Sarah Wilson (the ex-Masterchef Sarah Wilson or a different one?!) gave a few examples of gestures that you can undertake to help make the world a better place. I'll post up a few of my favourites and some of my own.
1. If you buy something from a charity shop, pay double
2. Apologise
3. Instead of using teabags, heat your tea leaves in a pot, leave them to steep and then enjoy your tea while contemplating about the good things in life
4. Stop honking your horn
5. Switch off your mobile phone before going into cinemas and restaurants
6. If you see someone's label sticking out, tell them
7. Stop yourself saying "I"
8. Say thank you to your bus or tram driver when you alight
9. Volunteer. Give Means on Wheels a call or do a Lifeline counselling course
10. Make your own compost with vegetable peelings, lawn clippings, leaves from your gutters and tea leaves. Hardware shops stock convenient compost bins that can fit neatly in your backyard
11. If you're buying a car, consider the low-emission vehicles
12. Put a brick in your toilet's cistern to reduce the amount of water used in flushing
13. Drink green tea instead of coffee. Less caffeine and more antioxidents.
14. Don't push
15. Cut back on watching tv. Go to the park. Go for walks. Join friends for activities or organise them
16. Make a fuss...Take action on things you think are wrong or inhumane. Complain. Participate. Get organised.
17. Introduce single friends to potential partners
18. Plant a tree and dedicate it to someone special. Contact Greening Australia (1900 950 854) and find out how to become a volunteer, helping with local bush regeneration projects
19. Ditch the gym and join a team instead
20. Listen to children as you listen to adults
21. Take responsibility for your actions; don't blame others
22. Walk to your local shops rather than driving tothe larger chain store in the next suburb. The money you save in petrol and parking will pay for any price differences
23. Take a mug (or thermos) into work instead of using styrofoam cups
24. Say yes
25. Don't backstab; be honest, but not bitchy with your colleagues
26. Support your local theatre group. Nex time you contemplate a movie, check out the theatre section of the paper first.
27. Learn a new language
28. Cycle to work. Help reduce emission levels, save money and lessen your chance of getting heart disease. Learn to cook. Invite friends arund to try new dishes.
29. Walk up escalators. Or take the stairs.
30. Walk
31. Watch The Insider - Russell Crowe's new movie documenting corruption in the tobacco industry- and give up smoking
32. Buy birthday presents from the National Geographic shop, which donates a proportion of its profits to environmental and wildlife protection projects
33. Relax
34. Wash your clothes in cold water (helping the environment and your clothes last longer too)
35. Bring your re-usable bags shopping and reduce your plastic bag consumption
36. Write a letter to a friend you haven't seen in a long time, or email them rather than forwarding jokes
37. Buy organic fruit and vegetables
38. Make a stand against genetically modified food. Eat fruit and vegetables in season.
39. Read your newspaper's international pages
40. Laugh at yourself
41. Dog owners: do the right thing
42. Take up yoga
43. Learn to commit
44. Give some loose change to the busker you pass each day. Even if they can't sing.
45. Take a plant into your office. Or some home-baked biscuits to share at afternoon tea
46. Move out of the city. Grow your own herbs
47. Write thank you letters
48. If you live in a chaotic household, plan regular times to eat together. Turn off the television.
49. Ring your mum
50. Buy music or a dvd
51. Save energy by pulling your curtains over windows on hot and cold days
52. Don't shout at children, or anyone for that matter
53. Replace all your light bulbs with compact fluorescent bulbs which are more energy efficient than normal bulbs
54. Pray and give thanks at the end of each day
55. Sign up as a volunteer for Clean Up Australia
56. Take a first aid course
57. Don't cheat
58. Stop saying: "I've been meaning to..." It really isn't an excuse
59. Give blood. For the nearest Red Cross bloodbank
60. Vist an elderly neighbour. Stop for a chat, take out their rubbish bins
61. Get rid of clutter in your workplace and at home
62. Give way to cyclists and allow them their space on the road
63. Use re-usable washable nappies because disposable nappies take about 500 years to decompose and account for about 2% of landfill
64. Don't be too obsessive about 'dryclean only' labels. Often handwashing in cool water can be just as effective ad cuts down on harmful cleaning chemicals
65. Take an elderly relative out for a drive in the country. Pack a picnic
66. Get more sleep. Don't drive when you're tired
67. Keep a bowl of fruit on your desk at work
68. Visit museums and galleries
69. Take time off when you're ill
70. Smile at strangers and talk to shop assistants
71. If you see someone who is lost, show them the way (but also be wary of stranger danger)
72. Forgive and move forward
And a few extras of mine:
73. Use stainless steel cutlery instead of disposable cutleries
74. Take time to plan your meals out for the week and cook healthy, nutricious meals
75. Don't overbuy your groceries and end up with wastage
76. Tell your loved ones you appreciate them and spend time with them
77. Do something special for your parents; cook for them, help clean, take them out
78. Visit your local libraries and borrow books rather than buying
79. Share your books with others or pass them on once you've finished reading them
80. Be patient
81. Instead of grimacing and getting frustrated in traffic, listen and relax to your favourite music and enjoy the moment
82. Volunteer to help
83. Try new foods, cuisines, restaurants and flavours
84. Set time to sort your finances out and save money for a rainy day
85. Buy from your local butchers, greengrocer or delis rather than supermarkets all the time
86. Eat less meat and more fruit and vegetables
87. Organise a fundraising(or donate) for your favourite charity
88. Have a relaxing weekend at home without any plans to go out
89. Find a hobby, and if you have one, make time for your hobby
90. Separate your rubbish and recycle as much as you can
91. Eat less junk food, chips and take aways
92. Click to give to The Animal Rescue Site - sponsors donate for every click
93. Visit your doctor for a checkup on your overall health
94. Make a habit of waking up 1 hour earlier and use that time for your own projects/interests
95. When you're working, work hard, when you're having a night out, relax and enjoy it. Don't bring personal worries into your work hours and work worries into your personal hours
96. Go to bed early every now and then
97. Drink tap water. Consume less bottled soft drinks and water. Not only are they bad for your health but also bad for the environment in terms of landfill
98. Instead of buying more cheap items (clothes, goods, furniture etc), buy less items with greater quality
99. Tidy up your house/office desk and it will create good feng shui
100. Enjoy every single day, not just the weekends and you will learn to enjoy life a lot more
Monday, May 31, 2010
Positive employees versus negative employees
It's not easy being an employee. But then it's not easy being the employer either.
