lagged behind for a long time, EMV cards are yet to be pervasive in the country.

More than 100 million Americans use EMV cards, but the number of retailers, who have EMV-capable systems is not at per with this number. What’s promising is more and more retailers have been adopting EMV technology. Within next few years, we are sure to see a large number of retailers offering EMV-enabled safe transaction, and the rate of credit card vulnerabilities will drop.

What do you think of EMV cards? Do you use one? Is there any vulnerability that we haven’t discussed? Let us know in the comment section.

Questions To Ask Before Trading Forex

We’ve discussed forex trading before, and in fact a year ago we even wrote up some reasons to consider getting into the market. There are truly a lot of benefits to putting some of your investing funds into this sort of market, even if you’re primarily looking for a way to diversify your portfolio. However, while the benefits we discussed previously—high returns, convenience, etc.—are all perfectly legitimate, it’s also important, as with every investment, to make sure this is the right market for you.

Trading Forex

These are some of the questions you should be asking in order to make that determination.

Do Trading Hours Affect You?

Trading hours are often mentioned as being among the chief benefits of forex trading. Because there is always currency being traded somewhere in the world, and because you don’t conduct forex trades through a stock exchange, you can manage your account at all hours of the day or night. It certainly sounds nice., but before allowing this to sway you, consider whether or not it will really make a significant difference for you. A lot of us like to think that we could manage a financial account in the evening hours, perhaps even as a sort of side job. But flexible hours don’t mean less time spent. Managing a portfolio is time-consuming no matter when you do it.

Do You Understand The Market?

There are a lot of seductive qualities of the forex market, and again, plenty of legitimate reasons to consider getting involved. However, most of those reasons are broad: high liquidity, flexible hours, high profit potential, etc. Always keep in mind, however, that if you hope to take advantage of these aspects of the market, you still need to understand what you’re doing with your trades. Forex markets involve different sets of influences than ordinary stocks or commodities, and it’s important to educate yourself before starting up an account.

Do You Understand The Risk?

When you hear phrases like “high profit potential,” it’s easy to get the idea that the market being discussed is a low-risk environment. Relatively speaking, that may be true as forex compares to other markets, but always remember that there’s no such thing as a low-risk investment. Asking yourself “how risky forex trading is” is an important part of the process as you consider whether or not to dive into the market. Know that liquidity can change as a result of major world events, and that it’s up to you and you alone to do due research on your broker. Factors like these contribute risk, even if the market itself appears at a glance to be a little bit safer than some alternatives.

Do You Know How To Trade Remote Currencies?

Some of the benefits of forex trading—the huge market size and the flexible hours, among them—don’t mean much if you can’t establish a relationship with remote currencies. That is to say if you’re trying to deal in euros when the markets in the U.S. are closed, but you don’t actually have any or understand how to do so, you’re not realizing the full potential of the market. This requires some research, but suffice it to say there are ways of purchasing options and contracts that swing on the performance of remote currency pairs, whether or not you actually own those currencies.

Most of these questions come down to education. Any investment requires careful preparation and organization, and by addressing these questions you can set yourself up more effectively to enter a new market.

Things You Should Know Be Starting a Beauty Business

Beauty businesses, especially those online, are thriving in today’s market. However, establishing and maintaining a successful beauty business is not easy. Beauty businesses like triabeauty.com have gained international success for being versatile and innovative. Here’re a few essential things you should know before starting a beauty business.

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Learn from your competition

Once you have an idea of what kind of beauty business you want to start it is important to take a good look at your competition and learn from their successes and failures. So for example, if you were going to launch a makeup line you may want to emulate M.A.C for the diversity of their products, but offer more organic options which is an area where M.A.C falls flat.

Use innovative technology to solve a well-known beauty problem

Triabeauty.com has gained national notoriety for providing their customers with virtually pain-free hair removal options and innovative blue light acne treatments. In that way, they found known beauty issues and address them by using the latest technology. So whether it’s a new airbrush makeup technology or an innovative rosacea treatment staying on the cutting edge of beauty technology is the best way to stand out in your market.

Don’t be afraid to tap into a niche market

While it is important to offer products that appeal to everyone it can be equally beneficial to target a niche market. For example, the vast majority of Neutrogena products are geared toward preventing and treating acne, however they offer a wide array of products in addition.

Make sure you offer beauty products and services that have universal appeal in order to maximize your market penetration

The more versatile your products or services are, the larger your client base will be.

Make sure you have a comprehensive business plan and realistic goals your first year in business

Business plans are not just essential for taking out business loans they are also a vital tool for staying on task and holding yourself accountable.

Now that you know more about what makes a beauty business truly successful and what should be taken into consideration before starting a beauty business and I’ll make it easier for you to aside if starting a beauty business is right for you.