Insurance Auto Auctions – Get Great Deals on Salvaged Cars and Trucks

Insurance auto auctions are a great way to get a great deal on salvaged cars and trucks. In fact, the company Insurance Auto Auctions is one of the most commonly used specialists in this area with auto auction locations throughout the United States. The company has been around since the early 1990s providing a variety of auto auction services for car owners, car buyers, and car sellers. If you are looking for a good way to get a car at a cheaper rate, insurance salvage deals are a great option!

Salvage vehicle auctions involve several elements – including a facilitation between buyer and seller as arranged by the Insurance Auto Auctions company. Although IAA is one of the more well known companies in this part of the automotive industry, many other companies exist with the same auto salvage specialty.

Automotive salvage occurs when an insurer considers a vehicle to be a "total loss" in insurance terminology. Essentially, this means that the vehicle is of no use to the insurance provider and the insurance carrier. When this happens, the salvaged vehicle can be sold or parted out. Many major insurance companies work with Insurance Auto Auctions, Inc. And similar companies. You will not be surprised to learn that Farmer's Insurance, and even GEICO are just some of the names on the IAA list of regular clients.

Percentage salvage auction sales are more common these days as such companies work hard to get a piece of the action! When a salvaged car is sold at rock-bottom prices, the insurance agency provider is very interested in obtaining rights to at least a small percentage of the insurance auto auction. Since this practice has become more common in recent years, more and more insurance agents and their representatives are seeking percentage shares with companies like Insurance Auto Auctions.

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Four Unconventional Ways to Land a $5K Loan With Bad Credit

A lot of folks got lifted high during the early part of the 21st Century. Times were good and promised to be so for a long time. Fearless about future debt, many consumers over-extended themselves. The economy fell flat thanks in part to this vast over-extension and the banking and mortgage industry that fed off of it.

As a result, loans came due with no cash flow to pay them. Foreclosures became normal. Credit card companies felt the pinch as members defaulted. Credit ratings suffered greatly. Presently, those folks have no recourse to any venues that could offer them any financial relief. A minimal $5,000 bad credit loan is unreachable.

People in this situation do have some options that they should consider while they try to rebuild their financial lives as well as their financial credibility. These options are perhaps not those that they would normally consider, but the times are not normal.

One: Familiar Loans

In one way this is the best scenario to get a much needed cash injection. In another, it could be the worst. Embarrassment is probably the biggest bar to approaching friends or family members for cash to get you through tough times. On the other hand, the terms for repayment can be quite flexible and interest rates can be low or nonexistent. Certainly, a loan such as this does not require a credit check. It would be wise and friendly to draw up a contract so each party knows what is expected.

Two: Salary Potentialities

Should a person in need of cash be to uncomfortable approaching family or friends, they might look to the workplace. Some progressive companies have opportunities for employees who have hit on hard times. A credit union may serve the company and it may be very happy to extend a loan at low interest rates and easy payback terms. If there is no credit union, sometimes an employer can be approached for a loan that can be deducted directly from future paychecks. Sometimes this sort of loan is available to promote loyalty and productivity.

Three: Non-Traditional Bad Credit Loans

Should the previous venues turn up dry, unsecured personal loans are available, either locally or via online lenders. Traditional lenders such as banks are not going to be forthcoming with any help for borrowers with poor credit. Online lenders do not consider credit scores and are usually eager to grant unsecured loans in the range of $500 to $10,000. The requirements are few; having steady employment and a bank account are often enough. The application process is easy and you can usually have cash in your account within 24 hours.

Four: Neighborhood Pawnshops

Do not cringe. For centuries shops such as this have been able to offer affordable loans to people in the community who find themselves a little shy of cash from time to time. Your loan will require security in the form of personal property offered as collateral that is equal to the worth of the loan. You will sign a document acknowledging your obligation. If you do not return to redeem the collateral, the shop is allowed to sell it to cover the loan.

No matter what sort of credit history you may have, you should be able to put your hands on some cash using the outlets described above. Just be sure you do not allow yourself to become a victim to any sort of fraud. Just be sure any money you do get is used responsibly and paid back according to the terms of any agreements.

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The Rights That Go With Real Property

The rights that go with real property can be summed up by the term appurtenances. When real property is sold, appurtenant rights are ordinarily sold along with it. They can, however, be sold separately, and may be limited by past transactions. In addition to knowing the boundaries of the land and which items are considered part of the real property (fixtures vs. personal property), homeowners and lenders also need to understand which rights are being transferred along with that parcel of real estate.

Fee simple ownership includes such other appurtenances as access rights, surface rights, subsurface rights, mineral rights, some water rights, and limited air rights. One way to understand the rights that accompany real property is to imagine the property as an inverted pyramid, with its tip at the center of the earth and its base extending out into the sky. An owner has rights to the surface of the land within the property’s boundaries, plus everything under or over the surface within the pyramid. This includes oil and mineral rights below the surface, and certain water and air rights. Air rights are sometime regulated by each state allowing for air traffic and water rights can differ from state to state.

It is possible, though, for the owner to transfer only some of the rights of ownership to another person. For example, a property owner may sell the mineral rights to a piece of property, but keep ownership of the farm. Later, when the land is sold, the mineral rights will most likely stay with the mining company (depending upon the wording of the contract involved) even though the rest of the bundle of rights in the land is transferred to the new owner. The new owner is limited by the past transaction of the previous owner, and may not sell these mineral rights to another party, nor transfer them in a future sale of the land.

