How Much Should You Have in Your 401k?

February 26, 2020

This term was derived from a tax code section or simply from subsection 401(k). This refers to an investment and saving plan sponsored by employers to their employees. It allows workers to save and invest a portion of their paycheck before their taxes are deducted.

This retirement plan is an easy way to save up for your retirement.

With a 401k plan, you can control how you plan to invest your money. Some of the plans include mutual funds, stocks, and money markets. The most common for this is a combination of stocks and bonds which slowly becomes conservative as you retire.

In general, the amount of money you can put in your 401(k) account should depend on your financial status. Several factors can dictate how much you can save which may include:

1. The amount of money you are willing to set aside from your salary.

Experts recommend 10-15% of your income. But if you are self employed you can contribute 25% of your net earnings.

2. Your age.

If you are younger you can start with small amounts, however, financial experts recommend saving as much as possible since there is an advantage to this when returns are compounded over time.

3. How close you are to your retirement.

Play with this calculator to check how you can make your savings grow for your retirement at your current age.

4. Contribution Limits.

In 2020, an individual can contribute $19,500 from $19,000 in 2019. This limit increases up to $26,000 if you are more than 50 years old. Such limitations are set by the Internal Revenue Service and are subject to changes every year.

You can always change the amount of contribution to your 401(k) depending on the limits and based on your income. It is highly recommended that you should not stop contributing and as much as possible avoid getting withdrawals for loans or luxury needs. Remember, this money will save you in your future.

If you think that you are able to meet your short-term financial goals and you want to plan for the amount of money for your retirement, you can:

Assume that you started working at the age of 22, by the age of 30, you should be expecting a 401(k) fund equal to your annual salary.
For example, if you receive $45,000 for a year you can target a retirement savings of $45,000. If you successfully achieve this, then by the age of 60 you can have a total savings of $600K from an annual return of 8%.

Or simply put, as you grow older and your salary gets higher, save 15% of it and here’s how much you should have in your 401k: 30’s=1x your salary, 40’s=4x your salary, 50’s=7x your salary and 60’s=10x your salary. This is being optimistic that your career growth will make your salary higher thus, you will be on track of your retirement goals.

How about changing careers? Yes, most young workers aged 20 to 30 years change jobs from one to another and it is sometimes difficult to decide on how much you should set aside especially so that your salary may have changed. The best way is to set an absolute 401(k) savings amount. You can always follow the 10-15% contribution plan whether you have a fixed annual salary or not. A good financial plan will surely answer your income needs when you retire.

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How to Make Money from the Tech Industries

February 26, 2020

The tech industry has become a very huge one for obvious reasons. They produce a lot of devices, machines, and applications that help to make our lives easier. Several things that could take weeks to achieve just a few years ago can now be achieved in seconds. If you are looking for opportunities in the tech industry, there are several of them. Here are some of the ways you can make money from the tech industry.

Sales of tech products

One of the ways you can make money from the tech industries is by selling tech products. This is easily one of the easiest ways as there are several tech stores across the world. These people don’t have to bother about all the technicalities of making the tech products. All they have to do is buy from manufacturers and resell to billions of people across the world that regularly buy tech products either as their first, or to replace an older or spoilt one they owned before. You can buy products from best buy and resell or use. You can read more about Best Buy to know more about the company.

Hardware and Software development

If you want to be at the forefront of the tech industry, then you might want to be directly involved in the production process. For this, you might have to go into hardware development, software development or both. However, this would require a lot of training. You would also pick a niche, probably mobile phone, computers or other types of machines that you have learned to develop or that catch your interest. It might be a variation of an existing tech product or perhaps you want to invest in a new tech product. Once you can successfully produce the tech products, you can be sure of buyers from the billions of tech users across the world.

Repairs

Another way you can make money is by repairing tech products. There are many computer engineers and mobile phone repairs who are always very busy helping others repair their computers and phone. Considering that virtually everybody in cities now has mobile phones and computers, once you are good at fixing, there is no way you would not have many people visiting you daily for one fault or the other on their devices.

