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What do you gain by winning a lottery sized settlement with a bankrupt company?
We all know that there is a growing need in this country to take our retirements into our own hands if we want the funds necessary to have any quality of life upon retirement. The problem is that most of us have no idea where to begin when it comes to financial retirement planning or investing. The sad news is that for most of our lives retirement was something that was taken care of if we put in an honest lifetime of work. However, the climate has changed and the retirement funds that many of us have labored to pay for the vast majority of our lives are slipping away.
The Senate is trying to overhaul the bankruptcy laws. Credit card companies and retailers have been pushing for reform since 1997. Hopefully, the new law will come into effect by mid-March.
Parts of an Income Statement, part 1
The first and most important part of an income statement is the line reporting sales revenue. Businesses need to be consistent from year to year regarding when they record sales. For some business, the timing of recording sales revenue is a major problem, especially when the final acceptance by the customer depends on performance tests or other conditions that have to be satisfied. For example, when does an ad agency report the sales revenue for a campaign it's prepared for its client? When the work is completed and sent to the client for approval? When the client approves it? When the ads appear in the media? Or when the billing is complete? These are issues a company must decide on for reporting sales revenue, and they must be consistent each year, and the timing of reporting should be noted on the financial statement.
Budgeting: Take this simple test to learn your BQ (Budgeting Quotient).
Have you been wondering whether or not you need to develop a financial budget? Here's a simple Yes/No quiz that can help you understand your BQ or Budget Quotient.
1. Are you already short of money when there are six or more days left in your pay period?
2. Have you received at least one call from a creditor in the past 30 days?
3. Have you maxed out one or more credit cards?
4. Have you put more at least $200 in savings during the past six months?
5. Are you 30 days or more late on one or more bills (such as your phone bill or car payment?
6. Does your checking account balance average less than $250? 7. Do you have more than four credit cards?
8. Would it be a real emergency if your car suddenly needed a $500 repair?
9. Have you considered taking on a second job in order to make ends meet? 10. Have you talked with any financial institution about debt consolidation within the past 60 days?
If you answered "yes" to all 10 of these questions, your BQ is 100 and, boy, do you need to start work on a tough budget immediately.
Did you answer yes to six or more of these questions? Then you also need a budget. This is especially true if you answered "yes" to questions #3, #5, #7, #9 and #10.
If you are married, you must discuss budgeting with your spouse. It's not enough for just you to develop a budget. You must both review your finances and agree on how much to budget for specific categories such as clothing, entertainment, gifts, pet care, cable or satellite and food.
What's important in setting up an annual budget is making sure you have thought about all possible categories and that you have budgeted for each one realistically. Dig out all the checks and receipts you can and use them as a starting point. If you don't have any checks or receipts to help you in a specific category, you'll have to just ballpark an amount to begin. Then, start saving every possible receipt and check so that, at the end of every month, you will be able to see exactly how much you've spent by category and how this compares with its budgeted amount.
You will most likely find that you have to increase the amount budgeted in some categories and reduce your spending in others. Of course, developing a budget is only half the battle. The other half is sticking to it. If you handle the family's finances and don't fell you have the self-discipline required to stick to a budget, maybe you should turn over the household finances to your spouse.
Creating and sticking to a budget isn't easy. It takes work and determination. But it's the only real way to work yourself out of debt and enjoy a happier, less stressful life.
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Related Credit News and Articles From adzines
What comes to mind when the Christmas season is near? Gifts, entertainment, travelng and everything that necessarily requires you to shell out your hard earned cash. For most people, it can mean overusing their credit cards. At least 54% of people are still paying off the previous year Christmas well into the next year. If you don want to be included in those statistics then here are some budgeting tips to keep your holiday travel and entertainment expenses under control.
It's not a secret that bad credit score makes it more difficult to get a credit card, but with a little searching you can find a card available for nearly everyone.
Balance transfer credit cards can be valuable for those who want to reduce their credit balance, to save money on interest payments, and to get out of debt faster.
Is increasing minimum payments positive or negative? People are sure that even disadvantages of this change may become advantages. Positive sides can be found in every situation. And this event is not an exception.
Making an affinity credit card deal, you can donate to non-profit organizations concerned with protecting the environment and fighting the global warming. However, if you want to show your love to nature, you need to pay high interest and fees.