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Monthly Archives: October 2016

The currency war and its effect on the banking system

The currency war and its effect on the banking system will be determined after the meeting in Washington is concluded. With the Chinese president meeting with President Obama in the White House, the hot topic is trade and the dispute over currency manipulation.

What is apparent to the world is that both nations are currently, and have in the past, manipulated their currency value to favor trade for their respective nations. This has not stopped both nations from blaming each other on this topic. The US has been a world power for over 100 years now and has used a heavy stick for most of it. Congress still thinks this approach will work and are furious with China for not giving in on this matter.

Congress has gone so far with this attitude that they are debating legislation demanding punishment against China for manipulating their currency and making it harder for US goods to be sold in China. This big stick, like the one Teddy Roosevelt used when he was a Rough Rider, will not work any longer. China has the economy with double digit growth, while America is new double digit unemployment.

The current bank rates in America are near record lows while China has to raise their interest rates to stave off inflation. This, along with their military power, America needs to tread cautiously and not like a bull in a china shop.

China has asked to be treated as an equal. If this does not occur, then the currency war and its effect on the banking system in America will not be favorable for our economy or the world. Obama, put the stick down and be the salesman America knows you are. It is how you got into the White House.

We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.

For additional resources involving financial help, please view PNC Online Banking, SunTrust CD Rates, best bank savings rates, Westpac Online Banking and Online Banks at

Your Revenue And Expenses


Revenue is the price of goods sold and services rendered during a giver accounting period. Earning revenue causes owner’s equity to increase. When a business renders services or sells merchandise to its customers, it usually receives cash or acquires ar account receivable from the customer. The inflow of cash or receivable from customers increases the total assets of the company. On the other side of the accounting equation, the liabilities do not change, but owner’s equity increases to match the increase in total assets. Thus revenue is the gross increases in owner’s equity resulting from operation of the business.

Various terms are used to describe different types of revenue; for example, the revenue earned by a real estate might be called Sales Commissions Earned, or alternatively, Commissions Revenue. In the professional practice of lawyers, physicians, dentists, and CPAs, the revenue is called Fees Earned. A business which sells merchandise rather than services (General Motors, for example) will use the term Sales to describe the revenue earned. Another type of revenue is Interest Earned, which means the amount received as interest on notes receivable, bank deposits, government bonds, or other securities.

When to Record Revenue: The Realization Principle When is revenue recorded in the accounting records? For example, assume that on May 24, a real estate company signs a contract to represent a client in selling the client’s personal residence. The contract entitles the real estate company to a commission equal to 5% of the selling price, due 30 days after the date of sale. On June 10, the real estate company sells the house at a price of $120, 000, thereby earning a $6, 000 commission ($120, 000 x 5% ), to be received on July 10. When should the company record this $6, 000 commission revenue in May, June, or July?

The company should record this revenue on June 10 the day it rendered the service of selling the client’s house. As the company will not collect this commission until July, it must also record an account receivable on June 10. In July, when this receivable is collected, the company must not record revenue a second time. Collecting an account receivable increases one asset, Cash, and decreases another assets, Accounts Receivable. Thus, collecting an account receivable does not increase owner’s equity and does not represent revenue.

Our answer illustrates a generally accepted accounting principle called the realization principle. The realization principle states that a business should record revenue at the time services are rendered to customers or goods sold are delivered to customers. In short, revenue is recorded when it is earned, without regard as to when the cash is received.


Expenses are costs of the goods and services used up in the process of earning revenue. Examples include the cost of employee’s salaries, advertising, rent, utilities, and the gradual wearing-out (depreciation) of such assets as buildings, automobiles, and office equipment. All these costs are necessary to attract and serve customers and thereby earn revenue. Expenses are called the “costs of doing business”, that is, the cost of the various activities necessary to carry on a business.

An expense always causes a decrease in owner’s equity. The related changes in the accounting equation can either (1) a decrease in assets or (2) increase in liabilities. An expense reduces assets if payment occurs at the time that the expense is incurred (or if payment has been made in advance). If the expense will not be paid until later, as, for example, the purchase of advertising services on account, the recording of the expense will be accompanied by an increase in liabilities.

When to Record Expenses: The Matching Principle. A significant relationship exists between revenue and expenses. Expenses are incurred for the purpose of producing revenue. In measuring net income for a period, revenue should be offset by all the expenses incurred in producing that revenue. This concept of offsetting expenses against revenue on a basis of “cause and effect” is called the matching principle.

