Here’s an interesting article about celebrities who owe big bucks to the IRS for unpaid taxes. Don’t get caught in the same mess.
Author: Staff (Page 8 of 14)
Financial mishaps occur quite often in the world and while some of these are your typical money problems, others are bizarre and bewildering. Situations like these are uncommon and often are downright impossible to predict. Here are a few people who lost their money in strange and unusual ways that would undoubtedly lead them on the path to financial ruin.
1. British man leaves £80,000 pension on car roof, drives off
In this story, a man took his life savings out of his house to put in his car so he could keep an eye on it while at work. While he was unlocking the vehicle, he inadvertently forgot about his money that was still sitting on the roof and drove off. After realizing his mistake, he took his grandson on a search for the money about 6 hours later, though they came up empty handed. During an interview he said he had set back £2,000 a year just to save up that much money. The only trace that was found was a empty plastic bag that the money was initially wrapped in. [1]
2. Man gambles $127 million in a year and loses it
Over the course of a year, Terrance Watanabe lost part of his fortune that he amassed from a party-favor business venture to a Harrah’s Hotel and Casino. It’s believed that his loss could be one of the biggest in Las Vegas history and, on top of that, he faced criminal charges. He was charged on three counts of attempting to defraud and steal from Harrah’s Entertainment Inc. Watanabe claimed the casino had vowed to give him cash back on his losses if he went over $500,000, though he never saw a penny. [2]
A year later his debt was settled for a fraction of what he actually owed the casino — $1.4 million of the $14.7 million. Harrah’s considered this to be around 10% of the fast cash loan he had borrowed from the casino. [3, 4] All-in-all the casino made around 5.6% of its total revenue from Watanabe in a single year. [2]
3. Woman wins $4.2 million but needed a loan for bills
In 1993 Suzanne Mullins won a $4.2 million lottery, took the 20 annual payments of $47,800 and promised to split it with her husband and daughter. Her son-in-law took ill, accrued $1 million in medical bills and over the course of five years she proceeded to lose it all. She had previously used her future earnings as collateral for fast cash in the form of a $200,000 loan. [5, 6]
4. One of the biggest jackpots in history turns into misery
In a multi-state lottery Andrew Jackson Whittaker Jr. won $315 million, having already owned a million dollar construction company. Many remember his valiant vow to give 10% of the winnings to Christian charities. He did a great number of good deeds, though eventually he was arrested — twice — for drunk driving. Whittaker was also sued for being inappropriate with a woman at the dog race tracks. While in a strip club thieves stole $545,000 of his fortune from his car and another $200,000 from his vehicle a year later.
After he was sued for $1.5 million by a casino, he was divorced by his wife and lost his granddaughter and daughter. After all was said and done he told reporters “I wish I’d torn that ticket up.” [5]
5. A generous woman gives all of her money away and then some
Janite Lee, winner of a 1993 lottery for $18 million, gave the majority of her fortune to government sanctioned programs and various other political causes. A woman that had been invited to the White House to meet Bill Clinton and at one point gave $1 million to build a new library at Washington University was now broke. In addition to her generous nature, she had a gambling addiction that plagued her and eventually costed her $347,000 over the course of a year. She eventually filed for bankruptcy in 2001. [7]
Conclusion
These people may have lost their money in extreme circumstances but it doesn’t make debt any less attainable to the average person. If you do find yourself in hot water, consider all your financial options and use your judgement to find the most viable option for your needs.
Sources
[1] http://www.dailymail.co.uk/news/article-1332644/Pensioner-leaves-80-000-roof-car-Westcliff-Sea.html
[2] http://online.wsj.com/article/SB125996714714577317.html
[3] http://www.lvrj.com/news/high-roller-strikes-deal-with-harrah-s-over–14-7-million-gambling-debt-98034649.html
[4] http://www.cashnetusa.com/fast-cash/fast-cash-loans.html
[5] http://www.oddee.com/item_97101.aspx
[6] http://www.cashnetusa.com/fastcash.html
[7] http://www.complex.com/pop-culture/2011/10/the-10-worst-lottery-win-disasters/janite-lee
Sick of paying high premiums for your car insurance? The average U.S. driver pays around $850 a year for their car insurance, but it doesn’t have to stay that high. While not every tactic will work for every driver, it’s possible to reduce the amount you are currently paying for car insurance premiums by applying one of the following tips.
