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Tuesday, January 15, 2019

When will the learning end in my career

Many people want to know when the learning phase will be over in Forex. It is a very long process but not all the people haveenough patience. When the industry has many attractive offers and the brokers give good bonuses but the trends seem to be hard to understand and the volatility is not in the favor. The professional traders keep on learning the trends and pattern but never say when it will be over. It creates a division among the traders and the first group never want to learn the trading. The logic is as the process will never end, there is no usefulness in learning the trends as the new and future patterns will always exceed the past knowledge. 

If a person who does not have an idea of the trading thinks this, it may seem logical but is not the right way for a person to invest money. Without learning the trends and patterns, success can never be achieved. The other groups focus on learning and never trade in the live account until demo trading has been successfully done. This dilemma leaves people confused and wrong decisions are made. This article will try to tell you when the learning may end in the career but do not raise the hope high as it will not happen at present.

Develop a strong habit of reading

Those who are really looking to become a professional trader should definitely develop a strong habit of reading. Developing yourself as a full-time trader is a very challenging task. The professional traders in Singapore know the importance of aproper education. They always read books and articles on a regular basis so that they can easily keep themselves updated with the latest market news. The more you will learn about this market the better you will understand. Always remember, education is the most powerful thing in the currency trading business. You can’t become a successful trader without working hard. To develop a strong habit of reading books to find great trade setups in your online trading platform. Never forget thatknowledge is power in any business.

The learning never stops

The news will break the heart of many traders but it is the truth. While investing the money, keep in mind that you are trading is a never-ending mystery. Even the professionals who have spent decades cannot understand the market thoroughly. It changes the color every day and with every trend, new opportunities arise with new dangers. There are many groups to decide to trade with the paid signal from the traders but does not help in the future. 

The traders will give the signals based on the understanding and there is no certainty it will be right. The premium signals can also go wrong and the deposit can be lost. The only way to keep trading in a fail-proof way is by educating yourself about Forex. Many people will not agree because of the past logic that past knowledge cannot help in the future but there are no better choices available. Either the traders have to accept the fate of trading blindly without knowing what awaits in the future or learn and prepare for future risks and uncertainties. The second choice is more appealing and most people will go with the latter idea.

However, at one point in the career, many traders find they have developed a self-learning process. It happens when the wisdom has been opened and the patterns no longer are a mystery. Only a few traders have the choice but do not lose hope. With practice, patience and with the right strategy, a na├»ve trader can also become a seasoned professional. When that time comes, people find the trend looks easier to understand. It is for the reason the vast experience is helpful to decode the patterns and connect with the past volatilities. It is also a form of learning that happens subconsciously. To reach that level, practice with all your heart and soul.

Thursday, August 9, 2018

What will your final years cost and how to pay for them

For every year we live, we can expect to pay the price for gaining wisdom. And while age brings many benefits, one of the disadvantages is that bills continue to show up in the mailbox even when our income ceases to flow. Here are a few things to consider when planning for your own long-term care needs.

What will I need?

Your needs will largely be determined by your health and physical abilities. If you are healthy and have the option to remain in your own home, your needs will be minimal. If you own your home outright, you won’t have to worry about a mortgage. But you’ll need to cover utilities, food, medical care, insurance, transportation and entertainment. You’ll also (unfortunately) need to plan for funeral costs, which can be steep.

If your health is less-than ideal or you have a family history of cognitive decline, aging in place may be dangerous and your planning should provide for the added expenses associated with long-term care. This will include housing, medical assistance and help with Activities of Daily Living, which Medicare.org describes as eating, dressing and hygiene care. Other advanced care needs may include assistance with household chores, cooking, transportation and safety monitoring.

Regardless of your health, you’ll also need to consider the condition and functionality of your current home. A single-story home with few falling risk is ideal. Your location and lifestyle choices, such as if you like to travel or need to be in close proximity to recreational opportunities, family or other amenities should further factor into your planning.

How will I afford long-term care?

Unfortunately, Medicare doesn’t cover all every long-term care situation and how you plan now can have a huge impact on your future. There are steps, however, that you can take to circumvent a personal disaster should you require advance care.