A lender must know if the entire bundle of rights is being transferred (fee simple) or if there are restrictions or past transactions that may limit the current transfer of ownership in any way. This is important because it may have a great effect on the value of the real property. Transfer of access rights for a sidewalk to be placed across the front of a subdivision lot generally would not have a significant impact on the value of a piece of land. Transfer of mineral rights to a mining company, as in the previous example, likely would impact the value.

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What Are the Factors to Consider When Buying Life Insurance?

As you are shopping around for insurance quotes and insurance companies, these are a few basic factors you need to consider before you make any decision.

1. HOW MUCH LIFE INSURANCE COVER DO YOU NEED?

Here is a quick guide if you are not doing this with a financial planning professional yet. For ease of calculation and explanation, we are not taking time value of money and inflation into consideration.

Financial Obligations

Take into account any financial obligation that needs to be paid off if premature death or unfortunate event such as total & permanent disability or critical illness should occur. Examples could be business or personal loans or debts to be repaid or mortgage loan repayments.

Financial Support

Is there anybody who is dependent on you for financial support? Maybe aged parents, spouse or children? If there is, you may want to plan for the financial support to continue should any unfortunate event happen. For example, you may be planning to provide for your aged parents or a young kid for the next 20 years with an annual sum of $20,000. You would need a sum assured of $400,000 should that sum of money be needed right now.

Financial Gift

Is there a lump sum of money you would like to provide if an unfortunate event should happen? Is there someone you would like to leave a financial gift for when you are not around anymore? Or maybe a charitable cause you would like to contribute to? If there is, be sure to take this into consideration in your calculation of how much insurance cover to buy.

Replacement of Income

This is the tricky one where you will read of many differing opinions. The reason why this question is not so straightforward to answer is that guesswork of your income growth rate is involved.

There are general (very general) rules of thumb for this though.

You need to know how many years you would like your income to be replaced for. For example, if you would like your income replacement to be for 10 years. You will need a $500,000 sum assured if you are earning $50,000 currently. That will enable you to withdraw $50,000 per year for 10 years.

Alternatively, some may suggest for you to have insurance cover of 20 times your annual income. If you have a cover of 20 times your annual income, an investment return of 5% from your insurance proceeds will be able to replace your current income perpetually.

2. HOW LONG DO YOU NEED THE INSURANCE COVER FOR?

Knowing how long you need the protection of insurance for will play a part in knowing what types of life insurance products may be suitable. Do you need the insurance cover for a specific number of years only such as for a specific loan payment period or do you prefer the insurance protection for the whole of your life?

3. WHAT IS YOUR BUDGET FOR INSURANCE PREMIUMS?

Knowing how much sum assured and how long you need the coverage for is one thing but your ability to pay the insurance premiums also need to be considered. For example, if you require a specific sum assured but your budget is limited, you may need to buy a term life insurance policy to get the required insurance cover even if you may prefer an insurance policy that can accumulate cash values.

4. WHAT TYPES OF INSURANCE POLICIES SHOULD YOU BUY?

There are different life insurance products to suit different financial needs and wants. Find one that is suitable for yours. There are mainly four types of life insurance products.

Term Insurance

For protection needs with no accumulation of cash value

Whole-Life Insurance

Mainly for protection needs with accumulation of cash value

Endowment Insurance

Mainly for savings needs with accumulation of cash value

Investment-Linked Insurance

Accumulation of cash value through investments. Whether it is for protection or investment needs depends on the specific policy.

The pointers listed above is catered to the Singapore market. They are meant for general information and discussion. It is not intended to provide any insurance or financial advice and you should always seek advice from a qualified adviser if in doubt.

Benjamin Ang has a Bachelor of Business Administration and holds the designation of Associate Financial Consultant (AFC) and Associate Estate Planning Practitioner (AEPP). He writes about wealth matters to share financial knowledge with the public and also writes regularly on living and experiencing all the wonderful things that life has to offer.

Find out more about him at http://www.benjamin-ang.com/

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Estate Liquidation – Pros and Cons of Tag Sales and Auctions

Executors faced with liquidating an estate’s personal property will quickly find that it is their most time-consuming administrative task. Executors who don’t perform their duties could be removed from office by the Probate Judge, so it is important that they single-mindedly pursue disposing of the estate’s property so that the bills can be paid and the estate settled.

What you’ll get from this article

Executors have three main liquidation options, and I will discuss the pros and cons of each in this article. Any company chosen to liquidate an estate should be vetted; I will tell you how to do this conscientiously, and I will also propose the best liquidation method. I assume that the twin liquidation goals of the Executor are to achieve the greatest cash benefit to the estate and to leave the house broom-clean so that it can be sold. Of course, there are ways to maximize the cash return for each type of sale, and I’ll tell you what they are.

Investing ten minutes into reading this article could save an Executor many hours of work.

Option 1: Have An Auction On-Site

Benefits of an On-Site Auction:

Auctioneers are very competitive lot. It should be an easy job for an executor to find an auction company willing to take the estate liquidation job, and commissions will be competitive. A strong argument for an on-site estate auction is that when the auction is over, there will be very little clean-up. If you like, the real estate can be auctioned as well, since auctioneers are licensed to auction the real estate and other titled property. In one day, the house, car, boat, RV, and all the household goods could be sold.

