Sunday, October 6, 2013
Tuesday, October 1, 2013
Getting the Best Price on Gold Jewelry Requires Preparation
By Tippfein Klaus
Most jewelry stores seek to intimidate buyers when it is time to
negotiate their gold pieces. Actually, those who want to buy gold
jewelry consider that negotiation is the worst part in the entire
process. This happens because the persons who want to buy gold are not
as familiarized with the ins and outs of the gold industry as
specialized people are. The latter category knows everything in terms of
metals, price, settings, stones, etc. An important thing to keep in
mind is that the quality of the stone is more relevant than the size.
Knowledge
This is another thing that makes buyer feel inferior. The lack of experience, knowledge and confidence can be quite intimidating. Professionals know exactly how to work with diamonds, stones, gold or silver so they will know everything about them. Another thing to consider is that these people are also salesmen that have certain goals and sales in order to gain more money. So don't be fooled!
Decide what you want before going shopping. It is very important that you have a design in mind so you won't get confused when you see a sea of jewelry. Here are some details about how you can negotiate with any jewelry stores without getting fooled.
Information
Do your homework and search online everything you can about gold jewelry. You can even visit some jewelry stores personally and discover more details about the collections of gold jewelry available in the specialized stores. This way you can choose what suits your needs better. Don't be afraid to ask for quotes and inform yourself on the purity of gold and the various grades of stones existent. Why is 18 K gold different from 12K gold? Learn more about the different gold colors and the manner in which they are created. So basically have the right type of information before deciding what gold jewelry to purchase.
Needs or wants?
Who would say no to having the biggest diamond in the world? Or the biggest house or ring or car? But do we really need them? When shopping at a jewelry store you will probably get distracted by the most impressive jewelry found there. Focus on your needs and not on your wants! The hardest thing is to receive a high quality product for a price that will not leave you speechless. It is much easier to buy something expensive that you think you want or need and realize later that its value is poor or you don't want it anymore.
Negotiate
Once you have figured out what you want and the budget that you can allow yourself for this treat, start shopping. Visit various jewelry shops and tell the salesperson about your requests. As it was mentioned before, if you are allured with objects that are not on your list, try to refuse politely. Buyers need to focus on what they came in for rather than get distracted with the multitude of offers displayed. The number of jewelry stores is quite high so you will definitely find the right products. Make sure you compare them and you examine them carefully. This is a huge investment so make it worth your while and money.
Once you have found a great item, create a list with its features and its cost. Ask the jeweler to sign this list and get the value to be checked by another person just in case you will ever want to sell. You will definitely manage to get a good price for a quality product if the jeweler sees that you are informed and ready to make a serious and durable decision. Choose wisely and you will not regret it!
Knowledge
This is another thing that makes buyer feel inferior. The lack of experience, knowledge and confidence can be quite intimidating. Professionals know exactly how to work with diamonds, stones, gold or silver so they will know everything about them. Another thing to consider is that these people are also salesmen that have certain goals and sales in order to gain more money. So don't be fooled!
Decide what you want before going shopping. It is very important that you have a design in mind so you won't get confused when you see a sea of jewelry. Here are some details about how you can negotiate with any jewelry stores without getting fooled.
Information
Do your homework and search online everything you can about gold jewelry. You can even visit some jewelry stores personally and discover more details about the collections of gold jewelry available in the specialized stores. This way you can choose what suits your needs better. Don't be afraid to ask for quotes and inform yourself on the purity of gold and the various grades of stones existent. Why is 18 K gold different from 12K gold? Learn more about the different gold colors and the manner in which they are created. So basically have the right type of information before deciding what gold jewelry to purchase.
Needs or wants?
Who would say no to having the biggest diamond in the world? Or the biggest house or ring or car? But do we really need them? When shopping at a jewelry store you will probably get distracted by the most impressive jewelry found there. Focus on your needs and not on your wants! The hardest thing is to receive a high quality product for a price that will not leave you speechless. It is much easier to buy something expensive that you think you want or need and realize later that its value is poor or you don't want it anymore.
Negotiate
Once you have figured out what you want and the budget that you can allow yourself for this treat, start shopping. Visit various jewelry shops and tell the salesperson about your requests. As it was mentioned before, if you are allured with objects that are not on your list, try to refuse politely. Buyers need to focus on what they came in for rather than get distracted with the multitude of offers displayed. The number of jewelry stores is quite high so you will definitely find the right products. Make sure you compare them and you examine them carefully. This is a huge investment so make it worth your while and money.
