May 15, 2010 - Posted by dxHudock - 0 Comments
Financial Needs Anaysis (FNA) is defined as a process to identify individual financial needs in order to strategise an investment plan that meet such needs and financial goals. Before I go into details about FNA process, let me explain the three broad categories of financial needs;
(i) Accumulation Needs It is defined as a future financial need that one desire to set aside. The motivation to accumulate a sum of money in future include children education, starting a business, property investment, buying a car, retire early or giving to charity.
(ii) Retirement Needs It is defined as financial need that provide fund to support our life after our retirement. When we retire, our pension or social security benefits begin but our earned income ceases. Our working expenses reduce but our leisure and medical expenses increase.
(iii) Protection Needs It is defined as financial obligations that we need to fulfil upon death, disablement, contracting critical illness, loss of or damage to property and/or when a personal liability arises.
Having a general idea about the three main categories of financial needs, let me go through the process of Financial Needs Analysis:
(1) Fact finding –> (2) Identify and quantify financial needs –> (3) Identify investment products that meet financial goals –> (4) Periodical review of financial needs
1. Fact Finding
Gather personal details, employment details, number of dependents, financial information, existing insurance policies, retirement needs, saving goals, objective and investment preference. Personal details such as age, gender, martial status and smoking habits will offer us a preliminary assessment of the types of financial products that will likely suitable for us. Employment status enables us to determine if income protection is needed for high risk job, and the ability to commit long to medium term investment product. The number of dependents will determine the amount of additional financial support. The more dependent we have, the greater the number of years we have to support them, which means we need more life insurance and income protection. Financial information such as monthly income will help to determine the continuing income needed in the event of death, disability or retirement.
Expenditures information will help to determine the level of income needed for the family to survive in the event of premature death of the breadwinners, and to estimate the funds available for investment. Assets and liabilities information helps to determine net worth, which enable us to decide on the amount of funds for investment or to adjust our lifestyles to reduce liabilities. Existing insurance policy will serve as a starting point for any further insurance products. The objectives and investment preferences will help to determine our attitude towards investment risk, which classified into Risk Averter, Cautious, Balanced and Risk Seeker. Retirement needs information enables us to determine the monthly amount in today’s dollar that we and our dependents need to live on retirement. Generally, most singles need about 50% to 60% of their pre-retirement income to maintain same living standard after retirement. The percentage increase to 60% to 70% for married couples with one retiree. Saving goals information helps to determine if the funds earmarked for various financial goals are adequate.
2. Identifying and Quantifying Financial Needs
After we have gathered all the data through facts finding, the next steps of FNA process is to analyse the data to identify and quantify the financial needs. We should pick up weaknesses that can negatively affect the financial objectives. For examples; amount of debts, investment portfolio, existing insurance products, living within means, investment time horizon, liquidity need, children education and risk profiles. Determine which objectives should be given higher priority. Three factors should be considered when analysing objectives:
Establish if the objective is short-term or long-term. Short-term objective is more appropriate for retired person who may wish to increase income produced from investment capital. Long-term objective is more suitable for someone who want sufficient fund to send his new-born child to university in future. However, objectives can be both long and short term.
Establish if the objective is for the benefit of us or for others, such as dependants. For example, the objective may be passing our estate to our grandchildren in the event of death. Alternatively, the objective may be to retire early.
Prioritise the objectives. For example, we may want to invest a second property but to achieve this objective; it may detriment a reasonable income in retirement. It is important to tackle each financial need and uncover those needs that need immediate attention.
Once all the financial needs are identified and prioritised, each need must be quantified. The ways to quantify retirement, protection and accumulation needs are different. There are two methods to quantifying retirement needs, namely the replacement ratio method and expense method. As for protection needs, the method include determine the sum of total liabilities and immediate expenses required at the time of death and the amount needed for dependants as long as needed. Multiple approach and needs approach are two common approach used to quantify the amount needed for dependants. For accumulation needs, the approach is to find the future value of the target amount taking into consideration of inflation. After we have quantified the data, proceed to next step to identify investment products that meet financial objectives.
3. Identify Investment Products that meet Financial Objectives
Points to consider includes investment objectives, product suitability, affordability, taxation, tax relief, rick tolerance, pension schemes, prioritisation and effect of inflation and time value of money. Investment Instrument that meets accumulation and retirement needs includes Money Market Securities, Fixed Income Securities, Equity Investment, Derivative Instruments, Property, Unit Trusts, Whole Life Insurance, Endowment, Investment-Linked Products and Annuities. Investment products that meet protection needs include Term Insurance, Whole Life Insurance, Endowment Insurance, Investment-linked Life Insurance, Riders, Critical illness Insurance, Long Term Care Insurance, Medical Expense Insurance and Managed Healthcare Insurance and Disability Income Insurance. General Insurance products that meet protection needs include Fire Insurance, Household/House owner Insurance, Personal Accident Insurance and Personal Liability Insurance.
4. Periodical Review of Financial Needs
The process of identifying financial needs does not stop with implementation. Our financial needs may change over time. It affects our initial investment plan, as they may no longer be adequate. For example, a steep fall in price of equities would signal that a review of our investment portfolio and saving is required if we invested substantially in equities. Regular review of financial needs ensure we stay on course to our financial goals.
