When You Need Money, Don't Become a Victim

When a person needs money, it may be easy to fall prey to unscrupulous and dishonest people who are trying to trick him out of his money. There are hundreds of scams being perpetrated by people trying to make a dollar from cheating someone else. It is important not to allow yourself to become a victim by signing up with such individuals or groups.

The internet is a truly amazing technological miracle of the ages. Some extremely brilliant people have developed wonderful innovations which have changed the world. However, there are dishonest people who have discovered that the internet can be used to trick people into giving their money away with promises of riches.

One scam which does not seem to go away is an email system which tells people that they have been chosen as the one person in the world to be trusted with millions of dollars which was left by a person in another country who needs assistance in gaining access to the money. The person is told that a wealthy individual died leaving millions of dollars which is tied up unless the administrator is able to find a worthy and honest person to be willing to accept the money. A small portion is said to go to the administrator with the lion's share going to the person who is willing to engage in the program with them. Most people will simply delete the email without answering or investigating, but there are still others who are falling for the scam. By giving their personal information and bank account numbers presumably to receive the money, they find that their accounts have been drained of their funds. How people can sleep at night when they are cheating innocent people out of their life savings is hard to understand. Apparently, they have no scruples and are only interested in lining their own pockets.

If you need money because your income does not match with your expenses, it is best to look for legitimate sources of earning money. There are currently many "help wanted" signs in shop windows of all kinds of businesses. These are not usually the better jobs that one would desire, but they could be the means for bringing in some much needed extra income. Being willing to work at menial tasks might be necessary to offer some relief for financial concerns.

A home based business such as network marketing (MLM or multi-level marketing) which is generally a method of moving products is not a get rich quick scheme. It is possible for real go-getters to achieve success rather quickly, but this industry generally requires a huge time commitment and involvement in order to start to see an income generated from it. While it is possible to do very well in network marketing, it is not easy for most people. Yet there are miraculous success stories in this home based business opportunity.

Finding a legitimate means of bringing in money is infinitely better than trying a program which will cause one to become a victim of someone else's trickery and dishonesty.

Retirees Can Use Their Life Insurance To Replenish Lost Savings

The recession took a heavy toll on the savings of some retirees and those soon-to-be. Because they haven't the years left to rebuild what they've lost, some are looking to replenish some of their losses with their life insurance policies. Should you?

If your retirement plans have taken a hit from market downturns, you have a variety of options to help improve your circumstance. Delaying retirement will increase your Social Security benefits. This, along with contributing more to your savings while you remain working can significantly improve your eventual retirement income.

If there's more you need, you can look to the value of your life insurance policy. You can get cash from your policy several ways:

* Take a loan against your policy's death benefit

* Surrender your policy to your insurance company for its value

* Sell your policy to a third party as a life insurance settlement

If you don't or can't repay your policy loan before your die, the death benefit will be reduced by what you still owe on it. But, again, you may still have some death benefit for your offspring.

If you consider surrendering your policy, check first with your agent to establish how much you'll receive. Unfortunately, surrendering your policy for value gives you less, perhaps substantially less, than you could get by selling it - if you're the right age and the policy death benefit is substantial.

The best candidates for a life settlement are now people in their 70s or older who have a life insurance policy valued at $500,000 or more that they no longer need. And according to Russell Dorsett, co-managing director of the Select Life Settlement Corp. in Houston says that depending on age, gender and health, the average payout is slightly less than 20 percent of the policy's death benefit; but that's still three or four times more than they'd get if they simply surrendered their policies to the insurer.

If you do decide to sell, seek out a life settlement provider who must be licensed by the state. Don't be pressured, and understand the terms of the sale. Ask of your selling agent for proof of every offer made on your insurance policy and ask what his commission will be. He should represent only you and not the buyer of your policy at the same time. Some states will even allow you to void your signed agreement if you change your mind within a month of signing or 2 weeks from receiving the proceeds - whichever comes first.

*Terminally ill and need cash:

Of course, if a doctor's prognosis show that you are terminally ill and expected to die within 2 years, your policy may allow you to accelerate your policy's death benefit. You may need it to pay medical bills resulting from your illness.

All You Need To Know About Phantom Stocks

What are Phantom Stocks?

Phantom stocks are generally known as Shadow Stocks. Most companies give these kind of stocks to its employees as a cash reward. The shadow stocks given are equivalent to the company's existing share market price at the time it is offered to the employees.

These kinds of shares are accorded to senior-most officers and loyal employees of the company.