Timing is an important factor in matching (offsetting) revenue with the related expenses. For example, in preparing monthly income statements, it is important to offset this month’s expenses against this month’s revenue. We should not offset this month’s expenses against last month’s revenue, because there is no cause and effect relationship between the two.

MN bankruptcy attorney Live life without stress

Bankruptcy is a legal declaration of inability of a person or a firm to repay its outstanding debts. This can be filed by the debtor or on behalf of the creditor to recoup the outstanding debt. The assets of a debtor are measured and appraised, and it is used to repay the amount. On the completion of bankruptcy procedure, the debtor is free from the obligation of any debt earned before filing for bankruptcy. In Minnesota there have been many problems faced by the people due to recession. This global economic crisis has affected many people, large number of citizens and organizations are filing for Minnesota bankruptcy to escape from the poor financial condition. Filing for bankruptcy has always been a last option, but to file a bankruptcy is not an easy task. The first thing is to hire a professional MN bankruptcy lawyer as they can give the best advice.

Bankruptcy filing in Minnesota, USA can come under many chapters of bankruptcy code like Minnesota Chapter 7 Bankruptcy, which includes liquidation of assets, chapter 11 for organizations of person reformation and chapter 13 for debt repayment with less debt covenants. This specification differs among different countries and lower filing rates that depend on how easily one can complete the procedure.

Minnesota bankruptcy lawyer will guide you to take a proper decision. They will help to decide whether you must choose this option of bankruptcy or not. The lawyer will observe the situation that you are facing and will try to find out any possible alternative to bankruptcy. They understand the problem of their client who is under a lot of stress. With the unemployment rate of 8% in Minnesota and many homes getting shut, they know what problem a debt can create.

Searching a Minnesota bankruptcy attorney is not so difficult by any mode, but finding an experienced and skilled lawyer will take lot of effort. If you face such trouble, you need to make a list of important details that you can collect from referrals and through other trustworthy sources. Always ask for a suggestion, from the people who have gone through bankruptcy, regarding finding an experienced MN bankruptcy attorney. These lawyers offer personal attention and service to every client, they give more importance on both Minnesota Chapter 7 Bankruptcy and chapter 13. They also protect their client from the action taken by debt collectors like making harassing phone calls, calls at your workplace or to your a co-worker, calls to family members or neighbors about debt, false legal notice and false threats.

You also have the best option of searching for MN bankruptcy lawyer through the internet. Many lawyers have launched their website to let everyone know about their skill and number of successful cases. It becomes very easy to decide which lawyer to hire after going through the qualification and the experience of the lawyer. You can also read the client’s feedback on the service of these lawyers.

Car Leasing – How To Get Out Of Your Car Lease Contract!

Why you would want to get out of a Car or Van Lease

There are many reasons why people might want to terminate a Car Lease, as we dont know what the future may bring:-

Change in financial circumstances – your income may have reduced (or increased)
Change of job – loss of job, got a new job, been offered a company car
Change of lifestyle – you now need a different type of vehicle
Need a different sized vehicle due to change in family size
Starting a new business (or closing your business down)
Car leased for your employee who is leaving and not being replaced
No longer require a car – relocating or emigrating

So how do I get out of a Car Lease?

Well, no matter what other people may tell you, its not that easy!

After all, a Car Lease is a legally binding agreement which you have entered into for a period of usually 2 or 3 years, during which time the finance company expects to receive a certain amount of money in monthly payments based on their estimate of what the value of your car will be at the end of the term. If you want to break the lease and return the car, you are likely to face Early Termination charges which, depending on how much of the lease is still to run, could be as much as a few thousand pounds.

There are really only 2 ways to get out of your Car Lease Contract:-

Find someone willing to take over the payments on your lease agreement, or
Hand the car back to the finance company and pay the Early Termination fee

The process for transferring a Car Lease

The first thing you should do is check your Car Lease Agreement and, if necessary, speak to the finance company, to see if there is anything in the contract which prevents you from transferring a Car Lease to another person or company. Most finance companies will allow transfers to take place, subject to the person who wishes to take over the lease passing their credit check, and a Transfer Fee being paid. Once you find a suitable person who wishes to take over the lease, simply inform the finance company who will carry out their checks and raise the necessary documentation.

Factors to consider when transferring a Car Lease

Make sure the vehicle conforms to the Fair Wear and Tear conditions of the finance company before transfer, as anyone taking over the lease will not want to pay for any damage you have caused
You may have to pay the transfer fee yourself and may also have to offer the person taking over the lease a cash incentive, as even this would be much cheaper than if you had to pay an Early Termination fee
The lower the mileage and the more mileage left to run on the contract, the easier it will be to find someone willing to take over the lease

Benefits of taking over a Car Lease?