Youtube reviews

You can also make money from tech products by posting reviews on Youtube. Apart from the fact that you can earn directly from Youtube, you could get affiliated with some tech companies like Best Buy. New devices are released regularly by tech products. People love to keep abreast of the development and subsequently buy those that interest you. They could watch your reviews and then subsequently visit your affiliate link to buy the product and you would earn some money in the process.

Blogging

There are tens of thousands of tech blogs across the world. You could also join the bloggers by blogging about tech products in your way. Similar to Youtube reviews, you can post reviews on your blog. The only difference would be that instead of videos, you post text and pictures to your blog. You could also add your Youtube videos to your blog if you are into vlogging and blogging at the same time. You can subsequently monetize your blog and/or affiliate to tech companies.

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Planning Forex Trades and Executing Strategies

February 25, 2020

There are a lot of players in the world of forex trading where currency is always changing. The greatest advantage of online currency trading in Kenya is you can double up your money instantly. So you need to be prepared so that you can get the most out of the foreign exchange markets.

Starting with a plan and executing your strategies properly can help you reach those goals of making a profit while selling, trading, or exchanging currencies. For those of you ready to get started with forex trading, but are not sure how to organize a plan, then you are in the right place for help.

In this article, we’ve gathered a few helpful tips on how to plan and strategize forex trades.

Knowing the risk level

On trading day, you want to know how much you realistically plan on risking from your portfolio for trade. An average of 1% to 5% is not unusual, and it is a good idea to keep yourself from risking too much. This amount of your portfolio at risk on a trading day gives you the option to get out if you take too many hits and are not experiencing the success you would want. This is a small price to pay, but can save you from making an overzealous error and risking too much capital or cash. Get out when you feel like you are not going to make any gains, so you are ready for the next trading day.

Make detailed records of your trades

The best way to improve is to make a note of what went right, and what went wrong. Having a detailed record helps you understand what risk ratios you have, the gains you made, what amount of your portfolio was at risk, trade efficiency, the systems you used, and other important details of a positive or negative trade. Any information you have gathered will be useful going forward, and can help you develop a plan or strategy that is fluid as you grow in your trading capabilities, or make you a much more efficient trader with your portfolio.

What kind of account do you have?

Making a plan, or adapting your plan, can sometimes depend on the type of account you have. Knowing if you are using managed accounts versus DIY trading is important, because this will affect your profit potential and risks you take on. Managed accounts are a lot less risky because they are being handled by a professional brokerage firm or individual, but they could be doing smaller trades and not risking much, which can hinder any potential big gains. DIY trading is much more risky because you are managing your own portfolio, but with the right amount of research or homework, you can make the most out of your situation and exercise risk/reward ratios that benefit only you.

Gauge the market, and do some research

Before the trading day begins, you want to know what kind of variables are going to play a part in how the market is going to react. Changes in political situations, overseas market changes, vulnerability in futures, and potential market reports. Waiting until a report is released that can alter the outcome of the market is a safe bet, but not just a safe bet, it is a bet made on logic probability outcomes. Probability is a gamble, but it is an educated one that can take into account how this change will impact the market. Good plans are based around what can be determined, and knowing what unexpected changes can throw a wrench in that plan will help you adjust your strategy so that you are ready for anything.

Make profit goals

If you think you can just start trading and start making uninterrupted profit, you will run into problems. Good strategies will make a profit goal, which many people believe should be 3x as much as the risk from the trade. Knowing what kind of risk you can expect, and what the reward is, means you can determine how much of your portfolio you can regularly portion out during trading.

Forex trading can be profitable, but only if you have a plan and know what you are getting into. There are strategies presented here, which should serve as a good way to execute your plan and find success. Trading is not a get rich quick scheme, and great traders with experience use similar techniques before they start taking on risks. Likewise, knowing your risks and how to manage them through educating yourself will only serve you well as you continue to build experience forex trading for yourself.

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Why Project Management Tools Matter in Finance

February 25, 2020

Project and task management software tools are one of the best investments any company, whether rooted in the finance industry or otherwise, can make.