CareConversations.org asserts that your first action should be to  get educated when it comes to your options. Paying for long-term care expenses may become a burden if you don’t take preemptive measures. Long-term care insurance is an option and one that won’t put a huge dent in your budget if acquired at a relatively early age.

Assets and savings

Social Security is typically not enough to cover monthly living expenses beyond retirement. If you are like most people, you will have to rely on a combination of Social Security, savings, and asset liquidation. If you own your home outright, a reverse mortgage product is an option to pay for long-term care. The Federal Trade Commission explains that a reverse mortgage will allow you to stay in your home while converting a portion of the equity built into funds you can use for your specific purposes. However, this will reduce your heir’s inheritance.

You can circumvent a great deal of headache for your family by taking care of funeral costs while you’re still alive. Lincoln Heritage Funeral Advantage explains that the average funeral cost in the United States is more than $8,500 – adding a gravestone, obituary and end-of-life celebration can more than double this expense. Options for pre-paying your funeral expenses include creating a joint bank account, purchasing a pre-need plan from a local funeral home, or establish a Totten Trust, also known as a POD account, through your banking institution.

The amount of money you need to cover your long-term care costs is largely dependent upon your current living standards, your future plans and health. And despite popular belief, $1 million may not be enough as we continue to live longer and enjoy better health. Regardless of your needs, if you take the time to plan now, you can avoid confusion (and financial ruin) for yourself and your loved ones when the time comes.

About the author: uno is the co-creator of Rise Up for Caregivers, which offers support for 

family members and friends who have taken on the responsibility of caring for their loved

ones. She is author of the upcoming book, The Complete Guide to Caregiving: A Daily 

Companion for New Senior Caregivers.

Image via Pixabay

Thursday, July 19, 2018

Gift card scam red flags

Unverifiable lies are the hallmark of a scammer. In today's world of online anonymity, social media and internet interaction, it's no wonder gift card scams have become such an epidemic problem. You may have noticed when you go to purchase a gift card, a warning sometimes appears on the payment card machine stating your intent may have been manipulated by a fraudulent third party.

Scam 1: Pre-Scratched cards

If you receive a card that is be pre-scratched, be weary. It may be used to track your spending or worse steal the money before you have a chance to use it. According to Consumer Reports, this is a pre-meditated scam where the scammers tear the card's packaging to reveal the scratch off code, then re-seal card packets before sales to the purchaser. After buying the card, the scammer is notified of the card activation and redeems the card before anything can be bought by the intended recipient.

Scam 2: Fraudulent Psychic

If a seemingly all-knowing alleged psychic needs you to send them gift cards for energy clearing, Chakra healing, demon removal, past life closing, crystal work or anything that didn't work the first time you gave them money, run for the hills fast. Don't fall for emotional blackmail, psychological manipulation or any other trick they use to coerce you. According to Bob Nygaard, per the Miami Times, fake psychics will say anything to get your money. Don't believe them no matter how desperate and emotionally vulnerable you are. Especially, if they tell you telling other people will ruin their work!

Scam 3: Dating site friend in need

You know that new best friend you just made on an Internet dating site? They might actually be your worst nightmare. What started out really well, like a great connection and an amazing rapport with a complete stranger could be another gift card scam. If all of a sudden, they need help for some family tragedy, or to get money to be with you or even to pay for their bills, this too could be a scam. Warning signs include a rapid escalation of friendship, quick confession of love, inability to confirm identity by any means, and illusive, non-traceable gift card request, you might be dealing with a fake love. According to the Federal Trade Commission, in 2016, $220 million was lost due this type of scam. 

Scam 4: Gift card phone scams

Another way thieves steal gift cards from unsuspecting consumers is via false identity phone schemes. For example, according to the Internal Revenue Service, a surge in phone scams seeking iTunes gift cards as recompense for late tax payments is on the rise. What's more, iTunes and Amazon gift cards are more difficult to trace and can be converted or traded for Bitcoins to avoid arrest or being tracked. Anything that can't be proven, confirmed or verified via another method should be a significant warning sign. 

