Steve Sorensen Embezzlement

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 or...

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....

There are plenty of ways to strategize your social media presence. But by being wise about it and using the existing platforms properly, you will reap the many benefits of social media marketing. Hereunder are some tried-and-tested social media approaches you can harness for your business, courtesy of CPA and finance expert Steve Sorensen. Image source: hiveage.com First off, give clear instructions on call-to-action posts. Make sure that you mention the exact action you’d like your audience to take for your posts. The idea is that good content should not just be liked, but shared, retweeted, and commented on. Image source: sproutsocial.com Of course, this entails creating a conversation. Social media sites like Facebook and Twitter allow you to connect one-on-one with your customers. Therefore, make full use of direct messaging, mentions, and comments to spark a dialogue. Focus on what your audience are talking about and what they value the most. Update your pages reg...

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...

Getting the most out of a deal is what everyone wants, but not what everyone gets. There are many ways to get the best deal when buying a car. Whether you’re looking at a brand new car or a used one, being frugal surely has its benefits. Image source: carmudi.com.ph Determine your budget and be strict in implementing it. For sure, you have a preferred model and you’ve already looked up its price. Look for better deals for both brand new and used units. Some models depreciate quickly, thus making for a good buy—so be certain to watch out for those. Steve Sorensen suggests that once you’ve seen the prices, decide if you’re getting a new car or a secondhand model. This will determine the insurance and maintenance costs. Image source: carmudi.com.ph Examine ownership costs of the car of your choice. Many cars may appear to be inexpensive. However, their insurance costs and overall maintenance can be over the top. Expect this from brands who are great with financin...

Image source: inc.com Money, Wall Street, investment, these are words that are usually associated with the stock market. Some people believe that investing in the stock market is the key to attaining financial freedom. It’s a long-term financial plan that can earn big dividends if you are smart enough to know the situation. If you want to invest on the stock market, you will need to learn everything there is to know about it. According to investment expert Steve Sorensen, going into the stock market haphazardly is a surefire way of losing all your earnings. Here are some things you need to know before investing in the stock market. Like most investments, it’s very risky to bank everything you have on one stock. Diversify using multiple options like exchange traded funds or mutual funds. This way, if the stock fails, you will have several other backups and your finances won’t be ruined completely. Image source: fool.com It’s also important not to invest everything...

Image source: moneysense.com.ph First off, we’ve to mention that how you decide on allocating your assets for your portfolio today will be subjected to future economic fluctuations and redefined by possible alterations in your investment objectives. This means you’ve to regularly track your asset allocation and, when needed, spend time rebalancing. Having said that, you need to make your portfolio as financially sound as possible, based on good risk tolerance, asset allocation policy, and design. And knowing your personal investment goal is the key first step. Why are you investing to begin with? Is it to prepare for your kids’ college education? To buy a new car or house? You need to identify exactly which ones top your priority to better handle liquidity needs and time frames. Image source: flexscore.com Speaking of liquidity, which essentially means the speed by which you convert your investments into cash, decide on the portfolio content based on your need. F...