They offer management the opportunity to work in a more methodical and organised way and when it comes to budgeting, allocation of resources and managing financial risk and potential changes, they are invaluable.

Choosing the right project management tools

Real first person communication and professional training are still the most important elements of working effectively in a non-virtual office setting, but a professional piece of task management software designed for project management can be a powerful weapon in your workplace arsenal.

At their most simplest, they will hone your organisational skills and make scheduling tasks easier. On a deeper level, they can assist companies in gaining solid knowledge and experience in understanding how projects develop and work, and most importantly understanding how they can be improved upon when things go wrong.

Finance management tools matter

Every industry has its own specific requirements when it comes to choosing task managing software for these types of jobs. Within the finance sector, some of the more complex projects undertaken by companies might require major investment in this kind of software, but the advantages it will bring are great, for instance:

Making sure a project stays within budget
Making sure the scope of the project is within the correct parameters
All documents relating to the project are safe and managed
All resources for the project are assigned correctly
Monitoring changes
Tracking and making sure priority targets are met

What type of finance project management software do you need?

Choosing software means thinking laterally about the size of the company, the number of people that will need access to it and also what the main goal of using the software is.

Different packages operate in different ways, so some might look at time management or risk management, while others will focus more directly on the way a project is managed.

Other considerations include whether software is to be installed on company servers, or whether it’s cloud based, or purely web based. Often, this simply comes down to a matter of cost. The latter options are more affordable, and installed software may be better for larger companies. The software used should always be tailored to the specific industry and offer strategic solutions to the teams who are using them.

What should project management software provide?

It should mean that all project activities are in one place and that everyone who needs it has access to the data at all times. In finance, this is important for stakeholders who may also want to be engaged for the life of the project.

It should also offer features, such as scheduling, so that tasks can be assigned, meetings can be organised, and deadlines set. There should be a decent time management feature so that people can work hard and easily see what milestones they are achieving. There should be a strong financial planning element as well, so that managers and stakeholders can make decisions easily and quickly, too.

Task management tools matter in finance, so it might be time to investigate whether it is worth investing in them.

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How to Start a Rubber Stamp Business

February 25, 2020

Thinking about starting your own rubber stamp business? If the answer’s yes then this guide will give you all the know-how to be able to start up your new venture. Done right, a rubber stamps UK business would be very profitable and with its low start-up costs, it’s a win-win situation! It’s a business that’s easily set upright in the comfort of your own home. Sell either offline such as markets and craft fairs or set up your own website and sell online. Once you’ve built your business up and you’ve got your name out there you could even think about setting up your own studio to manufacture even more products to keep up with the demand!

You could sell Custom Stamps for many different occasions, they’d be such a cool addition to any office, school classroom or even just at home. Offering customizable stamps would help drum up more business as people love personalization, check out Stamps4u.co.uk as an example. Business logos, addresses, and signatures are some popular ideas. Stamps that say Sale, Save or even On Offer are also popular with businesses to help them promote products and make more sales. So, you see stamps are useful for everyone!

1. Make sure you have a business plan

Remember the old saying “fail to prepare, prepare to fail”? When it comes to new business ideas that saying couldn’t be truer. No matter how big or small your idea, always make sure you draw up a business plan. A business plan is invaluable in the beginning, it allows you to see the whole picture and helps you decide if your business is doable or not. Your plan can be as simple or as detailed as you want, as long as it makes sense to you and it helps you to keep going in the right direction.

Include details of costings and when you’ll make a return on investment. Come up with an accurate estimate as to how many stamps you would need to sell to make a decent profit each week/month. If you want to access outside funding then you almost certainly need a business plan. Lenders want to see that the business they’re investing in is a good, profitable one! A business plan will help them understand and join in with your dreams and ideas. Even if you’re borrowing off friends or family, it’s never a bad idea to get your ideas and plans down on paper.

2. Be patient

Always keep in mind that new businesses take time to get off the ground. Don’t be disheartened if your business doesn’t take off straight away. It’s a good idea to set aside some living expenses until your business makes you a good living. This is where we go back to your business plan, that should tell you how long you’ll have to provide extra income for before your business picks up. One way to make sure your business takes off quickly is to have clear, concise goals and to go after said goals with everything you have. Don’t second guess yourself, grab the bull by the horns!

