When you start getting your finances in order, it’s exciting. You see the basic concepts and rules of personal finance in action, and, after a while, they start to pay off. This makes it easy to become a personal finance devotee. But even the best financial advice can become counterproductive……..
Category: Finance Study/Strategy
We’ve featured a lot of tips from The Simple Dollar’s Trent Hamm—from buying in bulkand earning money online to managing a career hiatusand overcoming decision fatigue. Here, he shares his ten most important pieces of financial advice……..
With mystic peaks, coral reefs, jungles and over 4,000 hours of annual sunlight, Malaysia’s Sabah state is an ideal candidate for clean energy initiatives. But what makes its 50-megawatt solar project, launched in April 2018, special isn’t just its potential to provide electricity to this northern Borneo region. The project is the outcome of funds raised from the world’s first Islamic green bond, with a value of $60 million, unveiled by Malaysia’s Securities Commission in July 2017………..
HSBC Holdings Plc. has executed a trade finance deal using blockchain for an export by Reliance Industries Ltd to US-based Tricon Energy, marking the first ever overseas blockchain payment from India. Mint explains what it means for the payments ecosystem.
Why was blockchain used in a trade finance deal?
In the case of Reliance Industries, the letter of credit (LC) was issued by ING Bank for Tricon Energy USA, the importer. HSBC India was the advising and negotiating bank for Reliance Industries. In LC-based trade finance transactions, physical documents have to be validated by multiple parties from across different countries, making these a time-consuming affair (5-10 days). With blockchain, the data can be segregated and the whole process completed within, say, 24 hours, and in a transparent manner, with the status of the process visible to every party.
How has blockchain been adopted for such transactions?
In March, HSBC and ING Bank executed a live trade finance deal for Cargill using enterprise blockchain firm R3’s Corda scalable blockchain platform and the help of tech services provider CryptoBLK. The exchange was done in 24 hours, said HSBC. On 23 September, SBI Ripple Asia said a Japanese consortium of 15 banks would use Ripple’s blockchain tech for payments and settlement. On 24 October, Commonwealth Bank of Australia, Wells Fargo, Brighann Cotton undertook a transaction involving a shipment of cotton from Texas to Qingdao using a distributed ledger for all parties.
How many banks are on a blockchain?
JP Morgan announced the expansion of its Interbank Information Network to include over 75 banks. Banks in India formed “Bankchain” alliance to explore blockchain-based solutions.
Can blockchain be used for remittances?
Remittance transactions cost a small fortune as these involve third parties. Blockchain solutions may cut transaction costs and make the process faster. Platforms specializing in remittances such as Bitspark and BitPesa use block-chain tech to send money across borders. TransferGo Now lets Indian customers make instant money transfers to India from Europe using Ripple’s blockchain tech, which it claims is faster than using the payment system of the Society for Worldwide Interbank Financial Telecommunication.
What has RBI said?
Though RBI said that banks could set up a “private blockchain for their internal purposes”, there are security concerns. First, block-chain should not be positioned as a cure for all banking ills. Second, a June McAfee report warns against placing undue trust in blockchain implementation. Third, most such implementations are permissioned (private). In a permission-less blockchain such as bitcoin, anyone can set up a node and join the network. The question, then, is: Does a permissioned blockchain qualify as a true blockchain implementation?
The Internal Revenue Service (IRS) has announced the annual inflation adjustments for more than 60 tax provisions for the year 2019, including tax rate schedules, tax tables and cost-of-living adjustments. These are the numbers for the tax year 2019 beginning January 1, 2019. They are not the numbers and tables that you’ll use to prepare your 2018 tax returns in 2019 (you’ll find them here). These are the numbers that you’ll use to prepare your 2019 tax returns in 2020.If you aren’t expecting any significant changes in 2019, you can use the updated numbers to estimate your liability. If you plan to make more money or change your circumstances (i.e., get married, start a business, have a baby), consider adjusting your withholding or tweaking your estimated tax payments………….
On the surface, personal finance seems to be primarily about money: getting rich and optimizing your investments and so on. It’s definitely about all of that stuff, but in a larger, more important way, it has nothing to do with money at all. It’s more about using it to optimize your values and priorities. Learn to Manage Your Money So It Doesn’t Manage You. My dad used to say, “Money isn’t the problem; the lack of it is.” And it’s true: money doesn’t buy you happiness, but not having enough of it can be a pain. And the level of pain varies, depending on your situation…………….
Like many parents, Alisa Metcalf was focused on making sure her son Charlie was prepared for the college process. She started saving when her son was young and felt that she was on track. But as the years went on, despite doing all the right things, she didn’t feel completely prepared. “The application process can still be very daunting,” she says. “There is so much more to this process than how to pay for school.” Luckily for Metcalf, her employer, DaVita, an international provider of kidney care services, had already thought about how to help her through the college process with her son…….
A basic principle of investing – for any type of investment – is to buy low and sell high. Until recently the stock market had steadily climbed to an all-time high level; to many the subsequent dip is a clear sign that the market is too high to start investing. In fact, many think now is the time to get out. In short, they’re trying to time the market: To sell high, sit tight, and then once again buy low. (Or sell kind of high and then buy kind of low — and try to repeat the process over and over again…….
The Internal Revenue Service (IRS) has announced tax relief for victims of Hurricane Michael. Those taxpayers in parts of Florida and elsewhere who have been affected by the storm have until February 28, 2019, to file individual and business tax returns and make certain tax payments. Relief is available for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, affected taxpayers are those in Bay…..