Negatives for an On-Site Auction:

Auctions are driven by competitive bidding. Consequently, it is necessary to have a lot of people at your auction. Big crowds require nice weather, plenty of parking, bathrooms, food, and refreshments to keep the people from leaving. Online bidding can be included to boost attendance, but it is the local crowd that builds excitement and drives the prices up. To attract a crowd, the estate must have collectibles and other quality goods. Run-of-the-mill goods that can be purchased at the local thrift store are insufficient to attract a good auction crowd.

Suggestions for an On-Site Auction:

If your estate has many large collectibles, like antique furniture or a piano, an on-site auction may be your best choice. Summer weekends, when the weather is warm and dry, are the best times to hold an on-site estate auction. The auction company you hire should be equipped with sound equipment, canopy tents, display tables, and plenty of help for fast checkout.

Option 2: Auction Gallery Consignment

Pros for Auction Gallery Consignment

If weather is a concern, you may want to consider consigning your items to an Auction Gallery. Consignments at an Auction Gallery are grouped according to the type of item in order to maximize turnout and get the best prices from their collectors. For example, there may be an auction dedicated to art and home decor, or musical instruments, or ceramics.

Cons for Auction Gallery Consignment

There are quite a few reasons for not consigning to an Auction Gallery. For starters, many Auction Galleries will take only the best items from the estate. Ninety percent of an estate is made up of items that are of little interest to the auctioneer, which leaves the Executor to deal with the remaining ninety percent of the estate property. Lastly, when an Auction Gallery spreads the merchandise out over several auctions, it can take months for all the items to sell, delaying the closing of the estate.

Tips for Auction Gallery Consignment

Before you consign to an Auction Gallery, ask the auctioneer how your merchandise will be distributed between auctions; get a guaranteed settlement date. You will also need a plan for disposing of all the remaining estate merchandise.

Option 3: Tag Sale On-Site

Pros for Tag Sale On-Site

Tag sales have several advantages over an on-site auction. For those that are not familiar with tag sales, the sale is held on the premises and in the house. Companies that specialize in tag sales are less common than auction companies. At a tag sale, everything in the house is priced, much like at a yard sale. Shoppers will browse through the house, and choose the items they wish to buy. When buyers arrive at the house, they take a number, and are admitted into the house when their number is called. Tag sales usually start on Friday evening and end Sunday evening, so there is no need to provide food or bathroom facilities. Tag sales can be held rain or shine and in any season

Cons for Tag Sale On-Site

The biggest disadvantage in hiring a tag sale company is that tag sale companies are not held to the same legal standards to which auction companies are held. Auctioneers and Realtors are bound by law to the estate by a fiduciary bond. A fiduciary relationship binds the agent by law to act at all times in the best interest of the estate. Fiduciaries are licensed by the state, must pass tests, be bonded, must hold all funds in an escrow account until distributed, and has to settle the account with the estate within a specific time frame.

Fiduciaries must also keep accurate records and follow certain protocols. Failure of a fiduciary to follow procedures can result in fines or loss of license. Tag sale companies are not held to the same legal standards, although they certainly have a moral obligation to the estate. Tag sale companies can handle the details of the sale and the distribution of the money any way they see fit.

Another problem with tag sales is that typically there is merchandise left over after the sale. Often, there is a LOT of merchandise left over. When a lot of items are left over, the executor then has a clean-out problem, because the house must be left “broom-clean” before a realtor will list the house for sale. Unlike an auction, where prices go up with each bid, tag sale shoppers want to negotiate a lower price for everything, which is not only time consuming but costs the estate money.

Tips for Tag Sale On-Site

When working with a tag sale company, read the contract thoroughly, make sure settlement dealines are included. the operator should have a solid pricing plan, adequate staff, and a solid track record.

What about Internet Sales and Retail consignment?

Internet sales work well for items that can be shipped easily, like small collectibles, books, and artwork. Before you decide to sell these items online, remember that having a nice assortment of collectibles at your auction or tag sale is what will attract the buyers to your event. If you sell all the good collectibles online, you won’t get very good attendance at your sale. Dont even consider a retail consignment; they will take too long to sell your items.

How do I know if I am dealing with a reputable company?

Unfortunately, asking for references doesn’t always work; no one gives a bad reference. The Better Business Bureau lists ratings for some, but not all, companies. With an auction company, most states have an occupational licensing board which can give you the status of an auctioneers license and tell you if they have any complaints on file. Checking up on a tag sale company is a lot harder, because there is no agency keeping track of complaints. One website that is helpful is http://www.ripoffreport.com. When at the site search the name of the company you wish to investigate; also type in the owners name to see what that brings up.

Hire a company with a solid internet presence

These days, it is imperative for a company to have an online network. A company that is well-connected in the online world is likely to be a company that is well-networked in the local area. It’s unlikely that a company with a poor or no website will be able to use the internet to generate sales for your event. Doing a Google search of the company’s name or web address is the best way to to see how well connected they are. Go to Googles search bar (not the address bar at the top of the page, but the search bar in the center of the page) and type in the companys web address starting with www. How many search results are returned that pertain directly to the company you are investigating?. If the company is a national franchise, disregard the results for the general franchise and only count the results where the local company is mentioned. Ranking well with the search engines doesn’t necessarily mean the company will be the best one for your needs, but it is a good indicator of the professionalism of the company. Typically, companies that have lots of returned results do so because other organizations want to associate with experts in their field, so they link to the experts website. A large number of linking companies is like a “vote” for the company being linked to. A company that displays lots of Google results is usually one that is recognized as being expert in their field.

