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Surprisingly, opening a Swiss bank account is not that much different from opening a standard bank account because you have to fill out forms and provide documentation that proves who you are and what you do. However, due to some special circumstance regarding privacy, the level of scrutiny over providing official documentation of your identity is more strict. For example, you may need to show your official passport to provide your identity, whereas a driver’s license would probably suffice in the U.S. There are also different minimum balance requirements depending on the type of account you want. These can range from a few thousand dollars to millions of dollars.
The main benefits of Swiss bank accounts include the low levels of financial risk and high levels of privacy they offer. The Swiss economy is one of the most stable economies in the world and has not been involved in any conflicts in hundreds of years. Furthermore, Swiss law requires that banks have high capit
By Bankrate.com
It’s easy to understand why retirement doesn’t loom large on the horizon for 20-somethings. Young workers are more concerned with kick-starting careers, not ending them in the long-distant future.
But it’s worth noting that the very fact that you’re young gives you a huge edge if you want to be rich in retirement. That’s because when you’re in your 20s, you can invest relatively little for a short period and wind up with far more money than someone older who saves much more over a longer period.
Consider this scenario: If you begin saving for retirement at 25, putting away $2,000 a year for just 40 years, you’ll have around $560,000, assuming earnings grow at 8% annually. Now, let’s say you wait until you’re 35 to start saving. You put away the same $2,000 a year, but for three decades instead, and earnings grow at 8% a year. When you’re 65 you’ll wind up with around $245,000 — less than half the money.
Seems like a no-brainer, right? Save a little now and reap big rewards later.
Unfortunately, many of today’s youngest workers pass on the opportunity to save for retirement early, when the beauty of compounding interest can work its magic and maximize savings. A recent study by human resources consultant Hewitt Associates found that just 31% of Generation Y workers (those born in 1978 or later, now in the thick of their 20s) who are eligible to put money into a 401(k) retirement savings plan to do so. That’s less than half of the 63% of workers between ages 26 and 41 who do invest in employer-sponsored savings accounts.
There are plenty of reasons you may have yet to save, such as cash flow. If you’re struggling to pay off student loans or cover rent, funding a 401(k) may seem difficult if not downright impossible.But be wary of letting expenses become an excuse, says Brian T. Jones, a certified financial planner and the author of “Getting Started: The Financial Guide for a Younger Generation.”
“These years of saving in your early 20s are your prime years. If you deny yourself the opportunity, it will just set you back with retirement planning in the long run,” says Jones. “You’ve got to have balance.”
Make the most out of those few dollars you can get hold of by allocating them wisely. Don’t squirrel them away under the mattress. You will want them to be invested in a way that will encourage your assets to grow as quickly as possible.Where to start? If you’re eligible to participate in a 401(k) at work, do so. There are plenty of reasons to love these plans but No. 1 by far is that most employers match your contributions in order to encourage your participation. The hitch: Oftentimes, you’ll need to save enough to trigger the match.
In a typical plan, employers match up to 3% of your salary, according to the Profit Sharing/401(k) Council of America. When you do sign up, the money you save will be automatically deposited into the plan before it’s taxed, so less of your income will be taxed now. That saves you money, too.
That’s what Rebecca Lamb has discovered. The 28-year-old Connecticut resident works in a nonprofit organization so she saves in a 403(b), which is similar to a 401(k) though they often don’t allow company matching. These days, Lamb can’t afford to plow huge sums into the plan, but she saves what she can. She also has a savings account that she opened when she got her first job at 15.
“I’m a disciplined person. I put in little amounts and save what I can. If it’s $20, I put that in. If it’s $100, I put $100. I’ve always done that,” she says. “I’m just trying to save what I can right now. Hopefully, in years to come, I’d like to think I could put more way. But right now I’m just trying to save what I can because every little bit counts. I don’t get caught up in the numbers.”
