Money management quotes – Commonfolk Using Common Sense http://commonfolkusingcommonsense.com/ Wed, 21 Jul 2021 11:06:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://commonfolkusingcommonsense.com/wp-content/uploads/2021/06/icon-99.png Money management quotes – Commonfolk Using Common Sense http://commonfolkusingcommonsense.com/ 32 32 Westpac raises $ 220 million windfall with BT funds https://commonfolkusingcommonsense.com/westpac-raises-220-million-windfall-with-bt-funds/ https://commonfolkusingcommonsense.com/westpac-raises-220-million-windfall-with-bt-funds/#respond Wed, 07 Jul 2021 08:17:00 +0000 https://commonfolkusingcommonsense.com/westpac-raises-220-million-windfall-with-bt-funds/ “Too many for-profit pension funds seem to have put their business owners ahead of the moms and dads who are their members,” Dr. Leigh said. The Australian Financial Review. “BT underperformed other superannuation funds, but Westpac kept withdrawing money to boost profits. “ BT-branded funds have been identified as a chronic underperformance over the same […]]]>

“Too many for-profit pension funds seem to have put their business owners ahead of the moms and dads who are their members,” Dr. Leigh said. The Australian Financial Review.

“BT underperformed other superannuation funds, but Westpac kept withdrawing money to boost profits. “

BT-branded funds have been identified as a chronic underperformance over the same time frame in the Australian Prudential Regulation Authority’s heat map assessments and in analyst Stockspot’s annual Fat Cat Funds report.

The group’s three default MySuper products – BT Super, Westpac Group Plan and Asgard Employee – are expected to be labeled underperforming in September after the results of APRA’s first annual performance test were released. The test is a key feature of the Morrison government’s controversial reforms, Your Future, Your Super (YFYS).

These products generated returns more than 50 basis points below their respective six-year net returns, while the 0.5% administration fee charged on BT Super and Asgard Employee products exceeds the industry median, according to APRA map data.

If they are officially designated as “underperforming,” BT would be required to refer all affected members to the government’s new YourSuper comparison tool to help them find a better fund.

Such a move could speed up releases of BT’s MySuper products, which are already bleeding member accounts at a rate of nearly 10% per year, according to APRA.

A continued exodus could weigh on the sale process of BT’s retirement business, which Westpac put up for sale in May last year alongside its insurance and wealth management platform assets.

“Main engine for decisions”

However, a Westpac spokesperson pointed to BT’s MySuper Lifestage funds, which she said have performed strongly over one, three and five years.

The so-called Lifestage funds for members born in the 1970s, 80s, 90s and 2000s returned between 23.7% and 24.1% for the 12 months through May 31, 2021, the spokesperson said.

The MySuper 1980s BT Lifestage investment option returned 26.1% for the 12 months through April 30, 2021, placing it in the top 10 funds over three years, according to researcher Rainmaker.

“We expect equally strong results for the year ending June 30, 2021, once available this week,” she added.

“The interests of the members are the main driver of decisions about the fund. BT discloses all dividends paid to Westpac in its annual reports which are available to the public. “

But the regulator admitted that profits paid to related parties by super trustees are a potential blind spot.

A letter from APRA Vice President Helen Rowell to Dr Leigh last month, seen by the Financial analysis, said that while the watchdog expected directors to consider a “range of factors” when determining profit distributions, it had no specific control over the practice.

“APRA’s data collection does not currently collect specific information on the proportion of money paid that ends up in profit,” Ms. Rowell wrote.

As part of its impending pension data transformation project, APRA will be able to capture “profit classification” as a subset of expenses to be reported by super funds starting in September. of this year.

Matthew Linden, deputy head of Industry Super Australia, a lobbyist for 15 funds in the $ 800 billion nonprofit super sector, said dividend payments should be a factor for companies to meet their new debt obligation. ” act in the best financial interest of members under the YFYS laws.

Dividend and profit payments have been “excluded” from the methodology, Mr. Linden said, allowing “poorly performing for-profit funds to continue to extract up to $ 10 billion a year from their members.”

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CEO of World’s Largest Cryptocurrency Said Financial Assets Like Cryptocurrencies Only Appear Once Per Generation https://commonfolkusingcommonsense.com/ceo-of-worlds-largest-cryptocurrency-said-financial-assets-like-cryptocurrencies-only-appear-once-per-generation/ https://commonfolkusingcommonsense.com/ceo-of-worlds-largest-cryptocurrency-said-financial-assets-like-cryptocurrencies-only-appear-once-per-generation/#respond Tue, 06 Jul 2021 06:09:00 +0000 https://commonfolkusingcommonsense.com/ceo-of-worlds-largest-cryptocurrency-said-financial-assets-like-cryptocurrencies-only-appear-once-per-generation/ Grayscale investments CEO Michael Sonnenshein said financial assets like cryptocurrencies only appear once per generation. Now that the “genie” has come out of its bottle, Sonnenshein believes that several digital currencies will grow and prosper with each other in the future. According to him, the regulation will be good and valid towards cryptocurrencies as an […]]]>
  • Grayscale investments CEO Michael Sonnenshein said financial assets like cryptocurrencies only appear once per generation.
  • Now that the “genie” has come out of its bottle, Sonnenshein believes that several digital currencies will grow and prosper with each other in the future.
  • According to him, the regulation will be good and valid towards cryptocurrencies as an asset class.

