Economy

Money Challenges For Single Parents And The Best Careers To Overcome Them

Employment for single parents can be a prickly concern. Not to suggest interest in a good job with a good wage isn’t a universal concern, but single people without children don’t have to worry about the time constraints that accompany looking after kids, nor do they have to monetarily support those kids. Couples with children, meanwhile, have twice the resources (obviously) of single parents- twice the childcare time, twice the income or, usually, some combination of the two. As such, it’s important for single parents to find a career that both furnishes a decent wage a

nd offers hours flexible enough to accommodate kids. What sort of careers are those? Well, read on.

Education

Despite the cliché about teachers being paid poorly, the average wage for educators is actually, generally pretty decent. It’s also one of those professions that will always be in demand, making it a fairly stable career. That’s particularly true of higher education where the prospect of tenure offers an additional layer of job security- something that’s often true employment options at schools beyond educator too- administration, library work, etc.

A decent wage and relatively stable career are obviously a bonus, but for single parents one of the chief draws of work at an education institution is the schedule. It’s full time, which is great for the bottom line, but the schedule conveniently generally corresponds to kids’ school schedule, obviously- off in the morning and afternoon, during the summer, etc.

Any single parents who feel as though they’re not qualified for a teaching position should look to the vast amount of online schools before making any final decisions on the matter. American University’s online programs allow students to attain a teaching degree at their own pace.  With 24/7 access to coursework, you can study exactly how you want to, which is perfect for single parents who commonly experience changes in their schedules. Combine this with the fact that students save thousands of dollars on traveling as well as room and board, and you’re left with few reasons not to give online education a try.

Virtual Assistants

The virtual assistant (VA) is great for single parents with a skill for organization. The VA is fundamentally no different from the traditional variety. They are hired by an executive to schedule appointments, make calls, organize a schedule, book travel arrangements and so on. Only the VA telecommutes and does all of this from the comfort of their home office. Any legitimate work that can done from home, for a single parent, is good work. VAs make, on average, around $40,000 a year.

Sales and Reselling

Of course, to a great degree all of these careers hinge on the personality and temperament of the single parent applying. For the studious and personable, being a teacher would probably be a very satisfying career; for the relentlessly organized, the path of the virtual assistant will likely be a fit; and for those with the gift of gab, a talent for convincing discourse, and/or a keen business sense- check out sales.

Sales can often be done from home and depending on the pay structure, the salesperson can often work as much or little as they need or want to. Work in sales relies quite a bit on the company one works for. The payment structure differs, the requirement for travel varies, obviously the product being sold changes the requirements for sales, etc. So the first big step for someone interested in sales (and this is easier said than done), is finding a product and company that works well for you.

If working from home is a priority and the parent in question values freedom in their employment situation, consider reselling. Reselling takes two chief forms- the more freeform class involves buying or making items and selling them for a profit on a dedicated site or a resale site like eBay or Etsy. There is also “drop shipping”, where an individual buys a product or products at bulk from a supplier and resells them for a profit.

Graphic Design and Desktop Publication/Editing

Graphic design and desktop publishing/writing/editing represent another excellent work-at-home opportunity for those with a talent. For those with a penchant and skill for design, painting, drawing or art in general, freelance graphic design (or as a telecommuting member of a firm) can prove a lucrative outlet for that artistic impulse. If someone’s talents incline more toward the literary, channeling that skill for editing, writing, publishing, providing articles for a blog or a number of blogs, etc. The best thing about those possible career paths- they require only a laptop and a little free time.

Additional Suggestions

Some of these are common sense, but regardless of someone’s profession, appropriate money management is always going to be an extremely important facet of their financial life. A budget should be established by studying one’s finances month to month, plotted out according to average expenditures, and then followed closely. As important to that financial security is planning for leaner times. Save up an emergency fund. Some experts will assert that six months of emergency savings are sufficient, others insist eight months of an emergency fund is a better idea.

Furthermore, in a shaky economy like this one, the threat of being laid off is a perennial threat for a great percentage of the work force. Particularly if a layoff seems likely or possible- as the old saying goes, the best time to search for a job is when you have one. At the same time, become familiar with the process for filing unemployment benefits and consider a backup like supplemental insurance to complement unemployment benefits (yup, that is a thing). Basically, with some research, originality, elbow grease and preparation, there’s a great job and a great financial life waiting out there anyone.