If you aren’t eligible for a retirement fund at work that gets you matching funds, sign up for the next best thing: a Roth IRA. You’ll fund this with money that’s already been taxed as part of your normal paycheck. But money in a Roth IRA withdrawn later is tax-free.This year, you can put up to $4,000 in a Roth, but don’t let that number scare you off if it seems far too rich for you today. Save what you can. It will add up. If you are able to sock away $4,000 a year into a Roth for 40 years, and if it earns 8% annually, you’ll be a tax-free millionaire at retirement.
Make sure to invest your money shrewdly. According to Hewitt, workers 18 to 25 typically invest 35% of their retirement savings in bonds. Yet bonds have historically returned 5.4% a year — right around the risk-free rate and just ahead of inflation. That’s practically sticking it in a jelly jar! Stocks, meanwhile, traditionally have grown at an annual clip of 10.4%, according to Ibbotson Associates, an asset allocation service that’s part of investment ratings agency Morningstar.Instead, play it aggressive, and put 90% of your investments in stocks, says Ellen Rinaldi, executive director of investment planning and research at mutual funds giant Vanguard. Stocks are interchangeably referred to as equities, since as a stockholder you own a slice of the company’s value in the market, its equity.
“From an allocation viewpoint, someone in their 20s has a very long horizon, so they can handle the ups and downs of the market,” says Rinaldi. “They can recover from a downturn. As a result, they should be heavily invested in equities.”
You can hedge against the risk of loss by diversifying your investments. That’s a fancy way of saying you want to own as many different types of stocks as possible, and it’s a message that will hold true throughout your lifetime. That means steer clear of buying a single stock and look to mutual funds, a tradable vehicle made up of sometimes hundreds of different investments in widely varying quantities. They could be made up entirely of stocks, bonds, a combination of both or simply track the market by holding equal amounts of all shares in a given index, known as an index fund.
So-called lifestyle or life-cycle mutual funds make it especially easy for novice savers to buy a diversified array of stocks that are tailored to their age and retirement goals. That’s because these funds are set up to automatically pick and choose the equities in the fund, and to rebalance those holdings over time, buying and selling shares in order to maintain the advertised mix of risk and return (or caution and predictability) by age bracket.
“Look for retirement funds targeted to your age bracket. They’ll be much more aggressive for someone in their 20s,” says Rinaldi. “If you just look for a balanced fund, you may wind up with 40% of your money in bonds, which is a typical mix for these funds.”
Meanwhile, don’t be embarrassed to admit that financial talk can seem confusing. After all, financial know-how is not genetically encoded and, unless someone has taken the time to teach you about finance, you’ll need to do a little learning. And now that you’re starting to make and save money, this is the perfect time to educate yourself.More than a third of companies now offer employees access to advisers who can help choose investments that will be most appropriate, according to Hewitt. These advisers can explain what holdings are in a particular fund and why they’d recommend one investment over another. Read books, articles or financial Web sites. The more you know, the easier it will be throughout your career to make solid, informed decisions.
“I think the reality is most parents are more inclined to talk to their kids about sex education than talk to them about finance or saving for retirement,” says Jones. “That’s just not a conversation people have, so a little Finance 101 is probably a good idea.”
What’s next? Start amassing an emergency fund so you don’t have to rely on credit cards — and possibly bury yourself in debt — in the event that your car dies, your roommate comes up short on rent or you suffer some other financial mishap. Ideally, you’ll stash up to three months living expenses, but the important goal is to save something. You can help stay on track by having automatic deposits made to your emergency account.In the meantime, keep an eye on spending. Those splurges can add up fast and will prove to be a huge drain on future savings. What’s more, if you pile on debt, you’ll wind up wasting a lot of money on interest and fees that could be better spent elsewhere.
If you’re really struggling to stretch the paycheck to set something aside for retirement, this is the time to make some changes.Give your budget needs a major overhaul. Consider getting a roommate or picking up an extra job for the time being. Big changes now, coupled with consistent saving over time, will reap huge rewards down the road, says Jones. He speaks from experience. Jones took a year off from college to work so he could pay off credit card debt. It wasn’t easy but, he says, “I graduated debt-free.”
