Financial Ratios and Statistics – FahStats

Archive for September, 2010

The death of a U.S. Savings Bond holder has some ownership and tax responsibilities for the surviving bond holders. There is a protocol established by the U.S. Treasury in redeeming bonds owned by deceased bond holders.?When the U.S. Savings Bond has one individual named on the Savings Bond and that person dies it will go to their holdings. The executor or administrator of the deceased holdings is the only person authorized to deal with the bonds after a person’s death. When two persons are named and one dies the bond automatically goes to the survivor. When two persons are listed on the bond and they both die, the bond goes to the estate of the last person who died.There are several choices for the surviving holder of a bond that is named on the bond. The survivor can choose to take no action and hold the bond. They can redeem it. They can also have the bond re-registered to their name and add another person to the U.S. Savings Bond. When there is no survivor named on the bond and there is no court involvement then the person’s entitled to the bond should fill out form PD F 5336 with the Department of Treasury to claim the bond. If the bonds are greater than $100,000 then they must be administered. When the estate is settled under a provision relating to Small Estates then the specific persons awarded the bonds may seek proceeds by endorsing the bond. If no person is awarded the U.S. Savings Bond then all persons making a claim should fill out form PD F 5394 with the Department of Treasury. The bond could also have been registered with a payable upon death request with a beneficiary listed. The beneficiary then becomes the sole owner of the security and would receive the proceeds.?The new owner of the savings bonds should list the taxable interest on their returns when the U.S. Savings Bonds are redeemed. They also need to include the interest when they reach final maturity or are exchanged in an event that causes a tax liability. The interest earning while the deceased was still living should be put on the deceased holder’s tax return.?

Budgeting in this day and age is much more difficult than it ever was. As Christians, we have to be much more aware of how budgeting affects our families and our lives. It is our duty to our Lord to insure that we are following Biblically based principles in our budgeting and every other area of our existence. There are many factors that come into play where budgeting for Christians is concerned It can be easy to forget that our problems are not all produced from lack of funds or any other “lack” in our lives.The Bible says that we must hold each thought captive, this holds true for our financial beliefs about ourselves as well. Our perceived lack in our lives can many times be traced towards our attitude about money. I encourage you to ask yourself if you are truly following God’s instruction for your finances. God does not say that our money or lack thereof are problems, it’s the ego we so often relate to it that begins to cause the issue. Attitude affects use of funds, therefore affecting the actual budget, not the other way around. As God’s followers, it is our duty to guard our hearts and mind against greed, misconduct, improper stewardship of money allotted to us, our emotional responses towards funds and our ego. We are already vulnerable as followers of Christ, we must put on the armor of God in every aspect of living, including our finances.We know that as Christians, everything we have comes from God. We know that we don’t truly own any of our possessions, we are simply granted stewardship over them for our time on earth. Our family, our friends, all our possessions and most certainly our finances, past and present debt included, fall into this category. Once we truly understand and commit this to heart, God can begin to mold us and teach us how to completely embrace and care for all He’s given us.If given control, God can be trusted to change our unhealthy patterns surrounding money. He can also wipe out all debt, and negative emotions surrounding our current beliefs of money. God promises to provide for each of us and he never breaks His promise. The first step in achieving financial freedom is to realize that God can do all things and truly seek His direction for your life. Budgeting for Christians can be simplified based on the Bible’s teachings of money and finance and your ability to connect with Him concerning what he wants in your life. Transfer everything you own, including your emotional baggage, to God. In doing so, you will truly find peace of mind and heart.Budgeting for Christians should cover many of the aspects of gaining financial freedom. One of these being getting out of any debt that you have incurred. This can mean a personal loan or a house payment, but where ever the debt comes from, it’s critical that you do not stay in debt long term. Here are some helpful tips to help you achieve a debt free lifestyle and stay that way.1. Allow a realistic budget and stick to it!!
2. Continue to acknowledge that God is the owner of everything you have. (Psalms 8:6 & Deuteronomy 5:32-33 are Biblical references of this)
3. Start to retire all your debt.Start with the smallest, and as you eliminate them, you “retire” them. DO NOT add on more debt of any kind! (Psalms 37:21 & Proverbs 3:27-28 are Biblical references of this) Budgeting for Christians is done by developing the perfect budget for your needs, writing it down and getting in the habit of sticking to it. Christians must insure that they are leaving room in their budget for tithing. God promises us great rewards if we will tithe to him. As we covered before, God never goes back on His promises. “Honor the Lord from your wealth and from the first of all your produce” (Proverbs 3:9)Remember also that God provides in many ways above and beyond finances. Your health, family, clean water, and many other blessings are available if you will only search for them. Simply being able to practice our religion freely is a gift we should not forget. Put others first, count your blessings and think positively. You are always halfway there!

If you are someone whose career and place of residence changes a lot, then you might want to keep your banking constant. One way to do this is by using offshore banking, which allows you to keep your money in one country, yet have access to it wherever you go. If you want to know more about offshore banking then this guide has some information that might be useful

Why get offshore banking?

Getting offshore banking can be useful if you are travelling around a lot and aren’t really located in one specific place. If you use an account from one country then you will find it harder to get your money out abroad, and might have to pay fees each time you want to carry a transfer or withdrawal. You might not even be able to access your account in some countries. Offshore banking can help you to have access to your accounts like you were in your home country wherever you are in the world.

Tax exemption

Another reason why offshore banking is popular is for tax exemption. If you have a large sum of money that you don’t want to pay tax on, then moving it to an offshore account might be useful. Of course, you need to make sure that you abide by the tax laws of your country, but there are legal ways to save yourself money through offshore banking

Benefits of offshore banking

Apart from the tax benefits, having your money offshore means that you have equal access to all of the world’s markets, and this makes it easier to invest in a diverse range of products and services.

Offshore banking features

You can use offshore banking simply as a savings account, or you can use it as your main means of banking. You can have a current account with a debit card, and even make investments and buy insurance and loans using your offshore bank. Most of the products and services that your standard bank can offer are available offshore, with the added bonus of being available around the world.

Risks

Offshore banking does use the law to its fullest, and so there are a number of risks associated with it. Firstly, if you don’t know what you are getting into then you could end up in legal trouble. Before signing up to offshore banking you need to consult a lawyer. Also, you need to deposit a large amount of money in order to get offshore banking, and that money could be at risk if anything happens in the country you opt for. You know that your money in your own country is insured, but if something happens offshore then you might be in trouble. Offshore banking does have some benefits, but make sure that you know the details of the system before proceeding. If you do this then offshore banking can help you save money and access your finances wherever you are in the world.