Taking over someone elses Car Lease is an inexpensive way of acquiring a nearly new vehicle, as there is no initial payment or set-up fee to make and you just start paying the monthly rentals. Furthermore, your commitment is less as you are signing up for a shorter term contract.

Breach Of Contract

Finally, if you cant find a suitable person to take over your Car Lease, it may be tempting to simply hand back the car and stop making the monthly payments. Under no circumstances should you do this, as the finance company will seek to recoup its losses, may sue for breach of contract, and have you pursued by a debt collection agency, all of which will severely limit your chances of getting credit in the future.

To find out more about Car Leasing, why not visit Car Leasing Guide where you will find lots of useful tips and information on leasing a car. You can also get a free copy of Car Leasing Secrets – How To Get The Best Deal Possible On Your Next Car Lease if you subscribe to our Blog.

How To Find Forex Trading Signals Based On Central Bank Announcements

One of the most popular forex trading strategies that is used by major traders today is based on fundamental analysis, where the trader looks for trading signals based on announcements by central banks such as the Federal Reserve. If a central bank makes a key policy decision such as changing the interest rate, this can have a big impact on the value of a currency in the foreign exchange market and can therefore provide the trader with a reliable trading signal.

The central bank that traders pay the most attention to is the Federal Reserve, since the US dollar is the most widely used currency in the world. All of the major currency pairs offered by forex brokers today which have the lowest spreads all have a US dollar component, and so any fundamental announcement by the Federal Reserve can present the trader with multiple trading opportunities across major currency pairs. .

One popular way to find trading signals based on central bank announcements is based on the interest rate and whether the central bank decides to add or subtract basis points from the current interest rate. Since many of the biggest foreign exchange participants are banks and institutions, they will often deal with each other using a trade known as the carry trade which is based on the interest rate differential between two different currencies.

The value of the interest rate of different currencies compared with the US dollar will determine how major banks and institutions value the carry trade that takes advantage of the interest rate differential, and this will help the trader to determine whether they should be long or short the dollar after an announcement from the Federal Reserve. As a rule, it is a bullish signal for the dollar when the interest rate is increased, meaning that the forex trader should sell the EUR/USD and GBP/USD currency pairs based on that signal.

Another important central bank announcement is a policy change announcement, and today there is a major focus on the Federal Reserve’s policy of quantitative easing in the markets. If a central bank makes an announcement that marks a clear change of course in terms of their fiscal policies, this can cause a major move in the markets that forex traders can take advantage of to earn several hundreds pips. By understanding how central bank announcements can impact the foreign exchange market, you can use that data to find trading signals and improve your forex trading performance.

Algorithmic forex trading is one of the opportunites today that can allow retail traders working from home to have access to institutional level trading tools when trading the forex interbank market.

Find The Right Debt Recovery Solution

While the average American household has acquired approximately $8,000 in consumer debt, many people have achieved the dream of living debt free. Reducing and eliminating your debt does not happen overnight. However, if you outline a realistic plan for reducing debt, you can become debt free in a few years.

Establish a Plan for Reducing Debt

Before achieving your goal, you must outline a detail plan for eliminating debt. To begin, gather all your credit accounts and unpaid bills. It is important to have an accurate debt amount. Individuals who earn a huge salary may be able to eliminate their debts by simply cutting expenses.

Record your monthly income and make a list of your monthly expenses Determine how much income remains after your have paid your bills for the month. This amount is your disposable income. Instead of frivolously spending this income, use the extra money to payoff your credit card balances.

If you do not have the extra income to payoff your debts, there are other options available to you.

Apply for a Debt Consolidation Loan to Reduce Debts

Applying for a debt consolidation loan to reduce your debts is a great way to eliminate high interest consumer debts. While a debt consolidated loan will not immediately erase your debts, these loans have short terms and low rates, which allow you to payoff your personal debts in less time.

There are three ways to acquire funds to consolidate debts. For starters, you can attempt to apply for a personal debt consolidation loan. Depending on the financial institution, you will need collateral or an excellent credit score.

Homeowners may apply for a home equity loan or line of credit. The funds received from the loan or line of credit may be used to payoff or reduce other high interest consumer debts. Be careful when accepting these types of consolidation loans. Home equity loans and lines of credit are protected by your homes equity. With this said, the lender may foreclose your house if you do not repay the loan.