Take the pressure off yourself by working part-time whilst you set up your business. That way you won’t be stressing about money or how you’re going to put food on the table, you’ll have a regular income but because you’re only working part-time, you’ll still be able to be dedicated to your business. Then when your company takes off, you can say Au Revoir! to that part-time job and enjoy your new business full time!

3. Promote your products

So, you’ve got your business plan, you’ve got your financial situation sorted, how do you go about actually selling? Marketing and promoting your products are not as difficult as you might think. When you’re starting out, flyers and posters are a brilliant idea. Display them in shop windows and notice boards to get people’s interest. Set up stalls at fairs and markets so potential customers can see your products, test them out and see how amazing the quality is! If you have a storefront you could create attractive visual displays to showcase the different designs of your stamps.

When it comes to marketing and advertising your brand, social media is your best friend. Creating a Facebook page will generate lots of interest. Post updates about your products, telling people where they can buy them and maybe special offers to entice new customers. Giveaways are always popular, for example, everyone who “likes” a photo of your product on Facebook or Instagram gets entered into a prize draw to win a rubber stamp. Networking events are always a good idea too. Meeting new business connections will only help your new venture go from strength to strength.

4. Offer excellent customer service

It goes without saying that all businesses should offer exceptional customer service. By offering amazing service, you’ll build up a loyal client base – they’ll keep coming back to your business and may even recommend to friends and family, word of mouth is priceless! Happy customers also help create a positive work environment for everyone. There are numerous ways of going above and beyond for your customers and the most effective ways are usually the simplest. For example, as soon as a customer walks through your door, a smile and a friendly “hello” goes a long way! Knowing your products well and being able to advise your customers accordingly is a sure-fire way of gaining their loyalty.

Whether you have a shopfront business or an ecommerce site, listening to and understanding your customers wants and needs is paramount to making those all-important sales and gaining customers for life. Asking for feedback is an effective but probably unknown technique for keeping your customers happy. If they know that you want feedback, good or bad, it shows you care about your business and how well it’s performing and in turn, it will help you to know what you need to do to make your customers’ shopping experience even better.

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The Lucrative World of Games and Gaming

February 25, 2020

Games have become a very important part of our lives. They help to keep us entertained. And if you happen to be one of the many avid gaming fans, be sure to check out this FPS gaming mouse for an overall enhanced gaming experience. The competition and excitement that comes from playing and watching sports are often very contagious. There are many reasons why people play games, which have made games to become very lucrative. In 2019, the gaming industry generated about $138.7 billion worth of revenue. Here are some of the reasons why games and gaming have become very lucrative.

Based on sports and other events we love

We are all passionate about sports. Many people troop out every week, sometimes twice a week just to watch their favorite team play. Games provide a closer experience than watching games. This is considering that during games, you just watch what goes on without any significant input than cheering your team on. With games, you get directly involved and try to ensure that you guide your favorite team to a victory. There are many other things that we love such as action movies, action movies, and situations that require strategy and logic to escape. Some games exploit each of these things we are passionate about and more. This is why people cannot resist playing a game as they get a lot of fun and excitement from being very close to the things they love and being involved in controlling the events.

Regular new updates

Another reason why people love games and why gaming has become lucrative is because of new updates. Just when you are almost getting tired of regularly playing the old one, a new improved one is announced and subsequently released. You would want to play and experience those improvements. For instance, Sony’s new PS5 is expected to be out around the summer of 2020. The instant it is released, they would probably start to design the PS6. There are also a lot of high-quality video games translation if you want to try something new.

Bonding

Games provide us an activity to do when bonding with our friends. It is not always that we want to talk and it can sometimes get boring. Playing games provide a variety of what we can do when we want to bond with friends or our loved ones. You can play games with your kids and in the process become friends. That could make it easier to parent as friendship will make it easier for them to confide in you.