Grayscale Investments is the largest cryptocurrency global asset management company. And its managing director (CEO), Michael Sonnenshein, believes that it is too late to put the proverbial
cryptography ‘genius’ in the bottle.

“Crypto is a bit analogous to… The genie is out of the bottle, isn’t it,” he told Business Insider US during a
Twitter live.


Grayscale has more than
$ 30.4 billion assets under management on July 1, the bulk of the basket being made up of Bitcoin. And, Sonnenshein, who heads the company behind the world’s largest crypto fund, is betting big. He thinks cryptocurrencies are not going anywhere anytime soon. “The idea of ​​a decentralized currency is something that’s here to stay, it’s an idea that has captivated investors around the world,” he said.





Sonnenshein argues that crypto is by no means a “missed bus”. According to him, new financial assets are only created once per generation, and
crypto-currencies are still in their infancy. “For an investor, it’s about the value that is created,” added Siddharth Menon, co-founder and COO of WazirX.

Here are the 12 best Sonnenshein quotes from the interview, slightly edited and condensed for clarity:

Publicity


  1. Most would say crypto is a bit analogous to… The genie is out of the bottle, right? It’s here to stay. The idea of ​​decentralized currencies is something that is here to stay. It is definitely something that has caught the attention of people all over the world.
  2. From the investors we talk to, in their minds, there is no doubt that cryptocurrency as an asset class is here to stay. In that sense, they want to make sure that they pay attention to the asset class, understand it and then find the right allocation for it.
  3. When you zoom out, cryptocurrencies have only really started in the last 10-12 years. New asset classes are not born every day or every year. This is usually a once in a generation opportunity. So if people remember the early days of this asset class, there is still the potential to develop a lot more use cases, more individuals and investors to engage, and a lot more utilities. to unlock around this asset class with certainty.
  4. Sometimes people reject Bitcoin and other cryptocurrencies because of their accessibility. When you look at places like India, you have Paytm and all these other ways that value is shifted. While Bitcoin is very different. The way digital currencies are moved is done through different means – over these secure networks, which require a bit more technological know-how. As the asset class grows, the ease with which individuals can move Bitcoin will only get easier.
  5. El Salvador is just the first of many governments that haven’t done the best job of controlling their currency or have had to rely on reserve currencies like the US dollar – which might start looking at Bitcoin and others. value mechanisms to help their citizens participate in their savings.
  6. There is a very low barrier to entry to creating new cryptocurrencies. And that’s why we have so many today. We certainly believe in a world where multiple cryptocurrencies coexist. If you look at gold versus silver versus platinum, all of them fall into the precious metal family with different use cases, prices, and addressable markets. Likewise, we’re going to see something like this around digital currencies where multiple digital currencies will thrive and grow together, but suit different use cases.
  7. We’ve seen both accommodating and prohibitive policies around digital currencies, much of it rooted in gut reactions to try to anticipate what might happen – to stifle some of the excitement and excitement.
  8. It’s a very powerful idea – the idea that people are using a currency that is not created by the government – so I’m not surprised to see some of these prohibitive policies. But, at the end of the day, I know that some of these countries, which are more forward-thinking – who want to embrace technology and innovation – are going to come around digital assets like Bitcoin, Ethereum and others.
  9. Many people still believe that digital currencies, or Bitcoin, are a good use for illicit activities. In fact, it is probably the worst mechanism you can use for illicit activity. Any transaction you undertake in Bitcoin is going to leave a trail of breadcrumbs.
  10. Many investors have rejected cryptocurrency because they don’t understand it. Assets like Bitcoin are not necessarily cash assets as they can see when they invest in common stocks. It doesn’t really correspond to a commodity or a currency. And, thus, he mixes up a lot of concepts that investors are familiar with.
  11. It wouldn’t surprise me to see people keep thinking about their local currencies and what that can have on their ability to save money, pass money on to the next generation, finance a business, finance education, etc. Bitcoin and other assets to help them be a part of financial inclusion around this.
  12. U.S. regulators seek a certain level of maturity within the crypto market – a market that can be free from manipulation and where they can put in place surveillance sharing arrangements. And, ultimately, more regulation will be good and validating towards this asset class.

For a more in-depth discussion, visit Business Insider Cryptosphere
– a forum where users can delve into all things crypto, engage in interesting discussions and stay ahead of the curve.

SEE ALSO:
India’s new crypto regulations ready for monsoon session of parliament, country’s finance minister said

One of the oldest Bitcoin websites on the net has been hit by ransomware, and hackers want them paid in Bitcoin

Even as India and China crack down on crypto, Philippines and Vietnam consider crypto-friendly regulations

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National pension system: now a wider choice of pension funds in the NPS https://commonfolkusingcommonsense.com/national-pension-system-now-a-wider-choice-of-pension-funds-in-the-nps/ https://commonfolkusingcommonsense.com/national-pension-system-now-a-wider-choice-of-pension-funds-in-the-nps/#respond Sun, 04 Jul 2021 20:00:00 +0000 https://commonfolkusingcommonsense.com/national-pension-system-now-a-wider-choice-of-pension-funds-in-the-nps/ The pension fund will exercise all the diligence and prudence necessary in the exercise of its functions and in the protection of the rights and interests of the subscribers. In order to make the National Pension System (NPS) more transparent, increase the subscriber base and ensure orderly growth, the pension fund regulator has taken a […]]]>
The pension fund will exercise all the diligence and prudence necessary in the exercise of its functions and in the protection of the rights and interests of the subscribers.

