Does receiving a formal financial education lead to more prudent financial decision? This is something that is currently being widely discussed, as fragile economies reach recovery. While many commentators believe that there is an alarming lack of financial literacy amongst adult populations in developed countries, there is still considerable doubt as to whether formalized financial literacy training has any impact on our money-related behaviors.
Those who have grown up knowing how to be sensible with money are in good stead to turn it into a career as well as living a healthy financial lifestyle. This could even take you overseas to study at the Manchester LSBF campus in England or the LSBF business school in the heart of Toronto.
We take a brief look at some of the main arguments about finance education below.
Arguments in favor of a formal financial education
A recent Cambridge University study suggests that adult money habits are set by the time children reach the age of seven. This is a startling statistic and one that has led to the introduction of financial education on the English National Curriculum. Proponents of the change in legislation argue that families cannot be relied upon to teach children how to manage money, as many struggle to do so adequately themselves. A primary school setting guarantees a captive audience, not to say an audience that is already intrinsically interested in financial matters. Indeed, research conducted by Pfeg (Personal Finance Education Group) reveals that one in ten children are currently saving money for something, whether it be a car, a house or a place at university. Engaging children in financial matters when they are young can open doors for them in later life.
Arguments against receiving a formal financial education
Arguments in this category tend to focus on the fact that there is no compelling evidence to say that receiving formal financial training results in a change of financial behavior. One of the reasons for this is that the marketplace is a dynamic force that is subject to constant change. Improving people’s general financial literacy may be an important step towards better financial planning, but it does not necessarily lead to an ability to calculate, say, the total interest due on a fixed rate loan. Of greater concern, meanwhile, is the suggestion that formalized training can actually have a detrimental effect on our decision-making process, leading, in some cases, to both overconfidence and risky financial behavior. Indeed, US high school seniors who have taken financial courses scored lower in tests than those who had not.
Who to believe?
There’s a wealth of information out there, and most of it seems to suggest that having formal financial education classes is a worthwhile endeavor. Concerns centre on whether the impact of these classes is measurable. That is to say, if continuing with them represents a sensible financial decision.
So, you’re thinking about getting a master’s degree. In an economy with unemployment at 8.2 percent and underemployment near 18 percent, putting off the grueling job search process in a weak market to pursue a graduate degree is certainly a viable option.
According to the Bureau of Labor Statistics, employees with a master’s degree earned almost $12,000 more per year than employees with a bachelor’s degree.
Take the healthcare market, for example. Healthcare jobs are expected to grow faster than in any other industry. Over the next five years, more than three million new jobs are projected to be added. Getting your master’s degree in a health-related field could produce impressive results. Here are a few directions for you to consider.
Physician Assistant Studies
Employment of physician assistants is expected to grow a whopping 38 percent over the next 10 years. With the growth of an aging population, demand for healthcare services will also increase. More people means more need for healthcare specialists, and as the large baby-boom generation ages, they will require more healthcare. This, along with an increase in several chronic diseases such as diabetes, will drive the need for physician assistants to provide preventive care and treatment for those who are sick.
Physician assistants can perform many of the same services as doctors and they are expected to have a larger role in giving routine care because they provide a more cost effective option than physicians. As more physicians retire or enter specialty areas of medicine, physician assistants are expected to take on the role of primary care provider.
Employment of registered nurses is expected to grow almost 20 percent in the next ten years. If you are an RN with an associate’s degree or diploma and want to go to graduate school, an RN to Master of Science in nursing (MSN) may be a good fit. Getting your Masters in Nursing online is an efficient option.
According to the American Association of Colleges of Nursing (AACN), these highly competitive programs are increasing rapidly because of demand for healthcare services, which will increase because of the aging population. Older people typically have more medical problems than younger people. Nurses also will be needed to educate and to care for patients with various chronic conditions, such as arthritis, dementia, diabetes, and obesity.
Employment of occupational therapists is projected to grow almost 30 percent in the next ten years, as they continue to be an important part of treatment for people with various illnesses and disabilities, such as Alzheimer’s disease, cerebral palsy, autism, or the loss of a limb.