The two types of Phantom stocks prevalent today are appreciation only and full value stocks. While the appreciation only stocks excludes the worth of the real underlying stocks, full value stocks include the worth of the underlying stock and any appreciation as well.

Rewarding employees with phantom shares

Want to reward your employees for all the hard work that they have put in all these years for the growth and development of your company? The best way to do so is to reward them with Phantom Stocks. Companies issue phantom shares to its employees as a substitute for the actual shares. In other words, the phantom shares do not require the issuance of the real shares but yet the employees will get all the benefits due to the rise in the company's stocks at the share markets. It is, therefore, the best way to reward the employees, no doubt!

Two types of phantom stocks

There are two types of Phantom Stocks that are widely prevalent these days. They are known as Appreciation Only and Full Value stocks. The Appreciation Value stocks will pay out only the company's escalated share price for a certain period of time. In case of Full Value shares, both the escalated value and the underlying stock value will be paid out to the employees. In both these cases, the employees stand the risk of forfeiture of shares once the benefit is paid to them. It is, therefore, well known that the Appreciation Value and Full Value stocks are typical nonqualified stock plans.

How are phantom shares allocated?

Phantom shares are allocated to employees who have a good track record. These shares are allocated to employees who have attained the goals or tasks set by the company for them. The document about the phantom shares will spell out if the employee will get the cash that equals the dividends and any other type of rights. To forgo paying the amount in cash, certain companies also transfer the phantom shares into actual shares. Further, there is no exercise feature in the phantom shares which means the employees are taken into the plan as per the terms and conditions and finally the cash is given to them.

Advantages and disadvantages of Phantom Shares

There are certain advantages and disadvantages in Phantom Shares. For one thing, the employers have the option of placing the shares in the employees name without actually having to transfer the ownership to them. Further, these phantom shares serve as a motivation for the employees who will put in hard work to achieve more and more. The employees will also stay on the company for longer given the fact that they hold the phantom shares which accords them a lot of advantages financially. This is generally known as the Golden Handcuff clause which binds the employees and employers together for years to come.

Employees benefit from Phantom Shares

Employees stand to benefit a lot from the Phantom Shares allocated to them by their companies. In the first place, they get to build their stock portfolio without actually having to spend anything on it. However, the large pay outs to the employees may cause a huge financial burden on the company in most cases. When there is a fluctuation in the company's stock price it can also be a drawback for the company as it will reflect on the company's balance sheet. Therefore, it is pertinent for the companies to disclose what plan it offers to its employees every year.

What are Stock Appreciation Rights?

Stock Appreciation Rights, generally known as SARs, gives the employees a right to appreciation in the stock price but this does not mean that they can claim it on the stock itself. SARs are nonqualified stocks for purposes such as taxes. However, the shareholders will have to sell the shares and from the amount derived from it they have to cover the cost of the shares granted to them originally. The SARs are offered in the form of tangible shares and the number of these shares granted is equivalent to the profits that the shareholder has made during the grant and exercise.

Taxation on SARs

Stock Appreciation Rights (SARs) are quite similar to the non-qualified stock options, known as NSOs when it comes to taxation as they don't draw tax consequences on the date they are vested or on the grant date. Generally, most of the employers will be withholding the additional federal income tax which amounts to about 20 per cent in addition to the local and state taxes, medical insurance and social security. These taxes will also be withheld as shares by most of the employers. In such cases, the employers will only give a few shares and keep the remaining to cover the taxes.

Advantages and disadvantages of SARs

Employees holding Stock Appreciation Rights (SARs) easily use their rights and evaluate the gains but they are not accorded dividends and also do not have the voting rights. Most of the employers prefer SARs due to the fact that accounting rules are very favourable to them than it was in the past. This means it will get the permanent accounting treatment and not as variable. Therefore, they are treated as the orthodox stock options. One disadvantage is that the SARs necessitate issuing of fewer shares and this will decrease the share price when compared with the orthodox stock plans. But it will certainly motivate the employees.

Why Phantom stock and SARs?

What is the necessity of Phantom stock and Stock Appreciation Rights (SARs)? Well, it mainly helps in retaining the employees particularly the most hardworking and dedicated ones. Yet another advantage is that the company will not have to dilute the stocks materially but at the same time provide equity-linked compensation to the workers. However, both these plans have its own advantages and disadvantages and limitations as well. If you are not sure of which of these plans would suit you, the best thing would be is to consult your financial advisor and gain insights on what each of these plans would offer.