Featured images:

Frank McCourt is an investment, frugal living, and just-about-anything-else finance-related blogger. When pried away from his laptop, he enjoys fishing and hiking with his wife across the northwest.


5 Worst Accounting Scandals in History

It can be difficult to fathom how corporate empires can commit fraud on such a large scale. There are a variety of tricks that accountants can use to satisfy investors and keep analysts scratching their heads. While these companies are destined to fail at some point, in the majority of circumstances the damage has already been done.

These 5 accounting scandals are considered some of the worst in history.

WorldCom

WorldCom was America’s second largest long distance phone company. In 2002 they were exposed to a huge $11 billion accounting fraud. CEO Bernard Ebbers, along with a close knit group of chief executives created a scheme that hid their declining financial condition. The scheme revolved around misreporting interconnection expenses from other telecom companies. This resulted in $3.8 billion of false reporting. The façade of growth was used to boost the value of WorldCom stock. Ebbers himself took out corporate loans in excess of $400 million and is now serving prison time for fraud and conspiracy.

Barclays

Although Barclays is one of the world’s largest banks, they were at the forefront of a scandal involving Libor manipulation. This is a process where banks lend each other money at high interest rates. After an investigation the company owned up to the allegation of manipulating the London Interbank Offered Rate. This led to the resignation of CEO Bob Diamond and Barclays were ordered to pay $450 million. Other banks were also under investigation.clip_image0021

 Barclays had to pay $450 million after admitting Libor manipulation.

HealthSouth

HealthSouth’s CEO Richard Scrushy was involved in a number of charges relating to major accounting fraud. Scrushy intimidated senior officers and accountants into hiding bogus earnings and inflating balances to $2.7 billion. In 2003 charges we filed against Scrushy, alleging that he tricked stockholders into thinking thatHeathSouth were meeting financial targets; however, it quickly became apparent that the financial statements had been tampered with. Although Scrushy was acquitted, he was found guilty of bribery and ordered to pay $2.87 billion in damages.

Tyco

Tyco International was involved in a huge scandal in 2002 regarding the improper use of company funds. The trail led straight to CEO Dennis Kozlowski and ex-CFO Mark Swartz. Both of them were found guilty of stealing $120 million and inflating the company’s condition by over $500 million to boost stock prices. When Tyco’s shares slid in 2002, it emerged the Kozlowski and Swartz sold in excess of $100 million of stock. Kozlowski resigned and was investigated for tax evasion and Swartz was convicted of multiple cooked accounting practices. Both are serving jail sentences.

Enron

Enron are at the forefront as what’s been described as the biggest audit failure ever. Company bosses used alternative business identities to conceal loses and inflate earnings. Shady financial reporting hid these dubious activities from shareholders and the company managed to keep multi-million dollar debts off record. The result was the largest bankruptcy in history when share prices slid from $90 to less than $1 within a year. Shareholders eventually lost $74 billion.

As these 5 scandals prove, shady accounting is never worth the risk. If you aren’t 100% sure how to conduct your own accounting, it’s always best to leave it in the hands of a professional; otherwise, you never know where you could end up. To ensure your books are legally sound, visit Arnold Hill.

Image Credit:New York Times

 


How Your Innocent Hobby Can Become a Sound Financial Investment.

There are very few hobbies that satisfy quite as much as collecting. Golf or football or crafts or music all have their appeal, but the collector gets the satisfaction of being able to see the fruit of their labours, watching their collection grow and grow, with each part of the collection gaining sentimental value as it becomes associated with a special time in your life. Yet at the same time, no matter how big your collection grows, there will always be something you yearn after. Your comic collection is crying out for the copy of Action Comics #1, Your stamp collection always needs that one rare misprint.

However, for some people the act of collection becomes more than simply a question of collecting for the sake of it. Once you’ve built up a deep enough knowledge of a subject and a wide enough network of contacts, you may start to realise that many of the items you’re collecting are worth quite a bit of money, and if you know how to find a bargain, this can lead to you turning a healthy profit.

Keep it Fun

The first thing to remember about attempting to turn your collection hobby into an investment is that it still has to remain a hobby first. After all, you don’t want to ruin your enjoyment of collecting antique dolls’ house furniture by getting obsessed with how much you can sell your prize Edwardian dining suite for.