In order to make the National Pension System (NPS) more transparent, increase the subscriber base and ensure orderly growth, the pension fund regulator has taken a series of initiatives that facilitate the transaction process for pensioners. subscribers and points of presence (PoP).

The Pension Fund Development and Regulatory Authority (PFRDA) has now issued guidelines for initiating “on-the-fly” registration of pension funds on an ongoing basis to manage subscriber retirement assets. to the NPS under central government plans, state public plans, private sector plans and other plans regulated by the private sector. It amended the NPS Trust regulations for monitoring and evaluation of all operational and service level or investment management activities of pension funds, trust bank, custodians and central record keeping agencies. for exits and withdrawals. The regulator has also changed the regulation of points of presence (PoP) to make them more efficient.

Registration of new pension funds
Each year, the regulator will open registration “on the fly” for pension funds for 30 days. The interested entity will have to make an offer to be selected as a sponsor of a pension fund. If selected, he will have to start a separate company to be registered as a pension fund by the regulator. A pension fund is an intermediary that has obtained a registration certificate from the PFRDA to collect contributions, accumulate them and make payments to the subscriber. The pension fund will exercise all the diligence and prudence necessary in the exercise of its functions and in the protection of the rights and interests of the subscribers.

The pension fund will be subject to a pension plan audit by the NPS Trust in accordance with the provisions of the PFRDA (NPS Trust) Regulation, the PFRDA (Pension Fund) Regulation and the provisions of the Investment Management Agreement, etc. The business proposal of the shortlisted candidates will be assessed based on the quotes submitted against the applicable Investment Management Fee (IMF) range. The “default scheme” will be managed by the pension funds which are public enterprises. The sponsor of a pension fund must have at least five years of experience in fund management (equity market and debt market).

The regulator has set maximum investment management fees based on assets under management – up to Rs 10,000 crore is 0.09%; Rs 10,000 crore to Rs 50,000 crore is 0.06%; Rs 50,000 crore to Rs 1,50,000 crore is 0.05% and above Rs 1,50,000 crore it is 0.03%. Applicants may propose and charge a lower fee per tile, subject to a lower cap of 0.03% for each tile. The investment management fee rates include brokerage fees, custody fees and applicable taxes thereon, subject to a maximum brokerage rate authorized to be charged to the plan by the pension funds at 0, 03% (including applicable brokerage taxes) on equity transactions only. The pension fund will charge its investment management fees out of the net asset value on a daily basis and the accrued charges (income) will be collected by it at the end of each quarter, on the scheme bank accounts maintained with the Pension Fund. fiduciary bank.

Presence points
For PoPs, the amended regulation emphasizes that they must transfer contributions received from the subscriber or their employer or deducted from employees ‘salaries to the NPS Trust account maintained with the trust bank and upload the subscribers’ contribution files to the bank. central record keeping agency within the time limit set by the regulator.

Each point of presence will have a collection account in the name of “Name of the PoP – Collection account – name of the pension plan – NPS Trust” and such an account will be a non-withdrawable account with an option to transfer funds to NPS Trust account or only in exceptional cases such as incorrect entries, unidentified entries or an amount not belonging to the contribution of the subscriber. All PoPs with bank accounts with a different nomenclature will have to comply with this condition within 90 days.

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We feel more alone at the top with everyone working from home https://commonfolkusingcommonsense.com/we-feel-more-alone-at-the-top-with-everyone-working-from-home/ https://commonfolkusingcommonsense.com/we-feel-more-alone-at-the-top-with-everyone-working-from-home/#respond Thu, 01 Jul 2021 07:00:00 +0000 https://commonfolkusingcommonsense.com/we-feel-more-alone-at-the-top-with-everyone-working-from-home/ Memo from the CEO To all Global Cryptobank employees As I sit here on the 84th floor of our beautiful New York City headquarters, which opened only three years ago but now virtually empty, I want to share my feelings with all of you. I have thought carefully since the outrage that followed my previous […]]]>

Memo from the CEO

To all Global Cryptobank employees

As I sit here on the 84th floor of our beautiful New York City headquarters, which opened only three years ago but now virtually empty, I want to share my feelings with all of you. I have thought carefully since the outrage that followed my previous note, calling on you to return to work or suffer the consequences.

I’m not the only boss who is frustrated with employees who hope to continue working from home or elsewhere. James Gorman, managing director of Morgan Stanley, told his staff to be back at their office by September 6: “If you want to get paid New York rates, you work in New York. None of that ‘I’m in Colorado. . . and get paid like I’m sitting in New York, ”he said.

Absolutely, James: it’s called Labor Day, after all. But people now seem to take it as provocative that CEOs are talking about it openly, despite advances in vaccination. Staff at Washingtonian magazine launched a one-day protest in May after Cathy Merrill, its chief executive, wrote that working from home could make employees less valuable and easier to let go. The pandemic has made some people very sensitive.

So I consulted Alison, our Global Human Resources Manager, as well as Nisha, my personal therapist, before starting this memo. I also engaged in a long and informative discussion with our executive committee on Zoom, during which I explained my thoughts and eagerly asked for their opinions. I’m the boss but I’m part of the Global Cryptobank team, and I value honesty almost as much as making money.

