Personal Finance

Bitcoin scam does the rounds

It had to happen sooner or later. Internet scammers using bitcoin to scam others. There was two cases reported on the West Coast of the South Island in New Zealand where they were targeted by bitcoin scammers. Both cases were identical where the scammers claimed that they had access to their passwords and webcam evidence that they had been accessing objectionable material online.

In the email, the victims were being black mailed in handing over an undisclosed sum of money. “Other people have reportedly claimed that demands for $1000 NZ of Bitcoins have been made and are to be paid into an account. If the demands are not met then the offender would share the evidence they have with the victim’s contacts.

As with other email scam, the low life’s send out thousands hoping that eventually someone will send them the amount they asked for. It is basically a numbers game.

Police have advised people not to hand over any money, ensure they had all the latest security and anti-viral measures in place and report such threats to the authorities in order that others may become aware of them. They should also regularly change their passwords.

Another piece of advice is to never respond to these people or they will never leave you alone.

Anyone who has been contacted by email with demands outlined here should contact the authorities in your country who deal with this kind of thing.

I have an ebook explaining everything you need to know about getting involved with Bitcoin. You can grab yourself a copy below;

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Kiwisaver for retirees (New Zealand only)

65 is the age of eligibility for New Zealand Super, the name given to the pension paid to New Zealanders. You also are able to access funds in your kiwisaver account at this age provided that you have been in kiwisaver for at least 5 years. For example, if you joined kiwisaver at 61, you will not be able to withdraw money from your kiwisaver account until you are 66. However if you became a member of kiwisaver say two years prior to reaching 65 and during that 2 years transferred money from another retirement fund into your kiwisaver account then the 5 year rule applies from the time you joined the other superannuation scheme. It is unclear whether this applies when you transfer money from an overseas retirement fund into your kiwisaver account.You are able to withdraw the whole lot from your kiwisaver account or just as you need it. If you withdraw the lot then your kiwisaver account will be closed and you will not be able to rejoin. Kiwisaver is such a great savings tool that it is worth keeping it open after your retirement.

If you continue working past 65 and remain in kiwisaver, you will not be eligible for the government tax credits ($520 max per annum) and your employer is not obliged to contribute to your kiwisaver account. You need to talk with your employer about making the employee deductions into your kiwisaver account though. There are three options, 2%, 4%, or 8% of your gross income.

there is a large number of retirees in New Zealand who were not born in New Zealand. many will be eligible for New Zealand Super. It will pay to check the eligibility criteria. there will be a number of retirees who were born in New Zealand but worked overseas for a time and have money in some kind iof superannuation scheme which that country has. It may well pay to have that money transferred to your kiwisaver account prior to retiring because if you receive money weekly from that superannuation fund then WINZ will deduct that amount from the amount you receive as your NZ Super.

This post is not intended as financial advice. It is advisable to contact your financial advisor if you have any questions regarding kiwisaver.

www.robertastewart.com

fixed term investments and finance companies

Written by Robert A. Stewart

Finance companies offer higher interest rates to their lender’s only because they charge higher interest to their borrower’s than the high street banks will do. This is because the customer’s of finance companies are usually those that the banks will not lend to because they are deemed to be at a higher risk of defaulting on their loans. These are the people that borrow for consumable goods that lose value and in almost all cases, the liability (the amount owing) is more than the value of the goods acquired. This is particularly so for motor vehicles and house hold appliances. Some of these companies will lend to property developers and this does not mean that since they finance company has an asset such as property to fall back on if the borrower defaults on the loan because there are cases where the property developer has gone into liquidation bring the finance company down with it.

During the Global Financial Crisis of 2008, many finance companies collapsed losing their investors millions of dollars out of pocket. The sad part is that many retired folk or those approaching retirement age lose their entire life savings after investing everything they had into the one company. These people broke of the most important rules of investing in that the placed all of their financial eggs in the one basket. I don’t know if any of them received financial advice or not but at the end of the day it is the responsibility of each individual to be a steward of their own resources and to educate themselves on financial matters.