Bragging rights

Many friends play games because they want to show their friends and others that they are better gamers. Thus, people play games every day just to show others they could beat them and when they do, their opponent schedule rematches to try to come back from the defeat. In other cases, they suggest a different game that they believe they are better at.

Making money

A lot of people have also made money from gaming. Apart from the designers and developers who make millions and billions of dollars from making and selling games, some make money from playing. Some play and post games on Youtube or review games on their blog that has made them good money. Some gamble while playing and have also made a small fortune because they have mastered a game.

Educational tool

There are many games that are also very educational. Thus, they serve as educational tools that can help people learn in a fun way. For the best gaming experience, you can visit here: https://www.fiercepc.co.uk/gaming-pcs. They are able to achieve two things at the same time. They learn and they catch fun. This is as opposed to reading that could easily become boring for many people.

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Steps for Building an Authority Site

February 25, 2020

In an age where everything is done online, a business cannot afford not to have a powerful online presence. People look for everything on the internet now. If a person wants a divorce attorney, chances are they will ask Google, rather than check the Yellow Pages. The same goes for a person who wants to buy just about any product, since everything is sold online now. All products and services are searched for and even bought online, so you need to establish your platform as an authority site. Unfortunately, that is often easier said than done. But if you follow these steps, you can build a website that people would consider an authority in your line of work.

Invest in a High-quality Design

When it comes to websites and how people perceive them, the design is everything, and you have to invest in it accordingly. It has to be as flawless as possible. First impressions can be impossible to change, and you need to make sure your site visitors will get the right one. People often judge a website based on the quality of the design they’re met with. It makes sense, too, if you think about it. If a service provider didn’t put enough care and effort into designing a page that represents them, why should any consumers put their faith in such a brand? So, yes, appearances do matter. From the quality of the images on the website to the themes and colors used, pay attention to every detail.

Optimize for Search Engine

You can have the most beautifully designed website in the world, but if people can’t find it, then what is the point? Search engine optimization is the number one marketing strategy for any business that wants to have a massive reach. One thing you can do is dig through expired domain names to find one that you can purchase and use –– it should have a decent search engine ranking. Starting from scratch can be a bit challenging because building your ranking isn’t really easy. So, finding a domain that is already SEO friendly might save you a lot of time and effort.

The importance of SEO is not just in people finding you. Studies show that most users never go beyond the first page on a search engine. So, they only view the very few results on that page, and you have to be in those. People automatically trust the first few links, and these are the websites they consider to be an authority. If you want to become one of those, you have to invest in SEO.

Pay Attention to User Experience

A website that grants users a poor experience is rarely trusted, and it is anything but an authority. You have to ensure the quality of your user experience is the best it can be. You should also know that this makes a difference in search engine ranking because Google takes into consideration just how satisfied visitors are with your site. So, the loading speed has to be minimal –– users don’t stick around for more than 3 seconds as several studies have shown. The navigation needs to be seamless; no one wants to spend 10 minutes trying to figure out how to reach you. Avoid having spam on your website at all costs, whether that is from you or the advertisers. Nothing annoys people more than spam. Those details might seem minor, but they make all the difference in the world in the user experience on your website, and in turn your search ranking and stature.

Be Transparent

The easiest way for a website to lose all credibility is to lie about anything. Transparency and honesty are the easiest ways to win your audience over. If you lose people’s trust, it becomes impossible to earn it back. So, never promise anything you can’t deliver. Always describe your service or products clearly and in a way that ensures that people won’t have to ask further questions. Make sure your contact information, as well as any credentials related to the industry, are present and easy to find. Perhaps the best way to ensure complete transparency is by adding a review/testimonials section. We all love to check reviews on the services/products we are about to buy before we do it. This will also show prospects that you have nothing to hide, and you do provide an excellent service.

Establishing your platform as an authority website is key to growing your business. You need people to associate your brand name with a certain need, and to check your website first when they want to fulfill that need. If you do that, you can make a lot of money.