Once you have found a great item, create a list with its features and its cost. Ask the jeweler to sign this list and get the value to be checked by another person just in case you will ever want to sell. You will definitely manage to get a good price for a quality product if the jeweler sees that you are informed and ready to make a serious and durable decision. Choose wisely and you will not regret it!
Financial Literacy: 5 Most Important Lessons for College Students
By Kris Alban
Because of little or no financial literacy, college students often do not understand what they are getting into when applying for a financial aid. According to inquiries made by the U.S. Consumer Financial Protection Bureau, there is over $1.2 trillion in student loan debt - and fewer than half of these loans are in repayment. While a significant number of Direct Loan recipients are still in college, there are quite a few cases of non-payments including forbearance, deferment and default.
Below are five of the most important areas where college students require financial literacy to help them improve their financial habits and make more-informed financial decisions:
1. Make an Informed Choice
Students need to be able to make an informed choice. They need the right guidance since these debts can stay with them for a long time after they're done with their education.
2. Be Educated on Income Taxes
Students need to be educated on how to fill the basic tax forms and file for themselves, in addition to knowing how the system works so they can proactively make better decisions which will help them during tax season
Ready to Withdraw Investment Income? Where to Start?
By Ken Moraif
If you're properly invested, you probably have several types of
accounts: IRAs, 401ks, annuities, and non-IRA accounts. Once you're
ready to start living on your investments, how do you decide where to
draw from first? The way I see it, you should take your money from the
least -taxed accounts first, and defer paying taxes on the high-taxed
accounts as long as possible.
To begin with, go to your taxed
accounts, your non-IRA accounts. The disadvantage of these accounts is
that the money has already been taxed. There's also an advantage: In
most cases, when you withdraw money, it will be taxed at capital gains
rates, which are lower than the ordinary income rates you would pay on
distributions from your retirement plans. And there's another advantage:
Let's say that you have $200,000 in a non-IRA account. Your initial
investment was $100,000 and you made $100,000 profit. When you live off
that $200,000 you'll spend the $100,000 in profit first and you'll pay
taxes on that. Eventually you'll use up that $100,000 gain, and will
take out the money you originally invested. Guess how much you'll pay in
taxes on money that you put in? Nothing. For a while you might actually
live tax free.
Your tax-deferred accounts, like annuities,
traditional IRAs and 401k's, allow your money to grow tax-free-until you
take it out. Then your money is taxed at ordinary income tax rates,
which are the highest rates. To minimize this disadvantage, take your
money out of these types of accounts at the last moment possible.
Of
course, if you're over 70, you have to take money out of your IRA. What
then? Combine the two approaches. Withdraw the required amount and make
up the rest from your non-IRA accounts. If you need $5000 a month to
live on and your required distribution is $3000, take the other $2000
from your non-IRA accounts.
By withdrawing retirement income first
from your non-IRA accounts, you have the potential to be taxed at lower
rates, and may end up living off the principal for awhile, tax-free.
Withdraw money from your traditional IRAs and other tax-deferred
accounts when you have to. And of course, don't try this at home. Talk
to a professional before embarking on any withdrawal plan. Ask about all
your options, including Roth IRAs, which permit tax-free withdrawals if
you follow the rules. Once you have all the information, you can use
the very best strategy for your individual
Ready to Withdraw Investment Income? Where to Start?
By Ken Moraif
If you're properly invested, you probably have several types of
accounts: IRAs, 401ks, annuities, and non-IRA accounts. Once you're
ready to start living on your investments, how do you decide where to
draw from first? The way I see it, you should take your money from the
least -taxed accounts first, and defer paying taxes on the high-taxed
accounts as long as possible.
To begin with, go to your taxed
accounts, your non-IRA accounts. The disadvantage of these accounts is
that the money has already been taxed. There's also an advantage: In
most cases, when you withdraw money, it will be taxed at capital gains
rates, which are lower than the ordinary income rates you would pay on
distributions from your retirement plans. And there's another advantage:
Let's say that you have $200,000 in a non-IRA account. Your initial
investment was $100,000 and you made $100,000 profit. When you live off
that $200,000 you'll spend the $100,000 in profit first and you'll pay
taxes on that. Eventually you'll use up that $100,000 gain, and will
take out the money you originally invested. Guess how much you'll pay in
taxes on money that you put in? Nothing. For a while you might actually
live tax free.