We've all worked with various people over the years. After a few years of working, you start to notice that there is a stark difference between positive and negative co-workers. Which category do you fall in?
The positive co-workers:
Can-do attitude, take pride in their work, give their best effort, highly engaged with a can-do attitude, apply effort in achieving their personal and organisational goals, pro-active with their work, adaptable to new ideas and experiences, achievemen orientated, passion for their work, emotionally mature during frustrating and problemmatical situations with clients and co-workers, positive disposition and willing to go the extra mile to help customers or co-workers, exhibit confidence in their ability to succeed
The negative co-workers:
being consistently late(work, meetings, functions), making a lot of personal calls during work hours, lacks motivation/aspirations, does not take responsibility for their work, inability to meet deadlines, watches the clock and counting down to the weekend every week, always making negative and unhappy comments about customers or other co-workers, constantly taking breaks (coffee, smoke, toilet), consistently taking long lunches, tries to avoid work, resist changes, lazy, requires someone to manage them regularly or else they lack initiative to complete their work
So which type of co-worker would you prefer to work with? In answering that question, if you notice that you possess a few of the negative traits, perhaps you should consider changing so that you're not the one that co-workers dislike working with.
We've all worked with various people over the years. After a few years of working, you start to notice that there is a stark difference between positive and negative co-workers. Which category do you fall in?
The positive co-workers:
Can-do attitude, take pride in their work, give their best effort, highly engaged with a can-do attitude, apply effort in achieving their personal and organisational goals, pro-active with their work, adaptable to new ideas and experiences, achievemen orientated, passion for their work, emotionally mature during frustrating and problemmatical situations with clients and co-workers, positive disposition and willing to go the extra mile to help customers or co-workers, exhibit confidence in their ability to succeed
The negative co-workers:
being consistently late(work, meetings, functions), making a lot of personal calls during work hours, lacks motivation/aspirations, does not take responsibility for their work, inability to meet deadlines, watches the clock and counting down to the weekend every week, always making negative and unhappy comments about customers or other co-workers, constantly taking breaks (coffee, smoke, toilet), consistently taking long lunches, tries to avoid work, resist changes, lazy, requires someone to manage them regularly or else they lack initiative to complete their work
So which type of co-worker would you prefer to work with? In answering that question, if you notice that you possess a few of the negative traits, perhaps you should consider changing so that you're not the one that co-workers dislike working with.
Thursday, May 27, 2010
Ratings agency - Is there a conflict of interest?
If you were a rating agency and company XYZ was paying you a fee for your service...you know that company XYZ's securities/bond offerings were of a poor quality, would you really write a report about them that would expose the securities/bonds as junk or report them as investment grade in order to raise additional fees?
Imagine it's mid 2007 today.
Pre-Global Financial Crisis (GFC). Before the worldwide market crashed. Before your retirement funds literally halved in market value. And if you live in the US, before your house valuation plummeted below your mortgage.
Would you behave differently knowing what you do now? We all would, if we could. As for Lehman Brothers, Bear Stearns and all those large investment banks, they would as well. After you read this, I hope you realise how important it is to perform your own research, investigation, analysis and due diligence on any fund, stock or security that you wish to invest in. Don't just rely on rating agencies guidance.
So what does 'credit rating' refer to? According to the definition provided by Wikipedia: "
A Fortune magazine article (23 July 2007 edition) about Ohio attorney Marc Dann was quoted stating...
A different report by Alec Klein suggest that:
Back in 2007, Moody's code of conduct was:
What's the whole point of using the ratings if the rating agencies don't perform 'due diligence'?! Not only have they absolved themselves from being responsible but they are saying we will rate the bonds/security/etc however we don't have to perform thorough checks and have no obligation to do so.
Katie Benner and Adam Lashinsky wrote:
If there's anything to be learnt from the past 3 years recently, it's to perform your own due diligence and don't just rely on 'expert' opinion. If it's your own funds at stake, take control and do your research prior to investing in anything.
Imagine it's mid 2007 today.
Pre-Global Financial Crisis (GFC). Before the worldwide market crashed. Before your retirement funds literally halved in market value. And if you live in the US, before your house valuation plummeted below your mortgage.