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What to Look For in a Car Insurance Policy

February 25, 2020

Car insurance shopping can be a headache, three different insurance companies can be singing three different songs to you about policies. Depending on where you live in Canada there might be different laws that pertain to the kind of insurance you get. If you’re looking at insurance policies in Ontario, there’s some things you should know and look out for.

Insurance You Need To Have

Most provinces require a minimum standard of insurance, and that insurance policy may vary depending where you live. Ontario commercial auto insurance covers up to $200 000 in damages if there is a fatality or injuries as a result of a collision you were involved in. This is also known as third-party liability coverage, you need to be insured to cover the other person. You also need to have insurance that will cover your injuries regardless of who was at fault, this is known as statutory accident benefits coverage. If someone else was at fault the minimum form of insurance you will need is direct compensation and property damage coverage.

There are some scenarios where another driver may perform a hit and run, and their insurance company will never be able to pay out, or they might not have insurance. In order to properly protect you against these instances, the Ontario government requires that you have uninsured automobile insurance. This might sound like quite a lengthy list of initial requirements, but it’s meant to protect you and other drivers from not receiving payouts on damages.

If you currently live in Ontario I’m sure you’ve heard just how high insurance rates have been climbing. Thankfully there are insurance calculators online, and this useful tool can help you find out what you should expect to pay for premiums. Given how expensive insurance has gotten, it’s important you try to find the lowest rate possible to avoid paying ridiculous premiums. If it’s your first time to get a car insurance, here are some tips from Number1Plates.com on how to lower your insurance premium.

Reasonable Discounting

Now that we’ve covered the minimum requirement for insurance policies, here are some discounts you should expect to receive. Many provinces, including Ontario have introduced a law that allows you to claim a lower premium if you have winter tires. Given the condition of Ontario roads in the wintertime, this was introduced as an incentive for people to purchase winter tires and result in lower accident rates. If an insurance company refuses to give you a lower premium when you have winter tires, inform that it’s the law. You can choose to either report them or seek insurance from another business if this is the case.

If you’ve been with an insurance company for a period of time, they should be reducing your rates as long as you’ve been accident free. If you call your insurance company and ask for a reduced premium they may offer you some resistance. The best thing you can do is seek quotes from other insurance companies and if they’re lower give your own insurance company a call and inform them you received a lower quote. The older you get the lower your insurance should become, and if your policy doesn’t support this, switch companies.

Extra Coverage You Want

Most insurance companies will offer additional coverage options on top of base policies. These can include income replacement in case you’re injured and you’re unable to continue working. There are other options that will pay for rehab, which isn’t a covered medical expense by OHIP so this might be something you want to include. Other forms of insurance will cover your funeral costs, which given the rising costs of funerals is ideal. Many insurance policies will include an option that lets you use a roadside assistance program. This is highly recommended as paying for a tow can run a pretty penny.

Keep in mind these extra coverage options can end up raising your premium significantly, so you need to decide if they’re worth it for you in the long run. A method of circumventing premium costs is to increase your deductible amount. Your deductible is the amount you pay your insurance company in order to cover repairs on your car. Although you don’t want to set your deductible so high it becomes unfeasible for you to pay.

The best thing you can do is look up the top insurance companies for customer service, and start by looking for quotes from them. These will be the companies that will be more likely to reward people who are accident free as they age. They’re also less likely to try and pull the wool over your eyes over policy discounts. Extra coverage may raise your premiums, but if you’re providing for a family it might be something you want to look out for. Just be sure you’re setting your deductible at a reasonable amount, and have a premium that’s affordable to you with your policy options.

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What is the Difference Between Divorce Mediation and Divorce Litigation?

February 25, 2020

Most people going through a divorce want it over as soon as possible so that they can move on with their lives.

The problem is that there are many potential pitfalls that can cause delays, expense, and stress.

Even divorces that start out as “uncontested” can turn into hotly disputed cases.

When problems arise, you have choices to make.

Your decisions can greatly affect your finances, your stress levels, and your ability to draw a line under the past and reach an amicable settlement with your spouse.

One of the most important decisions is: divorce mediation or divorce litigation?

The choice is usually yours…but what is the difference and which is best for you? Learn more about this topic from the lawyers at Legal Solutions of New Mexico.