Your tax-deferred accounts, like annuities,
traditional IRAs and 401k's, allow your money to grow tax-free-until you
take it out. Then your money is taxed at ordinary income tax rates,
which are the highest rates. To minimize this disadvantage, take your
money out of these types of accounts at the last moment possible.
Of
course, if you're over 70, you have to take money out of your IRA. What
then? Combine the two approaches. Withdraw the required amount and make
up the rest from your non-IRA accounts. If you need $5000 a month to
live on and your required distribution is $3000, take the other $2000
from your non-IRA accounts.
By withdrawing retirement income first
from your non-IRA accounts, you have the potential to be taxed at lower
rates, and may end up living off the principal for awhile, tax-free.
Withdraw money from your traditional IRAs and other tax-deferred
accounts when you have to. And of course, don't try this at home. Talk
to a professional before embarking on any withdrawal plan. Ask about all
your options, including Roth IRAs, which permit tax-free withdrawals if
you follow the rules. Once you have all the information, you can use
the very best strategy for your individual
Should You Back Off on Bonds?
By
Ken Moraif
Looking at the recent data, our economy is a little uneven, but
generally positive. That's good news for the stock market. And though I
don't think we should ever be overconfident, I don't see anything that
will derail the market's rise right now. Even if things slow down, the
Fed will up the ante, and the stock market will respond. All of this is
good news for stocks-and bad for bonds.
Most bonds (but not all)
go down in value when interest rates go up. I think the good economic
news will result in higher interest rates. Why? The Fed has been buying
massive amounts of long-term bonds, creating a huge demand for them.
This demand drives bond prices up which in turn lowers interest rates.
If the good economic news encourages the Fed to reduce spending on
bonds, the pressure will come off interest rates, which will probably
rise. That's bad news for bonds.
It could be bad news for your
portfolio, too. I think municipal bonds have the potential to lose about
seven percent a year for the next three years. Long-term treasuries
could lose as much as twenty percent with a one percent rise in interest
rates. I believe interest rates may rise three percent over the next
three years. If that happens, treasuries-considered by many to be the
safest investments on the planet-could lose sixty percent of their
value. Sixty percent!
Obviously, this could be a very dangerous
situation. At Money Matters, we're watching the bond market very
carefully, and are very close to advising our clients to sell about half
of their bond portfolios. If the economy keeps improving and the stock
market continues to do well, the trend for bonds does not look good.
Review your bond portfolio now, and keep your eye on that trend. And
remember, if the trend is not your friend, you shouldn't play with it
anymore.
-Gandolfini's $30 Million Mistake
You probably
heard that James Gandolfini passed away recently. The actor, best known
for his leading role on The Sopranos, was just fifty-one years old when
he died. Sad news, but it gets even sadder. Gandolfini's estate is
valued at around $70 million. He did write a will before his death, but
even so, it looks like his family is going to be stuck with a $30
million estate tax bill.
I think this unfortunate situation could
have been avoided, but instead there will be a bunch of lawsuits. I bet
his heirs will want answers to the question we're all asking: How could a
guy with $70 million bucks die without proper planning and a $30
million tax bill?
In his will, Gandolfini left 30 percent of his
estate to each of his two sisters and 20 percent to his daughter,
Liliana, who was born in October. His wife, Deborah Lin, will receive
the other 20 percent of his estate. Sounds reasonable, right? Here's
where Gandolfini made a mistake: though the 20 percent his wife receives
won't be subject to estate taxes (no taxes between spouses), the other
80 percent of his estate will be. Gandolfini's sisters and his daughter
will have to pay 40 percent of their inheritance to Uncle Sam, around
$30 million in estate taxes. And all because he didn't do proper estate
planning.
Few of us have $70 million to give to our heirs, but
even if you only have you have a couple of shekels to rub together, you
need to do your estate planning. Most of the mistakes Gandolfini made
could have been avoided. It's a tragic story, but one we can learn from.
If you haven't properly planned for your estate, your family could wind
up paying the maximum amount of estate tax. Make sure you plan, and do
it now.
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