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Retiring is a big decision. Everyone worries about what would happen after retirement. It’s a question that has preoccupied each and every one of us since day one, but when you have a solid retirement plan, there is nothing to worry about. Many of us think that calculating an amount for retirement could give us a rough idea of ​​how much we would need to save.

Online pension calculators can be a handy tool for making rough estimates. Unfortunately, this may sound good, but you will likely be over-spending or under-spending the funds calculated by the amount charged. Unexpected expenses such as an increase in the cost of living or medical expenses can upset your financial situation despite the reserved funds.

Still, you could create a checklist of things that can help and breathe a sigh of relief as you prepare for finances for retirement. To prepare a retirement plan, you can consider several for better future planning. Below are some tips and advice that can help you with solid financial planning.

1. Establishing an Emergency Fund: This fund serves as a financial resource to cover unexpected expenses you may encounter, such as medical, personal, or other unplanned expenses. It would also be useful to rely on your savings account in the event of late retirement.

2. Accounting for health insurance options: It is always a good idea to keep track of your medical expenses and how you would cover those expenses. It should be clear that medical emergencies can get very expensive, especially if you want to retire much earlier. Choose health insurance that will help you cover these costs without spending an extra penny in the end.

3. Tax on retirement income: Many retirees forget the various taxes they are likely to incur when calculating their expenses. It is advisable to seek advice from an experienced pension advisor who will help you clarify the possible taxes that you may incur on your pensions or social security.

4. Browse possible retirement options: It is always a good idea to browse several available options before deciding on one. This process allows you to make comparisons and choose the one that suits your needs.

These are some of the tips and advice that would help you create a rational retirement plan. For more information about the pension options that are right for you, contact a professional advisor in your area.

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Source by Dr Nafisa Ashfaq Motiwala

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Cryptocurrencies have been in the news lately because tax authorities believe they can be used to launder money and evade taxes. Even the Supreme Court appointed a special investigative team to investigate illicit money and recommended that it be discouraged to trade in such currencies. While China has reportedly banned some of its largest Bitcoin trading operators, countries like the US and Canada have laws restricting stock trading in cryptocurrencies.

What is cryptocurrency?

Cryptocurrency, as the name suggests, uses encrypted codes to carry out a transaction. These codes are recognized by other computers in the user community. Instead of using paper money, an online ledger is updated with normal bookkeeping entries. This currency is debited from the buyer’s account and credited to the seller’s account.

How are transactions with cryptocurrency carried out?

When a transaction is initiated by a user, their computer sends a public cipher or public key that interacts with the private cipher of the person receiving the currency. If the recipient accepts the transaction, the initiating computer appends a code to a block of several such encrypted codes known to every user on the network. Special users called “miners” can attach the additional code to the publicly shared block by solving a cryptographic puzzle and earning more cryptocurrency in the process. As soon as a miner confirms a transaction, the record in the block can no longer be changed or deleted.

For example, BitCoin can also be used on mobile devices to make purchases. All you have to do is have the recipient scan a QR code from an app on your smartphone or bring them face to face using Near Field Communication (NFC). Note that this is very similar to normal online wallets like PayTM or MobiQuick.

Die-hard users swear by BitCoin for its decentralization, international acceptance, anonymity, durability of transactions and data security. Unlike paper currency, no central bank controls inflationary pressures on the cryptocurrency. Transaction books are stored on a peer-to-peer network. This means that every computer chip and its computing power and copies of databases are stored on every such node in the network. Banks, on the other hand, store transaction data in central repositories that are in the hands of private individuals who are commissioned by the company.

How can cryptocurrency be used for money laundering?

The mere fact that there is no control over cryptocurrency transactions by central banks or tax authorities means that transactions cannot always be assigned to a specific person. This means that we do not know whether the transactor legally acquired the store of value or not. The shop of the transaction is similarly suspect, as no one can say what consideration was paid for the currency received.

What does Indian law say about such virtual currencies?