Their feedback was sincere and unanimous: “Don’t do that, Bob,” they pleaded. “The last time you spoke your truth about our colleagues’ refusal to return, it was a diplomatic disaster that Alison has only just ironed out.” Mike, global head of dogecoin trading, was pretty straightforward. He said, “Bob, some of us have been worried about you lately. Are you losing it? ”

That’s a great question, phrased with the frankness we appreciate so much from Mike at the negotiating desk, and I want to answer it. The answer is, maybe. He’s alone at the top and he’s been alone since this tower was cleaned up. I don’t know how many of you have visited the executive floor, but if you ever come back you should really go upstairs. It has fantastic views.

I have a telescope here, designed by one of our customers in Silicon Valley and made with innovative night vision technology. Sometimes at the end of a long day of lonely work I use it. Looking at the expensive apartments in Tribeca where some of you live, thanks to our generous bonuses, I see bankers on video conference with cameras off, sipping wine.

I started to wonder what my job was for, other than the $ 35 million I was paid last year? If I’m called the CEO but can’t behave like a boss or make managerial decisions, the only part of the role that’s left is that of an officer, which means being in the office. It might be nice if others were too, but some days it’s just me and Joe, the guy at the door, and he’s 84 floors down.

The other day I read an interesting study on the psychology of leaders. He said that while the job can be isolating – people often suck us in, don’t speak openly, that sort of thing – we don’t really feel alone at the top. Giving orders makes us feel connected to others and responds to the evolving need for a sense of belonging. It made sense to me.

The study quotes an excellent speech by William Deresiewicz at the US Military Academy at West Point, and you know how much we CEOs like to compare ourselves to military heroes. “Loneliness means being alone, and leadership requires the presence of others – the people you lead,” he said. Bill is a literary essayist and an English teacher, but I think he gets it.

Can you spot the problem? Leadership “requires the presence of others” and you are not present. It makes my job less rewarding and gives me fewer opportunities to exercise power, so I find myself on my own. He’s an executive lose-lose. I know it’s hard to empathize with the CEO and you have your own challenges, no doubt about it. But that’s how I see it.

I had to stop writing this note earlier to call an emergency board meeting. It seems the word has spread: maybe I wasn’t the only one Mike was so outspoken with. I’m happy to share with you that the board has approved my proposal that you all be invited to report back to the board soon. He also decided that this would be an appropriate time for the leadership transition.

My lawyers are currently negotiating my severance package, including the accelerated vesting of my stock options, and I feel very energetic, sensing many opportunities ahead. When I return from the Hamptons in September, our roles will be turned. You will be at the office and I will be at home in my apartment in Central Park, with the telescope I am taking as a departure gift.

My family is fortunate to have a rooftop terrace with an unobstructed view down downtown to the Global Cryptobank tower. So when you finally get to your office in the fall, I’ll see you.

Sincerely, Bob

john.gapper@ft.com

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Me and my money: Gillian Boyes, Autorité des marchés financiers https://commonfolkusingcommonsense.com/me-and-my-money-gillian-boyes-autorite-des-marches-financiers/ https://commonfolkusingcommonsense.com/me-and-my-money-gillian-boyes-autorite-des-marches-financiers/#respond Tue, 29 Jun 2021 22:10:55 +0000 https://commonfolkusingcommonsense.com/me-and-my-money-gillian-boyes-autorite-des-marches-financiers/ 1. Are you a saver or a spender? Raised as a saver, I love the sense of control that saving gives me. When I spend, my poor family and friends will attest that I am very thoughtful: I will spend hours researching, comparing, and getting the best possible option. 2. What has been your biggest […]]]>

1. Are you a saver or a spender?

Raised as a saver, I love the sense of control that saving gives me.

When I spend, my poor family and friends will attest that I am very thoughtful: I will spend hours researching, comparing, and getting the best possible option.

2. What has been your biggest financial lesson, success or failure?

In the early 2000s, I invested in a high risk fixed rate product in which my money was locked in for a year.

As similar offers were having problems, I counted the days until I got my money back. This type of product has since been banned.

3. Why are New Zealanders as a whole hesitant to seek financial advice and is this changing?

Research suggests that reluctance to seek advice isn’t just a Kiwi’s business.

The reasons for not getting advice (or at least investment advice) are similar in many countries: people think they are not rich enough or that it is too expensive.

It is changing internationally and I think it will change here.

New counseling laws now give people the option of receiving different types of counseling, such as low-cost automated online counseling services or limited-scope counseling. These could be very appealing to KiwiSaver members or to online users who need a first hand in selecting the right mix of investments to achieve their goals, but don’t necessarily need a plan. full financial.

4. Give an example of a recent purchase that you consider excellent value for money:

I bought the latest iPhone.

As a saver, I had spent a lot of time researching it and trying to convince myself that a cheaper model was all I needed.

But I love my phone – it takes much better photos than my old phone, the battery lasts (another pet hates my old phone), and it fits neatly in pockets. Since I’m not the type to upgrade every year, I think this is great value for the money.

5. What was your last impulse or purchase of “donuts” and how did you feel afterwards?

I was walking past a store on the weekend and saw a stunning pair of earrings.

I walked in and bought them in three minutes. I put them on right away and have worn them twice since so I think they were a great choice. It helped that they were only $ 30.

