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Cryptocurrency and what lies ahead for banking and finance

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My name is Steve Sorensen, CPA. While being an accountant is my job, my passion lies with helping people with their finances by giving advice and discussing about the latest banking and financial trends. Image source: ethnews.com Today, I want to put the spotlight on one of the most popular (some would say infamous) financial and technological trends in recent times – cryptocurrency. The favored son of blockchain technology, no other technological breakthrough has held as much promise and controversy as cryptocurrency. The main issue for traditionalists is quite obvious – cryptocurrency does away with banks. This brings me to the second Steve Sorensen point – how has cryptocurrency affected global banking as a whole? Theoretically, fractional-reserve banking will shoulder most of the brunt of the changes brought about cryptocurrency. Financial experts foresee a shift to the overall number of credits given, which may threaten the stability of banking as a whole. Howe...
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Saving for the future with the present in mind

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Image source: ybs.co.uk 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 . Image source: money.com Put the raise directly to the savings account, especially when it’s unexpected. This will ensure a wider gap between...
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Swindler’s list: History's biggest swindlers

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The allure of wealth and financial freedom has always been the goal of most people since the dawn of currency. Today, people can accrue money by working, but most people don’t earn enough to get rich, or at least to become rich enough not to worry about their finances. This is why there are swindlers who employ financial scams. People who are always looking for ways to earn money in the easiest and quickest way possible are prime targets for swindlers, and history has several big names to use as examples. Here are some of the biggest swindlers in the country. Steve Sorensen Embezzlement. Charles Ponzi Charles Ponzi is the father of the Ponzi scheme. What started as a legitimate business ended up as the foundation of the pyramid scheme. Basically, he used money from new investors to pay his old investors who end up re-investing on his business. At the height of his career, Ponzi was earning one million dollars per day. Steve Sorensen Embezzlement . Lou Pearlman Lou Pearl...
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