So, what’s the best way to liquidate an estate?

The best type of sale for estate liquidation is to hire a licensed fiduciary to sell the estate property in one day, to the bare walls, any time of year. To achieve this would require an event that is part tag sale and part auction, run by an auctioneer. Since Tag Sale operators are generally not licensed auctioneers and auctioneers usually hate to do tag sales, that’s a tough solution to implement. There are auctioneers that combine these services, however. Finding such a company will give an executor the flexibility of having a sale any time of year, the ability to sell down to the bare walls with nothing left over, and the assurance of dealing with a state licensed and bonded fiduciary.

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A Guide To How To Appeal Your Property Taxes

Fair to say, if you are living anywhere in the country, you are probably paying more property taxes than you should. The National Taxpayers Union, in fact, estimates that approximately 60% of all US properties are currently overassessed.

What makes this particularly shocking is that, since 2003, prices of median homes have declined dramatically. We would therefore expect tax assessments to be adjusted so as to reflect such declines in market values – though this has generally not been the case. Therefore property taxes for many homeowners unfairly continue to increase despite a continued decrease in local home values.

Due to a considerable shortfall in budgets, many municipalities are, in essence, heaping extra taxes on homeowners – many of whom are exercising their constitutional right for an appeal. Though appealing property tax assessments can be difficult and time consuming – and not always successful – being well-prepared for the fight can significantly increase your chances of success.

Assess your assessment

It is important to understand how your property is assessed. Ask a local realtor to help you compare your property with similar properties which sold recently to determine its market value. Multiply that value with the assessment ratio that has been established for your town. If the market value of your property is, say, $100,000 and its assessment ratio is 80%, this means the tax levied on that property is $80,000. Some rural areas and high class neighborhoods use another method of assessment by estimating the house replacement cost by adjusting factors such as the land value.

Property Record Card

Check for errors in your assessment next. To do so, you will need to obtain the worksheet of your property from your local assessor’s office. This work sheet is also known as property record card and contains information of your property such as number of rooms, dimensions, number of bathrooms, and so on. Check whether all the information about your property provided in the worksheet is correct or not. If you discover any incorrect or missing information submit this information immediately to the local assessor along with a blue print of your property. In this way you will could receive an immediate reduction and become exempt from a formal appeal.

Comparable Sales

Compare the assessed value of your property with other similar properties in that area. Look at the property’s worksheet to compare other factors like square footage, age, bedrooms, bathrooms, and so on. In this way you may be in a stronger position to appeal if your property’s assessed value is determined to be higher than at least five other properties. Make a list of comparable properties along with their other details like square footage, construction material grades, same neighborhood, and so on. This list should be produced when demanded by the assessor. The record of your neighborhood’s properties is available at the website of your local assessor.

In case you find only three assessed properties at lower and three at a higher value don’t lose hope because in this case you might be entitled to a reduction representing the difference between comparable properties and your property. Your house may be the only property with lousy grading which prevents you from having a garden or a less than desired view of your city’s water tower.

Fight back

Different localities have different rules and your assessment should be capable of explaining how your appeal works. For this you can provide evidence to the assessor including a list of comparable properties, repair estimates, blueprints, and photographs for review. In this way you can obtain a good settlement in an informal way and the assessor may continue completing his rolls and get a fair reduction for you. On the other hand if some settlement is not agreed upon, continue paying your taxes so as to avoid any future penalties on your property. Don’t worry because if the county is satisfied with your appeal, you will get a reduction or check on all future bills thereafter.

Before submitting your appeal form and other related documents, ensure whether or not they comply with all the requirements stated by the county. Keep one copy of all the documents and information submitted by you for your files In a few months you will probably receive a reply and if you think that the reduction you’ve got is not fair, you can follow the next step. The next step is to submit your case in front of an independent local appealing body. This will be more advantageous because you can personally explain your case. You can use photographs, blueprints, etc to prove that your appeal is correct. Also submit a copy of all the assessed document highlighting important points to every board member.

If your case at local level fails, you can take it to state, and even the judicial, level. Bear in mind, however, that judicial hearing will court fees, lawyer’s fees, and other expenses that could negate any savings you might realize from winning an appeal.

Where to search for the right help

It is better to employ an expert assistance which will not only save time but provide proper guidance also. In this way your appeal will become stronger. One more option is to submit your address and case to an online service company. Such companies – for a moderate fee – will highlight comparable homes in your area along with their assessment information and their sale price. If they consider your case strong enough they will send you a report which you can file with your local appeals board. If the appeals board rejects your appeal your money is then refunded.

Should you decide instead on hiring a professional appraiser, confirm that the board to which you are appealing your case permits such a professional or not. Certified appraisers can be found through the Appraisal Institute or the National Association of Independent Fee Appraisers. Most charge anywhere between $250 and $500. Hire a person who is not only experienced in the field but also is familiar with local neighborhoods in your area.