6. What’s your best tip for saving money?

Automate it. The less time I spend thinking about saving money, the better.

7. Does having more money increase happiness?

Personal finance writer Mary Holm cites great research that suggests her age, not the money that increases happiness.

As a much older person, I am happy to support this research.

8. What is the best advice someone has ever given you?

When my son was born, I was working for a fund management company.

Colleagues suggested setting up a low-cost managed fund and pouring money into it.

He’s now 18, and even with modest monthly deposits, he’s high enough to cover his early years in college. It was an almost painless way to help him.

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What Are the Common Benefits of Personal Loans? https://commonfolkusingcommonsense.com/what-are-the-common-benefits-of-personal-loans/ https://commonfolkusingcommonsense.com/what-are-the-common-benefits-of-personal-loans/#respond Mon, 28 Jun 2021 17:50:12 +0000 https://commonfolkusingcommonsense.com/what-are-the-common-benefits-of-personal-loans/ There are many reasons why a person may need to take out a personal loan. Whether you’re in between jobs and need extra cash, looking for cash to start your own business, or want more options to pay your tuition, a personal loan is worth considering. considered. Many people use a personal loan as a […]]]>

There are many reasons why a person may need to take out a personal loan. Whether you’re in between jobs and need extra cash, looking for cash to start your own business, or want more options to pay your tuition, a personal loan is worth considering. considered.

Many people use a personal loan as a layer of freedom in addition to their existing finances. With a personal loan, you can spend it all.

In this blog post, we will discuss the benefits of personal loans and why they may be the right choice for you as well.

So whenever you are ready to delve deeper into the intricacies of this finance, keep reading,

What are personal loans?

A personal loan is a loan that the borrower takes out to provide additional funds. They are usually given through a bank or other lending institution and usually come with different terms depending on what you are borrowing money for, how much you want to borrow and your credit history.

Personal loans can be used for many different purposes including paying school fees and rent like an electric bill or even buying new clothes they need but don’t have the money for. the moment.

Personal loans from lenders vary between $ 1,000 and $ 25,000, although this depends on which lender you choose when you apply. If your credit rating is good enough, most of these types of companies will approve applicants pretty much every time without asking questions.

Some people only use a personal loan for emergencies, such as paying medical bills or other expenses that they cannot afford at the moment.

Yet, it is not recommended due to the high cost of these loans and the very high interest rates.

However, personal loans are usually offered by companies that offer all types of financial services in general, such as debt consolidation programs, so if you are looking for something more than just borrowing money then this could be. an option to explore with your lender. before anything else when requesting a.

Who issues a personal loan?

A personal loan can be obtained from any bank, credit union or specialized lender.

Many lenders are willing to offer personal loans online and can often be found by doing a quick Internet search for “personal loan” with the name of your city.

Some companies can even provide you instant approval with no questions asked.

Personal loans are usually offered by companies that offer all kinds of financial services in general, like debt consolidation programs, so if you are looking for something more specific you may have to look elsewhere.

Some of the more popular companies that offer a personal loan include American Express, Citicorp (Citibank), Wells Fargo, and Bank of America.

It should be noted that some lenders do not allow clients from certain countries or states to apply for their services like JCPenny credit cards, for example, so make sure you are eligible before applying if possible.

The following are just a few examples of what these types of loans can typically be for auto repairs, medical emergencies, home renovations, and weddings.

There are many rewards associated with obtaining your own private loan, including the ability to set payments based on the amount of money available in your bank account at any given time and not be subject to the policies of strict reimbursement from banks.

No credit check is required, so your financial history does not matter as long as you are a legal resident with an income that is within a range set by the lender.

What can personal loans be used for?

Personal loans can be used for a number of reasons. One of the most common is to cover an emergency expense, such as a medical bill or car repair.

The following are just examples of what personal loans can generally be used for: auto repairs, medical emergencies, home renovations, and weddings.

It’s important to make sure you’re eligible before you apply if possible – a credit check may not even be necessary depending on who your lender is (eg, one without a strict repayment policy).

However, there are sometimes minimal fees associated with obtaining a private loan from banks due to increased risk factors of lending money compared to payday lenders or peer-to-peer platforms like Lending Club.

Some benefits include setting up payments on your terms, qualifying for lower interest rates, and some lenders allow you to increase the amount of money borrowed after you borrow it.

Common advantages of personal loans

Getting a personal loan comes with a variety of benefits, some of which are more important than others. Here are some of the most common benefits of a personal loan:

You can configure your monthly payments according to your own conditions. Some lenders will allow you to make biweekly or weekly payments, which is more convenient than budgeting for just one payment each month.

If you have bad credit, it can be easier and cheaper to get personal loans with better interest rates from another lender rather than loans from big banks with strict repayment policies.

For example, peer-to-peer platforms offer borrowers who cannot get a bank loan access to competitively priced personal loans without requiring them to post collateral to get the funds they need.

Compared to payday loan companies such as RedCap Loans and Amscot Financial Group, alternative lenders offer more flexible repayment terms.

Consolidate debt

Loans can be used to consolidate debt, build a business, or buy something that you wouldn’t otherwise be able to afford with your current cash flow situation.

Some people also use personal loans for things like vacations and tuition.