Virtual currencies, or cryptocurrencies, are commonly viewed as software and are therefore classified as a commodity under the Sale of Goods Act of 1930.

Since it is a good, it would be subject to indirect taxes on its sale or purchase and GST on the services provided by miners.

There is still quite a bit of confusion as to whether cryptocurrencies are considered a currency in India and the RBI, which has clearing and payment systems as well as prepaid trading instruments, has certainly not authorized buying and selling through this medium of exchange.

All cryptocurrencies that a resident of India receives would thus be subject to the Foreign Exchange Management Act of 1999 as goods import into that country.

India has allowed BitCoins to be traded on special exchanges with built-in safeguards for tax evasion or money laundering activities and the enforcement of Know Your Customer norms. These exchanges include Zebpay, Unocoin, and Coinsecure.

Those who invest in BitCoins, for example, must be charged with the dividends received.

Capital gains from the sale of securities with virtual currencies are also taxable as income and the associated online filing of IT returns.

If your investments in this currency are large, it is better to seek advice from a personalized tax service. Online platforms have made the tax compliance process much easier.

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Source by Ranjeet Das

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What is day trading?

Day trading is the buying and selling of a specific financial instrument, mainly a specific stock or currency pair, within the same day. Because of the volatility in the stock market and the forex markets, these are the two most suitable markets for day trading. Forex trading is used to generate profits on a more short-term basis when done successfully.

How forex trading works, according to experts

While the basics of day trading seem simple at first, just buy a stock and sell it the same day when the price goes up. In reality, over 90% of investors who start this type of trading lose money and eventually give up.

Most experts don’t go the long and painful long-term investment route. You have acquired the right knowledge and, through experience, developed tips, methods and techniques to be successful in day trading. In this section we explain the basics of how day trading works from the point of view of the experts. This way, you benefit from valuable material that would have taken you years to create.

The first thing you need to be successful in day trading is to be in control of your emotions. If you invest money you earmarked for important things like your children’s education, forget about it. The more you focus on the money, the greater your chances of making emotional and sudden decisions in this market. Therefore, in order for Forex trading to work for you, you need to think coldly. The first thing experts have is a plan of how many trades they want to make in a given day, how much they can afford, losing and exiting strategies on successful and unsuccessful trades. Because of this, they are called experts, know the variables surrounding their trading sessions, and have a plan of action for every scenario that might come up in the exchange.

Experts know the math of day trading, which is summed up in the fact that you must beat your losses with your profits plus a margin. Put simply, if you invest $ 100 and the stock is down $ 15, it means that a given stock is down 15%. If the stock is now at $ 85, it would have to rise more than 17% to get back to $ 100. This is not a zero sum game. For every loss you have, you must exceed the percentage of your loss to get your money back. You can stay one step ahead of the game by using an appropriate stop / limit ratio on all of your trades.

Day trade experts don’t trade every day. In fact, they are waiting for the occasions when they are more likely to win in the end. Again, this requires emotional control. Indeed, this is their secret. They will only act when they see that their probability of winning is at least 2.5 times higher than their probability of losing.

Benefits of day trading

· You can have money to spend almost every day making profits instead of waiting for years as some trading strategies suggest.

· If you have less than $ 8,350 in profits day trading, you will be taxed at a lower rate than the average income tax rate.

· It allows you to learn how to trade faster as you will be making many trades in any given day as opposed to the usual 1 or more trades per month in long term trading

· It is emotionally uplifting in the short term for successful traders.

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Source by Patrick Sekhoto

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In 2017, Bitcoin saw strong growth and people made a lot of money from it. Bitcoin is still one of the most lucrative markets today. If you are just a beginner, you might want to do your homework before investing money in Bitcoin. Below are 5 expert tips that can help you avoid some common mistakes when trading bitcoins.

1. Learn the basics first

First of all, you may want to learn the basics so that you can get a better idea of ​​how to buy and sell Bitcoin. Also, you might want to read reviews of popular bitcoin exchanges to look for the best platform.

