constantitempurchasingpoweraccounting wrote a new post, IFRS / US GAAP authorized solution to the Historical Cost Mistake, on the site Capital Maintenance in Units of Constant Purchasing Power™ 1 month, 3 weeks ago
IFRS / US GAAP authorized solution to the Historical Cost Mistake
Financial capital maintenance in units of constant purchasing power is authorized in both IFRS and US GAAP as the alternative to Historical […]
Webb Ward wrote a new post, Plan a Happy Retirement – 5 Crucial Debts you Should Get Rid Of, on the site Webb 1 month, 4 weeks ago
Retirement is generally a distant blot on the horizon for most people, but unfortunately it turns into a dark cloud looming large soon enough. You can ensure that this cloud isn’t dark enough by clearing up the maximum amount of your debt before you step into the golden years of your life. This is because debt is the reason most Americans are unable to save enough for their retirements. You should try and be debt free as soon as possible.
5 Types of debt you must get rid of before retirement
Following are 5 types of debt that are specifically insidious according to financial planners. Be sure to eradicate them, if you’re interested in enjoying your retirement years.
1. Unsecured consumer debt: Unsecured consumer debt of Americans run into billions of dollars. Car loans, credit cards and other such debt should be taken care of before retirement itself. This is why you should make it a point to scale down your life, so that you can save more and pay off these debts easily. If you manage to live beneath your means, then you’re more likely to save and get rid of these debts.
2. Real estate debt: If you’re under the impression that you can partially offset the mortgage for your home during retirement only because of a tax deduction, then it’s time for you to think again. This is because a number of other factors should come into play by then and expected break on the mortgage would be wiped off in a jiffy. Hence, it’s advisable that you take care of mortgage debt beforehand.
3. Your own 401(k) debt: Quite often people don’t realize that borrowing from one’s own 401(k) can boomerang. Make sure you’re not one of them. Even if you’ve borrowed from your own 401(k) savings, be sure to return the entire amount while you still have your job. This fund is for your retirement years, so stay away from it until then.
4. Student loan debt: Student loan debt can go on for ages and you might as well tackle it before it’s too late. What might seem as inconsequential student stuff now, can actually take mammoth proportions in the near future. However, don’t just opt for any loan consolidation service. Go through the Top Ten Reviews available online and only then move forward.
5. Adult child’s debt: This is the biggest mistake you could make. Even if you consider it as an investment, make sure you don’t do it. You should not be straddled to your adult child’s debt in any form whatsoever. And in case you are, then teach him or her to take his or her own responsibilities, especially financial ones. You can’t do it for them forever.
The economic downturn has affected the nation quite a bit and even after years gone by, financial issues exist. This is why you shouldn’t take chances about your future. Do get rid of the above debts and you’ll lead a happy life soon enough.
constantitempurchasingpoweraccounting wrote a new post, Bitcoin can never be a monetary item, on the site Capital Maintenance in Units of Constant Purchasing Power™ 1 month, 4 weeks ago
Bitcoin can never be a monetary item
Bitcoin is a decentralized digital peer-to-peer payment protocol with a spontaneously monetized unit of account. It is used as a digital medium of exchange and it is a very unstable store of value.bitcoin is the unit of account of the Bitcoin block chain system. bitcoin will never be used as the official monetary unit of account or monetary unit of measure in any accounting model.Spontaneous monetization of bitcoin
Bitcoin is an open decentralized system. Anyone can participate. Monetization also had to be spontaneous.
On 22 May, 2010 “laszlo” spontaneously monetized bitcoin at $0.0025 for 1BTC. He paid 10 000 BTC for 2 pizzas costing about $25.
Monetization of a price index is normally started at 100. See Unidad de Fomento in Chile.
Money is suppose to be perfectly stable in real value. Money never was or is or ever will be perfectly stable in real value on a sustainable basis over time. A Consumer Price Index is thus required to calculate a unit of constant purchasing power. Implementing Capital Maintenance in Units of Constant Purchasing Power (CMUCPP) in terms of the Daily CPI (during low and high inflation and deflation) and the USD parallel rate during hyperinflation, including daily inflation-indexing of the entire money supply, stabilizes the real value of the money supply as well as the real value of all constant real value non-monetary items in an economy.