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10 Reasons Why People Travel

When people decide to leave the comforts of their home and venture to other locations there is usually a reason behind it. Whether the cause to travel was a last minute whimsy or had an actual purpose, it makes one think about all of the reasons why people travel. Reflect on the last time you left your location and ventured to another one. Did it have a purpose behind it? Let’s look and see if your motive to travel matched any of the one’s listed below. These are not listed in any particular order.

1. Romance- There are thousands of people who are involved in long distance relationships. At some point though, they need to see each other. For the sake of love, people will travel for hours to spend as much time as they can with the love of their life.

2. Relaxation- All work and no play is not a good thing. People need to get away from the stress of everyday life, and a nice sunny location with a beach might just be what the doctor ordered.

3. Family/ Friends -Many people have family/friends that are located in different parts of the world. They need to visit with them even if it’s for a short period of time.

4. Religion- There are places in the world that hold religious importance for many people. Religious travel is often related to a purpose such as seeing where the last pope was buried, or traveling to the town where Jesus was born.

5. Death- A relative, friend or acquaintance has passed away and travel is required to attend the funeral which is located out of town.

6. Honeymoon- You’re getting married and are going somewhere special to celebrate. This usually occurs right after the wedding, but there are many occasions where people celebrate a honeymoon years later.

7. Education-You’re getting your education somewhere other than where you live or you are going away on an educational school trip.

8. Celebration- Wedding, Anniversary, Birthday, Birth- There’s always something to celebrate and it doesn’t always happen where you live.

9. Medical/Health- Sometimes the treatment you need isn’t available in the city/town where you live. Often the best medical care is costly and requires travel to receive it.

10. Work- Job requirements might mean a fair bit of travel is involved. Even if the travel is within your own country it still has a purpose attached to it.

Overall, traveling can be a wonderful experience or it can be draining, expensive and just plain torture. Nonetheless if you need to go then embrace it for what it is, and try to make the best of it even if it wasn’t planned.

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Mandatory Provident Fund

Ideally, retirement means a person retire from their regular career; Enter a new life span to review what they have contributed to their profession through their early and middle adulthood. When a person entering retirement, they must enjoy the rest of their life, the fruitful harvest gain from their previous efforts and pursuing a new goal with their spare leisure time.

The beautiful picture of retirement can only be achieved if you are being protected with a good retirement protection, such as provident funds or personal savings. Without these schemes, I am afraid the retirement will only be a start of a nightmare. In fact, before the implementation of the Mandatory Provident Fund scheme, only about one-third of the work of 3.4 million people have some form of retirement protection.

Contribution from the advancement of education level, numerous breakthrough in the medical treatment, modern technology to combat the natural disasters and so on, Hong Kong's population is living much larger than before, but also getting older in a fast tempo. Nowadays, already ten percent of our population is aged 65 and above. By 2016 the proportion will be 13 percent and one senior citizen in every 5 people by 2035.

Without some way is found of funding the welfare and health needs of the growing population of elderly, a massive burden will fall on the shoulders of the taxable working population. Their wages will be heavily taxed to meet the claims. Without sufficient financial resources, the scarce resources will jeopardize the well medical services and welfare we are enjoying now, something must be done to cope with the predicted situation.

The Pathway to Retirement Protection — Mandatory Provident Fund

The World Bank has outlined a framework of the protection for the elderly, so called 'three pillars of old age protection'. This recommended that old-age programs should protect the old and also promote economic growth. The three pillows recommended by the World Bank are
Mandatory, privately managed, fully funded contribution scheme.
Publicly managed, tax-funded social safety net for the old.

Voluntary personal savings and insurance.

The SAR government is operating a Comprehensive Social Security Assistance Scheme, which provides basic social security to the needy, and after much debt it was decided in 1995 that the Mandatory Provident Fund (MPF) Scheme should be introduced, there was a reasonable argument as to the Best system for Hong Kong. With the introduction of MPF, complemented by personal savings, Hong Kong will have in place all the three pillows for old age protection.

Mandatory Provident Fund Scheme Order requires all employees (irrespective of their status as a temporary staff or part time worker) and self-employed persons to join a MPF scheme under which contributions will be saved for retirement. The ideology is to ensure people are adequately provided for upon reaching retirement age.

Employer and employee each pay 5 percent of an employee's monthly salary into a privately run pension plan. The MPF law gives an employee a range of investment choices under an employer's MPF scheme. Generally speaking, without other circumstances, the member can only collect the lump sum of the MPF benefits when they attain the retirement age of 65.

Problematic MPF?

Mandatory Provident Fund scheme which begins in December 2000, this scheme represents a starting point for coercing individuals to plan for their retirement. Beside helping to provide for the retirement needs of millions of people, the MPF is likely to radically reshape savings habits and investment attributions and it will extend the pension umbrella to the remaining two million employed by about 250,000 small and medium sized companies.

Different retirement protection systems have their advantages and disadvantages. After careful consideration, it is generally accepted that MPF best suits Hong Kong 'needs, but as we know, no system is prefect, MPF is no exception, this controversial policy has drawn many criticisms.

Libertarians claim the system run contrary to the Hong Kong spirit, as individuals and firms are coerced into savings decisions that are better placed to make alone.

Other claim Many workers with high mobility are able to avoid taxation by constantly changing employment and a lack of information about them would make it difficult to capture them in the MPF network.