Best rates

You will need good credit to qualify for the best rates, but if you have any imperfections on your report, there are still several options available through online lending platforms, which may work better than trying to jump through. all the hoops to a bank.

Additionally, there is no set timeframe for using loan funds – many borrowers choose this type of financing because they want access to their money without having an arbitrary monthly deadline.

Easy to acquire

One of the most common advantages of personal loans is that they are relatively easy to obtain – the requirements are not as demanding as those for a mortgage or car loan.

However, you will still need adequate income and a good credit history to show lending institutions that you are reliable enough for them to invest their money.

If your credit score is not up to par, there is no shame in applying online rather than at a bank.

You can get approved pretty quickly without having someone in your own community judging you on the types of financial practices you’ve been engaged in lately. It might not be traditional, but it will work every time!

Freedom

The best part of getting a Personal loan is that you have the freedom to use it however you see fit.

You can spend your money on anything from vacations and home repairs to groceries and medical expenses, which means having one less thing to worry about financially every month!

One of the main benefits of taking out a personal loan is buying something immediately without waiting for cash or approval from others. This will save you time in addition to saving money because many loans are offered at 0% interest rate no credit check required!

If there’s nothing else to delay your dream vacation than paying for flights, hotels, meals, or even an excursion, then get up today and take out a personal loan so you can finally start your vacation.

Cash

Sometimes the only thing that separates you from a new home is getting enough money for the initial deposit or to cover closing costs that won’t be covered by traditional financing.

On the flip side, a personal loan can net you up to $ 35,000 in cash, so you never have to worry about not being able to afford what would otherwise be an impossible goal.

Finances Supported

Now that you have witnessed the benefits of personal loans, you are on your way to deciding if you need them. Either way, there is no rush and there are plenty of alternatives for making money.

If you want to learn more about financial matters, check out some of our other informative content below or in the sidebar.

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Deluxe and Microsoft will provide management tools for SMEs https://commonfolkusingcommonsense.com/deluxe-and-microsoft-will-provide-management-tools-for-smes/ https://commonfolkusingcommonsense.com/deluxe-and-microsoft-will-provide-management-tools-for-smes/#respond Mon, 28 Jun 2021 02:41:39 +0000 https://commonfolkusingcommonsense.com/deluxe-and-microsoft-will-provide-management-tools-for-smes/ Share Tweeter Share Share Share E-mail Luxury announced that its payroll, accounting and human resources offerings will be available to users of Microsoft’s Dynamics 365 Business Central business management suite. “With the addition of the Deluxe People Platform tool, business owners have solutions to simplify and streamline payroll and human resources while integrating financial accounting […]]]>

Luxury announced that its payroll, accounting and human resources offerings will be available to users of Microsoft’s Dynamics 365 Business Central business management suite.

“With the addition of the Deluxe People Platform tool, business owners have solutions to simplify and streamline payroll and human resources while integrating financial accounting tasks from quotes, orders, invoicing, purchasing, cash management and reporting, all in one easy-to-use tool. platform ‘, the ad States.

“The integration of Deluxe will provide Microsoft Dynamics 365 Business Central clients with a new option for HR, payroll and accounting capabilities specifically designed for small businesses ”, Mike Morton, general manager of Microsoft Dynamics 365 Business Central, said in a prepared statement. “Business Central is designed for small and medium-sized businesses, so we’re excited about the impact this integration can have on our mutual customers. “

Garry Capers, president of Cloud Solutions for Deluxe, said in a prepared statement, “With the integration of luxury solutions for small businesses, we have eliminated the need to manually import or export and reconcile data from payroll by unifying and automating our payroll solution with the financial management capabilities in Microsoft Dynamics 365 Business Central. This gives business owners more control, efficiency and access through our single unified solution.

Deluxe, based in Shoreview, Minnesota, has about 6,700 employees and reported sales of $ 2 billion in fiscal 2018, according to the announcement.

The company is widely known as a dominant player in the field of paper check printing.

Deluxe chief executive Barry McCarthy told PYMNTS’s Karen Webster in March that the company is working to bridge the divide between paper and digital payments – and that there is a “giant and gaping opportunity” in it. B2B space.

——————————

NEW PYMNTS DATA: FOCUS ON AI: THE BANK’S TECHNOLOGICAL ROADMAP

About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.



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Congress repeals Trump-era payday lender regulations https://commonfolkusingcommonsense.com/congress-repeals-trump-era-payday-lender-regulations/ https://commonfolkusingcommonsense.com/congress-repeals-trump-era-payday-lender-regulations/#respond Fri, 25 Jun 2021 20:09:14 +0000 https://commonfolkusingcommonsense.com/congress-repeals-trump-era-payday-lender-regulations/ Posted: June 25, 2021 / 2:09 PM MDT / Update: June 25, 2021 / 2:09 PM MDT FILE – On this Tuesday, December 29, 2020, file photo, is the United States Capitol in Washington. On Thursday, June 24, 2021, Congress rescinded a set of regulations enacted in the closing days of the Trump administration that […]]]>

Posted:
Update:

FILE – On this Tuesday, December 29, 2020, file photo, is the United States Capitol in Washington. On Thursday, June 24, 2021, Congress rescinded a set of regulations enacted in the closing days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates. The House voted 218-208 to overturn the Office of the Comptroller of the Currency’s payday loan regulations, with a Republican voting with the Democrats. (AP Photo / Pablo Martinez Monsivais, File)

NEW YORK (AP) – Congress on Thursday overturned a set of regulations enacted in the closing days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.