The fact that bitcoin was spontaneously monetized and thereafter evolved to increase in real value – it has a limit of 22 million bitcoins in 100 years’ time – means bitcoin was never intended to have a perfectly stable real value over time or even a relatively stable real value that can be assumed to be perfectly stable like in the case of all fiat currencies (all national monetary units).
Bitcoin can thus never be real money. Bitcoin can never be a monetary item. It is not money or a monetary item. It is a variable real value non-monetary item similar to rare stamps.
Monetary items constitute the money supply. Bitcoins will never be part of any country’s money supply. Bitcoin can thus also never be subject to monetary inflation and monetary deflation because it is not assumed to be perfectly stable in real value.
Nicolaas Smith Copyright (c) 2005-2014 Nicolaas J Smith. All rights reserved. No reproduction without permission.
Terrence Stoker wrote a new post, 6 Ways to Accept Mobile Payments, on the site Money Think 1 month, 4 weeks ago
Mobile payments are a big trend, but not the kind of trend that is fashionable for a short while and then blows over to make way for the Next Big Thing. We seem to be heading towards a cashless society and mobile […]
richardo fuse wrote a new post, Two reasons you should hire a local mold remediation expert, on the site Richardo's financial view 1 month, 4 weeks ago
There are various reasons to hire a local mold remediation expert rather than ignore or tackle the problem on your own. Perhaps there are musty odours in the basement and, despite your best effort, you can’t […]
joys joy wrote a new post, What You Need to Know About Buying Expensive Japanese Swords, on the site News 2 months ago
So, you have developed the beautiful hobby of collecting Japanese swords. Before you take your credit card out of your wallet, you need to know what you are looking at. As you inspect different swords, make sure […]
joys joy wrote a new post, Know more about chaps payment and how it works, on the site News 2 months ago
Indirect Participants worth more than 4500 and about 19 Direct Participants are known to use CHAPS. Some 7,000 transactions were performed regularly on an average during the first operative year; it is known to […]
joys joy wrote a new post, Last Resort Loans: Which Type Is For You?, on the site News 2 months ago
Whether it’s for an unexpected bill, or some other emergency, a lot of people will hit that stage in life where they require a quick boost of cash. Having exhausted their overdraft, spent the last dime of their […]
Ivan Dimitrijevic wrote a new post, Basic Tips for Storing Wine in Your Home, on the site Business & Lifestyle Blog 2 months ago
People who adore wine would all like to have a wine cellar full of rich and storied reds, incredible whites and some adventurous sparkling wines. However, this requires a lot of storage space with stable room temperature and humidity, all of which is crucial for keeping a collection in good shape. Unfortunately, many collectors are limited by lack of space or with a tight budget that prevents them from obtaining enough bottles to complete their desired collection.
Creating a dedicated wine storage area in your home is a laborious task, but many of you surely want to know what you can possibly do to prevent your wine from spoiling without going through a lot of problems and expense.
Ensure the proper conditions
The main purpose of wine storage is to keep wine in good condition, and thus to ensure proper aging. Wine requires a specific temperature and humidity levels, and should be kept away from direct UV light exposure. As long as you make sure to keep it in away from direct sunlight, keep the room temperature within 15-13 degrees Celsius for red wines, and around 7-10 Celsius for white wine. Room humidity levels should be maintained at between 60 and 70 percent. Wine bottles must be stored horizontally, so that the cork is in constant contact with the content of the bottle so as to preserve the seal. Any significant changes, i.e. sharp deviations from the ideal conditions will ruin the wine, so care must be taken to keep everything just right.
Choose the method
Not every connoisseur has hundreds of thousands of dollars to spare and you don’t have to be a professional sommelier to develop a taste for fine wine. This is why not everyone will have the same storage options available to them or they might not even have the need for them – in case of a simple wine enthusiast with a dozen bottles lying around a big wine cellar is hardly necessary, while those living in apartments would have to turn a particular room into a wine cellar since they don’t have access to a basement (or at least not a personal one). With this in mind, there are several methods of creating an efficient wine storage in your home.