Why do divorce settlements become disputed?

In many cases, two divorcing partners do not see eye to eye when considering how they are going to decouple and move on with their lives in separate directions.

This should not be surprising. After living together for years, the thought of separation is often upsetting.

It can be a huge challenge to manage the emotions and to think straight enough to consider practical aspects of the future, such as:

Who will get custody of the children?
What will the visitation arrangements be for the non-custodial parent?
How much child support should be paid?
How will the marital property be divided?
Who gets the marital home?
Should spousal support be paid?

These issues are all ripe breeding grounds for conflict between a divorcing couple.

Sometimes, they can be decided between the couple. However, in most cases, professional assistance is required.

That is when the lawyers or mediators may be called in.

What is divorce mediation?

Divorce mediation is the process by which a mediator is appointed by a divorcing couple in an attempt to resolve disputes and reach a settlement that can be passed through the courts.

The mediator must be an independent third-party that both spouses agree to appoint in an effort to reach a settlement out of court.

For divorce mediation to work, there must be a commitment from both parties to work towards a resolution and it is the mediator’s role to facilitate this.

The mediator will identify where the points of dispute are (these are usually the types of issues already outlined above) and then try to negotiate a mutually acceptable settlement.

It is important to note that the mediator does not make any decisions. He or she is not required to make a judgment and it is up to the two spouses to decide.

If you are looking for a third-party to actually make a ruling, you need an arbitration process or litigation (discussed below).

All the mediator will do is try to lead the opposing sides to a satisfactory conclusion.

The mediator can be an attorney, retired judge, financial professional, or any other professional trained in mediation skills.

The main benefit of divorce mediation

The main benefit of mediation is that it can keep matters out of court.

A contested divorce can be a messy affair that drags on for many months (even years in some cases) and is generally an expensive, time-consuming, and stressful ordeal for both parties.

Mediation can help you avoid much of that.

When do divorces result in litigation?

When divorcing spouses are unable to resolve their disputes despite their best efforts and the best efforts of mediators (and sometimes even arbitrators) they usually hire lawyers and begin the litigation process.

Each spouse will appoint a lawyer to advocate for them and to look after their best interests during divorce proceedings.

While the legal steps vary from state to state and county to county, the opposing lawyers will generally negotiate to try to resolve the outstanding issues first.

Failure to reach an agreement will leave only one option remaining: to take it through the local family court system.

Once the court date is finalized, the lawyers (with the aid of their clients) will prepare the documentary evidence to present to the judge presiding over the divorce proceedings.

There may be witnesses, financial and medical professionals called, and even children asked to give evidence.

The family court judge will then decide on the key issues, such as child custody, parenting, child support payments, marital asset division, and spousal support.

This all means that you have little control over the process. Other people advocate for you and other people decide on the settlement – and the decision will be a matter of public record.

The main benefit of divorce litigation

Divorce litigation can get you the settlement you want and feel you deserve – even if your ex-spouse and his or her advisors do not agree with it.

The judge in divorce cases is committed to making a fair judgement, especially when it comes to looking after the interests of the children from the marriage.

If it is impossible to achieve that without litigation, it might be your best option.

Should you opt for mediation or litigation?

Mediation and litigation are very different processes and their suitability for your situation will depend on several important factors in your relationship with your spouse.

In most cases, providing there is an element of goodwill remaining and a commitment to “work things out”, mediation is preferable to litigation.

If the possibility of an amicable agreement exists, mediation will mean that you remain in control of decision-making, reduce costs, keep the stress levels manageable, and keep decisions private.

You will also avoid lengthy delays. A mediated divorce can be wrapped up in 2-6 months while a litigated divorce will be more like 18-36 months.

Plus, there is no “winner” and “loser”. This means that you have more chance of remaining on good terms with your ex-spouse and the extended family, which is far better for the children.

If, however, negotiations break down, the other party is unwilling to negotiate or is suspected of hiding assets or domestic abuse, litigation may be the only way.