Stamp collection

Stray off the Straight and Narrow

There are plenty of bargains to be found by trawling sites like eBay. Setting up a couple of regular searches can bring you all kinds of posts from people who don’t realise what they have. Likewise, trawling through sites like Gumtree can bring you some pleasant surprises (although always remember, Buyer Beware). But the internet isn’t the only place where people sell things, and by venturing outwards to car boot sales and white elephant stalls you can find all kinds of things that other buyers might miss. Plus, it’s really fun to look!

Find the Right Buyer

Once you’ve found your bargains, the next goal is to see if you can turn a profit on them. Cultivate a network of passionate collectors through blogs and social media, and alert them to any of your latest finds. Remember presentation is everything, so make sure you get some high quality photographs of your items with flattering lighting. Likewise, make sure you include plenty of information to verify the authenticity and value of the collectibles you’re trying to sell. Lots of items, including dolls’ houses, movie memorabilia and works of art, come with certificates of authenticity, so make sure all the paperwork is in order before you put your money on the table. Your buyer certainly will.

After that, the only real question is, can you bear to part with it?

After all, what’s the point in collecting such beautiful things only to have to give them away afterwards? You’ll only spend the money on more collectibles…

Sam Wright is a freelance writer who has an extensive collection of Teenage Mutant Ninja Turtles action figures, which are virtually worthless. Today he works with dolls’ house retailers Hobbies.

Featured images:

Post By Sam Wright

 


Closing Steps: How Closing Costs Effect You

The real estate market will continue to evolve and grow as time progresses. It is vital that one becomes familiar with the latest industry trends and news in order to be successful. For example, closing costs are one aspect of real estate that one cannot afford to ignore.

Real estate transactions can be very expensive. Closing costs will always play a role in the purchase price of a home. They are mandatory additional expenses that will increase the home’s purchase price. Closing costs are charges, expenses and fees attached to real estate transactions. One can be prepared to handle closing costs successfully by simply being informed and prepared.

What are Closing Costs?

Closing costs are miscellaneous fees that are charged by loan officers. Closing costs are affected by your area. They are also affected by the mortgage lender, type of mortgage and the total loan amount.

Let’s take a look at some of the fees that will be included in the closing costs:

-Loan Processing

-Loan Application

-Appraisal

-Attorney’s Service

-Escrow Agent’s Service

Closing Steps, How Closing Costs Affect YouAttain a Written Estimate

HUD requires loan officers to provide borrowers with a standard Good Faith Estimate. The Good Faith Estimate clearly discloses closing costs and key loan terms. This new regulation requires lenders to provide a full disclosure of all costs in the transactions. This also pertains to closing costs.

The Good Faith Estimate protects consumers from scrupulous lenders who have taken advantage of consumers for many years. Loan officers cannot deviate from a documented amount after the estimate is furnished to the buyer. Buyers can use the Good Faith Estimate to find closing costs that will be suitable for their pocketbook.

Shop Around

Shopping around can help one find a lender who is willing to offer reasonable closing costs. Lenders know that the mortgage industry is very competitive. This is the primary reason why many of them are willing to be flexible with their closing costs. One should make an effort to get closing cost estimates from at least five lenders. This can help secure the best deal.

Negotiate

Negotiating is also critical when it comes to getting an exceptional deal for closing costs. Fees for services not rendered by third parties are negotiable. One should always keep this in mind when it comes to applying for the mortgage loan. You should always be willing to negotiate with the prospective lender when it comes to your closing costs. This can help you save anywhere from $200 to $700 at the closing table.

To better understand what charges are from your lender and broker and which are third-party fees, ask your broker or lender directly when hashing out the details. Your GRE will list the fees in a numerical code that usually ranges from 800s to 1300s. Typically the negotiable fees that your lender can waive lay within the 800s. These fees are usually termed origination, broker, loan discount, underwriting, application, commitment, and tax-related service fees.

Finding an Immaculate Home at an Affordable Price

Locating a nice home that fits your price range can be challenging. This is why one should seriously consider working with an experienced real estate team. A highly professional real estate team can help anyone find their ideal home. For example, The Dhanji Team is one real estate team well-known for helping buyers find their dream home within their price range.

Closing costs should always be taken into consideration when it comes to purchasing a home. The keys listed above are designed to help buyers learn more about these extra expenses that take place at the closing table. They can also be used to reduce closing costs significantly.

