No this is not a new game show nor is this a get rich quick scheme. You might be rich, but might not know it. Dateline.msnbc.com might just prove that you are. This is real money. Approximately more than $30 Billion dollars is just sitting in state treasuries awaiting to be claimed by more than 17 million people. State officials often don't have the resources to find everybody, so they just wait for people to claim it. What's great about this money or property is that it claims can be made into perpetuity even by the heirs. Boy ! I hope we had something like this in the Philippines, unfortunately unclaimed property in the Philippines is most likely being claimed by somebody else who is not the rightful owner. Most likely, the ones entrusted with these money might not be very honest enough to return it to its rightful owners. But I'm sure we also have unclaimed property in the Philippines such as insurance claims, bonds, stocks etc. I hope somebody in the Philippines can come … [Read more...]
Idiot’s guide to the subprime mortgage crises
They say that when Uncle Sam sneezes, the rest of the world gets a cold. Now, Uncle Sam certainly isn’t sneezing, Uncle Sam’s got a flu and the rest of the world got pneumonia. The economic woes of the United States are far from over brought about by rising fuel costs and mainly the subprime mortgage crises. Most people in other countries do not understand what this subprime mortgage crisis is all about. The reason for such is that mortgage is not a very popular thing in other countries, and if it is, they probably still do not have the sophisticated mortgage system that the United States is implementing. If they don’t understand what mortgage even is, how in the world could they understand what subprime mortgage is much more the subprime mortgage crises. For instance, in our country the Philippines, although we have “mortgages,” we still do not have a very complex mortgage industry like the United States has. Mortgage may be well advertised here in the Philippines, but not as … [Read more...]
How the Rule of 72 is used to wisely manage debt
The Rule of 72 is a basic rule that each and every investor should know. The rule is commonly used to determine how many years will it take for your money to double. The equation is simply this, 72 divided the interest rate equals the number of years it takes for your money to double. For more information on this you can read my blog post entitled “An audio visual presentation of the Rule of 72” and “The Magic of the Rule of 72” For a more practical application of the Rule of 72, read the blog post entitled “Want to get wealthy ? Think like the bank” But the usage of the Rule of 72 is not only limited to investments. The Rule of 72 can also be used when it comes to managing debt wisely. The Rule of 72 could be written as follows: 72 / interest rate = number of years for your debt to double By using this equation, you can take any debt you have with your credit card company or your mortgage lenders and determine how many years will it take for your debt to double. As an … [Read more...]
An audio visual presentation of the Rule of 72
I have written extensively on the Rule of 72. I firmly believe that knowing this rule is important because it is the foundation of all financial planning. In order to further understand what the Rule of 72 is all about watch this short youtube video clip on the Rule of 72. Knowing what vehicle of investment to use to get a higher interest rate in order to quickly double your money will be the subject of other posts. If have made a special highlight of this rule in my blog and subjected it to outdoor lighting so to speak. If you would like to know more about the Rule of 72 and it's application read my previous posts on the subject: Want to get wealthy ? Think like the bank The Magic of the Rule of 72 … [Read more...]
More money saving tips
Several weeks ago, I wrote a post entitled "Money saving tips” This is somewhat a continuation of that post. With the rice crises and rising oil prices that have been crippling ordinary Filipinos from all walks of life, coming up with a list of money saving tips is my small contribution to at least somehow in my own little way help ease the burden of my fellow countrymen. Aside from that “money saving tips” is one of the main themes of this blog. The following are money saving tips that I have experienced and would like to share them with you: 1.) Buy in bulk – Go to your local grocery store and compare prices. In particular, compare prices between small items and big items. For example, a 50 gram sachet of detergent powder vs. 250 grams. You will notice that the bigger the size, the cheaper it will get. In fact there is usually a tag that says “Save P15” and if you buy the bigger one, the numbers will get bigger. It might say “Save P 20.” The principle is simple. The more you … [Read more...]
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