Photo Source: Images_of_Money w/CC licence
1. Pay a Higher Deductible
The more you are willing to pay for your deductible – the amount you cover in an accident before the insurance kicks in – the less you’ll pay up front. For safe drivers, this can be a good way to go, but it does mean that if something goes wrong, you’ll be liable for more of the damages, so consider carefully before making the decision. Save up to 40% just by switching from a deductible of $250 to $1,000.
2. Reduce Coverage
Do you really need the coverage you are currently paying for? Being selective can drastically change the amount you pay up front for insurance, and in many cases, drivers can eliminate certain parts of their coverage without any problem. For example, if you live in the desert, you probably don’t need flood coverage.
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3. Check for Discounts
Depending on the insurance company, you may be eligible for a discount, depending on how many years you have been driving, organizations you belong to, if you are a senior citizen, or even if you are female (women drivers tend to be safer). If you buy online auto insurance, you can sometimes receive a discount. Discounts may also be provided for those who have certain safety devices installed in their vehicles, so it is worth asking about. You might be surprised at what can be used to reduce your premiums.
4. Pick the Right Car
The vehicle you drive will also have a big effect on the amount of insurance you pay, so when purchasing a car, consider picking one that will give you lower rates. Check IIHS.org to find the safest vehicles, which are usually cheaper to insure.
Photo Source: Randall Rode w/CC licence
5. Improve Your Credit Score
Like many other things in life, your credit score has an impact on how your insurance company calculates your insurance. A poor score can indicate that you will have more claims than someone with a higher score, so taking steps to improve your credit score can actually change how much you end up paying for car insurance premiums. If your score changes drastically for the better, be sure to let your insurance company know before renewing your policy.
When it comes to car insurance, you don’t have to sit back and accept high premiums. Be active, and you can actually lower those costs and make car insurance far more affordable. Even if you can’t put all of the above tips to use, you should be able to use at least 1 or 2 of them to make a difference.
Sources:
[1] http://www.dailyfinance.com/2011/05/05/how-to-cut-your-car-insurance-costs/
[2] http://money.ca.msn.com/retirement/gordonpowers/article.aspx?cp-documentid=23855258
[3] http://www.mint.com/blog/how-to/save-on-car-insurance/
[4] http://www.iihs.org/research/
Around the globe, debt is a way of life for most people. More and more people are saddled with hefty credit card bills, loan payments, and mortgages. According to Credit Action, the average UK household has £7,948 in debt. One strategy for paying down debt is through Foreign Exchange (Forex) trading. This article will examine Forex and how it can be used as a debt elimination tool.
Photo Source: Vectorportal w/ CC License
What Is Forex?
Forex essentially involves the buying and selling of money globally. It is one of the largest financial markets in the world, with more than $3 trillion in transactions taking place every day. These transactions are helping to shape the currency exchange rate. Forex traders, like stock traders, attempt to predict what way the exchange rate will change in order for consumers to make profit.
Forex is 50 times larger than the stock market, and as investors become more frustrated with falling stock prices, many are turning to Forex to make profits. Because the Forex market makes big moves every day, it can be easier to make money quickly.
Here’s an example of how Forex trading is done. A UK company is looking to import a product to Japan. To do this, the UK Company needs to convert its currency to the Japanese yen. Because Forex encompasses all foreign trading, countless transactions are occurring on an hourly basis every day.
While Forex contains nearly every worldwide currency, the largest transactions occur with the euro (EUR), U.S. dollar (USD), Japanese yen (JPY), British pound (GBP), Swiss franc (CHF), Australian dollar (AUD), New Zealand dollar (NZD), and the Canadian dollar (CAD).