About the author: A recent college graduate from University of San Francisco, Anica loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.

Image Source


Financially Safe: 6 Ways to Protect Your Assets in Washington

As a resident of the state of Washington, have you considered what you should do to protect your assets? Assets can be seized in the case of divorce, auto accidents, vicarious liability, debt, medical bills, or foreclosure. Here are some of the top ways to protect what you have from creditors.

Put Your Money in an Irrevocable Trust

If your money is an in an irrevocable trust, meaning one that you don’t have control over and can’t revoke, then your money won’t be considered yours any longer and even if you have debts or are sued, no one will be able to get to the money in order to pay off those debts. By doing this, family members will be able to draw an income from the trust.

Just remember that, since Washington is a community property state, anything your spouse owns, you own, so those who benefit from the trust may need to be distanced from you, such as a sibling or child. Businesses looking to protect assets should look into business entities, which are the equivalent of trusts for businesses.

Buy Insurance

You may want insurance if your job opens you up to the possibility of a lawsuit. Professionals that are more likely to be sued include financial advisors, doctor and real estate agents. By having insurance, such as malpractice insurance for doctors, even if you are sued, the insurance will cover most if not all of the damages.

Outside of professional lawsuits, you’ll want insurance that includes homeowner’s insurance, auto insurance and commercial liability insurance. If you truly want to be careful, consider an umbrella insurance plan that covers what your other insurance policies don’t.

images (1)Have a Retirement Fund

Federal law protects assets found within retirement plans up to $1 million, and Washington protects almost everything that is found in an IRA from creditors, including traditional and Roth IRAs. This makes Washington state a great place to retire.

By moving cash that you don’t need immediately (at least not until age 59.5) to a retirement fund, you’ll be able to protect these assets. Just remember that if you decide to withdraw any of this money before you’ve reached age 59.5, there could be penalties.

Life Insurance Policies

In Washington, residents are able to have an unlimited amount of cash value in life insurance policies, which cannot be reached by creditors. As long as you’re okay with not having the money available to you in this life, which is especially good if you want your children and grandchildren to enjoy it after you’re gone, you can protect that money by using it for life insurance.

Give the Money Away

By giving the money to someone else, it is no longer your property and cannot be seized by creditors. It’s possible to give away up to $13,000 to another person without he or she being liable to pay a gift tax. You should be aware of Washington’s Fraudulent Transfer Act, however, which prohibits giving gifts in order to keep assets out of reach of creditors.

There are certain rules that determine if this is the case, including whether your intent was to avoid paying a creditor, if you pay more for something than it’s worth, or if you retained possession or control of the item.

Place Assets in an LLC

If you place assets in an LLC, you’ll have some protection from creditors accessing those assets to pay debts. This means that only the interest controlled by the LLC’s member that has debt can have it collected by creditors. Unfortunately, there’s less protection from this method within Washington state than by most LLCs formed in other states. If you want help understanding what protection can be provided, you can get the up-to-date Fisher Investment’s address and directions and get the help of one of their financial advisors, located in Camas, Washington.

If you’re worried about protecting your assets, don’t hesitate to get help. With the right guidance, you can make sure you and your family have a bright future without worry of mounting debt.


UK GDP Annual Growth Highest Since 2007, Investors Positive

2007 signalled the housing crash in the U.S. which arguably plunged the world into recession, but now the Office for National Statistics (ONS) is suggesting that the UK economy is growing.  Q4 of 2013, for example, saw growth of 0.7 percent, and gross domestic GDP growth of 1.9 percent – the highest it has been since 2007.

Services Up, Production Down

images2As has been the trend in recent months, Q4 saw a raise in the services sector – a sector which accounts for more than 3 quarters of the UK’s economic output – of around 0.8 percent.

Unfortunately, however, the less impressive industrial sector fell from 0.8 percent growth quarter on quarter to 0.7 percent as a result of North Sea oil and gas failures.  In construction, an industry which suffered massively from the economic downturn and currently only accounts for 8 percent UK GDP, there was a fall of 0.3 percent.

Thankfully, however, these industries are only a small part of what kept the UK economy ticking over, so with the services industry up, the entire UK economy is seeing growth.