This is definitely the simplest and cheapest way to store your wine. You can pick this device if your affinity is to drink wine, rather than make a collection and store it for a long term. Good thing is that you can adjust temperature and humidity level very easy, by simple use of controls installed on refrigerator. Try not to frequently open the door, to keep the temperature on constant level.
Home-made room cellar
You can create wine storage in by picking a proper room or a closet in your home and turning it to a wine storage. The important thing to know is that all conditions necessary for wine storing must be created by yourself. Take care of temperature conditions, don’t allow any extreme fluctuations by installing a proper cooling unit, and do not neglect humidity control. Be sure to get the right equipment if you want to prevent a disaster.
Classic wine cellar
Some cold and dark place, isolated from the sun, would be the perfect solution for wine storage in your home. In most cases, this is the basement. Consider all mentioned things above, about temperature, humidity and cooling units. The difference is that you can store your wines in classic basement cellar for a long time. In that way, you are not limited just on drinking, but can also create valuable wine collection to be proud of. Considering this, you might wish to try some modern option, like a spiral cellar.
This is brand new multi-practical product that provides the best of both sides – you can store your wine at the right temperature and humidity, and you have an extra space where you can put off your wardrobe. Wine storage and dress locker at the same time. Two problems solved at once!
There are very few obstacles that can prevent a true fan of fine wine, from collecting, storing and enjoying some exceptional bottles in the privacy of their own home. With a bit of creativity and the right attitude, you can create a fairly good wine storage area in your home, even if you are on a somewhat limited budget.
ShiftONE wrote a new post, How to Succeed 20-Something Entrepreneur, on the site Finance for SME's and Entrepreneurs 2 months ago
You Can Be a Successful Entrepreneur in Your 20s
Notes on building a youth-owned business
By Louw Barnardt: MD of Outsourced CFO
Louw Barnardt and Dana Pretorius from Outsourced CFO prove that, with passion and purpose, you can build a successful business right after qualifying.
The economic world is finally ready to start making its comeback after more than half a decade of slow growth and painful retraction.
The playing field has been levelled by this; large corporates are tightening their belts while the eyes of the world are looking to the entrepreneur and the innovator to kick-start growth.
Over the next years, new players will enter markets and new markets will be created. The known brands who are too slow to adapt to change will make room for new, more agile solutions to the problems that they were solving. The good news is that this exciting entrepreneurial space is there for the taking; it does not discriminate against age or gender or race.
More 20 year-old millionaires are being made than ever before in history, mainly because technology is such a big driving force behind new business solutions. Younger people growing up with fast-moving tech have a definite advantage over their older rivals because of these skills.
As young Chartered Accountants who have only recently started our own business in Cape Town, through hard work and humility we now service companies with start-up budgets to those with over R100m in assets.
I hope that our experiences will kindle a fire in the heart of other young entrepreneurs who are setting the pace for the future.
Exciting as it is, entrepreneurship is no easy road. Here are some steps that I found vital to our entrepreneurial success.
Never stop learning
Keep building on your arsenal of knowledge.
Follow industry news and events and learn from other entrepreneurs. Make sure that you pack the right qualifications needed in your industry – it adds a great deal of credibility in the workplace. People will not ask you how old you are when you know what you are talking about and have the qualifications to back what you are doing.
Put in those networking hours
People do business with people.
A great deal of business flows from your personal network. Even when it ends up being a contract between two companies, people do business with people. The entrepreneurial scene offers so many great (often free!) networking opportunities that you can attend a handful of events on a weekly basis. Meet people and follow through with your coffee dates!
Play the man, not the ball
Our greatest lesson in pitching has been to put away the elevator pitch.
People meet with you not because they are interested in what you do, but because of what you can do for them. Instead of telling somewhat what you can do, spend the first meeting just listening to them. Ask them about their business, their needs, their problems. People love to tell you all of these. Only once you have built that relationship and have a proper understanding of your potential clients’ needs, may you dare offer them your service.
Become visible online
A company without a web presence does not exist.