As with other types of financial investments, you may want to look for ways to protect your investment. Make sure your assets are safe from scammers and cyber attacks. After all, security is the most important aspect of any type of investment.

2. Look at the market capitalization

It is not a good idea to make this type of decision based on the price of the coin alone. However, the value of the cryptocurrency is only valid if you take into account the existing offer in circulation.

When looking to buy Bitcoin, don’t focus too much on the currency’s existing value. Instead, consider aggregate market capitalization.

3. Invest in Bitcion instead of mining Bitcoins

The Bitcoin mining industry is growing in popularity at a rapid pace. At first it wasn’t that hard to earn bitcoins by solving the cryptographic puzzles. Later it was only possible to mine Bitcoin in special data centers.

These centers are full of machines designed for Bitcoin mining. If you want to build a mining center at home today, you may have to spend millions. So it is better to invest in bitcoins.

4. Diversify your investments

New Bitcoin investors tend to have a short-lived passion for cryptocurrencies. In fact, Bitcoin allows you to diversify your investment risk. If you invest wisely in cryptocurrency, you can enjoy the same rewards as investing in Forex. All you have to do is put together a solid risk management strategy.

In other words, you might not want to put all of your eggs in the same basket. So you might want to invest in other cryptocurrencies as well.

5. Set clear goals

Since Bitcoin is a new market, you may have a hard time knowing when to start trading Bitcoin. Bitcoin value is volatile, which means you should have clear goals in terms of profit and loss.

You may not want to make the mistake of making investment decisions based on your emotions. Smart movements can help you minimize losses and make good progress.

In short, if you want to invest in Bitcoin, we recommend that you follow the tips in this article. This will help you make smart decisions while being on the safe side at the same time. Just make sure you avoid the most common mistakes when running this business.

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Source by Pracha J

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Fear and uncertainty caused by the coronavirus pandemic have spread around the world. In addition to these problems, the issue of police brutality against black men has once again been brought to the world’s attention. The tragic murder of George Floyd by a Minneapolis police officer and the police killing of other blacks have flooded the news. The demonstrations, peaceful protests, and sometimes riots and violence, have drawn interest from the United States and other parts of the world.

The world is in turmoil and investments may not be on people’s minds. But with the pandemic, many people have suffered financially, so money is a problem. You may be looking for a way to make some much-needed cash.

There are still many gurus out there who want you to trust them by signing up for their stock investing newsletters. They promise high returns and make high demands. Your testimonials sound almost too good to be true. Maybe they are.

The so-called investment gurus are promoting their programs, although the unprecedented times caused by the coronavirus have hit everyone. They say there are exciting investment opportunities in oil, banking, crypto, medical companies and more during these troubled times. They have common names like Jon, Tom, Ken, Alex, Mark, and Jeff, as well as some more unusual names like Jordan, Derek, and Kyle. Who can you trust It’s hard to know

Sometimes they promise a 100% return on your investment or are brave enough to promise 2,000% in a year. They say that your first trade is most likely to get you your return on investment. If they promise great returns, it is best to make sure they have a money back guarantee if they don’t produce as claimed.

If these promises were to be fulfilled, it would be a great opportunity and a blessing. But all too often these are false promises that are not kept. If you can find a program that pays off as stated, consider yourself one of the lucky ones.

It is quite pathetic not to see losing as a gain, but it is with so many investments. We can be lucky just not to lose our shirts even though the gurus told us that with their referrals we would win 100% or more. If you are following the recommendations of the gurus, it is important to reduce your losses before you lose your shirt, so to speak. Of course, the goal is to win.

Fake claims and dead ends can be very stressful. Small setbacks can be overcome without major losses. It is tempting to listen to investment gurus who will follow in their footsteps to make profitable trades. However, many or most of them cannot be trusted. It is best to do your research and learn so that you can be confident in making the best decisions.

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Source by Irene Mori