So what are the main rules of investing with finance companies?

1.Do your homework first! This involves do an internet research, reading the financial section of the newspapers, and obtain their prospectus by writing, phoning, or emailing them for details.

2.Diversify, that means don’t put all of your money in one basket but spread your investments around several companies.

3.Invest in the larger companies because they will less likely to be affected by one major lender defaulting on their loan

4.Invest in companies that have stood the test of time and have been around the longest because they will have systems in place to deal with economic down turns as a result of being experienced in dealing with recessions.

Investing in finance companies can give you a good return on your money if you play your cards right but they should only feature as a minor part of your financial oportfolio and not all of it as the higher interest, as enticing as they may be, do not always compensate for the level of risk being taken by investors because the finance companies are out to make money, not friends and will pay as little interest as they are able to in order to temp investors but at the same time charge as much interest to their borrower’s in order to make a decent profit.

If you enjoyed this article, why not share it with others. You have permission to reprint and resell this article.

www.robertastewart.com

The advantages of saving

Having savings will make life easier later on down the road. Just think about these benefits of saving money that people who are spendaholics cannot take advantage of.

1.You are able to invest the money and grow your wealth. There are ample opportunities to invest your money and make it grow and if you are able to save your money, you can take advantage of these.

2.When you save up for something instead of using your credit card then yo save on interest repayments. People who buy stuff on credit are paying more than if they have paid in cash. During a person’s lifetime, this interest adds up to a fortune.

3.Having savings behind you gives you more options. If you spend everything you make then when the time comes that you may lose your job, you are inhibited by your lacks of resources. People with savings behind them are able to move to another city in order to find work.

4.When an emergency arises such as dental repairs, car break down, family occasion such as a wedding or funeral, you are in a better position to deal with it if finance is not a problem.

Saving money requires self-discipline and responsibility for your own finances and with a bit of planning and organization you can make life easier for yourself to cope with the financial hits that will occur from time to time.

www.robertastewart.com

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Continue reading “23 SCAM FREE WAYS TO MAKE MONEY ONLINE”

Taking a long term view to your investments

Taking a long term view of your investments means not panicking if the markets are done a bit because if  you hang in there, you are able to take advantage of the swings and roundabouts in the markets. If you were investing directly into the sharemarket and have invested all your money in one stock then you have placed all your eggs in the one basket, and the odds are that you may lose the lot if the company which you have trusted with your savings goes bust.

The beauty of kiwisaver is that all the investments of everyone who is part of of New Zealand’s retirement scheme is  combined and invested in a wide range of companies. This minimizes the risk of losses should there be a market crash but there is nothing one can do about it therefore it is best not to be concerned about something that is out of your hands.

When you are a young 20 or 30 something investor, you have more time to recover from a market crash than someone in their 50s or 60s. Some financial advisors would advise those approaching retirement to take a more conservative approach to investing because taking a financial hit late in life could affect one’s retirement plans.

The markets are driven by fear and greed. When the markets are going down many people sell for fear of losing their money. What these people fail to realize is that the markets can go up as well and very often the sellers are missing out on the gains which would have been available if they just hung in there. If they are so worried about losing their money in the markets then it is not a place that they should be investing there money in.

The astute investor can take advantage of the lull in the market for when the market is down, it is time to buy and let time be your friend.

Having said all of this, you have to have some kind of goal for your savings. Are you saving for a house deposit, retirement, overseas trip, to finance a business? Establish the “Why” and you will end up with some kind of goal for your savings.

This post is the opinion of the writer and is not intended as financial advice. If you are unsure of where to invest your savings, seek independent financial advice.

www.robertastewart.com

I will be off the internet until Tuesday so if you have ordered any ebooks, I will not be able to send them to you until then. Sorry for the delay.

Bob