How To Avoid Credit/Debit Card Frauds

Credit/Debit Card fraud problems began when thieves found out ways to get confidential information such as bank account details from their victims. In fact this kind of problem became an accessory to identity theft. This is possible if the thief knows all necessary information about you. They can use it to their advantage by claiming as you and using your credit card for their personal transactions. Often times such incidences are not detected immediately until the victim receives their billing statement or bank account statement and began to notice unnecessary purchases that they did not even make.

Situations such as this can always be prevented. To help you get an idea how to avoid credit card fraud, here are some lists on what you should do and don't do to make sure your card is safe.

1. Information related to your credit/debit cards is confidential. You must not divulge it to anybody. If you buy items online make sure that the company is legit. In fact research more about that company as a precaution.

2. Always treat your credit/debit cards as though they are cash. If you take extra measures to make sure that your cash is safe or to prevent yourself from getting robbed, then do the same for your cards also. Keep in mind that cards are more valuable like cash. If you lose your card, some people might take advantage of it by acquiring goods and/or services. The downside of it is if your credit limit is high, they will have a good time shopping. Compared to cash, they can only buy products that are dependent on how much cash they have stolen.

3. Make sure that your credit card has your signature on it. Use a permanent marker so that it won't erase every time you use it. The signature shown on the card will be use by the cashier as reference when you sign your receipt. If the signature does not match, the cashier will automatically tell the authorities or their superior of possible fraud activity.

4. Always keep a copy of all the receipts that you paid using your card. When your billing statement arrives, cross check it to the receipts that you have. If it doesn't add, call your credit card issuer. Also if there are transactions that are not familiar to you, tell them also.

5. Inform your bank and your credit card company that you will be having a change of address. This will make sure that your bank account statement or billing statement gets directly to you. If you do not tell them, other people might get hold of it and use it against you.

6. If you lose your credit/debit card, tell your bank and/or your credit card issuer immediately. This action will automatically hinder all transactions made once you report it to them. If there are transactions made after you report it, your bank or credit card issuer can immediately act on it.

Now that you know what you should do to avoid being a victim of credit card fraud, make sure that you always keep this in mind. Remember, becoming a victim to credit card fraud is partly your responsibility. If you are more vigilant on taking extra measures to make sure that you won't fall under this category, you wouldn't have to experience it. Therefore, always be careful in your credit/debit card transactions.

Investment Counselor Career - Why You Should Use a Financial Advisor Recruiter

Are you looking for a position in the financial services industry? Big corporations often don't even list the jobs they have available. As a result, your best bet is to contact a financial advisor recruiting firm, which have developed relationships with the top financial services firms. They have the best, highest paying jobs on file and are searching for the right person to fill the position.

Investment Counselor / Financial Advisor Jobs

Privately-held investment management firms manage portfolios for high net worth clients and institutions. They search for talented finance professionals to serve as Investment Counselors, who are typically assigned to specific clients. Although there are particular qualifications for each company's job opportunity, there are some areas that are pretty much the same with them all.

Responsibilities of an Investment Counselor

An investment counselor, or financial advisor, oversees high-net-worth client relationships. Their focus is on client retention. There is no prospecting, cold-calling or selling involved. Investment counselors are expected to impart current market strategy and portfolio updates to their assigned clients. They also act as the liaison between wealthy clients and the Company's investment decision-makers.

Investment counselors are also expected to take part in the firm's training and mentoring program. This helps them gain advanced finance and capital markets education.

Qualifications for a Financial Advisor

Most large corporations expect a bachelor's degree or equivalent combination of education and experience, as well as at least 3 years' experience in the investment industry or financial services. The applicant should have a strong knowledge of finance and capital markets.

In addition to education and experience, if a job applicant wants to obtain a top job in the finance industry, he or she needs to have developed certain personal skills. To succeed, they need to...

• Be efficient
• Have excellent time management skills
• Be charismatic with great communication skills

How to Prepare for an Investment Counselor Career

If you've obtained your degree but don't have enough experience, you may want to investigate intern programs with investment companies. If the company you are working for is impressed with your work, you could be offered a permanent job with them. Working as an assistant to a Financial Advisor is another way to gain experience, especially if you are given the opportunity to take on more responsibility over time, working your way up to a full-fledged FA.

Your resume is incredibly important when you approach a financial advisor recruiter. There are certain things they prefer, and you'd do well to pay attention to those preferences if you don't want your resume tossed away immediately. For one, keep your resume to one page only. Don't include personal information such as your marital status, kids, hobbies and the like - your resume should only contain your education and experience. Use quality white or off-white paper if you are sending it in.

Never send off a resume until you have edited it carefully and had at least two other people review it for errors. If you are having trouble creating a good resume, it is well worth the expense to confer with a professional resume writer.

The Benefits of Payroll Debit Cards for Unbanked Employees

Today's tough economy has led to financial institutions raising their requirements for new clients and lowering the interest from poor credit consumers. Banks review checking and savings account applications based on credit, not just banking history. With the rising cost in bank fees, more unbanked and underbanked employees are avoiding banks and living on a cash-only basis. But how does an unbanked employee receive a paycheck?

More employers are turning to the use of payroll debit cards versus the traditional paper paycheck. Payroll debit cards are flexible, convenient, and the most cost-effective payment method in the long run for employers as well as employees.

Direct Deposit without a Bank
Unbanked employees or those who have been denied a checking account can enjoy the benefits of direct deposit while using payroll cards. Since payroll cards act like a reloadable debit card, employees can use their card to make direct purchases or withdrawals from their paycheck-without ever opening a bank account. The payroll debit card is set up through employers, which means employees do not have to worry about being denied due to poor credit.

Saving Time and Money for the Employee
Employees who do not have bank accounts spend countless hours visiting check cashing centers and waiting in line to cash their checks. Not only does this cost money by wasting time, but then the employee pays a check cashing fee anywhere from two to ten percent on the total cashed. If the employee had a bank account, he would have to worry about overdraft fees and fines associated with his bank account. Payroll debit cards, on the other hand, have no overdraft fees, no monthly fees, and no check cashing charges for the employee to worry about-which puts more money in his pocket each pay period.

Saving Time and Money for the Employer
Employers can take advantage of numerous benefits associated with payroll cards as well. One of the biggest advantages is that employers can avoid the hassles of creating and distributing traditional paper checks. Not only does this cost money in materials and resources, but it takes time to process the payroll checks. Companies looking to go green are opting for payroll debit cards versus issuing paychecks as well. Payroll debit cards are acceptable by all employees, regardless of their bank account status.

The biggest benefit of payroll debit cards is that employees have instant access to their money. They no longer have to wait the standard three to five business days for checks to clear, find a branch of a bank their employer banks with, or wait overnight for direct deposits to be processed. Instead, the money is available instantly. Employers consider this an advantage as well when it comes to balancing their ledger. Since paper checks take time to cash and display on the employer's account, his bank reconciliation can be off for days-if not weeks. With payroll cards, an employer's bank account is up-to-date and reflects the current funds for the company.

There really are no disadvantages to using a payroll debit card for employers and employees. Everyone saves time and money, and the convenience and flexibility of payroll debit cards can't be matched by the old way of paying employees.

Tired of Service Fees? - Choosing Banks That Charge Less

Regardless of their income level, most people these days are interested in saving money. With the economy in the shape it is in, it is necessary to find every way possible to lower costs. It will be worth your while to pay close attention to the fees that banks charge for specific services, fees you have probably never thought about!

Customers are charged fees at banks for the services that they use. Some people are interested in having more services at their disposal than others. In order to manage your finances, you need to think about which services are absolutely necessary and which ones you would rather not be charged for. This is your first line of action against preventing exorbitant fees being charged to your account.

Schedule an appointment with a bank that interests you and sit down in order to talk with a representative or manager. Be direct and open about the questions you ask in regards to fees. Find out what is charged and why. However, if you are happy with your current financial branch, book an appointment to inquire about how you can lower the amount of fees you pay. You may not even have to see an manager and be able to direct your inquiries to the tellers or the person sitting at the customer service desk.

Banks have automatic teller machines (commonly referred to as ATM's) in their businesses but also scattered throughout the city, to provide convenience to their customers. This is an excellent service that many people use on a regular basis. Nevertheless, before you rely on them too much, find out how much each transaction at the machine is costing you. Some plans allow for more ATM activity than others.

In many cases, the fee you pay for the plan you are under at your financial institution will cover all of the withdrawals you make at automated teller machines that belong to your financial firm. What you need to be careful of is using ATM's that are not affiliated with your company. Using these will result in extra fees on top of extra fees! The more you use them, the more they will cost you.

When you visit an ATM that belongs to another bank and not your own, every transaction will cost anywhere from $1.50 to $3.00. Your financial institution will go one step further and charge you another amount for using a different machine. Your account will have less and less money in it if you make a habit of doing this. It would be a good idea to take out as much cash as possible when you go to your location to avoid having to use the ATM and pay additional charges.