As with other healthcare specialities, the need for occupational therapists is expected to increase as the baby-boom generation ages and people remain active later in life. Occupational therapists can help senior citizens maintain their independence by recommending home modifications and strategies that make their daily activities easier. Therapists also play a large role in the treatment of many conditions and ailments commonly associated with aging, such as arthritis and stroke.
The goal of pursuing a master’s degree is to eventually get hired after putting in all the hard work, so consider the healthcare industry, where several occupations are projected to explode over the next 10 years.
If someone wanted to find out more information about your business, just how much could they learn using a public search? Public business records about your company filed with the Australian Securities and Investments Commission (ASIC) provide a wide range of information that is publicly accessible. All someone needs is the Australian Business Number (ABN) Australian Company Number (ACN) for your business and they can use online databases to gather information about your company, its directors, and even the nature of your company’s relationships to other businesses.
Using an ASIC search to look for a basic snapshot of a business is called a Current Company Extract. The extract will provide basic information about the company such as current office addresses and the address registered as the principal place of business. The amount of information available depends upon the type of organisation, but in many cases the extract will list the executives of the company, including the administrators, secretaries, and company directors. It will also list any company liquidators on file. A Current Company Extract will include all current shareholders and the details of those holdings, unless the company is public, of course.
A Historical Company Extract can be pulled to find all of the above information as well as and relevant details regarding the company’s history. Annual returns filed before July 2003 will be available, too. (Annual returns after this date will not be available, as they have since been banned.)
People looking for information about your company’s relationship to other companies could request a Relational Company Extract. This report will list other companies in which your company is among the top 20 members or is the ultimate holding company. This extract will also list corporations directed by the subject as well as foreign companies that the subject is acting as a local director. Information on managed investment schemes and licenses held by the company will also be provided.
One can also find information on specific people associated with companies registered with the ASIC. Using a Personal Name search, people can uncover details such as the individual’s birth data, residential address, and the dates of the beginning and the end of the person’s relationship to the organisation.
Performing a Banned and Disqualified Register Search can reveal details about people who have certain restrictions placed upon them under the Corporations Act. The extract for this type of search will contain the address of the individual, the effective dates of the ban, as well as if the ban is under appeal. People can search for banned futures representatives, banned securities representatives, and disqualified directors using this search.
Additional information about an individual can also be obtained by searching the professional register. Searching this database will provide the person’s current company as well as other companies in which they have a role. Information on futures brokers and dealers, registered auditors, official liquidators, and investment advisers can be found using this search.
Dating, or courting as they say, is how we get to know someone who may become our significant other or partner. However, dating takes time, and also money. It can be costly to wine and dine and get to know someone. Naturally, thinking about money and love at the same time isn’t exactly romantic, but you may find yourself looking for a short-term loan from someone like the UK payday lender eCashWindow.
The first thing to think about if dating is who is going to pay for the date?
The old fashioned way is whomever is asking for the date, usually pays. You ask someone out, you pay.
A more modern approach has been to split the costs, or if you are the one being asked out, to offer to contribute a portion of the expenses.
Vouchers: I am an advocate for the use of coupons and vouchers, and this can be an especially good way to save money on going out. Many cinemas and restaurants offer early bird discounts, or discounts on set menus. Some mobile phone carriers have partnered with cinemas to offer discounts on a particular day of the week. The Orange Mobile network was having Orange Wednesdays where you got cheap film tickets if you were an Orange customer.
Vouchers through Groupon, Vouchercodes, or other web sites are another way to save as well.
Tesco’s Club Card has a “boost” scheme where you can increase your quarterly vouchers by 4 times their value if you redeem them at restaurants Tesco has partnered with. £10 worth of vouchers can be redeemed for £40 of food. That’s a great deal!
Coffee: Meeting someone for a cup of coffee is not only inexpensive, it also allows you time together to speak and get to know one another. Isn’t that is what dating is about anyway, getting to know each other and spend time together.
Starbucks and Costa Coffee shops are very inviting and relaxing places to visit and get to know someone. Many also have WiFi, which isn’t good for conversing, but good if sharing things off the Internet.