Having a website is not enough – if you’re not on the first page of a search, chances are that you’re invisible to the person looking for what you offer. Make sure that you a strong online presence, that your site clearly communicates your value proposition and that your search engine optimisations and Adwords campaign help you become the top hit for the key words that define you. If you are not a Wordpress or SEO guru, there are brilliant people out there that can help in this regard. It’s invaluable (and awesome) to pop up in a search above much bigger and older rivals!
Make industry thought leadership your goal
Keep positioning yourself as a leader in your industry.
Regardless of what sector you are playing in, make sure that you are one of the thought leaders thereon. Have an opinion, write blogs and articles, chase those publications, get those talks and do the free workshops. Generating content and hosting events not only helps you get exposure, but also gives you instant credibility with your target audience. Bit by bit, keep trying to position yourself as a leader in your industry and the work will follow.
The desirability of the fountain of youth
Do not see young age as a weakness.
For the first time in history we live in a business world that looks at skill and passion instead of just age and experience. Having been around the block a great many times has its advantage, but it comes with a lot of set ways and ideas. Being young, your approach to problems is fresh, bringing little baggage and recently sharpened technical knowledge to the table.
Never stop having fun
You don’t stop playing because you get old – you get old because you stop playing! Keep the inspiration alive and fight burnout by making sure that you have as much fun as humanly possible with your business. Celebrate small victories and always keep the ideal that you had in starting your company alive in your heart. And never stop having fun – it’s such a great journey!
Here is a glass raised to all the entrepreneurs who are faced with this huge task and this great opportunity.
Louw is the MD of financial management company Outsourced CFO, a Cape Town based firm of Chartered Accountants that assists entrepreneurs in building financially strong, fundable and investable businesses.
To contact Louw Barnardt:
Tel: 021 409 7933
Terrence Stoker wrote a new post, An outside investor’s perspective of South Africa, on the site Money Think 2 months ago
Despite the global financial situation, emerging markets are still one of the best ways businesses can choose to invest. A 2013 study conducted among investors in 16 developing and emerging economies compared […]
Sonika wrote a new post, Knowing How to Deal with Content Duplication Attempts , on the site Business blogs 2 months ago
For many copywriters and academicians, copyright infringement is a serious issue that they have to deal with as a part of their professional or academic endeavors. Though many of the writers and scholars think […]
Ivan Dimitrijevic wrote a new post, What Will Marketing Do for Your Dental Business, on the site Business & Lifestyle Blog 2 months ago
Being a doctor is truly a success in itself, and starting your own business is even a greater achievement. But, you’ve replaced your student loans with other kinds of problems, and opening your own dental office […]
mary yohanan wrote a new post, The Benefits of Accounting Firms that use Xero, on the site financenews 2 months, 1 week ago
Xero has become one of the favourite accounting software packages for freelance accountants due to its intuitive operation and hand tailored capabilities. Xero offers an easy to use double entry accounting software that makes it a popular choice for forward thinking accounts. Here are some of the benefits of Xero:
First time users are often surprised by the simple design of the software. It provides accountants with an Advisor tab that offers things such as management reports, GL transaction exports, journals and sales tax reports making it easier for them to get work done which can save time and money. You can also request reports easily from things such as performance to pay runs and foreign currency. They can also modify their settings to suit their needs.
You can use Xero to export to other common office programs using PDF’s as well as spreadsheets for Excel and even Google docs. It makes it easier for an accountant to share information with their clients and saves time for an accounting office to have to prepare spread sheets that will suit your needs. This of course saves you money for their services. Xero is also compatible with a number of Apps that adds to its user friendly performance.
Xero is designed to make an accountant’s job easier although some small businesses use it to do their own accounting. It makes tasks such as writing checks easy and can also receive payments through services such as PayPal which is becoming a popular way to do transactions for many businesses and individuals. Accountants also have easy access to things such as their contacts which also allows them to click on easy to use links that are associated with each contact. These little details again save time for your accountant which can often translate into savings for you. There are also several boilerplates that accountants can use for reports and they can also choose to customize the boilerplates to suit their own needs or the needs of their clients.