The House voted 218-208 to overturn the Office of the Comptroller of the Currency’s payday loan regulations, with a Republican voting with the Democrats.

Thursday’s vote to overturn the OCC’s “real lender rules” marked the first time Democrats in Congress have successfully overturned regulations using the Congressional Review Act.

The law was enacted in the mid-1990s and gives Congress the power to override the rules and regulations of federal agencies with a simple majority vote in the House and Senate. Its powers are limited to a certain period after an agency has finalized its regulations, usually around 60 legislative days.

The Senate voted 52-47 to overturn OCC rules on May 11. The bill now goes to President Joe Biden, who is expected to sign it.

By overturning the Trump administration rule enacted in late 2020, Democrats aimed to stem a payday lender practice that critics had dubbed a “rent-a-bank” program.

While payday lenders are regulated at the state level, the payday lender would partner with a bank with a national banking charter when providing high cost installment loans. Because a national bank is not based in any state, it is not subject to the usury laws of each state.

“State interest rate limits are the easiest way to stop predatory lending, and OCC rules would have bypassed them completely,” said Lauren Saunders, associate director at the National Consumer Law Center , a consumer advocacy group.

This is not the first time that “rent-a-bank” has been a problem. Federal regulators cracked down on the practice in the 1990s, but with the proliferation of online banks and fintech companies specializing in online-only financial services, the practice is growing again.

An example of how the practice works can be seen in Elevate, a Texas-based financial technology company that offers high-cost installment loans, like a payday loan. Elevate offers loans in several states, including Arizona, which has state law capping interest rates on payday loans at 36%. Because Elevate uses Utah and Kentucky banks to make these loans, Elevate is able to make Arizona loans up to 149%. In other states, Elevate provides loans with annual interest rates of up to 299%.

In a statement, the person Biden appointed as comptroller of the currency said he would “respect” Congress by rescinding its regulations.

“I would like to reaffirm the agency’s long-standing position that predatory lending has no place in the federal banking system,” Acting Currency Comptroller Michael J. Hsu said in a statement.

As Thursday’s vote marked a first for Democrats, former President Donald Trump and a Republican-controlled Congress used the Congressional Review Act when they took office in 2017, overturning 15 rules and regulations passed in the end of the Obama administration.

Before Trump, the law was used only once, in 2001, when Republicans in Congress voted to repeal a set of ergonomic regulations enacted on the last day of the Clinton administration.

On Thursday, the House also used the law to overturn a set of regulations approved by the Equal Employment Opportunity Commission under Trump regarding issues of employment discrimination. The vote was 219-210.

The House is expected to use it again on Friday to overturn Trump-era regulations that would have allowed oil and gas companies to produce more methane when drilling.

Both bills passed in the Senate.

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3 quotes from Warren Buffett that apply to today’s stock market https://commonfolkusingcommonsense.com/3-quotes-from-warren-buffett-that-apply-to-todays-stock-market/ https://commonfolkusingcommonsense.com/3-quotes-from-warren-buffett-that-apply-to-todays-stock-market/#respond Fri, 25 Jun 2021 16:02:35 +0000 https://commonfolkusingcommonsense.com/3-quotes-from-warren-buffett-that-apply-to-todays-stock-market/ Home ” Invest ” 3 quotes from Warren Buffett that apply to today’s stock market The year 2021 marks the start of a crazy market. Futures and options that initially derived their value from stocks began to affect the price of stocks. actions even. Digital tokens that are not widely accepted and regulated have made […]]]>

The year 2021 marks the start of a crazy market. Futures and options that initially derived their value from stocks began to affect the price of stocks. actions even. Digital tokens that are not widely accepted and regulated have made many millennials rich and many poor. The world is going crazy day by day. If you think Warren Buffett is old and doesn’t know anything about the new world, you are wrong. The wise words of the 90-year-old investor apply to today’s stock market menagerie.

Warren Buffett quotes reveal how Wall Street works

Buffett’s letters to shareholders contain an ocean of wisdom about how Wall Street works. At all times, each stock price is a well-planned strategy. If you learn to control your temper, let go of fear and greed, and follow the rules of the game, you can win.

Buffett’s fFirst lesson: Getting rich twice is stupid

Buffett said, “Anyone who’s gotten rich twice is stupid. Why would you want to risk what you need and have for what you don’t need? ”

What does it mean? Many Redditors went public in January when the WallStreetBets subreddit revealed a strategy to take advantage of hedge funds’ short position in Gamestop, AMC, and Blackberry (TSX: BB) (NYSE: BB). These stocks jumped 50 to 300% as Redditors started buying them. They did not buy to invest but to force hedge funds to buy back those stocks at a higher price.

Some fundamental investors sold the stock and got rich. But then greed overtook logic, and they bought back the stocks to make more money. The result was the end of the short squeeze. Those who made gains on stocks meme switched to Dogecoin and Bitcoin – again, not to hold, but to raise the price and withdraw money.

Those who bought AMC and BlackBerry were stuck with expensive stocks. A similar thing happened with the holders of Dogecoin. The coin is down 60% from its May high. Editors who got rich in January and May are now poor.