Growth and Decline Explained

Although the Government recently launched their “Help to Buy” scheme with the aim to facilitate younger couples purchasing their own homes, the general trend in the construction industry has been negative.  In essence, this is likely because many people do not yet have the disposable income to be able to afford a mortgage deposit – regardless of the help they’re afforded from the government.

On the other hand, the services industry is improving and growing on what appears to be a monthly basis. One of the most significant side effects of thisis there has been a recorded mass migration of young people to England’s capital, with London now home to around over 1 in 3 young people who chose to relocate from their home towns.

The implication of this is significant – that the capital is draining the rest of the UK of its talent, and this means that in the long run, the UK may suffer.  Despite these implications, many people in Government – particularly the Tory front benches – agree that for the foreseeable future, the UK’s economy will grow.

Investors Positive

With the increasingly positive view regarding the state of the UK economy, many have turned their heads and altered their financial productions for the coming 2 years.  For example, the International Monetary Fund’s (IMF) predictions for 2014 have changed from 1.9 percent growth forecast to 2.4 percent – a vast improvement, and one which relies, essentially, on the continued and successful growth of the services industry.

The IMF’s new higher predictions have sparked the interest of investors, although it is important to remember that the output level is currently still 1.3 percent below the 2008 first quarter level, so there is still almost certainly room for caution.  Therefore, any potential investors might better their investment chances by reinforcing their bullish optimism with up to the minute news.

Ultimately, the optimism of traders is not misplaced, with the UK’s economy better than it has been for over half a decade. However, some caution should be used.  Perhaps the words of Vince Cable should be heeded.

 


The Best Methods of Investment for 2014

As the global financial markets prepared for another period of turbulence, it seems clear that the long-term sustainability of the economic recovery cannot be guaranteed. This is creating a set of far from ideal circumstances for investors and traders, who must surmount rising odds if they are to operate profitably and get the best possible value from their hard-earned capital.

images1With this in mind, it stands to reason that the average investor should be constantly looking to adapt and evolve their portfolio. Without this type of proactive philosophy, it is almost impossible to maximise profit and obtain the best possible returns on your individual investments. In an age where the global economy seems to fluctuate between boom and bust with alarming regularity, the ability to be flexible with regards to your investments will stand you in good stead.

3 Investment Options for 2014

With this in mind, let’s take a look at three of the most appealing investment options for 2014 and the reasons behind their rising popularity. Consider the following: –

Prepare for a Weaker Dollar in the Long-term

As anyone who has ever traded currencies can testify, investing in the forex market can hardly be described as a reliable vehicle for your capital. That said, it does deliver significant returns to knowledgeable traders, while advancements in technology have also made it far easier to identify and capitalise on real-time trends. Take the current market, for example, which is being characterised by significant fluctuation in major currencies such as the US Dollar (USD) and the Euro (EUR). Despite its recent gains, however, the US Dollar is likely to weaken as the year unfolds, meaning that alternative currencies will provide more reliable returns for investors.

Invest in your Retirement Fund as Early as Possible in 2014

With the failure to save placing a significant strain on public funding, governments’ in the Western world are moving towards the initiation of compulsory contributions for citizens. This should be necessary, however, as every working individual should look to invest in their pension plan as soon as possible in 2014. By starting now you can capitalise on tax-advantaged growth, before the deadline for this financial year passes on April 15th. This not only guarantees a viable return, but it also provides significant peace of mind for hard-working households.

Embrace the Trend for Global Investments in the Year Ahead

Increasingly, there has been a significant shift and distribution of economic influence from developed nations to those that are continuing to develop. This trend was reaffirmed recently, as the recovery of the Chinese economy encouraged experts to suggest that it will supersede the U.S. as the world’s most dominant financial power by the year 2030. This means that investors should actively look to invest in emerging markets, with low-valuation stocks and equities offering an excellent opportunity to maximise your returns. Such diversification will serve you well, and strengthen your portfolio to suit an evolving socio-economic climate.


5 Ways to Make Your Cash Last Longer

The present financial environment does not make it simple to conserve cash and enhance your current financial situation. You continuously need to think of ways to make your cash last for the standard basics and at the same time you cannot afford to have anything unanticipated to occur and then there aren’t any resources to cover it.

To assist you in making your cash last longer, here are 5 really easy means that you can experiment with. They may just make your financial circumstances look that much more colorful already.

1. Know How to Budget

The simplest method of making your cash last longer is all about budgeting.

