In the current digital age, there are limitless innovations that can help and assist the children of our times through the practicalities of life. One aspect of life that every child has to address, once they become older, is, of course, the economic factor. Economy management games are on the uprise. As the tech industry is ever expanding more games are surfacing to help our children, in a fun and enjoyable way, deal with money management. There are many games out now that teach kids about budgeting; this makes the lives of parents that little bit easier. Most children these days have iPads, iPhones or are running android apps and games through some device. P2K money is a budgeting app for iOS, that allows kids to check their savings, budget, update and have a god visual of their balance digitally. Built for kids, it is easy fun and user friendly. ‘Kid’s money’ money is another app available on iPad, that teaches how to save, how much is needed for the items on their wish list and has great feedback from children actually using it to manage their money. Economy management games are an asset to the lives of our children as they need all the tools to help them on their journey into adulthood. STEM based learning isgame basedlearning as the real parallels of both gaming and logic based investigation are combined.
Most of us will need to borrow money at some point in our lives; whether to go to university, buy a house, or just to get through a particularly tight financial period. But having poor credit scores will affect approval for loans, and if approved, subject you to the highest applicable interest rates. Friends often ask me for advice on how to achieve and maintain good credit scores. Here are my top five tips for improving scores:
1) Pay your bills on time and as early as possible. Unfortunately, some lenders are ambiguous about the repayment terms for their loans resulting in missed deadlines and increased interest rates.
2) Spend within the limit on your credit card. Going over the limit is likely to have a negative impact on your score.
3) Try not to submit too many credit applications around the same time. A large number of lenders asking the credit rating agency about the same person within a short period of time may raise a red flag and cause your score to be significantly reduced.
4) Ensure you’re actually building credit history. You may think that by never borrowing money you’ll have a good score, but that isn’t the case. Instead, it’s seen as insufficient evidence of your ability to repay loans.
5) Consider a stopgap loan for bill repayment. Sometimes it’s beneficial to take out a short-term loan at a lower interest rate in order to consolidate and pay off other loans. This can often salvage your credit score or save you from interest rate hikes on other Bad credit loans. However, always use a responsible lender like ferratum.ca. And be sure to set a realistic time period for repayment.
By following these five tips, your credit score will be good as new in no time.
Floods, fires and storms have been held responsible for economic fallout in Canada with economic fallout and natural disasters very much related. History shows disasters hurt economy. This is the reason economists are watching the raging wildfire near Fort McMurray very closely. The fire has led to evacuating a whole city and the shutting down of operations of the Shell Corporation. What effects it will have on the overall economy is hard to say now, but if we look at history the question can be answered in part.
A similar event known as the Slave Lake wildfire happened in 2011, it caused the production of oil to drop by five percent, having a major impact on the country’s economy. The Slave Lake fire was much bigger than the Fort McMurray wildfire, but the dynamics have changed and one of them is the population. The population of Fort McMurray which was evacuated is 80,000 as compared to the town of Slave Lake whose population was merely 7000. So, the current wildfire affects more people and hence may prove to have a bigger impact.
The first thing which will affect the economy is oil production. Shell has a big oil refinery in Fort McMurray, and this is a major concern. It has already affected an area of 241,000 hectares, but hopefully it is now under control. It will surely have a major impact on the regional economy and the environment. Fortunately history has also shown us the the economy has bounced back after a small period of fallout.
Hopefully, the same will happen again.
If you are like me, you desperately want to buy a house and know that you are not independently wealthy. For people like us, two words scare the living daylights out of us: subprime mortgage. After what happened in the US housing market, these two words are almost taboo for realtors and banks. So, I want to explain what a subprime mortgage is in real terms, because a bank won’t hand you a document entitled ‘an unaffordable deal’. A subprime mortgage is an adjustable rate mortgage that is structured as a bait-and-switch scheme. Basically, the person attempting to sell you a home is under a lot of pressure to sell the home, and will try to create small time pressures to ‘close the deal’. In a high demand housing area like downtown Vancouver, the time pressure will come from other buyers who could buy it before you. But, in markets that aren’t as good, the time pressure is going to come from bank discount terms. Banks offering the mortgages will run special deals that will ‘save you money’ in the first year of your mortgage, but only if you act within a certain period of time. If you hear this, you should already be skeptical.