Let’s Do Lunch: A lunch or even meeting in the morning for breakfast as a date is less expensive than a full meal out. There are cafes everywhere, and their prices are usually very reasonable. This can be awkward as for a first date you may not want to meet someone for scrambled eggs and toast.
A Table For Two: Staying in and cooking for someone is a great way to save money, have conversation, and get to know each other. They can also see how tidy you are as well.
Both Tesco and Marks and Spencers offer “dine in” meals for two for around £10, which includes a bottle of wine. You get a starter, main course, dessert, and wine for £10.
Museums: Many local art galleries and museums such as the Tate, or British Museum have free exhibits. What a great way to take in some culture, spend time together, and possibly discuss why Van Gogh cut off part of his ear. OK, maybe not the Van Gogh part.
So be creative and think of ways to spend quality time together, and not spend lots of money.
Since the Affordable Care Act came into being not having private health insurance can lead to a fine if you don’t qualify for public healthcare. But when you purchase a health insurance policy how soon does coverage commence?
It’s understandable that you’ll want to be covered by your health insurance as soon as possible in case you should suffer any health problems. Health care can be extremely costly so you want to get the benefit of your premiums straight away. Find out more about specific coverage times on HBF’s health insurance policies by following this link, you can learn more about peace of mind for you & your family.
So if I buy a policy when does it start?
The health insurance market place was set up to give people a way of purchasing health insurance. It is open for a period each year to allow for purchase of health insurance for that year. For 2014 the open enrollment period for the market place ended on March 31 2014. The proposed open enrollment period for 2015 is November 15 2014–February 15 2015.
If you enroll in a health insurance policy during the open enrollment periods it commences according to the date on which you enroll. If you enroll between the first day of enrollment period and the third week in December your coverage begins on the first day of the new year. After that point if you enroll between the 1st and the 15th day of the month, and you pay your premium on time, coverage starts on the first day of the following month. If you enroll between the 16th and last day of the month your coverage begins on the first day of the month after the following month.
What happens outside of the open enrollment period?
People can enroll for health insurance during a special enrollment period. This is a period of 60 days following the loss of current health insurance or a specific life event. The same rules of entitlement apply as for the open enrollment period.
Of course you can enroll for health insurance outside of the market place altogether, although from 2015 your policy will need to meet the same essential health benefits as those offered in the marketplace. You will need to check with the insurance provider when the policy will become effective, with many policies coverage starts from the month after you take the policy out. Once you start paying for your insurance you will receive a proof of insurance which you will need to prove coverage to medical providers.
What happens if I’m covered but my claim is refused?
The most important thing to find out is why the claim was denied; there can be a lot of reasons for this happening. There could be a perceived lack of medical necessity for the claim, or maybe the claim was made outside of prescribed time limits. Once you know the reason for the refusal you have the right to appeal if you feel you have been treated unjustly. There are two ways the decision can be looked at; an internal appeal which is considered by your insurance provider, and an external review where your case is referred to a third party.
When you lose a job and the cash runs out, it is hard to figure out which direction to turn in. Getting a loan is not an option since you have no way of repaying it. Borrowing from friends or family may also not be an option due to their own financial status. Even getting a credit card is impossible with no income. There are a few options to consider when you need cash now to purchase groceries, pay rent/mortgage and keep the utilities on.
Obtain a Loan from a Pawn Shop
If you have items of value, this is one way to get a loan. Pawn shops do make loans that are generally required to be repaid within 90 – 120 days. The amount of the loan is based upon the value of the item or items you take in. Some will loan money on vehicles, so if you have a second vehicle, consider getting a loan on one of them but make sure it can be paid back or it will be lost. This temporary funding may not be the entire amount that you need, but it is a good start.
Advertise Services in Online Forums
Consider placing ads on online forums, on social media and in local classifieds advertising your special skills. This may bring a few jobs your way that will pay cash. These funds can be used for anything that you need whether it’s for survival or a vehicle repair. If you are not having any luck obtaining jobs, ask family if there is anything that you can do for them for pay such as yard work or a home repair. Some family members may be more willing to assist if you are actually working for the money.