Debt Management and Consumer Credit Counseling Services

Another method for reducing debt involves establishing a relationship with a debt management or credit counseling service. These services will help you reduce debt and improve your credit rating by contacting your creditors and establishing better terms and rates on your credit cards and loans.

Unsecured Loans For Unemployed Access Easy Funds Being A Jobless

Unsecured loans for unemployed are an ideal financial scheme for the people who are presently out of job. This unemployment phase disturbs you completely and put you under severe mental stress. At such time you may find yourself incapable to cope with some important financial requirements, as you dont have any source of income in hand. In the situation of financial crunch, you can rely on the most efficient solution of unsecured loans for unemployed. The best thing about these loans is that they so not require you to place any collateral to the lender against the loan.

With the help of unemployed payday loansyou can easily get rid of financial cumbersome from your life in a suitable manner, which helps you to have a smooth lifestyle. These loans are best suited for tenants and non-homeowners who dont have own any asset under their name. Thus, there is no risk of repossession.

Under the provision of unsecured loans for unemployed you can raise funds anywhere in between 1,000 to 25,000 for a flexible repayment term of 1 to 10 years. These loans come up at marginally high interest rate, because of its collateral nature. So you must pay back the borrowed money within due time, otherwise the failure would make its even more costly for you with late fee charges.

Apply for these loans through the most feasible and convenient online medium. Online application procedure is much easier, reliable, fast, easy and effortless. Here numerous lenders are involved with free loan quotes offer and a careful comparison of these quotes would avail you a cost-effective loan deal with better terms and conditions without much struggle.

The borrowed money obtained through unsecured loans for unemployed can be utilized to meet your number of essential fiscal desires like heath or wedding expenses, home improvement, paying off old debts, starting your own small scale business etc.

Additionally, these loans are quickly approved by the lender, as no time wasted on evaluation of a property. Afterwards, the loan amount would be directly transferred in your checking account in less time.

Steps To Start Share Trading In India

In order to start share trading in India three types of accounts are necessary, a trading account with a broker, a Beneficial Owner account with a Depository Participant and a bank account. It is advisable to go for an online trading account rather than an off line account with a broker. Online share trading allows trading of a single share as well. Online share dealing is possible through banks that offer online banking or core banking facilities. Most online stock trading companies have tie-ups with banks for online transfers; therefore once you select your online stock broker, even they will also guide you through the process.

The account opening form of the broker has four components. The Know Your Client (KYC) Form, separate agreements for share trading on BSE and NSE, Risk Disclosure Document and certain power of attorneys that are given. Ensure you read the power of attorney carefully and you are authorizing only for delivering shares to exchange on your behalf against your sale trades and not for any thing else. The KYC form captures your contact details and your financial worth. This Form is also accompanied with Proof of your identity, proof of your residence and Permanent Account Number (PAN) card. Proof of identity can be given by submitting a copy of your Passport, Voters card etc. You need to get your photograph attested by your banker. Proof of address is ration card, latest electricity bill etc. All documents should be produced in original for verification.

The next document is a set of agreements between the share broker and the client. This agreement has to be separately signed for BSE and NSE. Both the agreements are identical and have been prescribed by SEBI. There is also a separate agreement for Depository operation between the Depository Participant and the Beneficial owner. If you are working through a sub share broker then there is a tripartite agreement between the share broker, sub share broker and client. This agreement allows you to do only cash market trades; in case you want to deal on derivatives market then a bipartite agreement is required. All these agreements have to be stamped.

You have a choice of opening your depository account with an entity who specializes only in rendering depository services or with the share broker with whom you are about to register. But if you opt for online share trading facility than the aforementioned choice will not be available and invariably you will be asked to open depository account with the share broker you opt.

It is easy to maintain, simpler and hassle free if the depository account is with the broker because it allows them to deliver shares to the exchange on your behalf.

Make sure you read the risk disclosure document before signing and submitting to the share broker. This document will explain the different risk involved with your transaction for which you will be responsible. There is an inherent risk of price variation (volatility) of the securities you have dealt in, risk due to low liquidity in a particular company, risk due to more than normal difference between a person wanting to buy and another wanting to sell. The document also explains certain risk mitigation measures that can be used by you.

On submitting the completed set of document the broker will scrutinize and if found everything in order will allot a code normally referred to as client code to you. You may need to furnish this code every time you want to transact. In case you have opted for Internet based account you will also be allotted a password against your login id that will be mapped to your client code. Normally you will be forced to change the password immediately on the first log in. You must take care not to part with your log in ID and password to anybody including any person from your broking office to avoid misuse of your account.