The Internet has made it possible for people to work from home. There are thousands of jobs where you can work from home and make a decent income. These jobs require you to own a computer or a smartphone and have a good Internet connection. The beauty about these jobs is that you work on your own time with no restrictions. Jobs where you work from home require few to no qualifications in any given field. Some of the jobs require only basic computer skills. These jobs include: Writing gigs. You only need to be fluent in the given language. This involves writing academic papers for students, web and blog content, product reviews and research summaries. You can check freelancewritingjobs.ca for writing job opportunities. Taking surveys. Companies are looking for opinions about their products and services. Here, you get a list of questions to answer and you get paid for your opinions. Check out canadianpaidsurveys.com for survey job opportunities. App testing. When developers finish designing applications, they need human testers to use their apps before they can release them to the market. Your job will be to test the apps and provide your comprehensive, honest opinion about the app, for which you get paid. One of the sites that offer this job is trymyui.com. Customer service representative. You will have opportunity to answer phone calls on behalf of well-known companies. You’ll be their virtual agent and get paid up to $15 per hour. Apart from having a computer and Internet connection, you’ll need a quiet working environment. Tech support. If you are skilled and qualified in technology, you can set up you own site and start offering tech support to millions of potential clients online. You can also keep checking for job openings at companies like Apple and Dell. Other jobs where you work from home are: • Data entry • Transcription • Translation • Online tutor • Online marketer • Advertiser
My Father’s friend once came to me and said “my son entered our family business. He wants to buy Mercedes-Benz convertible as we made a turnover of $ 15 million last year. I am not able to make him understand that I cannot pull out so much money out of the business as I have to pay the creditors.” He was really worried. I told him to send his son over. When he came I made him understand the difference between money and profit
Sometimes it is really difficult to talk to people who do not listen to their parents. If the parents will recommend them to me it becomes less difficult. Talking in person with tools to make understand the basics does help. In the process their perspective of seeing things changes altogether and there is no parent – child psychology getting in the way!
It took just two sessions to make him understand the difference between money and profit. When he started to go through business, he realized that the credit term the suppliers gave to his company was just 30 days while the credit terms they were giving to the customers was 60 days. He realized that he should not get excited seeing the Top-Line. It is always the Bottom-Line that really matters. He soon had his eyes opened. During the group exercise when he was interacting with other senior business owners, he started getting a different perspective. His father called me after a few months saying “ I do not know what you have done with my son. He has stopped mentioning buying the Mercedes-Benz. He listens to me and also to our chartered accountant. Whenever we are having a discussion he makes sure that we have the financial statements in front of us.” This is simply because numbers don’t lie but often our children see what they want and not what. Maybe a good post would be to look into the relationship of families working together…I will have to think about it.
The current investment climate has forced investors to be creativity and open minded as they seek alternative investment opportunities. These opportunities represent a shift from the tradition investment opportunities which are volatile due to global market changes that have seen investors lose millions of dollars.
Most investors trust assets that are physical rather than investment based on paper. Investments like shares and bonds. Gold as well as other precious metals have always been the trusted means of trade for centuries. Even with today advance economy, Gold still remain as a measure of wealth and trade. When prices fall in stock market, investors always sell their shares and buy gold. The price of Gold never fall drastically as you will witness shares prices falling on stock market. That is why it is the favorite and favorable alternative means of investment. Other physical assets include real assets and agricultural farm.
The other alternative is betting on supply and demand opportunities. Investors are looking on what is on demand in their investment-sphere. Whether it is service or goods, they spent money to understand the market and then invest where the demand is high. This requires you to know when to invest and when to exist. The returns are high if you can identify the right market demand.
The idea with alternative investment is to invest in areas that have high chances of asset appreciations and is less affected by global market changes.