Lamb has already seen how a little financial discipline reaps big rewards.
“Making my bills is my No. 1 priority before anything else. I don’t buy new clothes. I cook at home. And I don’t drink, which is a big money-saver. People go out and will spend $100 on alcohol in one weekend. I don’t do that,” she says.
Yet she does let herself have occasional “big purchases,” like a house recently bought with her fiance.
“I really wanted one,” she says. “And I made it my goal.”
This article was reported and written by Leslie Haggin Geary for Bankrate.com.
By Bankrate.com
It’s easy to understand why retirement doesn’t loom large on the horizon for 20-somethings. Young workers are more concerned with kick-starting careers, not ending them in the long-distant future.
But it’s worth noting that the very fact that you’re young gives you a huge edge if you want to be rich in retirement. That’s because when you’re in your 20s, you can invest relatively little for a short period and wind up with far more money than someone older who saves much more over a longer period.
Consider this scenario: If you begin saving for retirement at 25, putting away $2,000 a year for just 40 years, you’ll have around $560,000, assuming earnings grow at 8% annually. Now, let’s say you wait until you’re 35 to start saving. You put away the same $2,000 a year, but for three decades instead, and earnings grow at 8% a year. When you’re 65 you’ll wind up with around $245,000 — less than half the money.
Seems like a no-brainer, right? Save a little now and reap big rewards later.
Unfortunately, many of today’s youngest workers pass on the opportunity to save for retirement early, when the beauty of compounding interest can work its magic and maximize savings. A recent study by human resources consultant Hewitt Associates found that just 31% of Generation Y workers (those born in 1978 or later, now in the thick of their 20s) who are eligible to put money into a 401(k) retirement savings plan to do so. That’s less than half of the 63% of workers between ages 26 and 41 who do invest in employer-sponsored savings accounts.
There are plenty of reasons you may have yet to save, such as cash flow. If you’re struggling to pay off student loans or cover rent, funding a 401(k) may seem difficult if not downright impossible.But be wary of letting expenses become an excuse, says Brian T. Jones, a certified financial planner and the author of “Getting Started: The Financial Guide for a Younger Generation.”
“These years of saving in your early 20s are your prime years. If you deny yourself the opportunity, it will just set you back with retirement planning in the long run,” says Jones. “You’ve got to have balance.”
Make the most out of those few dollars you can get hold of by allocating them wisely. Don’t squirrel them away under the mattress. You will want them to be invested in a way that will encourage your assets to grow as quickly as possible.Where to start? If you’re eligible to participate in a 401(k) at work, do so. There are plenty of reasons to love these plans but No. 1 by far is that most employers match your contributions in order to encourage your participation. The hitch: Oftentimes, you’ll need to save enough to trigger the match.
In a typical plan, employers match up to 3% of your salary, according to the Profit Sharing/401(k) Council of America. When you do sign up, the money you save will be automatically deposited into the plan before it’s taxed, so less of your income will be taxed now. That saves you money, too.
That’s what Rebecca Lamb has discovered. The 28-year-old Connecticut resident works in a nonprofit organization so she saves in a 403(b), which is similar to a 401(k) though they often don’t allow company matching. These days, Lamb can’t afford to plow huge sums into the plan, but she saves what she can. She also has a savings account that she opened when she got her first job at 15.
“I’m a disciplined person. I put in little amounts and save what I can. If it’s $20, I put that in. If it’s $100, I put $100. I’ve always done that,” she says. “I’m just trying to save what I can right now. Hopefully, in years to come, I’d like to think I could put more way. But right now I’m just trying to save what I can because every little bit counts. I don’t get caught up in the numbers.”