Would you behave differently knowing what you do now? We all would, if we could. As for Lehman Brothers, Bear Stearns and all those large investment banks, they would as well. After you read this, I hope you realise how important it is to perform your own research, investigation, analysis and due diligence on any fund, stock or security that you wish to invest in. Don't just rely on rating agencies guidance.
So what does 'credit rating' refer to? According to the definition provided by Wikipedia: "
I've been tidying up my room, the massive piles of random articles, newspapaper clippings and magazines. Things that I found interesting at that time and wanted to re-read later. I found a few articles about the possible conflict of interest that undermine the rating agencies independence. These articles range between 2004 and 2007.A credit rating estimates the credit worthiness of an individual, corporation, or even a country. It is an evaluation made by credit bureaus of a borrower’s overall credit history.[1] A credit rating is also known as an evaluation of a potential borrower's ability to repay debt, prepared by a credit bureau at the request of the lender (Black's Law Dictionary). Credit ratings are calculated from financial history and current assets and liabilities. Typically, a credit rating tells a lender or investor the probability of the subject being able to pay back a loan. However, in recent years, credit ratings have also been used to adjust insurance premiums, determine employment eligibility, and establish the amount of a utility or leasing deposit.
A poor credit rating indicates a high risk of defaulting on a loan, and thus leads to high interest rates, or the refusal of a loan by the creditor."
A Fortune magazine article (23 July 2007 edition) about Ohio attorney Marc Dann was quoted stating...
"The ratings agencies cashed a check every time one of these sub-prime pools was created and an offering was made...continued to rate these things AAA...among the people who aided and abetted this continuing fraud..."Standard & Poor's, Moody's and Fitch Ratings. The three main credit rating agencies that came under Dann's attack. Pensions and Mutal funds in the U.S hold only investment grade bonds so they are unable to invest in these bonds unless the bonds are rated. Below is a guideline of S&P and Moody's ratings structure:
A different report by Alec Klein suggest that:
"...they are free to set their own rules and practices, which sometimes leads to abuse, according to many inside and outside the industry...they have strong armed clients by threatening to withdraw their ratings- a move that can raise a borrower's interest payments"He cites some examples of the rating agencies doing a bit of bullying in order to maintain their fees: Hannover Re (a German insurer), Compuware (a Detroit computer software maker).
Back in 2007, Moody's code of conduct was:
"Moody's has no obligations to perform, and does not perform, due diligence."The Fortune article went on to state that '...the other two agencies [S&P and Fitch Ratings] have similar provisions...'
What's the whole point of using the ratings if the rating agencies don't perform 'due diligence'?! Not only have they absolved themselves from being responsible but they are saying we will rate the bonds/security/etc however we don't have to perform thorough checks and have no obligation to do so.
Katie Benner and Adam Lashinsky wrote:
"Dann and a growing legion of critics contend that the agencies dropped the ball by issuing investment-grade ratings on securities backed by subprime mortgages they should have known were shaky...In addition to receiving fees from bond issuers that want ratings, S&P, Moody's and fitch do not vet data provided by these customers..."If only people took more notice of Marc Dann's foresight, his allegations and his opinion. Perhaps pension funds wouldn't have lost so much if they did. Even in 2007, ripples of the sub-prime problem was reaching the pages in our own Australian newspapers, albeit a small section hidden in the midst of the stockmarket 'boom' articles.
If there's anything to be learnt from the past 3 years recently, it's to perform your own due diligence and don't just rely on 'expert' opinion. If it's your own funds at stake, take control and do your research prior to investing in anything.
Tuesday, May 11, 2010
Help, my builders are crap and my neighbours are a$$holes!
So you've contracted builders to build your house or extend the house. Everything is going along swimmingly when you sign them up. Suddenly, as they start building, you notice that there hasn't been any mandatory council inspection during the builders progress. You also notice that the builder is flying along with his construction and some of their work is misaligned or simply, crap.
You've got problems and where can you go for help?
1)Consumer, Trader & Tenancy Tribunal - online application fo a dispute can be lodged with application fees ranging from $31-$167 (www.fairtrading.nsw.gov.au/cttt.html)
2)NSW Office of Fair Trading - www.fairtrading.nsw.gov.au/building There's helpful information and tips on how to construct contracts, decide on builders and resolving disputes
3)Insurance claim- All building work valued over $12,000 must be covered by home warranty insurance and builders must supply the owner with a certificate of insurance when the contract is signed. If your builder is insolvent you can direct your claim to the insurer specified onth certificate of insurance.
4)Legal action- www.lawsociety.com.au A directory of solicitors with a current practising certificate. This site is maintained by The Law Society of NSW
Vicious and unpleasant neighbours. I had a work colleague with a nasty neighbour. Their relationship deteriorated daily and he would start up his lawn mowing and drilling tools early in the morning every weekend just to drive my colleague insane. So what can you do about unpleasant neighbours?
1)NSW Department of Lands- www.lands.nsw.gov.au/land-management/dividing-fences They administer the Dividing Fences Act 1991. If you give your neighbour a written notice and there's no agreement reached after one month, the Local Land Board can adjudicate
2)Community Justice Centres- www.cjc.nsw.gov.au Available in NSW, they provide free mediation and conflict management services to assist with dispute resolution
3)Local courts- Civil issues valued up to $60,000 can be dealt with by the Chamber Magistrates
4)Local council- Councils can have compulsory notice powers for any disputes covered by the Local Government Act
5)Private legal action- www.lawsociety.com.au for solicitors
There's not really much you can do with annoying or unpleasant neighbours if they aren't breaching any laws. You can't really trade your neighbour too if you don't like them. It's always best to try and maintain a good relationship from the start.