Xero also offers the choice for you to handle payroll or for you to work with an accounting service to do so for you. This makes it easier for you to use the same format as your accountant and have access to the same files as they do without getting too complicated. This means your accountant can do the majority of the work for you and you can handle some things on your own. Many small businesses prefer to handle tasks such as payroll themselves as they can look out for discrepancies such as overtime claims.
Xero is designed with the small business in mind. Finding an accountant who uses Xero means you are working with an accountant who has done their research to discover the best way to handle their small business clients. This means you will be dealing with an accounting firm who specializes in providing services to small businesses which is ideal to get the best possible treatment.
Bertie wrote a new post, What’s the difference?, on the site Read This! 2 months, 1 week ago
In my role as Chief Learning Officer at Naspers I focus more on the education end of the spectrum between training and education. (We have extensive programs on the operational levels of the […]
mikearnill wrote a new post, Lead Generation Company: How can it Catapult Your Business to Success, on the site Finance Tips 2 months, 1 week ago
When you are on the online platform, everything is decided upon the volume of traffic that visits your website. There is no necessity that everyone visits your website for there are scores of other websites too […]
Terrence Stoker wrote a new post, Start a retirement fund early to save yourself sleepless nights, on the site Money Think 2 months, 1 week ago
According to the World Health Organisation, global life expectancy is on the increase. Back in 1990, people were expected to live an average of 64 years. This age increased to 70 by 2011. Although developments in health care leading to increased longevity are good news, it also means longer retirements and added strain on pension funds.
South Africa has one of the lower life expectancies compared to global norms largely due to the HI-Virus. Despite Aids crippling our national health, our average life expectancy is also on the increase and currently lies at 59.6 years. Despite this statistic, we are still neglecting our retirement funds.
South Africans don’t take retirement saving seriously
Sanlam painted a grim picture for retirees last year when they reported South Africans earning a salary only set aside an average of 7% of their income towards retirement. Based on inflation we should be saving at least double this amount. The financial services provider also estimated an alarming 60% of South Africans spend their retirement worrying about their financial state.
Only about 16.5% of South African workers are forced to set funds aside for retirement by their employers. David Brown, managing director of Profile Corporate Services, warns that even these retirement plans are not sufficient. “I agree with many of the industry experts who say that a forced pension will not be enough to ensure a comfortable retirement and employees need to seriously consider investing in a complementary retirement annuity as well.”
Earlier is better
Due to compound interest, the earlier you start saving for retirement, the less you would have to part with each month to achieve a particular number. Starting a savings plan later on in life means you would not only have to cut back on expenses to make payments, the delayed returns on your investment can force you to delay retirement.
Bear in mind the type of work you do. If you do physical labour or work with your hands, your health is a major factor in your ability to earn an income. Office based or IT jobs are less taxing on your health and can be maintained for longer. Either way, you want to leave the workplace before health issues force you to do so and enjoy your retirement while you still can.
Retirement worries hit single people hardest
The climbing divorce rate and frequency of people choosing not to marry means more and more pensioners only have access to the funds they personally put away. With no second source of income, starting a serious savings plan towards retirement as soon as possible becomes even more important.
Saving over a longer timespan provides the opportunity to consider higher risk investments with a better eventual payoff. Speak to your financial advisor to figure out where your money would show the most growth and start saving towards a stress-free retirement today.
Janice Thompson wrote a new post, Short term and long term financing, when is the time for what?, on the site prblog 2 months, 1 week ago
It doesn’t matter whether you are an entrepreneur or a small business’ owner you will eventually need finances to assist you with your business venture and spur it to grow in the long run. Therefore it is very […]
Ivan Dimitrijevic wrote a new post, Having Fun with Your Children, on the site Business & Lifestyle Blog 2 months, 1 week ago
With all the advances in technology and the internet, the family, as a unit, has never been further apart. While you are working on your laptop, your spouse is watching his favorite TV show, and your kids are […]
Webb Ward wrote a new post, Free Credit Scores -What South Africa Can Learn From The UK, on the site Webb 2 months, 1 week ago
It surprises me nowadays when I hear that people aren’t regularly checking their credit. It’s free…and only takes a few minutes. Any money conscious individual should have that at their top of their financial to […]
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