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May 14, 2010 - Posted by dxHudock - 0 Comments
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May 13, 2010 - Posted by dxHudock - 0 Comments
Panasonic BL-C140A Outdoor MPEG-4 Network Camera (Silver) Image Quality Stinks – J. Aegerter – Elm Grove, WI
One of the worst IP cameras I have ever purchased. All kinds of software has to be loaded for the thing to do real time and the quality of images is a terrible grainy image with terrible color rendition. My D-Link DCS900 and DCS910 cameras run circles around this overpriced piece of junk and support JAVA and Firefox browser where the Panasonic does not. The Panasonic BL-C140A is a waste of money and a disappointment and I am returning the one I bought for the aforementioned reasons. And, I’m not going to waste my time in looking at other Panasonic IP cameras in the future. I am sticking with D-Link.
This review is going to be somewhat technical and I’ll mention some other choices. I’ve installed more than 10 Panasonic network cameras across the product line; so how does this one compare? The whole series is rock solid reliable. As far as the practical use as an outdoor cam, the BL-C140A is a middle of the road compromise. As other reviewers have discovered, the night time image quality is not very good. The BL-C140A has a 1/4″ CMOS sensor which produces a little bit better daytime image than the 1/6″ CMOS on the popular BL-C111A and BL-C131A models. If you’re looking for a cam to mount in an outdoor location that is protected from direct moisture (like hanging under a sheltered roof eave) then I’d recommend the Panasonic BB-HCM511A instead. The BB-HCM511A uses a CCD sensor (vs. CMOS) that produces a richer dynamic range of colors during the day, and has much better low light sensitivity. It can still show the scene under moonlight, whereas the BL-C140A would show a pitch black view. If you truly need an “outdoor” camera because it’s going to be exposed to the rain, then the BB-HCM531A is an excellent outdoor model. The only difference between the BB-HCM511A and BB-HCM531A is that the BB-HCM531A comes with an extra plastic cover for the connectors in the back. Panasonic charges more than 0 for this piece of plastic, so it you’re crafty you can make your own weatherproof cover for the BB-HCM511A cable connectors and save some money (hint: silicone sealant works). Note that if you don’t already have a POE enabled switch, the BB-HCM series doesn’t come with a POE injector so you need to order that separately. Coming back to this BL-C140A model, the other thing I didn’t like is that the POE (Power Over Ethernet) is proprietary instead of using the industry 802.3af standard. So if you have a POE switch then it won’t be able to use all the neat power management features. The BB-HCM series however does support the 802.3af POE standard. If your budget is just enough for this cam, the BL-C140A still a wonderful unit. If you can afford to pay just a little bit more then check out the other models I mentioned and you’ll get a superior night time view. Here’s another tip, if you want to have the camera view on your desktop all the time in Vista or Windows 7, go to the Microsoft Windows Live Gallery and search for Panasonic to download the CoconutView Sidebar Gadget. Then you won’t even need to open the browser windows to get a peek at what the camera is seeing. Panasonic: BL-C140A Panasonic Outdoor MPEG-4 Network Camera
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May 11, 2010 - Posted by dxHudock - 0 Comments
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May 8, 2010 - Posted by dxHudock - 0 Comments
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May 7, 2010 - Posted by dxHudock - 0 Comments
Most people would like to get to grips with their finances more effectively, but many are daunted by the prospect. Money and finances are not subjects that lie solely in the domain of the professional; they are issues that affect our everyday lives. Decisions that you make may affect you for the rest of your life.
It is important to consider the consequences of the steps you take and not simply take things on trust. In these days of failing pension schemes, it is clear that customers can no longer simply rely on the advice of those who are trying to sell them products. Ultimately the responsibility lies in your hands.
Effective financial planning helps you make the most of your money, identify and target your future goals and find the products that will help you achieve those goals. It should also give you the insight to cope with unexpected future events, such as illness, unemployment, additions to the family etc.
Identify and prioritise your goals.
Check your resources.
Find the right products.
Select the right company.
Monitor and review your plan.
The approach you will take will vary according to the goals you have identified. For example, if your goal is to set up house together, you may want to protect your partner if you become ill, get made redundant or die.
Other goals may include taking your borrowing in hand, building an emergency fund, buying a home, paying for your children’s education, saving for retirement, investing to boost your savings/income or planning for long-term care.
The products that will help you to meet these goals will depend on a number of factors:
What you can afford to do.
What your attitude to risk is.
What your tax position is.
Your state of health.
What timescale you are interested in.
Ensure that whenever you are considering a product, no matter how well recommended it comes, that you check it against these factors. If a product or service does not suit your circumstances, you may be storing up trouble for later.
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May 5, 2010 - Posted by dxHudock - 0 Comments
Most of us could do with more good luck coming our way — and especially so when money is tight. All the talk of a credit crunch, recession and money meltdown is very scary. In these difficult economic times our faith in good luck and good fortune coming our way can be severely tested. Can we use the Law of Attraction and the power of positive thought to attract good luck?