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Forex and Debt Management
It can be extremely overwhelming for the consumer to fathom paying for large amounts of credit card debt, auto loans, student loan bills, medical expenses, and much more. Many turn to debt relief plans to help reduce the stress of debt. However, when there is no money to pay down the debt to begin with, it’s tough to start a payment plan and make progress toward paying bills off in a reasonable timeframe.
With the ease of Forex trading and the potential to make money quickly, more people are turning to Forex to help eliminate debt in a short period of time. By participating in Forex trading, individuals make additional money not available through their employer. They then use said money to make payments on debt, as well as build emergency savings accounts. There are several reasons Forex is an attractive option for managing debt.
Easily Accessible – The Forex market is open 24 hours a day. And with investing being performed online, people can trade any time of the day from anywhere in the world.
Small Starting Cost – Forex trading does not require a large sum of money to start making a profit. One can start trading with as little as $300 and start seeing money made through Forex.
Currency Rates are Independent from Profit – Unlike other markets (such as the stock exchange), the fall in currency values does not affect profit.
Cheap Transactions – One of the best features of the Forex market is that transaction costs are very easy to pay. Large sums of money to brokerages and commissions are not required. As such, the trader is making more profit for a smaller investment. The money made can be used to pay off credit card debt, medical expenses, mortgage payments, car loans, and personal debt.
Forex Trading Tips
There are several tips to keep in mind as one starts using Forex to trade and earn money.
1. Traders should familiarize themselves with the Forex trading market, as well as learn the terms and charts used. Some companies offer Forex training to get people started trading.
2. Read financial news and news pertaining to the global economy. Also stay up to date with the financial news within the company you are trading.
3. Consider speaking with a Forex broker to obtain as much information about strategy and trading options.
4. Familiarize yourself on the structure of the Forex market and the Over the Counter (OTC) trading system.
5. Open an account with an online Forex trading company. Do your research to know what’s best for you. At that point, add money to your Forex account via credit card, wire transfer, or online money transfer services. Then start trading.
Photo Source: 401K w/ CC License
Foreign Exchange trading can help a person make a profit and eliminate unwanted debt in a relatively short period of time. Learning how to benefit from Forex and becoming educated on the market are the first steps to take to start trading and earning money.
Using the classic method of asking for a low cost just to be negotiated up to a reasonable one is a good method, but there are many other routes you should take in order to get the best deal on a car. Here are some suggestions as to how to haggle down the price to one you think is fair for the vehicle you’re driving off the lot.
Haggle Down the Repair Costs
Don’t pay for the first car you want without giving it an inspection. After you’ve done your own, Consumer Reports recommends taking it to an independent mechanic. Once the mechanic has looked it over thoroughly, the site suggests finding out if there are any necessary repairs and then find out the costs. Let the dealer know about these costs and haggle down the price to reflect the necessary repair fees. You don’t want to pay for a car and then have additional repair payments adding up for months after you’ve already made the deal.
Look Up the Car’s Value
Use the Kelley Blue Book to look up various cars and their value in your area. This ensures that you know what you’re talking about and how to bargain before you even step foot inside the dealership. There’s nothing more embarrassing than trying to pressure a dealer into an unrealistic price range.
Research the Car’s History
Use CARFAX or a similar service to check the vehicle history of the cars on their lot. Avoid being ripped off by simply taking a car’s VIN number, plugging it into their database, and getting access to billions of records instantly. They have more than 30,000 sources of data at your disposal, and with that kind of information, you can always get the best deal without spending hours of your time doing research.
Conclusion
Using these methods will help you get a price for a car that accurately reflects its worth. Do your research before walking onto the dealership lot, and make sure to take the time to get the car thoroughly inspected. Don’t just stop haggling with the dealer. Make sure you find the best auto insurance policy by reviewing and comparing each provider. This will allow you to be prepared to haggle to an appropriate price.
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