Many more violations and oppositions have also targeted the MPF, in the following paragraphs; I will divide it into different aspects and analyze these practices and oppositions, so that we can get more detailed picture about this far-reaching policy.

Protection for all?

MPF is adding a pillar for our retirement protection; If it is true, it will consolidate the foundation of an enjoyable retiring life and the retired people are no longer worried living under poverty. In fact, will it really protect all future retired people in Hong Kong? It seems to be the most challenging questions and controversial part of the MPF policy. Will the scheme really protect the elderly, unemployed, housewives and so on? I will divide the question into four parts — high income group, low income group, no income group and young, middle and old aged worker to look for the answer for the above questions.

High income people

Before we consider who will benefit the most from the scheme, we should know what you get out of the scheme depends on what you put in. As a result, low-income workers will enjoy less protection than the higher paid worker.

Many high-income people are working large companies and occupying the middle, high or senior position. Since they are specialized in their relevant profession and they possess some kind of expertise knowledge in their working field, their bargaining power in the labor market are relatively higher, so their companies and organization will provide them many welfare and special allowances in order to lure them Staying in the company. Nearly all of them will enjoy a pleasant retirement even without the implementation of the MPF, since many of them have significant amounts of personal saving, high value property or investment and existing pension fund.

Now the MPF has been implemented, both employers and employees will have to pay a minimum contribution of 5% of relevant income, this group of people seems to be much protected and secured from the policy.

Low-income people

As the points illustrated above, low income workers will enjoy less protection than the higher paid because what you get out of the MPF scheme depends on what you put in.

The greatest untruth of the MPF is that a gross 10 percent deduction from salaries, capped at a maximum income of $ 20,000 a month that can make a meaningful dent in funding old age. This mandatory contribution level of the scheme is a good basis to start with, but it is not enough. People will need to pay more to get a better life in retirement. A simple example will illustrate more about the concept, for example, a young man who starts to pay into an MPF ​​plan at 20 years old with an average income of HK $ 15000 per month. Assuming the investment grows with 5 percent inflation, after 45 years of contributions, he would receive just HK $ 771429, that would leave him just HK $ 4300 per month for the 15 years after retirement, if we assuming he die at age 80 (the average life Expectation in Hong Kong).

We should remember most low-income workers are approaching only around $ 10000 or below per month. After many years of contributions, they would receive just around $ 2000-3000 a month. Also due to their income would berely cover their monthly expenses, they are without personal savings, their retirement may not be funded in a pleasant way, the effectiveness of the MPF scheme may not create a beautiful picture for this group of people.

The MPF scheme not only can not provide an effective retirement protection for them, but also create some difficulties and hardships for them. Some unscrupulous employers are avoiding pay extra for the Mandatory Provident Fund scheme by slashing wages and making their staff become self-employed. Many of these problems came from the catering and construction industries.

Since Hong Kong are still recovering from the 1997 Asia financial turmoil, the most hard hit industries (transports, catering, restaurants, construction, manufacturing) are still struggling, most low income workers are working in these sectors (an estimated 500,000 people are working in The construction and catering industries, which account for about 17 percent of the total work in the SAR). Some employers were 'playing tricks' to avoid their financial responsibility because the MPF is an additional cost for these employers. They only cut staff salaries to save costs rather than taking risks to break the law.

Some restaurant owners treated part of their staff wages as special allowances instead of basic salaries in an attempt to lower the employers' contribution. Others effectively cut salaries by imposing an unpaid holiday arrangement on staff. Some construction firms had modified staff into self-employed contractors to avoid liability. The affected construction workers would have no longer enjoy the benefits of MPF or other staff welfare scheme.

Transport employees are also affected by the scheme. A survey conducted by the Container Transportation Employees General Union members found 86 percent had experienced some reduction in pay and benefits by employers using the MPF as the reason. The cutbacks include reducing pay and benefits such as bonuses, travel allowances and telephone payments, signing new contracts that waive past years of services without compensations. They were forced to register as a business so they have self employed status. Since it is very difficult to find a job in the current climate, so they have to accept the new arrangement reluctantly in order to survive.

All those unscrupulous employers are not only exploiting these low-income workers that are also under the effects of the SAR government to build a fund fund system for Hong Kong.

We can see clearly the long-term benefits are far from the low-income workers, but the immediate negative consequences that they should face now, so there is no doubt why the most opposite voice is coming from this sector.

Protection for Young, Middle and Old aged People

The benefits from MPF not only depend on the salary input, but also depends on the choice of funds. The choice of fund may be greatly influenced by the age of employee and what you can collect after retirement. For example, a young worker can afford to invest more in high risk, higher reward funds because if markets tank, they have a long time to recover. By contrast, an employee close to retirement can not afford to risk short-term volatility taking a chunk out of his capital. Young workers seem to be the most benefit from the MPF scheme, compare with the middle or near retiring aged people. The majority of low income earners in their 40s and 50s have no chance of achieving what pension planners call a minimum replacement rate sufficient to fund a pleasant retirement, for example, a man who works for the next 25 years on the median wage of $ 10000 a Month may get only $ 1700 a month upon retirement, based on commonly quoted return rate of two percent, less than social security assistance for a single person.

