Bank Advisor

Archive for November 13th, 2009

Predatory lending is a term that is used a lot in the news these days, so we need to know what it means. Legal definitions are scarce, but it is a common term among newscasters. For the most part predatory lending refers to specific practices where a lender convinces to borrow money using unfair and abusive terms. Usually the rates are much higher than other types of loans. Actually these businesses are similar to Shakespeare’s Shylock in that most of these people have little conscience about what they do, they are simply interested in making money in easy ways at the expense, most often, of very poor people or people who don’t understand the terms.

These days poor African Americans who were victimized are being portrayed as the cause of the nation’s loan debacles. On the other hand, there is a lot of blame to spread around. Lots of people got involved in loans beyond their means because their homes were worth so much on paper that they believed there was no end to that growth so bought the most they could get by leveraging the least amount of money. Loan companies saw this opportunity and made money on the greed of others while filling their own greedy pockets.

Predatory practices aren’t just involved in mortgages, however. They spill over into credit cards, payday loans and overdraft loans where the interest rates are particularly high. This means desperate people get into more desperate situations by getting money at usury rates and becoming deeper and deeper in debt. That’s why the blame needs to be pointed in a number of directions, and not just to the poor. The rich wanted to get richer at the poor’s expense, and the rest of us thought that the real estate trend towards up would never go in the opposite direction. The fact is that although predatory lenders target the elderly and the disadvantaged they victimize individuals across all economic and social groups.

Often predatory lending involves the lender securing the loan with collateral such as a house or car or other tangible good. Then when the person can’t pay, the predator ends up with the goods and then profits by selling the property.

Not long ago someone told me of an African American couple who had bought in a well-to-do suburb with no money down. They were unable to pay the mortgage after a time. This was used as an example of how certain groups take advantage of the system by doing something they couldn’t afford. On the other hand across the country in every income group people lived beyond their means with housing and cars. Look in every neighborhood, or even at yourself, and see just that. Then ask yourself if projecting blame to others is a good idea.

There are organizations that have developed to end the practices of predators in the financial markets. The lending industry helped Americans get into trouble, and the President endorsed this by talking about how housing ownership would be made possible for everyone. Folks saw their neighbors getting bigger and bigger homes and cars, and in that common American way decided to try to keep up. The organization of Americans for Fairness in Lending is about trying to end the practice of predator lending. Rather than simply complaining about the markets and blaming our problems on people who are poor or those who didn’t understand, maybe it’s time to look in our own backyards and join groups that will stop the practice of predatory lending and help people towards better ways of handling money than has been done. It might also be good if we focused less on getting bigger and more expensive, which might have been the great lesson of the market crash. There’s always a lesson to be learned in our heartaches. This lesson is likely to watch out how we get lured into doing things that might cause us problems in the wrong run, like using real estate like a gamblers wheel. The practice of allowing predatory lenders in our communities begins and ends with us.

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Many people will readily and admittedly seek the services of legal professionals, medical professionals, tax professionals, even domestic professionals but when it comes to financial planning, they rarely seek the assistance of financial professionals.

Perhaps it’s the result of our grand parents generation and a fundamental lack of trust when it comes to sharing our financial situation with others. But could it be that this is one area where we are simply afraid to admit that we do not hold the answers?

It’s money after all; we should be able to control it, where it’s going, and what it will do when it gets there right? I’m afraid the answer to that would be, “Not exactly.”

Just as the tax codes in this country have become so complicated that you need a magic decoder ring in order to sort through them and actually pay your taxes, so have the rules and regulations when it comes to setting aside funds for the specific purpose of financial retirement planning.

One of the reasons they are so complicated is because that many of the plans have very unique and very specific tax benefits either before or after the money is received. In other words, don’t put away those magic decoder rings too quickly. You may need them in a few years.

The bottom line is that a good financial planner can help you navigate your way through the treacherous territory of taxes in relation to your financial planning and so much more. Most importantly however, a good financial planner can clue you in to opportunities that you may not know about or may not know enough about. It is their business to know about the many opportunities that exist to set aside and make money for you and your family.

A good financial planner can help you plan for so much more than retirement. In fact, a very good financial planner can help you plan for your retirement, the college funds for your children, emergency funds for life’s little mishaps, and a little bit to put towards those special purchases we like to make along the way.

They can do all the things mentioned above by assessing your current situation, your future needs, your current means, and your future goals. They will discuss spending issues that may be problematic, make suggestions, and help you come up with a realistic plan for meeting your goals. Their work doesn’t stop there however. They will monitor your progress and when necessary make adjustments that will help you get back on track with your financial planning.

Many people feel that they are perfectly capable of doing this on their own and the truth of the matter is that some people are. The vast majority of us however, lack the discipline, willpower, and the knowledge of investment strategies to make nearly the return on our investments that a good financial planner will yield.

When planning your financial retirement and the future of your family you should keep the bottom line in mind at all times. If a good financial planner can net you $100,000 or more in retirement funds over time, he’s well worth the price you pay for his service.

Some of the best things about a financial advisor is that you won’t have to pay the sometimes high price that comes with learning from your mistakes. You will have his or her knowledge and experience working for your money rather than your own inexperience risking it.

He or she can also help you with estate planning and tax guidance so that you aren’t left floundering in these matters. He or she can also help you determine your insurance needs in order to protect those you leave behind. There are many ways that a decent financial planner can help you maximize your retirement money the hardest part for you as the consumer is making the call.

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Many people ask themselves the question how to open a bank account in another country, in many cases, Switzerland. Offshore banking services are usually available for citizens around the world, most of the time it means that you will have to go to the bank in person in order to open a bank account. Our service offers to open a Swiss bank account in a major Swiss bank without having to make a trip to Switzerland that would end up costing a lot of money and time. We are specialists in Swiss banking and have opened over a hundred Swiss bank accounts for clients all over the world. And in four years in the business, we can gladly say that our company had never failed to open a Swiss bank account for any client. Find out how to open a Swiss bank account in Switzerland Online!

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What is a numbered Swiss bank account?
There are serveral types of account, such as high yield savings bank account, student bank account, business bank account. All these bank account types could be a numbered swiss bank account. Numbered Swiss bank accounts are not anonymous bank accounts as many people make a mistake. The idea behind numbered Swiss bank accounts is that the client does not have to reveal his name or personal information in order to accept or send payments and for other various of transactions. Nevertheless, the bank will have all the information of the bank account owner like any usual bank account.

Tax Evasion
Tax evasion does not considered a crime in Switzerland, and therefore if you are not paying tax in the country which you residents in, then you didn’t commit any crime from the Swiss government point of view. If the country which you live in finds out that you evaded tax, Then you are vulnerable in your own country, depends on the local rules. BUT, still, you can rest assured that the Swiss bank will not reveal any of your private or financial information as they are not allowed to according to Swiss secrecy rules.

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