As Buffett said, why risk what you need (i.e. fiat currency that you can use as a medium of exchange) for what you don’t need (meme stocks and crypto? -coins that are of limited use and that you don’t want to keep)? He said, “If you are already rich there is no benefit in taking a lot more risk, but there is shame on the downside. ”

Second lesson: returns decrease as movement increases

Referring to Isaac Newton’s law of motion, Buffett mentionned, “Fourth Law of Motion: For investors as a whole, returns decline as motion increases. ” Here, Buffett almost predicted the entire meme stock fiasco. He quoted Gertrude Stein: “The money is still there, but the pockets are changing.

Trading in stocks comes at a price. Although there are 0% commission brokers, they benefit from high volume trading. With every trade, a commission and a tax reduce the actual returns. Such artificial movement also has an impact on the fundamentals.

BlackBerry has largely tied executive compensation to equity. Management profits when the stock price is doing well. But if the stock goes up without any sustainable commercial effort, management will sell its stock and have little motivation to perform. The increase in movement could hurt returns.

Lesson Three: It’s Not How You Sell, It’s How You Say It

Finally, Warren Buffett noted that deals on Wall Street happen because someone arranged them or accepted them. It’s nothing but a sale. In storytelling form, he shares a lesson he learned from his brother-in-law: “Warren, that’s not how we sell them. This is how you tell them.

Many retail investors believe that 0% commission brokers offer free trading. But like social media, the core business of these brokers is data, not brokerage. They sell trading data analytics to institutional investors, but tell retail investors it’s free trade. Likewise, Dogecoin prices have skyrocketed as Elon Musk sold it out telling the public that it has the potential to go to the moon.

At the end of the line

These lessons teach one thing: invest in the business, not in the stock price.

Increase returns by investing in fundamental stocks.

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This article represents the opinion of the author, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We are straight! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer, so we post sometimes articles that may not conform to recommendations, rankings or other content. .

Foolish contributor Puja Tayal has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry.

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Congress overturns Trump-era regulations on payday lenders https://commonfolkusingcommonsense.com/congress-overturns-trump-era-regulations-on-payday-lenders/ https://commonfolkusingcommonsense.com/congress-overturns-trump-era-regulations-on-payday-lenders/#respond Thu, 24 Jun 2021 23:55:00 +0000 https://commonfolkusingcommonsense.com/congress-overturns-trump-era-regulations-on-payday-lenders/ NEW YORK – Congress on Thursday overturned a set of regulations enacted in the closing days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates. The House voted 218-208 to overturn the Office of the Comptroller of the Currency’s payday loan regulations, with a Republican voting with the […]]]>

NEW YORK – Congress on Thursday overturned a set of regulations enacted in the closing days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.

The House voted 218-208 to overturn the Office of the Comptroller of the Currency’s payday loan regulations, with a Republican voting with the Democrats.

Thursday’s vote to overturn the OCC’s “real lender rules” marked the first time Democrats in Congress have successfully overturned regulations using the Congressional Review Act.

The law was enacted in the mid-1990s and gives Congress the power to override the rules and regulations of federal agencies with a simple majority vote in the House and Senate. Its powers are limited to a certain period after an agency has finalized its regulations, usually around 60 legislative days.

The Senate voted 52-47 to overturn OCC rules on May 11. The bill now goes to President Joe Biden, who is expected to sign it.

By overturning the Trump administration rule enacted in late 2020, Democrats aimed to stem a payday lender practice that critics had dubbed a “rent-a-bank” program.

While payday lenders are regulated at the state level, the payday lender would partner with a bank with a national banking charter when providing high cost installment loans. Because a national bank is not based in any state, it is not subject to the usury laws of each state.

“State interest rate limits are the easiest way to stop predatory lending, and OCC rules would have bypassed them completely,” said Lauren Saunders, associate director at the National Consumer Law Center , a consumer advocacy group.

This is not the first time that “rent-a-bank” has been a problem. Federal regulators cracked down on the practice in the 1990s, but with the proliferation of online banks and fintech companies specializing in online-only financial services, the practice is growing again.

An example of how the practice works can be seen in Elevate, a Texas-based financial technology company that offers high-cost installment loans, like a payday loan. Elevate offers loans in several states, including Arizona, which has state law capping interest rates on payday loans at 36%. Because Elevate uses Utah and Kentucky banks to make these loans, Elevate is able to make Arizona loans up to 149%. In other states, Elevate provides loans with annual interest rates of up to 299%.

In a statement, the person Biden appointed as comptroller of the currency said he would “respect” Congress by rescinding its regulations.

“I would like to reaffirm the agency’s long-standing position that predatory lending has no place in the federal banking system,” Acting Currency Comptroller Michael J. Hsu said in a statement.

As Thursday’s vote marked a first for Democrats, former President Donald Trump and a Republican-controlled Congress used the Congressional Review Act when they took office in 2017, overturning 15 rules and regulations passed in the end of the Obama administration.

Before Trump, the law was used only once, in 2001, when Republicans in Congress voted to repeal a set of ergonomic regulations enacted on the last day of the Clinton administration.

On Thursday, the House also used the law to overturn a set of regulations approved by the Equal Employment Opportunity Commission under Trump regarding issues of employment discrimination. The vote was 219-210.

The House is expected to use it again on Friday to overturn Trump-era regulations that would have allowed oil and gas companies to produce more methane when drilling.

Both bills passed in the Senate.

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