If you aren’t eligible for a retirement fund at work that gets you matching funds, sign up for the next best thing: a Roth IRA. You’ll fund this with money that’s already been taxed as part of your normal paycheck. But money in a Roth IRA withdrawn later is tax-free.This year, you can put up to $4,000 in a Roth, but don’t let that number scare you off if it seems far too rich for you today. Save what you can. It will add up. If you are able to sock away $4,000 a year into a Roth for 40 years, and if it earns 8% annually, you’ll be a tax-free millionaire at retirement.
Make sure to invest your money shrewdly. According to Hewitt, workers 18 to 25 typically invest 35% of their retirement savings in bonds. Yet bonds have historically returned 5.4% a year — right around the risk-free rate and just ahead of inflation. That’s practically sticking it in a jelly jar! Stocks, meanwhile, traditionally have grown at an annual clip of 10.4%, according to Ibbotson Associates, an asset allocation service that’s part of investment ratings agency Morningstar.Instead, play it aggressive, and put 90% of your investments in stocks, says Ellen Rinaldi, executive director of investment planning and research at mutual funds giant Vanguard. Stocks are interchangeably referred to as equities, since as a stockholder you own a slice of the company’s value in the market, its equity.
“From an allocation viewpoint, someone in their 20s has a very long horizon, so they can handle the ups and downs of the market,” says Rinaldi. “They can recover from a downturn. As a result, they should be heavily invested in equities.”
You can hedge against the risk of loss by diversifying your investments. That’s a fancy way of saying you want to own as many different types of stocks as possible, and it’s a message that will hold true throughout your lifetime. That means steer clear of buying a single stock and look to mutual funds, a tradable vehicle made up of sometimes hundreds of different investments in widely varying quantities. They could be made up entirely of stocks, bonds, a combination of both or simply track the market by holding equal amounts of all shares in a given index, known as an index fund.
So-called lifestyle or life-cycle mutual funds make it especially easy for novice savers to buy a diversified array of stocks that are tailored to their age and retirement goals. That’s because these funds are set up to automatically pick and choose the equities in the fund, and to rebalance those holdings over time, buying and selling shares in order to maintain the advertised mix of risk and return (or caution and predictability) by age bracket.
“Look for retirement funds targeted to your age bracket. They’ll be much more aggressive for someone in their 20s,” says Rinaldi. “If you just look for a balanced fund, you may wind up with 40% of your money in bonds, which is a typical mix for these funds.”
Meanwhile, don’t be embarrassed to admit that financial talk can seem confusing. After all, financial know-how is not genetically encoded and, unless someone has taken the time to teach you about finance, you’ll need to do a little learning. And now that you’re starting to make and save money, this is the perfect time to educate yourself.More than a third of companies now offer employees access to advisers who can help choose investments that will be most appropriate, according to Hewitt. These advisers can explain what holdings are in a particular fund and why they’d recommend one investment over another. Read books, articles or financial Web sites. The more you know, the easier it will be throughout your career to make solid, informed decisions.
“I think the reality is most parents are more inclined to talk to their kids about sex education than talk to them about finance or saving for retirement,” says Jones. “That’s just not a conversation people have, so a little Finance 101 is probably a good idea.”
What’s next? Start amassing an emergency fund so you don’t have to rely on credit cards — and possibly bury yourself in debt — in the event that your car dies, your roommate comes up short on rent or you suffer some other financial mishap. Ideally, you’ll stash up to three months living expenses, but the important goal is to save something. You can help stay on track by having automatic deposits made to your emergency account.In the meantime, keep an eye on spending. Those splurges can add up fast and will prove to be a huge drain on future savings. What’s more, if you pile on debt, you’ll wind up wasting a lot of money on interest and fees that could be better spent elsewhere.
If you’re really struggling to stretch the paycheck to set something aside for retirement, this is the time to make some changes.Give your budget needs a major overhaul. Consider getting a roommate or picking up an extra job for the time being. Big changes now, coupled with consistent saving over time, will reap huge rewards down the road, says Jones. He speaks from experience. Jones took a year off from college to work so he could pay off credit card debt. It wasn’t easy but, he says, “I graduated debt-free.”