Having got your client code you can share dealing or trading. However you need to ensure you have paid the requisite margin money as stipulated by your broker to place any transaction. Initially you start with placing orders in small quantity between 1 to 10 shares. Once you have understood the system in full you may gradually increase the size of your transaction. On mastering investing in equity cash segment then you may gradually look at derivative segment to gear your capital and for hedging your portfolio.

Fast Cash Advance To Save Money Makes Financial Sense

Even the best fast cash advances are often unfairly perceived as being an expensive, financially irresponsible way to borrow money, but there are times when a cash advance can make perfect financial sense. In these emergency situations, the interest rates accrued with a fast cash advance can actually cost you less in the long run than waiting until your next paycheck to take care of the problem. In comparison, traditional bank loans often take time to process, are usually not available for smaller amounts, and may be unavailable to those with less-than-perfect credit. Keep reading to learn about a few common scenarios in which cash advances can actually be a wise economic decision.

Unexpected Medical Emergencies

Common medical problems like dental emergencies can happen unexpectedly, and they’re often not covered by health insurance policies. For example, a survey done by CostHelper showed that a crown-less root canal for a molar cost patients without health insurance as much as $2,000.Those without sufficient health coverage who don’t have the cash-in-hand to take care of problems quickly often delay the necessary treatments, leading to bigger problems and costlier medical bills down the line. In situations like these, a low cost credit cash advance makes perfect financial sense. Often, the interest rates on a quick loan will be far more kind to your wallet-and your health.

Car Troubles

Car repairs are often unexpected, and they can be extremely expensive. In fact, according to a CarMD Vehicle Index Study, the average cost of car repairs rose 10% in 2012. In the U.S., long work commutes and inefficient public transportation services often make a properly-running vehicle a major necessity. If you’re unable to immediately pay for the repairs needed to keep your car on the road, you could face the extra financial burdens of missed work days, expensive car rental fees or costly public transportation costs. If you need emergency car repair, a fast cash loan can be a lifesaver. If you’re unable to reach a physical loan office, you can even apply for a cash advance online from your computer or cell phone.

Overdue Utility Bills

The need for a fast cash advance online loan can happen to the best of us. In tough economic times, homeowners may be unable to keep up with costly utility bills, and they’re often faced with a looming shut-off notice. In many circumstances, people often allow their gas or electricity to be shut off for a day or two until they receive their next paycheck-but this can be a costly mistake. Utility companies often charge late fees, service charges and re-connect fees to return service to a residence where the power has been shut off. By the time it’s all said and done, the fees associated with an online cash advance would have cost far less.

Huge Myth about a Bankruptcies Impact to a Foreclosure

Huge myth about a Bankruptcies impact to a Foreclosure

This is the #1 myth that people think when they call our office at HomeBackers.

Typically when a person goes into foreclosure they will turn to people that they trust and love for help and advice. We see that the most people get misled by attorneys and other professionals trying to get them to just file bankruptcy and they think that will make their foreclosure just go away. That is false false false.

At HomeBackers we can’t tell you to file bankruptcy or not file because we are not practicing attorneys, however I can tell you what happens to your foreclosure if an attorney does advise you to do so.

Here’s the thing:

When a house is in foreclosure and the homeowner also files a BK there is a “STAY” granted. This means that creditors cannot go after the homeowner, bug them, call them or pursue the payment of the money. This “STAY” is granted because the BK system is working its way through and while the BK trustee is trying to figure out if there’s any money to pay the creditors they don’t want the creditors hounding the homeowner. So a “STAY” is granted. BUT when the property comes out of BK, either through the BK being dismissed, discharged or the “relief from stay” is granted then the banks can pick up the foreclosure process where they left off and foreclose on the homeowner damaging their credit even more.

You have to understand that even though people that have a professional in their name or even the word attorney in their name that they are a business too. They still need to make money just like everyone else does to survive and might mislead you in some ways so they can pad their wallet a little bit more. So here’s what you do, if you are in a foreclosure situation and thinking about filing a bankruptcy ask your attorney these two questions.

What will happen to this foreclosure if I file Bankruptcy? Does it go away or will the lender still go through with the foreclosure after my bankruptcy gets discharged?

Hopefully you will get a straight up answer like I mentioned above or if you notice that they dodge that question a little bit; you might want to go to someone else to get some advice. I am not saying anything bad about attorneys, at HomeBackers we actually love working with knowledgeable attorneys in our line of work I just want you not to be misled in any way and understand that they are a business too.

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