You can however, ensure to some extent that you don't contract a crappy builder by ensuring they have all the relevant licences and registrations. That they have insurance covering their work. Don't pay the entire balance up front but in stages of completion. Check for references. See what work they have done in the past. Doing the legwork before contracting them can prevent a lot of headaches later.
You've got problems and where can you go for help?
1)Consumer, Trader & Tenancy Tribunal - online application fo a dispute can be lodged with application fees ranging from $31-$167 (www.fairtrading.nsw.gov.au/cttt.html)
2)NSW Office of Fair Trading - www.fairtrading.nsw.gov.au/building There's helpful information and tips on how to construct contracts, decide on builders and resolving disputes
3)Insurance claim- All building work valued over $12,000 must be covered by home warranty insurance and builders must supply the owner with a certificate of insurance when the contract is signed. If your builder is insolvent you can direct your claim to the insurer specified onth certificate of insurance.
4)Legal action- www.lawsociety.com.au A directory of solicitors with a current practising certificate. This site is maintained by The Law Society of NSW
Vicious and unpleasant neighbours. I had a work colleague with a nasty neighbour. Their relationship deteriorated daily and he would start up his lawn mowing and drilling tools early in the morning every weekend just to drive my colleague insane. So what can you do about unpleasant neighbours?
1)NSW Department of Lands- www.lands.nsw.gov.au/land-management/dividing-fences They administer the Dividing Fences Act 1991. If you give your neighbour a written notice and there's no agreement reached after one month, the Local Land Board can adjudicate
2)Community Justice Centres- www.cjc.nsw.gov.au Available in NSW, they provide free mediation and conflict management services to assist with dispute resolution
3)Local courts- Civil issues valued up to $60,000 can be dealt with by the Chamber Magistrates
4)Local council- Councils can have compulsory notice powers for any disputes covered by the Local Government Act
5)Private legal action- www.lawsociety.com.au for solicitors
There's not really much you can do with annoying or unpleasant neighbours if they aren't breaching any laws. You can't really trade your neighbour too if you don't like them. It's always best to try and maintain a good relationship from the start.
You can however, ensure to some extent that you don't contract a crappy builder by ensuring they have all the relevant licences and registrations. That they have insurance covering their work. Don't pay the entire balance up front but in stages of completion. Check for references. See what work they have done in the past. Doing the legwork before contracting them can prevent a lot of headaches later.
Thursday, April 1, 2010
Financial woes and getting help through counselling
Financial counselling and how it can help your financial woes.
If you're struggling with financial problems then it can help to have an objective, third party assist you. Financial difficulties may arise when you lose your job, have had your hours reduced, have an illness or have over committed. Don't wait until the problem is catastrophic, seek help early and you will have more options available. There are a few agencies around Australia that provide face-to-face counselling and also counselling by phone.
1)Financial Ombudsman Service (www.fos.org.au) 1300 78 08 08- Fair and independent dispute resolution for consumers and financial service providers
2)Care Inc Financial Counselling Service (www.carefcs.org) - Based in Canberra, offering drop-in programs and limited hours phone service
3)MoneyHelp Financial Counselling (www.moneyhelp.org.au) 1800 149 689 - A Victorian State Government initiative offering tools and advice for those who lost their jobs and struggle with bills and debts.
Some solutions that they may help you to negotiate if you don't know how to negotiate yourself include: budgeting assistance, negotiating a revised repayment schedule, extension of time on bills and debts due on certain dates, reduced interest rates, moratorium on payments for a period of time until you are able to meet your repayments in full.
It's may be too late to seek help when you're being serve a 'default notice' (borrowers have to pay overdue amounts within 30 days) or a 'statement of claim' which is calling in the loan due to failure to pay the default notice previously issued.
Never ignore your financial problems.
1) Contact your creditors straight away and request hardship variation. Most creditors will either assist you with organising a payment plan or a moratorium on their bills.
2) Prepare an income and expenditure statement (budget) list for your creditors. Submit your requests in writing.
3) Keep your creditors in the loop regarding your financial situation and do not ignore their correspondence. Seek help for anything you do not understand anything.
4) If they refuse to negotiate, request them to review their decision. If you are unhappy with their response, contact the financial counselling services listed above for assistance.
5) If they threaten legal action, ensure you see legal or financial assistance/counselling immediately.
6) Your Financial Services Provider may not alter your repayments and they don't have to. However, they 'must look at your current financial postion' and possibly ask you for more information 'to asses how they may be able to assist you.'
7) The Financial Ombudsman Service can award compensation on fees and interest if the Financial Services Provider has not followed procedures correctly.
Starting from January 2010, as a last resort, the Financial Ombudsman Service can now make the credit provider change the repayments for some credit contracts depending on the type and size of the credit facility:
* Most credit card contracts
* Personal loans
* Car loans
* Some home loans from January 2011 (if they are less than $500,000)
The will only pursue this option after they have analysed your financial situation and ability to meet a variation to the credit contract. Seek help as soon as you start experiencing financial difficulties. With a bit of good planning, you may beable to avert bankruptcies and financial disaster by negotiating new arrangements with creditors unti you can resume payment again.