Lamb has already seen how a little financial discipline reaps big rewards.
“Making my bills is my No. 1 priority before anything else. I don’t buy new clothes. I cook at home. And I don’t drink, which is a big money-saver. People go out and will spend $100 on alcohol in one weekend. I don’t do that,” she says.
Yet she does let herself have occasional “big purchases,” like a house recently bought with her fiance.
“I really wanted one,” she says. “And I made it my goal.”
This article was reported and written by Leslie Haggin Geary for Bankrate.com.
Personally, I’m not sure how much the average person can learn from the Donald Trumps or George Soroses of the world.
We might envy their lifestyles or their bank accounts, but very, very few of us will ever approximate their wealth.
Most of us, though, have a shot at being millionaires. In 2004, the number of households worth $1 million, not counting their primary residence, grew 21% to 7.5 million, according to Chicago-based research firm Spectrem Group.
Studying the habits of this relatively large and growing group of affluent folks can teach us a lot. These people don’t just have money; they treat it differently than people farther down the economic ladder.
At least, so say various surveys of the affluent. Among the most notable differences:They give away more. Charitable giving dropped sharply among the wealthy after the 2000-2001 bear market, according to Spectrem Group. Still, households with $500,000 or more in investible assets gave away 6% of their incomes in 2004, and those with net worth of $5 million, excluding primary residences, contributed 6.1% of their incomes. That compares to an average of about 2% for all American households and 4% for households with incomes under $25,000, according to American Demographics.
“Our clients appreciate the success that they’ve had and they want to pay it forward in some way,” said financial planner Ross Levin of Edina, Minnesota. “We have one client, a developer and his wife, who give away 50% of their income.”
They are much more likely to own businesses. Overall, about 12% of American families own all or part of a privately held business, according to the Federal Reserve, compared to 41% of those whose net worth puts them in the top 10% of households. Business assets comprise 21% of the total net worth of households who have $500,000 or more in investible assets, Spectrem said.
Closely held and family owned businesses are a major source of wealth for many of financial planner Victoria Collins’ clients, but these holdings present major challenges. It’s risky having so much of one’s net worth tied up in a single investment that could be tough to sell. That’s why Collins and other planners encourage their business-owning clients to diversify their other investments.
“Any time you have a super-concentrated position — whether it’s an individual stock or a business — you have to be concerned,” said Collins, who’s based in Irvine, Calif.
They borrow strategically. The wealthy are only slightly less likely to owe money than average folks, according to the Fed, but how they borrow is quite different. The richest 10% of Americans are half as likely to have credit card debts (22.4% vs. 44.4% overall), although the median balances for those who carry balances are about the same for both groups (around $2,000). The wealthier folks are also much less likely to have installment debt, such as auto loans (25.6%, compared to 45.2% overall).
What the wealthy often do have is mortgages. More than half — 55.5% — have a primary mortgage, compared to 44.6% of households overall. Another 15% carry loans on other real estate, compared to 4.7% of the general population.
Mortgage money is pretty cheap debt at current low rates. Although many wealthier folks can do and own their homes outright, financial planners say, many prefer to put their money to work for them in investments that can earn higher returns.
They don’t blow a lot of money on cars. Jay Leno, with his fleet of exotic cars, is the exception rather than the rule. The average millionaire does tend to spend more money on his wheels, but vehicles represent a much smaller proportion of his net worth.
The Fed survey showed the median value of all vehicles owned by the wealthiest 10% of households was $25,400, compared to $11,800 for households overall. But vehicles represented just 2.4% of the wealthiest households’ median net worth, compared with 8.8% of net worth overall.
“My wealthier clients are much more likely to own an American-made SUV than a Range Rover or a (Mercedes) S500,” said Mark Lamkin, a financial planner in Louisville, Kentucky. “Most of them live a very unassuming lifestyle, but they’re able to do anything they want, whenever they want.”