It’s during times like these when we may be tempted to try anything and everything to bring good luck into our lives. So more and more people are turning to the power of Magic to help them increase their good luck, good fortune and wealth. And there is nothing wrong in that.
A Magic Spell in its simplest form is merely a “prayer” or message to the Universe. But sometimes this message can be misinterpreted, left unheard, or unanswered. The main reason for this is normally the fault of the wording of the Spell or prayer, even the inexperience of the Spell Caster. A Magic Spell needs to “spell out” exactly what is needed. And “needed” is the operative word. “Need” rather than “Greed” — this is an important distinction to make when considering the positive success of a Wealth, Money or Good Luck Spell.
If you have a Money Spell cast for you, or you cast it yourself, be open to receiving abundant wealth. For example, don’t just request a Wealth Spell to win the lottery. If you close yourself off to all other forms of gaining wealth you could just win the minimum prize!
Instead you need to be open to the possibilities of acquiring wealth and luck from many sources, including jackpot lottery wins, windfalls, competition wins, even business and career success. A well-casted or professionally cast Wealth Spell can help with this.
Wealth Spells are designed to surround you with positive energies, rid negative energies and draw towards you the wealth and prosperity you need to live the life you deserve — with harm to none.
Money Spells or Wealth Spells need to be very carefully worded to avoid them backfiring. The phrase “Harm to None” needs to be included in Money Spells so as to avoid harm befalling anyone, including you.
So, as with any spells — be careful what you wish for!
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May 4, 2010 - Posted by dxHudock - 0 Comments
I was talking to a real estate professional in Northern California about the precariousness of the housing market is over. My friend is a real principal broker who started selling real estate in 1970 and now has more than three decades in the field. She has seen home prices appreciate as dramatically falling sharply in previous decades.
We were talking about donors who are willing to drive 70% loan to value rate, instead of50% and how this could be financially fatal. I explained that the real motive of these real estate professionals are younger relations risk loans due to a currency type of thinking I call "financial immortality." This, if thought is the tendency Human beings continue what we know about this in the future.
Think about it. When you get up in the morning you jump out of bed and walk a certain number of feet in some directions and you get the usual food andsanitation needs care. Probably about the same (if you're at home and not on the road) every day. Probably the same way driving to work every morning. You have almost the same activities every day to make payroll and keep their business. generally assumed that tomorrow is like today.
Your experience has taught you all day if you are only a few things and that means more or less the same way somehowget your money at the end of each month. In other words, the routine is rather static (does not change much) and run in a static environment, you must have the static thinking. Something that is never static and change is immortal. The problem is that everybody and say that none of our financial markets are static is dynamic (changing a lot). Worse when they change very often change very quickly!
To survive as a real estate investor stock youthought that dynamic. Let me explain. I told you that there are donors who drive in California have been getting a good return. donor drive started by lending money to builders and rehabilitators, rates get money from the fund drives that are now 15%. If you do not need to invest money to people through them. The hard money lender pays the lender at a rate below 13% and maintains the prevalence of 2% for money management.
Security Agreementis making sure that the property is worth a lot more than the hard money loan amount when the project is finished. Many of them start lending at 50% of the value of the project (loan to value ratio abbreviated LTV). Once they get confident (static) with what they have to do to make money many are now lending a 70% of the value of the project because they can place more money in the market.
The problem is that many of these “financially immortal” thinkers don’t remember when property values plummeted up to over 50% in some areas in the 1980s in California when the Keating scandal allowed Savings and Loans to lend at high LTVs and the real estate market collapsed when interest rates rose. Right now we have a combination of radical home price appreciation in markets like California where people have been accepting interest only mortgages tied to adjustable rates. The percentage of interest only adjustable rate mortgages in California is now over 40% where a few decades ago very few such mortgages were originated. Other states in this same predicament include Virginia, Arizona, and Colorado.
What few people today know is that interest only mortgages were a significant part of the problem in the great depression. In the roaring 1920′s housing prices soared and banks begin offering interest only mortgages. When the stock market and banking system collapsed and up to one third of the U.S. population lost their job house values plummeted and people could not sell off their homes to get out of these bad mortgages. A flood of foreclosures ensued all because people were assuming the roaring 20s boom would just continue because they were using financially immortal thinking that that says “what goes up never comes down.” The people who were dynamic thinkers cashed out their homes in the 20s and thrived in the great depression because they were not carrying lots of debt. THAT IS WHY I TEACH THE ENORMOUS VALUE OF FREEDOM FROM DEBT TO MY STUDENTS!
If the market does collapse and you are a dynamic thinker you might do well scooping up great deals from the financial immortals in their dying gasps. By the way this was the same thinking that got so many financial immortals in the stock market in trouble. The financial immortals believed The lie Wall Street was pushing that the stock market would never come down during the final part of the massive bull market in the 1990s. The dynamic thinkers were able to smell the bull$%^# all over Wall Street in 1999 and 2000 when all of the insiders were dumping their high priced stock they optioned for nothing on the heads of the financial immortals!
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May 3, 2010 - Posted by dxHudock - 0 Comments
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