If you're struggling with financial problems then it can help to have an objective, third party assist you. Financial difficulties may arise when you lose your job, have had your hours reduced, have an illness or have over committed. Don't wait until the problem is catastrophic, seek help early and you will have more options available. There are a few agencies around Australia that provide face-to-face counselling and also counselling by phone.
1)Financial Ombudsman Service (www.fos.org.au) 1300 78 08 08- Fair and independent dispute resolution for consumers and financial service providers
2)Care Inc Financial Counselling Service (www.carefcs.org) - Based in Canberra, offering drop-in programs and limited hours phone service
3)MoneyHelp Financial Counselling (www.moneyhelp.org.au) 1800 149 689 - A Victorian State Government initiative offering tools and advice for those who lost their jobs and struggle with bills and debts.
Some solutions that they may help you to negotiate if you don't know how to negotiate yourself include: budgeting assistance, negotiating a revised repayment schedule, extension of time on bills and debts due on certain dates, reduced interest rates, moratorium on payments for a period of time until you are able to meet your repayments in full.
It's may be too late to seek help when you're being serve a 'default notice' (borrowers have to pay overdue amounts within 30 days) or a 'statement of claim' which is calling in the loan due to failure to pay the default notice previously issued.
Never ignore your financial problems.
1) Contact your creditors straight away and request hardship variation. Most creditors will either assist you with organising a payment plan or a moratorium on their bills.
2) Prepare an income and expenditure statement (budget) list for your creditors. Submit your requests in writing.
3) Keep your creditors in the loop regarding your financial situation and do not ignore their correspondence. Seek help for anything you do not understand anything.
4) If they refuse to negotiate, request them to review their decision. If you are unhappy with their response, contact the financial counselling services listed above for assistance.
5) If they threaten legal action, ensure you see legal or financial assistance/counselling immediately.
6) Your Financial Services Provider may not alter your repayments and they don't have to. However, they 'must look at your current financial postion' and possibly ask you for more information 'to asses how they may be able to assist you.'
7) The Financial Ombudsman Service can award compensation on fees and interest if the Financial Services Provider has not followed procedures correctly.
Starting from January 2010, as a last resort, the Financial Ombudsman Service can now make the credit provider change the repayments for some credit contracts depending on the type and size of the credit facility:
* Most credit card contracts
* Personal loans
* Car loans
* Some home loans from January 2011 (if they are less than $500,000)
The will only pursue this option after they have analysed your financial situation and ability to meet a variation to the credit contract. Seek help as soon as you start experiencing financial difficulties. With a bit of good planning, you may beable to avert bankruptcies and financial disaster by negotiating new arrangements with creditors unti you can resume payment again.
Superannuation contribution limits
Were you planning to make extra contributions to your super fund by salary sacrificing? Beware that you do not exceed your Contributions Cap.
Working Australian Residents:
There are strict penalties if you exceed your Contributions Cap - you will be personally liable for the new tax - Excess contributions Tax. It is your responsibility to monitor your contributions.
Calculating the amount of your voluntary concessional contributions allowable to prevent the Excess contributions tax:
2009/2010 Concessional contributions cap for individuals under 50 years of age = $25,000 - 9% SG portion
2009/2010, 10/11, 11/12 Concessional contributions cap for individuals aged 50 and over = $50,000 - 9% SG portion
2009/2010 Non-concessional contributions cap is $150,000/annum. In future, the cap will be calculated as 6 times the level of the indexed concessional contributions cap.
Temporary Residents in Australia
If you hold an eligible temporary resident visa (Visa), you must claim your super benefit from your super fun within 6 months after the Visa being cancelled/expiring and you have left Australia. If this is not done within 6 months after the Visa ceases to be in effect and you have left Australia, then the money will be paid to the Commissioner as 'unclaimed money'. This can still be claimed from the ATO on 13 10 20. Your super fund is not obliged to notify orgive an exit statement to you when they transfer your superannuation to the ATO after you depart from Australia.
There are also limited conditions of release available to all temporary resident members (irrespective of whether or not they have left Australia):
* Death
* Terminal medical condition
* Permanent incapacity
* Departing Australia permanently to Temporary Residents who apply in writing for the release of their benefits
* Trustee payments to the ATO under the Superannuation (Unclaimed Money and Lost Members) Act 1999
* Temporary incapacity and/or
* Release Authorities under the Income Tax Assessment Act 1997
Monday, March 22, 2010
Lure of gold and selling your old unwanted jewelleries
I read an interesting article from the SMH (author Lesley Parker) about steps you should take first before selling your unwanted gold jewelleries in order to obtain the best price for yourself.
"1. Make your own estimate of the value of the gold jewellery you're thinking of selling
2. Obtain at least three quotes.
3. Check that the buyer has a second hand dealer's licence and calibrated scales
4. Consider whether you'd get more selling jewellery intact rather than as "scrap" metal
... consumers should expect about 80 per cent of the spot price for gold per gram according to its carat value..."
Step one is the most complicated because it requires you to weigh and value your own jewellery yourself. First, the confusion of gold terminologies need to be cleared up:
Troy ounce = 31.1 grams and is the unit used for measuring gold
Avoirdupois ounce = 28.4 grams is the standard ounce that we typically use
24 carats = pure gold
22 carats = 916 = 91.6% pure gold (22/24=91.6%)
18-carats = 750 = 75% pure gold (18/24=75%)
14-carats = 585 = 58.5% pure gold (14/24=58.5%)
9-carats = 375 = 37.5% pure gold (9/24=37.5%)
Parker writes that using grams will simplify things and you can ask the buyer (second hand dealer) to to put their offer to you as a price per gram.
i) Separate your gold jewelleries into piles of the same purity and weigh those piles separately
ii) The amount of gold you actually have is achieved by multiplying the weight of the piles by the purity. Eg 300g of 9-carat gold jewellery would melt down to 112.5g in pure gold (300g x 0.375 purity).
iii) Now you can roughly estimate the value by multiplying the pure gold weight by the prevailing gold price. Using the example from above: 112.5g x $40/gram = $4,500 for the pure "gold" in your jelleweries.