Unfortunately, scammers are a dime a dozen and pray on vulnerable, unsuspecting and unprotected individuals who oftentimes, want nothing but the best for others. What motivates these people varies, it could be financial need, criminal intent, lack of empathy, and even genuine need. It is quite common for scammers to weave the truth in to their lies to rope their victims in. Whatever the reasons, misrepresentation of themselves and their motives to others for money is a scam. They will try to get you to convince yourself otherwise and hide the real truth with false claims and sweet smelling lies. 

All images from Pixabay, Licensed via Creative Commons

Sunday, June 10, 2018

Helping senior loved ones handle finances after the death of a spouse

Losing a loved one ranks among the top of life’s most stressful events. In the aftermath of a spouse’s death, some financial issues must be addressed quickly. While the discussion is a difficult one, encourage your loved ones to discuss finances with each other and you so that initial decisions will be easier to navigate amidst the grief.

When planning ahead, everyone will need to know how assets are titled and where they’re held. Know how the loans are handled and credit card account terms. Make sure everyone can access investments and other records — create a list of all accounts, usernames, and passwords, and remember to keep this information organized.

First Steps

When your loved one loses their spouse, help them deal with the most pressing financial needs first. Encourage them not to make decisions that can have far-reaching ramifications. Collect all the papers needed to file for benefits and finalize the estate: death certificates (ask for at least 15), insurance policies, Social Security numbers, military discharge papers, birth certificates, a complete list of assets, and their spouse’s will.

Liquidating Assets

If cash is tight and medical costs and other expenses are mounting, it might make sense for your loved one to sell their home. To determine whether it’s feasible, assess its current worth with a home sale proceeds calculator and find a realtor they trust.

Life Insurance

Contact the sources of benefits, including the employer with whom your spouse had policies. Hire and talk to a financial advisor before you decide what type of payment plan (lump-sum, fixed payments/ annuity) is best for you.

Social Security

If your loved one’s spouse was collecting Social Security, call them. You’ll need birth and death certificates, marriage certificate, birth certificates of dependent children, Social Security numbers, and copies of the most recent tax return.

Veterans’ Benefits

Contact the Department of Veterans’ Affairs (VA) office or ask the funeral director for help applying to receive a lump-sum payment of $300 for burial expenses and $150 toward a plot in a private ceremony. If your loved one’s spouse also received disability benefits, the survivor may be entitled to monthly payments.

Employee Benefits

If your loved one’s spouse was employed at the time of their death, ask the employer about survivor’s benefits. If they were retired and receiving a pension, check to see whether your loved one will still receive payments and, if so, whether the death affects the amount. 

Enlist the help of trusted friends or family, or encourage your loved one to hire a team that includes a financial advisor, an accountant, and an estate planning lawyer to help wade through the paperwork, make sound financial decisions, and avoid costly mistakes. 

Mistakes to Avoid

In the aftermath of a loved one’s death, everyone’s recovering from a huge loss and struggling to think clearly, reasonably, and logically. Encourage your loved one to wait before making big financial decisions, such as paying off a mortgage, until their head is more clear — they shouldn’t feel pressured by anyone to make a decision with which they’re not comfortable. 

Many financial planners say the biggest mistake their clients make is trusting too much. Be wary of predatory insurance salespeople and stockbrokers that work on commission or other professional scam artists. If your loved one receives a decent lump-sum of money from an insurance policy, they should do nothing for at least three or four months except put it in the bank. Encourage them to wait until they’re thinking clearly and rationally again — and have a financial planner whose judgment they trust.

Don’t assume that benefits automatically transfer after a spouse’s death. Even if they’re listed as the primary beneficiary on retirement or other accounts, they should work with a financial planner or accountant to update everything properly. 

Remind your loved one to update the beneficiary on their own retirement accounts and other financial accounts to include someone other than their spouse. An estate attorney or financial planner can provide guidance if necessary.

Whether you’re helping your loved one plan ahead or in the midst of helping strategize your loved one’s finances, this surviving spouse financial checklist may help.

Photo Credit: Pixabay.com