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Top reasons why people get into debt

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Steve Sorensen Embezzlement. Getting into debt seems to be a regular thing for adults. However, it's possible to be debt-free and financially stable. With the right discipline when it comes to saving and spending, a person can be a better steward of their finances. But before coming up with financial goals, it's best to know the top reasons why adults get into debt.

Overspending

Steve Sorensen Embezzlement. This financial habit is common, especially among young adults who are enjoying their hard-earned money from their first job. Sadly, however, this can become a habit. Even with higher salaries and benefits, a person can still overspend especially when they're paying with credit cards. To prevent debt from increasing, one must have a budget and a payment plan that will keep their payables from piling up.

High interest rates from credit card bills

Steve Sorensen Embezzlement. Even when a person pays the minimum of their credit card bills, the interest is still in …

Saving for the future with the present in mind

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When saving for the future, it’s a common idea that the present would look bleak and boring for many people. They may have to skip a few parties, a lot of out of town trips, and would have to be content with home-cooked meals for office lunches. While this may be true, one’s present can still be colorful even when saving for the years to come. Steve Sorensen embezzlement.

Formulating a budget and strictly following it can give one a good financial perspective. When a person lives beyond their means, they are giving themselves a bad financial setup for the future. It’s important to create a significant gap between income and spending. Steer clear from lifestyle inflation. Getting a salary raise is great. However, if there is no need to add items to the budget, don’t. Steve Sorensen embezzlement.

Put the raise directly to the savings account, especially when it’s unexpected. This will ensure a wider gap between income and spending and can help one build a good emergency fund.…

Smart business: Spotting fraudulent practices

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Fraudulent business transactions have always been one of the most common complaints of business owners and consumers alike. Since there are countless ways people can commit fraud, everyone should know how to spot these practices. Below are some red flags that may very well lead to fraud. Steve Sorensen.

Messages with error-filled content: A common characteristic of emails and text messages from scammers is erroneous content in terms of grammar and spelling. Misspelled words, wrong punctuation, and inconsistent capitalization are definite red flags.

Messages with overly dramatic calls to action: Fraudulent messages also contain calls to action that elicit strong emotions. Some messages include phrases such as “Very important” or “Urgent help needed ASAP.” Steve Sorensen.

Employment fees: Most of the time, when a company asks applicants for payment to get a certain job, it should be considered a red flag. Job seekers should do their due diligence and research on where the mon…

Common online business scams

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Popular internet scams -- Steve Sorensen embezzlement

It’s no secret that the internet is riddled with tons of schemes aimed at getting people’s money. Scammers online often masquerade as legitimate businesses, making it hard to discern unless one really studies offers closely. And more and more of them are appearing in our email inboxes and on our social media pages. This blog will look at some of the most prevalent online scams and explain how you can better protect yourself and your business. Steve Sorensen embezzlement.

The Nigerian letters scam

Most people know of this by now, but it continues to be prevalent. A person will receive an email from a certain individual from the African country, explaining a huge inheritance and asking for your money to have it registered. This embezzlement will gradually escalate to various fake needs like a visa application, travel expenses, and so on until the sender finally vanishes with their “investment.” Steve Sorensen embezzlement.

Make money f…

What young business leaders can learn from the biggest M&A busts of all time

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Mergers and acquisitions (M&A) are major processes in business as a whole. As such, many young entrepreneurs and financial consultants may very well do best to read up on these processes since they may be a great source of learning. Steve Sorensen embezzlement.

One of the more interesting topics in M&A comes from the biggest failures of all-time. These busts are so big that the fallouts themselves have an even bigger effect on industries that the M&As.

Take, for instance, the Vodafone and Mannesmann M&A, which was marred by all sorts of problems, from wrong expectations to rushed decisions. With all the hype surrounding this merger, it was easy to predict that a number of steps in the process may have been hastily dealt with. Steve Sorensen Embezzlement

Many financial experts agree that the combined net worth of the merger blinded many of the higher-ups from both companies, giving them the mistaken belief that money ensures a successful merger. It doesn’t, and it didn’t…

Greatest Ponzi schemes that fooled millions

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Ponzi scams Steve Sorensen

Ponzi scams have a lot of mechanics in common, but the most telling sign is the high returns in a small amount of time. Over the decades, there have been thousands of shady deals that have fooled millions of people out of their hard-earned money. Perhaps the promise of easy money was too good to pass. Besides financial literacy, people should really understand how investment works. If not, they could easily fall for a many number of scams circulating in the US. To help understand these scams better, here are some of the minds behind greatest Ponzi schemes ever pulled off. Steve Sorensen.

Scott Rosthstein

Rothstein embezzled over $1.2 billion by attracting thousands of investors. Once a respected lawyer from Florida, Rothstein is currently serving a 50-year sentence for his crimes. His scam lasted for years which enabled him to live an ultra-lavish lifestyle. Steve Sorensen

Allen Stanford

The tale of Allen Stanford is a comical story where an ordinary person prete…

When to seek the aid of a financial counselor?

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Professional advice -- Steve Sorensen

It would be ideal to have a setup in which everyone has their own financial counselor or advisor, checking in every now and then for any big purchasing or investment decision. Yet in a more realistic setting, having a financial advisor can be quite costly, with some charging a fee equal to one’s invested assets because, well, they have a make a living from the expertise they provide.

A careful analysis -- Steve Sorensen

Therefore, a careful and thorough cost/benefit analysis is essential before deciding on hiring a financial counselor, considering the costs and what we expect in return. Keep in mind that there are reasons that should get one going down this road, including a lack of a financial roadmap. A financial advisor can get one back on the right track after they feel that they’ve lost their sense of financial direction.

Third-party help -- Steve Sorensen

Another reason for getting a financial counselor is one’s general disposition. If a perso…