Although gold prices are usually listed in troy ounces, Parker wrote that you can find the price per gram (instead of troy ounce) in Australian dollars at goldprice.org/gold-price-per-gram.html which would be useful if you're not great at converting grams into troy ounces.
Using the example from above, 112.5g is 3.62 troy ounces (ie 112.5/31.1).
Gold buyers usually do not want the stones and if they do, ask for an additional quote for the stone that is separate from the quote for the gold. If you're in Australia, then you can check the jaa.com.au guide for Jewellers Association of Australia for additional information.
If you're interested in buying gold as an investment then you can buy gold coins or bullions from www.perthmint.com.au or buy gold investments through the ASX.
"1. Make your own estimate of the value of the gold jewellery you're thinking of selling
2. Obtain at least three quotes.
3. Check that the buyer has a second hand dealer's licence and calibrated scales
4. Consider whether you'd get more selling jewellery intact rather than as "scrap" metal
... consumers should expect about 80 per cent of the spot price for gold per gram according to its carat value..."
Step one is the most complicated because it requires you to weigh and value your own jewellery yourself. First, the confusion of gold terminologies need to be cleared up:
Troy ounce = 31.1 grams and is the unit used for measuring gold
Avoirdupois ounce = 28.4 grams is the standard ounce that we typically use
24 carats = pure gold
22 carats = 916 = 91.6% pure gold (22/24=91.6%)
18-carats = 750 = 75% pure gold (18/24=75%)
14-carats = 585 = 58.5% pure gold (14/24=58.5%)
9-carats = 375 = 37.5% pure gold (9/24=37.5%)
Parker writes that using grams will simplify things and you can ask the buyer (second hand dealer) to to put their offer to you as a price per gram.
i) Separate your gold jewelleries into piles of the same purity and weigh those piles separately
ii) The amount of gold you actually have is achieved by multiplying the weight of the piles by the purity. Eg 300g of 9-carat gold jewellery would melt down to 112.5g in pure gold (300g x 0.375 purity).
iii) Now you can roughly estimate the value by multiplying the pure gold weight by the prevailing gold price. Using the example from above: 112.5g x $40/gram = $4,500 for the pure "gold" in your jelleweries.
Although gold prices are usually listed in troy ounces, Parker wrote that you can find the price per gram (instead of troy ounce) in Australian dollars at goldprice.org/gold-price-per-gram.html which would be useful if you're not great at converting grams into troy ounces.
Using the example from above, 112.5g is 3.62 troy ounces (ie 112.5/31.1).
Gold buyers usually do not want the stones and if they do, ask for an additional quote for the stone that is separate from the quote for the gold. If you're in Australia, then you can check the jaa.com.au guide for Jewellers Association of Australia for additional information.
If you're interested in buying gold as an investment then you can buy gold coins or bullions from www.perthmint.com.au or buy gold investments through the ASX.
Sunday, March 21, 2010
Understanding Credit Card Charges
If you buy $2000 worth on your credit card and don't pay that $2000 off by the due date, then you will be charged interest on the entire balance - even if you made a partial repayment of $1999.
If you pay the bill late, then most credit card companies will charge interest back to the purchase date (back dating interest).
If your bill is overdue, then most will cancel your interest free days until the overdue balance is paid completely.
Some credit card companies will charge interest on the entire balance even if you've paid a portion of your bill (even the new transactions that hasn't been billed to the statement yet). So until you pay your credit card statement in it's entirety, you will be charged interest even on the portion that you have partly paid off. And lose the interest free days on all the new transactions until the entire statement balance is paid off. This is entirely unfair but this is how they operate.
Balance transfer deals involves transferring your debt from one credit card provider to a new one who might be offering six months interest free deal. When the special period ends (in this example, it's six months) and there is a transfer balance remaining, the interest will be charged on that balance as if it was a cash advance. Cash advance rates are usually much higher than transaction rates.
If you find that you have overlooked the bill and paid it 1-2 days late (or even up to 1 week late) by accident and you have a good payment history, phone your card provider to explain and request them (very politely of course) to reverse the late fees and interest charges as a courtesy to you. They will usually reverse it for you if you have a good reason or you have a good payment history. It is usually left to the discretion of the staff member that is working which is why it pays to be polite when calling them to reverse any charges and fees.
If that doesn't motivate you to pay off the credit card statement in full, then you shouldn't be using a credit card. Not when it's costing you 10-28% extra in terms of interest charges.
If you pay the bill late, then most credit card companies will charge interest back to the purchase date (back dating interest).
If your bill is overdue, then most will cancel your interest free days until the overdue balance is paid completely.
Some credit card companies will charge interest on the entire balance even if you've paid a portion of your bill (even the new transactions that hasn't been billed to the statement yet). So until you pay your credit card statement in it's entirety, you will be charged interest even on the portion that you have partly paid off. And lose the interest free days on all the new transactions until the entire statement balance is paid off. This is entirely unfair but this is how they operate.
Balance transfer deals involves transferring your debt from one credit card provider to a new one who might be offering six months interest free deal. When the special period ends (in this example, it's six months) and there is a transfer balance remaining, the interest will be charged on that balance as if it was a cash advance. Cash advance rates are usually much higher than transaction rates.
If you find that you have overlooked the bill and paid it 1-2 days late (or even up to 1 week late) by accident and you have a good payment history, phone your card provider to explain and request them (very politely of course) to reverse the late fees and interest charges as a courtesy to you. They will usually reverse it for you if you have a good reason or you have a good payment history. It is usually left to the discretion of the staff member that is working which is why it pays to be polite when calling them to reverse any charges and fees.
If that doesn't motivate you to pay off the credit card statement in full, then you shouldn't be using a credit card. Not when it's costing you 10-28% extra in terms of interest charges.
Monday, January 11, 2010
2010 New Year Resolutions
How hard is it to compile a list of 100 goals??
A few years ago, if I asked any friends whether they had resolutions for the new year or not, they had plenty. Lately, I've noticed that we don't seem to form that many resolutions as previously. Now if we have any resolutions, they are harder and more complex to achieve, and they even stretch over the years rather than being achievable in one year alone.
Perhaps we are consolidating. Paying off mortgages. Building relationships. Maintaining friendships. Working and paying off bills. Some are planning to have kids while others have the panicky look in their eyes whenever the thought of having babies arises. Some are still hunting for their first property or home.
Some have realised that their financial mistakes in their early 20s have led to no savings and a tedious day to day existence of working to pay bills and get by.
It really feels like I've just left school yesterday. As if the decade had not happened. But looking back, a lot has happened and I'm anticipating a lot more. I hope that's the story with everybody.
What are your resolutions? I realised how anal I was when 2010 arrived and I was itching to find a quiet moment alone to form my 2010 resolutions...flipped my notebook open and realised that I had already compiled my 2010 resolutions back in early December 2009! New Years Eve & New Years Day is really one of the best times to form memorable resolutions so if you haven't done so, try it now.
I have a few of my own which I always break up into categories:
FINANCIAL
* Build a larger stock portfolio
* Pay off P#1
* Build a property investment portfolio
* Contribute extra into superannuation for retirement (which is decades away)
* Pay off more of my student loan (aka HECS...something that I've been reluctant to do since the interest on the loan is indexed to inflation)
* Build up trading capital
* Start trading in stocks (again), CFDs, Options and open myself up to international markets as well
* Save up for my own side projects
PERSONAL
* Spend more time with friends & family
* Keep up with correspondence - calls, emails, social stuff
* Write more - creative writing (novels, poetry, articles), journaling, blogging (on finance and craft work)
* Save up for trips to England, Europe, China, Thailand, Cambodia, Vietnam, South America, Egypt and Tasmania
* Focus more on career and entrepreneurial ideas
* State of mind- happiness, relaxation, read more, allocate time for creative pursuits
* Throw more things out, hoard less
* Learn more- accounting, finance, personal finance, IT & web development, entrepreneurialship
* Be more environmentally conscious - buy things with less packaging, use grey water, less plastic, drive less and consume less
HEALTH
* Eat healthier (less junk food and snacks)
* Exercise more
* Increase fitness
As for coming up with 100 goals...that's something to think about!
A few years ago, if I asked any friends whether they had resolutions for the new year or not, they had plenty. Lately, I've noticed that we don't seem to form that many resolutions as previously. Now if we have any resolutions, they are harder and more complex to achieve, and they even stretch over the years rather than being achievable in one year alone.
Perhaps we are consolidating. Paying off mortgages. Building relationships. Maintaining friendships. Working and paying off bills. Some are planning to have kids while others have the panicky look in their eyes whenever the thought of having babies arises. Some are still hunting for their first property or home.
Some have realised that their financial mistakes in their early 20s have led to no savings and a tedious day to day existence of working to pay bills and get by.
It really feels like I've just left school yesterday. As if the decade had not happened. But looking back, a lot has happened and I'm anticipating a lot more. I hope that's the story with everybody.
What are your resolutions? I realised how anal I was when 2010 arrived and I was itching to find a quiet moment alone to form my 2010 resolutions...flipped my notebook open and realised that I had already compiled my 2010 resolutions back in early December 2009! New Years Eve & New Years Day is really one of the best times to form memorable resolutions so if you haven't done so, try it now.
I have a few of my own which I always break up into categories:
FINANCIAL
* Build a larger stock portfolio
* Pay off P#1
* Build a property investment portfolio
* Contribute extra into superannuation for retirement (which is decades away)
* Pay off more of my student loan (aka HECS...something that I've been reluctant to do since the interest on the loan is indexed to inflation)
* Build up trading capital
* Start trading in stocks (again), CFDs, Options and open myself up to international markets as well
* Save up for my own side projects
PERSONAL
* Spend more time with friends & family
* Keep up with correspondence - calls, emails, social stuff
* Write more - creative writing (novels, poetry, articles), journaling, blogging (on finance and craft work)
* Save up for trips to England, Europe, China, Thailand, Cambodia, Vietnam, South America, Egypt and Tasmania
* Focus more on career and entrepreneurial ideas
* State of mind- happiness, relaxation, read more, allocate time for creative pursuits
* Throw more things out, hoard less
* Learn more- accounting, finance, personal finance, IT & web development, entrepreneurialship
* Be more environmentally conscious - buy things with less packaging, use grey water, less plastic, drive less and consume less
HEALTH
* Eat healthier (less junk food and snacks)
* Exercise more
* Increase fitness
As for coming up with 100 goals...that's something to think about!
Monday, November 16, 2009
Poor health can send you broke
Everyone knows someone who has been or is currently sick. If it's just a passing flu or virus, that's not a huge problem. However, if it's something terminal or something that will affect you for the rest of your life, such as cancer or disabilities, then it will drain your finance and could send you broke.
Personally, I've been blessed and fortunate that I have been born with relatively good health. A recent injury whilst snowboarding and over a year worth of stomach pains gave me a taste of what I was missing out on medically and financially.
First health problem of the year:
The snowboarding injury to the shoulder (compacted/compressed shoulder joint) required a visit to the Physiotherapist and several weekly visits thereafter.
Initial consultation $69
Each visit thereafter $57
Total cost of physio $ 426
Total cost out of pocket $228.50
I finally had the opportunity to use my private health insurance (besides the obligatory trip to the dentist for a checkup), so that meant I was out of pocket for $228.50
Bearing in mind that private health insurance fees are now about $1100 per annum and rising.
Second health problem of the year and still ongoing:
Stomach pains and aches. This health problem is a pain in the arse and ongoing. It's random...meaning the pain onsets at random moments...after I eat and not necessarily all the time. It's irregular and can happen whenever which is highly annoying because it's hard to pinpoint whether it's a gastro, allergy or organ problem.
So a trip to the doctor for blood tests - covered by Medicare
A trip for an ultrasound $50
Out of pocket $25
Unfortunately the stomach problems are still ongoing and still need additional tests with specialist doctors to find out what the problem is.
So far, medical bills out of pocket are $1353.50 and that's not counting the cost of travelling, time wasted in medical waiting rooms, and the actual cost itself in lost working days or hours.
Colds, Flu and Viruses
A trip to the doctor is typically covered by Medicare. A box of prescription medicine is typically $30-$38 for a packet. If you don't get paid for sick days that you take off, then the total cost of being sick each day may range from $100-$200 for each day and more. I find that if I'm stuck out and about somewhere, and it starts raining - it's much cheaper to just buy an umbrella for $7 or $30 rather than rushing around in the rain and increasing the probability of getting sick.
Broken Bones and Terminal Illnesses
Now we're talking big bucks. Huge bills. Specialist and hospital bills. Out of pocket costs are typically a few thousand dollars and I've heard of bills up to $35,000 for injuries involving ambulances, hospitals and no private health insurance. Even worse, having no travel insurance and injuring yourself badly overseas. Repatriation costs are several thousands of dollars and you could be left stuck, in that country that you've injured yourself in, with no way home.
Getting sick isn't cheap. Being continuously sick will end up costing you a lot. That's why it's important to eat healthy and exercise regularly. Something that we have to try to do more often.
Personally, I've been blessed and fortunate that I have been born with relatively good health. A recent injury whilst snowboarding and over a year worth of stomach pains gave me a taste of what I was missing out on medically and financially.
First health problem of the year:
The snowboarding injury to the shoulder (compacted/compressed shoulder joint) required a visit to the Physiotherapist and several weekly visits thereafter.
Initial consultation $69
Each visit thereafter $57
Total cost of physio $ 426
Total cost out of pocket $228.50
I finally had the opportunity to use my private health insurance (besides the obligatory trip to the dentist for a checkup), so that meant I was out of pocket for $228.50
Bearing in mind that private health insurance fees are now about $1100 per annum and rising.
Second health problem of the year and still ongoing:
Stomach pains and aches. This health problem is a pain in the arse and ongoing. It's random...meaning the pain onsets at random moments...after I eat and not necessarily all the time. It's irregular and can happen whenever which is highly annoying because it's hard to pinpoint whether it's a gastro, allergy or organ problem.
So a trip to the doctor for blood tests - covered by Medicare
A trip for an ultrasound $50
Out of pocket $25
Unfortunately the stomach problems are still ongoing and still need additional tests with specialist doctors to find out what the problem is.
So far, medical bills out of pocket are $1353.50 and that's not counting the cost of travelling, time wasted in medical waiting rooms, and the actual cost itself in lost working days or hours.
Colds, Flu and Viruses
A trip to the doctor is typically covered by Medicare. A box of prescription medicine is typically $30-$38 for a packet. If you don't get paid for sick days that you take off, then the total cost of being sick each day may range from $100-$200 for each day and more. I find that if I'm stuck out and about somewhere, and it starts raining - it's much cheaper to just buy an umbrella for $7 or $30 rather than rushing around in the rain and increasing the probability of getting sick.
Broken Bones and Terminal Illnesses
Now we're talking big bucks. Huge bills. Specialist and hospital bills. Out of pocket costs are typically a few thousand dollars and I've heard of bills up to $35,000 for injuries involving ambulances, hospitals and no private health insurance. Even worse, having no travel insurance and injuring yourself badly overseas. Repatriation costs are several thousands of dollars and you could be left stuck, in that country that you've injured yourself in, with no way home.
Getting sick isn't cheap. Being continuously sick will end up costing you a lot. That's why it's important to eat healthy and exercise regularly. Something that we have to try to do more often.
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