If you are mindful of your spending and prepare for it each month, you are going to be economically much better off.

Make sure you review some creative budgeting pointers online and take them on board. You can even make budgeting a lot more enjoyable and practical by doing it on a Smartphone. There are numerous excellent budgeting apps to check out. Here is a guide with some of the best budgeting apps available.

Savings_accounts2. Preserve Food Better

The quantity of food we squander each week is truly shocking. Since we either shop incorrectly or we do not understand exactly what to do with our leftovers, we end up tossing away so much food.

If you discover how to store your food better, you can make your cash last for longer, as you are not spending allot of money on extra food. The web teems with useful guides on how to do this. Additionally you can invest time trying to find some great recipes for leftover food.

3. Spend More Time with Family and Friends

You could feel puzzled about this suggestion; however spending more time with family and friends is an excellent way of conserving cash. These days with the internet and social media, we don’t really talk or go out with friends and family anymore; instead we rather go to the cinema, a bar or play costly video games in order to have a good time.

So to conserve cash here, you can rather welcome your pals or some family over just to socialize. Normally, you can open a bottle of wine and have some treats or have a BBQ; and it’ll still be a lot less expensive than spending cash at a cafe.

4. Shopping Wholesale

Wholesale shopping is a brilliant method of getting much more with your cash. As you are getting items straight from the wholesale business, the products do not have all the extra expenses included in the cost that sellers normally should include. It is a great budget-friendly alternative.

Shopping for wholesale clothes is specifically a great concept for students and households. If you go shopping together with your pals you can end up making a lot of cost savings. Shopping wholesale is likewise an excellent alternative for smart fashion buyers.

Businesses like All Stores Clothing do offer all the current fashion trends for which you don’t have to pay a fortune for.

5. Begin Blogging

You most likely have a pastime that you are truly enthusiastic about. So wouldn’t it be a great idea, if you can offer a few of your competence to other like-minded people through a blog.

Establishing a blog site is an excellent and easy way of having something low-cost to do and at the same time earn some extra cash through it.

To start off, you can either use platforms like Blogger or WordPress to set-up your personal blog.

There are great ways you can monetize a blog site. Check out these ideas to start monetizing your blog, and begin making some additional cash whilst having fun at the same time.


Reduce The Cost Of Employee Absence

As an employer, you are legally responsible for the health and safety of your employees. When your employee numbers run into the thousands, this means that your health and safety policies must be as robust as possible.

In 2010/11, workplace injury and ill health (not including cancer) cost society an estimated £13.8 billion. Around £5.7 billion of thiswas for financial costs, while the remaining £8 billion signifiesthe monetary value given to individuals’ ‘pain, grief and suffering’.

Practice Good Health And Safety

706 cases were prosecutedfor health and safety breachesacross Great Britain in 2012/13, leading to 672 convictions for at least one offence and total fines received of £15m.27 million working days were lost overall in 2011/12 due to work-related ill health or injury. The impact and cost of employee absence due to work related injury can bevast, so the need to identify risks and take precautions against them is clear.

Some industries have a higher rate of injury within the workplace than others, particularly transport and storage, construction and manufacturing, but every business poses its own unique risks to employee well-being.

8812012170_13604e9106_nYou must have a risk assessment policy which identifiesrisks and outlines actions that protect people from harm and injury. Large companies need to have their policy written down. As well as looking at hazards in the workplace and measures that can be taken to prevent workplace injury, you should analyse workstations and ensure they meet minimum requirements, and provide health and safety training and information for employees.

The needs of new starters should also be taken into consideration. Employers should consider engaging an occupational health service provider to help their businesses properly meet legal requirements, make any necessary adjustments and assess suitability. They can also monitor workers who are exposed to health risks which have been identified within the workplace and advise on any action needed. Getting expert advice on occupational health could reduce the cost of employee absence.

Investing in a business health insurance plan can provide extra support for employees when they are ill, allow them to access health services at a time and place that suits them, and get them back to health and the workplace, thereby reducing the impact that sickness has on a company. Health insurance can be tailored for large organisations, and should also help to improve productivity within the workplace.

Combat Stress

Your business has a legal duty to look after the mental welfare of your employees, as well as the physical welfare. While your HR department will have hired staff who were thought to be fit to cope with the daily pressures of their role, it’s important to prepare for time when stress affects their work.13.3 million working days were lost to stress, depression and anxiety in 2011, and it’s one of the most common reasons for employee absence.