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Europe Pays the Highest Alcohol Tax Against the Rest of the World

February 24, 2020

Tax is a fact of life. Whether you’re a business accountant who encounters tax through daily use of online accounting software, or a customer making a single purchase in a shop, tax is an integral part of our economy that everyone is aware of.

Alcohol tax is occasionally increased to combat crime and deaths caused by excessive drinking around the world — Australia’s alcohol tax climbed 2.5% already this year and has been doing so every year for the last 35 years. The country also has restrictions on the service of alcohol and any person or company serving alcohol must complete a RSA course, or Responsible Service of Alcohol, to help reduce alcohol related incidents. According to research, alcohol tax cuts in England in 2012 resulted in roughly 2,000 deaths and around 100,000 extra crimes.

Tax can depend on the alcohol content in beer, wine, and spirits. For example, there’ll be a 12 cent increase on beer in South Africa, which will rise to R1.74 excise duty, a 750ml bottle of wine will rise 22 cents to R3.15, and a bottle of whiskey will go up by R4.54 to R65.84.

Countries with the highest alcohol tax

The average tax on alcohol is at 16% — both Zambia and Kenya have the average alcohol tax rate, with relatively low alcohol-related deaths at 2.1% and 2.6%, respectively, suggesting that alcohol tax is effective in these countries for reducing alcohol intake.

Interestingly, the top 16 countries that pay the highest tax are all European countries. Hungary is the highest at 27%, followed closely by Croatia, Denmark, Norway, and Sweden at 25%. But despite the higher alcohol tax rate, Hungary also had the second highest alcohol-related death rate at 6.7%, which in 2014 was reported as twice the global average. Norway’s alcohol mortality rate is 2%, with Sweden at 3.3%, Demark at 4.8%, and Croatia at 5.6%. Considering Andorra’s alcohol tax is one of the lowest at 4.5%, their mortality rate of 3.9% is considerably high when taking other countries into account.

Is higher alcohol tax effective?

Attempting to reduce alcohol consumption with a policy might not be as effective in all countries, with cultural differences playing a major part in drinking alcohol. For example, Hungary has been recognised by the WHO as a country that has adopted drinking alcohol as a large part of their culture, a trend common among Eastern European countries which is less prevalent in Scandinavian countries, reflecting findings of the data above — does this suggest that high tax works as a deterrent only if drinking alcohol isn’t a large part of the country’s culture?

Other countries that matched the average alcohol tax of 16% were Jordan and Mexico. Jordan’s alcohol mortality rate was the lowest at 0.4%, surprisingly followed by Mexico at the highest with 6.8%.

Alcohol tax and alcohol-related mortalities

Alcohol has been reported as being at the centre of daily and ritual life in numerous Mexican communities while simultaneously being a damaging factor both physically and socioeconomically. With a similar tax rate to Mexico of 15%, South Africa’s rate of alcohol-related deaths stands at 6.4%, one of the highest out of the countries selected for discussion. South Africa has some of the heaviest drinkers in the world — 61% of the population abstain from drinking, with around 31% drinking so heavily that it contributes to many societal and health problems. This suggests that perhaps alcohol tax isn’t effective in controlling alcohol death rates when drinking is so prevalent.

Similarly, Jordan had the same tax rate as Mexico, however their alcohol death rate stood at 0.4%. As 90% of the Jordanian population are Muslim, there’re stricter laws for drinking and being drunk in public. It would seem that religious belief can play a key part in societal expectations and regulations.

According to WHO, higher-income countries are more likely to introduce alcohol interventions — nearly all countries (95%) have implemented alcohol taxes, however less than half of these countries are also using further price strategies to reduce alcohol consumption by banning below-cost selling and bulk discounts. Many have television bans, but this is less common for digital marketing and social media.

Based on research, it would appear that increasing alcohol tax to reduce drinking largely depends on the extent to which drinking is a part of culture, as well as further government interventions and price strategies. Countries such as Hungary, Mexico, and South Africa where drinking is a popular activity will have less effective alcohol taxes in comparison to countries like Norway, Sweden, and Jordan where it isn’t indulged in as often.