Finally, as workers can not take any money back before reaching 65, and there are investment risks involved. The private sector rather than the government will manage the funds. The MPF in no way safeguards every citizen's right to the security of basic provisions in life.

No income group

Many people have criticized the MPF scheme which starts in December 2000, neglects the elderly, unemployed and women particularly housewives, since the MPF requires 'employer' and 'employee' to contribute to the scheme, so the well being of the no income people will not Be guaranteed.

MPF scheme as a compromise package that does not serve the well-being of the most vulnerable. There are now 600,000 people over 65 and in 1996, one quarter of people over 60 were living below the poverty line, with a monthly income of under $ 2500.

Women will also remain stuck in a dependent role under the MPF scheme, less than half of the labor forces coerced by the scheme are women because many are either workers workers or housewives. When they get old, they can only expect to relish on their husband, if they have one or obtain comprehensive social security assistance.

At present, Hong Kong is operating a Comprehensive Social Security Assistance Scheme, which offers basic social security to the needy. With the introduction of MPF, complemented by personal savings and CSSA, Hong Kong will indeed have in place all the three pillars for old age protection. In fact, it is far from saying that the scheme provides an effective retirement protection for all and easily believes the problem of elderly poverty will be eradicated.
Burden for investors in Hong Kong?

Hong Kong acts as a financial center in the world and playing a significant role in the Asia. The implementation of MPF will certainly affect the investors, no matter the multi-national investors, big business entrepreneur, small and medium sized enterprises.

Investors of big business

Big companies in order to recruit the talents from the labor markets, many of them have been offering various welfares for their employees, these including a well-sound pension system. Before the implementation of the MPF systems, many big companies have start selecting their company's MPF provider. For example, Swire Pacific said the process of selecting the company's provider began two years old. As one of the Hong Kong's largest companies, Swire are operating companies, such as Cathay Pacific Airways, hotel, trading, marine and properly-development and employing 25000 employees, for this kind of big companies, it is important to have a provider with a Sound administration system to deliver pension services to all their employees, since employees are the largest assets for these big business operators.

Large companies appeared to be concerned about their employees' statements when choosing a provider, it can reflect large companies seem to support MPF scheme and it come along with their existing pension policy, it seems not to create financial burdens for this kind of companies compare with Small and medium sized companies.

Investors of small and medium sized enterprises (SMEs)

Coming at a time when small and medium firms are struggling back into the black after the financial crisis, it is not surprising that the MPF is off to a shaky start. There is no doubt that the MPF presents an extra financial burden for companies that work on narrow profit margins when these kinds of companies were badly hit by the Asia financial turmoil. Small and medium sized businesses (SMEs) have protested vociferously over the MPF's introduction, insisting they can not afford it with the economy still recovering from recession.

Although MPF will extend the pension umbrella to the two million, employed by about 250,000 small and medium sized companies, the financial burden seems to be unbearable for the investors.

For small business investors, they are reluctance to join the scheme is not just about the financial burden. They also resented the time consumed by MPF decision-making and paper work because many of them were far too busy with the day-to-day business of running the firm to take on extra paper work.

How MPF scheme affects the Hong Kong 'economy?

MPF not only will have far reaching effects on the fund-management industry, service providers, but also the general economy. Since MPF is an investment programs, it will increase the pool of institutional funds invested in the SAR, broadening and deepening the financial markets, promoting their efficiency and theby economic growth, it will bring positive charges for financial market.

On the other hand, some people criticize the MPF scheme will eventually upset the flexibility of Hong Kong because workers can not take any money back before reaching 65 and there are investment risks involved. This compulsory saving scheme, unable an employee who leaves a company can get cash in a lump sum or use it to buy property or whatever and invest in other areas.

Conclusion

Although it is far from saying that MPF provides an effective retirement protection for all and older poverty will be eradicated, it really encourages people to save for their old age. No schemes are perfect, the MPF is no exception, but it is the scheme most suitable for Hong Kong 'needs. Since Hong Kong has a well-established and sound financial services sector. A privately managed retirement system under prudential regulation and oversight is the most effective and secure way offer retirement protection to the work. Also under a free competition environment, it tends to increase efficiency and reduce costs of operating the MPF scheme, which will benefit scheme members extremely.

Nowadays, a large part of the social welfare expenses are spending on the Comprehensive Social Security Assistance (CSSA), in the long run, MPF scheme may reduce the financial burden of CSSA, spare welfare expenses can be spent on other social welfare areas, every Citizens will benefit at large.

The scheme may be viewed with some skepticism at the moment, but after people have a chance to see the plan in action, attitudes towards long term saving and retirement should change. Then retirement could be something to look forward to with pleasure, rather than worry. But one thing should be bear in mind, our government should also take care of the most vulnerable people in our society as the paragraphs mentioned above, provide them with appropriate assistance, especially the low income people. Only with that, Hong Kong will be a better, fairer society for everyone to live in.

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The Fireman's Rule – Law Prevents Firefighter From Suing For Injuries Received While Fighting Fire!

When I first heard the term, "The Fireman's Rule," I thought that I had obviously stumbled upon a rule of law that would be of benefit to firefighters through the country. What I learned after a couple of hours of research was that this rule of law was of no benefit to firefighters, but instead served to benefit the property owner / occupant who Negligent acts or omissions may have been the primary cause of injuries to a firefighter while Fighting a fire. In fact, the Fireman's Rule operates to bar a fireman from suing a property owner / occupant when the acts or omissions of the property owner / occupant caused or contributed to injuries the firefighter received while fighting a fire on the concessions of the owner / occupant.