Your employees should feel comfortable speaking to their line manager, a member of your HR team, or another person about stress at work. You should have a health policy in place ready to cope with occupational stress. This should look at whether the employee has an appropriate workload, if they are being bullied or harassed, if their role has changed without proper training, if they can expect reasonable adjustment, what a return to work policy will be, and what other support will give them. Consider investing in a service which provides counselling, so your employees can get the help they need.

If your business does not do enough to reduce employee stress, your employee may have the right to take legal action against you, which could result in paying compensation.

What do you consider to be the biggest threat to employee health in your workplace?

Sources

http://www.tuc.org.uk/workplace-issues/health-and-safety/risks-newsletter/risks-2013/risks-616-3-august-2013

http://www.adviceguide.org.uk/england/work_e/faq_index_employment/faq_employment_under_stress_at_work.htm

http://www.ons.gov.uk/ons/dcp171776_265016.pdf

http://www.hse.gov.uk/STATISTICS/

http://www.hse.gov.uk/STATISTICS/overall/hssh1213.pdf

http://www.hse.gov.uk/risk/risk-assessment.htm

http://www.bupa.co.uk/jahia/webdav/site/bupacouk/shared/Documents/PDFs/WoW/Bupa-Select-CORP.pdf

http://www.ons.gov.uk/ons/rel/mro/news-release/131-million-working-days-lost-to-sickness-in-2011—but-it-s-falling/sanr0512.html


Can Financial Literacy Be Translated Into Fiscal Well-being?

Two factors in the status quo have increased the level of complexity pertaining to financial decision making: the diverse nature of products and instability within the global economy.

Large trading volume as well as policy-change fiscal diversity has affected the financial decision making of not only investors, but also those of general masses.

So in order to consolidate the factors of fiscal wellbeing, socio-economic and demographic variables, the ideal solution lies in financial literacy.

Financial literacy serves as a totalitarian solution for financial wellbeing on numerous accounts. Even for those who are veterans in the market, new models and trends keep on emerging, highlighting the need for adequate literacy.

5844167722_12fc08e14dThe need for financial literacy

Consider technology mediated changes in the finance arena such as cloud accountancy and crowdfunding. Then there are legislative updates such as the ‘liberal productivist model’ arising since the recession that demand updated knowledge.

In a research done on areas such as the finance market and personal finance, it has been reported that this fiscal knowledge leads to reduction of financial problems as well as improvement in the person’s resource management for the enterprise he/she is working for.

Scaling financial literacy

The application zone is not merely limited to making investment, but also to specific financial products such as insurance. In light of the recent implementation of Affordable Care Act in America, a prior study was done correlating financial literacy with the consumer choice of health insurance.

An important inference made by the study was that the illiteracy about financial products led to either poor decision making about coverage or led to consumers choosing cost expensive plans.

Financial literacy works well when both the state and the individual/enterprise are working in cohort. Resource generation and utilization are two important parameters in this regard.

Jonathan Fritz of simplifiedissuelifeinsurance.com provides a good account of initiative taken at enterprise level. Insurance related products have diversified in part due to the recession but also because there is more concern over fiscal security. The financial literacy guide provides the user with a good account of all the products as well as their market relevance, thereby allowing for better decision making.

On a macro level, financial literacy serves as a quantitative tool for determining financial wellbeing. In the status quo, wellbeing is normally associated with factors such as consumption of good, net worth, savings, socio-economic status, land ownership, etc- all of which are linked to financial literacy.

Since the recession, the microfinance model is gaining traction within the U.S. As per Dr. Muhammad Yunus, the Noble Prize winner, microfinance leads to self-employment which inherently generates fiscal security within the society. A successful microfinance model is dependent on the level of financial knowledge among the people. So in lieu of modern market indicators, the functionality of literacy is paramount.

Also, in a report published by the Consumer Financial Protection Bureau (CFPB), a large amount of money is being spent by enterprises on financial marketing as compared to that on financial literacy. So the consumer is more privy to biased financial information leading to biased fiscal decisions. This can be curtailed if the consumer takes the initiative of acquainting themselves with necessary knowledge.

Based on the narrative given above, the case of financial literacy is fairly documented and should be used by consumers for their benefit.


%d bloggers like this: