While it’s extremely unlikely to happen, consumers around the world fear becoming victims of identity fraud.
If the worst does happen there are some really simple, easy steps to help you stay confident and safe: Call your bank, pronto! If you suspect suspicious activity on your account history or have misplaced your card details, the most important thing to do is contact your bank to report the incident immediately. Relay as much information as you can and they will work with you to track the fraudulent activity and halt it. You’ll be better off doing it sooner than later, as it will put you in a better position to have those charges refunded! In rare instances, your bank may ask you to lodge a report with the authorities. Remember to keep a copy of the report for your records.
Contact the credit bureaus.
If it’s confirmed that your identity has been stolen, it’s best call one of the credit reporting companies. Reporting the situation will enable them to put an alert on your account. Not only that, it makes tracking your identity much easier for investigators! Take your information off shopping websites. If your credit card is linked directly to any online shopping sites, go through each account and remove your information so that you have more control over where your credit card number is stored.
Despite its rarity, it is always better to be proactive than reactive. Stolen identity can be used not only to shop and spend, but also set up new accounts under your name. Your best bet is to review your statements, or pop into your mobile banking application to glance at your transaction histories on a regular basis. In addition, review your credit reports on a regular basis to ensure there are no irregularities. And remember to always dispose of statements properly.
And remember, unlike cash, any money spent fraudulently on a card has a higher chance of being returned!
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If you're minimizing your debt, putting money away for retirement and generally bringing in more than you spend each month, you're probably doing all right financially.
But if you want to reach larger financial goals, such as retiring early or becoming a millionaire, you need to know more, like how quickly you're able to build wealth. On their blog Money Sloths, Mike and Sophie, who use only their first names online and save up to 80 percent of their annual income, break down how to calculate your personal savings rate. That's "the amount of money, expressed as a percentage or ratio, that a person deducts from his disposable personal income to set aside as a nest egg or for retirement," according to Investopedia.
The formula is simple. "It's just your income, less your spending, divided by your income. Multiply by 100," the Money Sloths write.
They break it down into four steps:
When calculating your saving rate, it's important to note that it should include your income after taxes, because you'll over-estimate your savings otherwise. Besides, "it's much easier to look at everything from an after-tax basis right now since your future hypothetical self will face the uncertainty of different tax rates — whether it's because you live in a different state or maybe you're retired and now sit in a lower tax bracket," say Mike and Sophie.
You should also include any employer 401(k) matches in this number since those will go toward your eventual retirement as well.
On the spending side, be sure to include medical expenses such as health insurance, if those don't come straight out of your paycheck, as well as property taxes and interest on any outstanding debt, including your mortgage. Once you figure out your savings rate, you can get a sense of how close you are to financial independence. This varies according to your personal goals but experts typically recommend having $1 million set aside to retire in your 60s. However, if you want to kick back earlier, many early retirees rely on the "four percent rule." The idea behind that is, if you can safely withdraw four percent a year from your retirement savings portfolio, you have enough in the bank to quit your job. Flipping the four percent rule can help you figure out how big your portfolio needs to be, or what's called your "magic number." Simply divide your annual spending by 0.04 (or multiple it by 25) to get your target.
For example, financial blogger The Money Wizard — a Minneapolis millennial who goes by the pen name Sean and is on track to retire by age 37 — plans to live off of about $30,000 per year. Using the four percent rule, he estimates he'll need $750,000 ($30,000 / 0.04) in the bank to retire comfortably.
Although the four percent rule will give you a good idea of how close you are to being able to fund your retirement in full, it's not foolproof. Some experts recommend using a lower withdrawal rate to be safe. Source: CNBC We offers our Customers to take advantage of fast and expedient e-currencies exchange to Alipay CNY accounts. Alipay transfers are usually processed within 1 business hour, furthermore account registration is not compulsory to perform such an exchange. So what won’t your car insurance policy cover?
If you have read the terms and conditions for all three policies carefully, you will realise that some incidents are not covered, even though they are very likely to happen, for example – you would expect your car insurance to cover your death in the event of a serious accident…but does it really? 1. Your own death or bodily injury due to a motor accident You would expect that your own death would at least be coverage for a modest amount of money; well, stranger things have happened. Your personal accident insurance or medical insurance might have you covered, but not a car insurance plan. Nope, not even the comprehensive cover – that means no hospital stay coverage or funeral benefits (although – you are buying car insurance and not life insurance so…). 2. Liability against claims from your passengers  A passenger who gets injured because of a car accident will usually have an easier case compared to the driver – if the accident involves two cars, one of the drivers is sure to be found negligent and liable for the hurt sustained by the passenger. However, you will be able to pay additional premium on your motor insurance to include Passenger Liability Extension Cover, in the event that your passengers choose to sue you. 3. Theft of non-factory fitted vehicle accessories e.g. car stereos, leather seats, sports rims etc. Sure, pimping out your “ride” with custom rims, genuine leather seats, and a full blown sound system might earn you points with your friends, but you may also be drawing a lot of unwanted attention. Make sure in addition to your lavish upgrades, you install additional car security features, such as a powerful GPS tracking system! 4. Consequential loss, depreciation, wear and tear, mechanical or technical breakdown failures or breakages Cars are not unlike humans – they’re not built to last forever. As vehicle parts wear out with time (excluding parts made out of glass e.g. windshield), the value of your car depreciates along with them – and honestly, a car’s value drops the moment it leaves the showroom! Betterment, which is the process of repairing old parts of your car that were damaged with new franchise parts, is only applicable when your vehicle has been in an actual accident. 5. Loss/damage arising from an act of nature e.g. flood, landslide These unforeseen events, along with earthquakes and hurricanes are usually referred to as natural disasters or acts of God, and are not covered in standard car insurance policies. On the other hand, you may pay higher premiums to extend your policy to cover flood, landslide, landslip including adequate cover for your passengers. Evidently, it is very important that you insure your vehicle appropriately according to the current market value for one that is used. This is to avoid under-insurance that will result in only partial compensations on claims, or worse still over-insurance, where you simply waste money to insure a car above its market value, while the maximum you can claim is at the market value. Without a Will, the law decides on the distribution of your assets and who your beneficiaries will be. Members of your family could become involved in complex legal battles if you do not explicitly specify your wishes in a Will. If you pass on without a Will (die intestate):
When should I create a trust?
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July 2017
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