They’re almost always homeowners, and many own investment property, too. Homeownership is almost universal among those in the top 10% of net worth: 95.8%, according to the Fed, compared to 67.7% overall. About 40% of the highest-net-worth group own some kind of real estate such as rental property or a second home, compared to 11% overall.
But real estate isn’t their major source of wealth. On average, principal residences account for 10% of the net worth of folks with more than $500,000 in investible assets, Spectrem said, while other real estate accounts for 7%.
Most of their wealth is investments:
There are also some indications that wealthier Americans are cutting back their exposure to real estate. The percentage of people with net worth over $1 million who own investment property shrank to 44% in 2005, down from 50% in 2004, according to TNS Financial Services, a market-research company.
Financial planner Deena Katz believes her clients and other wealthy folks will continue to buy second or vacation homes but may be less likely to buy rental or commercial properties.
“They’re starting to re-evaluate their real-estate holdings,” said Katz of Coral Gables, Florida. “Real estate is overpriced, and people are recognizing that.”
The lessons here aren’t revolutionary, but they’re well worth learning: Don’t be a miser, take strategic risks, live within your means, diversify. You may never make the Forbes 400 list of the wealthiest people, but you can create a richer life.
– Kevin McKeever
 |
SATURDAY, July 12 (HealthDay News) — Summer is the peak time for Americans to be active outdoors, so it is also the time for them to be most aware of the dangers of lightning.
“The rule is, ‘When thunder roars, go indoors,’” Mary Ann Cooper, director of the lightning injury research program at the University of Illinois at Chicago, said in a prepared statement. “Decisions about lightning safety must be made by the individual, but education can help people reduce their chances of being struck by lightning.”
About 50 Americans are struck and killed by lightning every year, with the summer months being the time when the most lightning-related injuries occur, according to the National Oceanic and Atmospheric Administration (NOAA).
“Most people seriously underestimate the risk of being struck and do not know when or where to take shelter,” said Cooper, who works closely with NOAA’s National Weather Service in its annual lightning education program. Lightning can hit even before the rain starts, striking as far as 10 miles away from the rain portion of a thunderstorm, she said.
Here are some tips to improve your odds:
Even surviving a lightning strike can leave you with permanent health issues, including chronic pain, brain injury and thought-processing problems, said Cooper, who is considered the leading international expert on lightning-strike injuries.
First off, you need to get an account if you don’t have one already. Go to here it is a website called myLot where you post in a forum to get money. It is a great website and here all of my secrets for it.
Ok, here are all of my secrets revealed. I always post in well quantity and quality. What I mean by that is to post the most on a post as you can. If you have low quantity on a post, meaning it has barely any content in it, then you will get minimal payment for it. Contrary to that if you make your posts flooded with valuable information for other community Read the rest of this entry »
Everywhere in the world people want to get RICH, either online or Offline….
We are familiar with offline methods, like cleaning toilets, and all that can get you rich…
Now lets see, about online methods….
There are many methods which include Domains selling, and Forums maintaining and Blog writing as I am doing right now (hehehe). 
There are forums outthere which pay YOU for making posts in their forum……
Their main aim is to get many posts, so as their forum can get many visitors which can convert and they make money…..so they are just sharing little of their income with you…
Lets start with best ones referring from a mysteryautoincome.com blog.
Get paid to post…
Post to paid… paying for posts
1) myLots.com
2) codeforgold.com
3) Globalgoldtalk.com
plus many more will come in future if possible !
Alright, first website i got was of Jobsouk.com for Jobs in Dubai.
Other fine site i got for finding Jobs in Dubai or Jobs in Abu dhabi or anywhere else in Dubai, visit : www.jobsindubai.com
And if you are Indian, and you prefer an Indian type of domain name for finding Jobs in Dubai or jobs around the world. Visit www.Naukri.com
For construction jobs, visit :- www.go4constructionjobs.com
Just came across a website, which seems quite good for Job seekers in Dubai and UAE.
Post job offers in Dubai, jobs in Dubai, jobs in UAE and much more !
Visit:- www.jobsouk.com