The fireman's rule is a common law, and in some states statutory, based on a judiciously recognized public policy that encourages people to freely call the fire department for help without concern if they will be held liable to the firemen for injuries that are beyond their ability To control. In other words, the courts believe that a person should be able to call for help when their kitchen is on fire without worrying if a fireman will sue them if he is bitten by the family dog. The courts have held that these risks go along with the job.

In order to understand what the fireman's rule is and is not and how it operates, it is necessary to take a brief look at what the courts have been saying when deciding such cases. In one case, Whittenv v. Miami-Dade Water & Sewer Authority (Fla. 1978), the Florida Supreme Court explained the duty owed to a firefighter by the owner / occupant of the concessions which is the subject of the emergency. The Court ruled that a fireman has the legal status of a licensee, and as a licensee the only duty owed to a fireman was a duty not engaged in conduct that is considered to be either wanton (deliberate, without regard) or willful and / or To warn the fireman of any dangerous defect that is not open to the regular observation by a fireman.

As a basis for the fireman's rule, the Florida Supreme Court explained in Kilpatrick v. Sklar (Fla. 1989) that the fireman's rule is based on public policy. It purpose is to permit individuals who require fire department assistance to call for help without stopping to consider whether or not they will be held liable for any injuries to a firefighter which, in most cases, are beyond their control. In the Kilpatrick case the Court observed that firemen (and policemen) usually enter buildings and structures at unforeseeable times and under extreme emergency circumstances where most people do not have the time nor opportunity to prepare the concessions for their visit. And there should not be held responsible for any injuries that occur to the firefighters as a result.

Lastly, in Lanza v. Polanin 581 So.2d 130 (Fla. 1991) (cites other cases used in article) the Court noted that a firefighter who enters a house or dwelling does so without any guarantee that he will not find a bulldog waiting to bite him. These are dangers inherent in the job and caution should be exercised by the fireman since he is a trained professional. Again the Court emphasized that the policy behind the fireman's rule is to encourage people to call the fire department when needed by limiting the circumstances under which a person may be liable to the firefighter for injuries he may receive responding to and while fighting the fire, or Otherwise handling the emergency.

To summarize, the fireman's rule is a rule of law based on public policy which protects the owner / occupier of property from lawsuits by Firefighters for injuries which receive while on the promotions fighting a fire or handling an emergency. In other words, if you the firefighter are injured while fighting a fire, and you can prove that those injuries were caused by the negligent acts or omissions of the property owner / occupant, you will most likely be barred from recovery unless you can show that Such conduct that led to the injuries was willful or wanton or that the owner / occupant failed to warn of a danger known to exist. All of which is near impossible considering the unlimited variables present in a fire or other emergency. The fireman's rule is no friend of the fireman.

Michael Hendrich, JD FirehouseToday.com

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LA Insurance – Franchise Review

Insurance is a must these days. It has become a necessity. People with insurance sleep better because they know that they and their beneficiaries are covered should something happen. Almost everyone in the United States carry insurance which underscores its importance.

L.A. Insurance Agency is one of the most popular insurance companies in the country today. It is also one of the largest independent insurance agencies in Michigan, Colorado, Nevada, California, Georgia, Florida and many more. The company was founded by Anthony Yousif who started out as an insurance agent. The company headquarters in Michigan.

The company has grown so much that today they have more than 150 locations in the United States. Their primary offering is insurance for a variety of vehicles like motorcycles, cars and boats. They offer insurance for bodily injury liability, property damage liability, uninsured and underinsured motorist coverage and physical damage and recently started offering medical insurance to their clients.

The granting of franchises is the focus of the LA Insurance Agency® Franchise LLC. Individuals interested in being a franchisee will undergo an extensive background check. There is an investigative consumer report and an investigation in accordance with the anti-terrorism legislation of the United States. Among the things which will be examined is creditworthiness. Applicants might also be required to take a standardized Math and English exam. After the form has been filled out and submitted, a representative from the company will contact the interested party by phone or by email.

Aside from extensive credit checks, there are also financial requirements which must be complied with before becoming a franchisee of L.A. Insurance. Failure to comply with the minimum financial requirements will result in the rejection of an application.

While they do not publish the totals, there is the startup cost, franchise fee, minimum liquid assets and operational costs. The company takes care of the advertising, however, it is the franchisee’s responsibility to entice customers to but the insurance he or she is selling.

Once the application has been approved, there will be trainings to undergo. Staff and personnel will be taught how to use the software, as well as how to effectively sell insurance to increase customer base. The company is very hands-on with their franchisees.

When looking to start any business it is important, particularly considering today’s market, that you look for specific ways to cut minimize or reduce overhead and risk. Any business is going to have risk, but it is important to have a full understanding of the amount of investment, startup cost and “ROI” (Return on Investment).

Most people are not aware that 80% of ALL franchise endeavors fail in the first two to five years leaving large debts looming for years thereafter.

One way and in my opinion the best way to cut overhead, startup and investment cost is to take advantage of the new age of entrepreneurship and start a business from the comfort of your home. Opportunities have emerged in the online market that are creating millionaires every single day.

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