Sell Items that are Unnecessary
Put items up for sale in local classifieds and price them to sell. Start a little high and be willing to negotiate. Items can be replaced, so anything that has been sitting around or is rarely used would be ideal. This includes electronics, collectibles and tools as the most popular items to sell quickly.
The options above will help you to get quick cash, especially when you are unemployed. Even if you receive unemployment compensation, it is rarely enough to make ends meet. The funds received from sales, pawn shops or side jobs should be enough to get you through until you find new employment.
Let’s face it, all of us are going to come across financial barriers at some point in our lives, no matter how fiscally responsible you may think you are. For many people, one of the biggest challenges standing in the way of their financial stability is their federal income taxes. While you might be earning sufficient funds to support a healthy and balanced lifestyle, income taxes have to potential to disrupt that lifestyle if you don’t manage your payments carefully and pay close attention to the amounts you owe before particular deadlines. If you happen to fall behind on paying your income taxes, it can be a major pain, but it won’t be the end of the world. You can still maintain financial solvency without having to declare bankruptcy or take other drastic measures. Thankfully you can engage in tax negotiations with the IRS. If your outstanding tax requirements are not in a range that can reasonably afford, it possible to settle your tax balance with an “offer-in-compromise” that is less than the amount you owe. While the IRS is settling for a lesser amount, it benefits them to work with individuals to receive at least part of the taxes owed as opposed to dealing with a bankruptcy case. Negotiating an offer in compromise to pay to the federal government in lieu of the full sum required for your official tax requirements can be a lengthy process but it is one that is worth the time commitment.
Offers in Compromise
The IRS will make a decision regarding how much it thinks you will be able to pay based on your income versus your allowable expenses. In accordance with how much income you have declared on your tax returns, the IRS will determine if the amount you have proposed as a compromise settlement payment is sufficient. That determination is by no means a guaranteed yes from the government agency. According to media outlet Quartz, “In 2013 the IRS received 74,000 applications for “offers in compromise,” which allow taxpayers to pay less than they owe. The agency accepted fewer than half—31,000; in 2012, 64,000 taxpayers applied for one and only 24,000 were accepted.” As you can see, the statistics are consistently daunting as tax payers are unable to meet the standards set forth by the IRS.
Options for Tax Negotiations
Because so few people who apply for offers in compromise are actually able to solidify such deals, your best option is usually to work with an outside agency to help you with your tax negotiations. Ideally, you can find a firm that will give a realistic estimate for a proposal that the IRS will accept. Sources such as 800TAX are available to negotiate on your behalf to ensure you have filed all of the necessary forms and documents to give you the highest likelihood of coming to an agreement on a settlement amount and subsequent payment timeline with the federal government. These firms are generally well-versed in the details of tax law so they can finesse your proposal to give it the best chances while remaining at the lowest feasible payments.
There are two different types of possible offers in compromise. You can offer a lump sum payment in which you pay the IRS in fewer than six installments. While you are saving money because your offer is lower than the amount you owe in back taxes, you will still need to include at least 20% of the total sum of your proposal up front when you apply.
The second option is generally easier to incorporate in one’s budget as it is a periodic payment offer. When you submit your application for a periodic payment offer, you are required to pay the sum of your first suggested installment. If your proposal is accepted and the IRS determines your timeline to be acceptable, you are bound to that timeline for its duration. Because the government is already making a compromise to accept a lower payment with an extended timeframe, it is generally not receptive to proposals for further changes to the plan. As less than half of the applicants for offer in compromise deals are accepted, those who do manage to reach an agreement should do everything in their power to adhere to that agreement and payment timeline. Should the proposal you’ve submitted for either type of payment plan get rejected by the IRS, your submission fee is not refunded to you. However, this money will be applied toward your outstanding debt with the IRS. As such, an offer in compromise proposal won’t hurt you financially even in the event that it is not accepted.
Unless you are an expert in tax law, the offer in compromise system might seem overly complex, but this brief introductory overview should give you some familiarity with the basics of tax negotiations to get you started and on your way toward a clean slate with the IRS.