I’d like my software to be able to pull bank account transaction information (obviously securely) into a budgeting database. Its possible that customers will come from many different banks. What is the best way to go about doing this?

Web Services. You must make some arrangements with the banking company for details on their exposed web services to get the bank transactions of specific users.

Once you get the specific web services, you can just call these on your application.

Our company is expert in providing solutions for a particular domain. You are appointed as a project manager for a new project. You have to do Risk management. What will be your approach?

It’s important to understand that risk management is an integral part of project management. The basic approach is:
1. Identify Risk
2. Priortizie Risk
3. Handle Risk
4. Monitor Risk

It’s always good to have a database to help you do these steps. In a little more detail, I’ll explain the steps. Just want to point out that this is large topic so I’m just pointing out a very basic approach.

1. It depends on the level on which you are identifying risks but mainly, you are looking for things that affect cost, schedule, or quality. Again, that is very basic.

2. To prioritize, you would then rate the risk using the tried and true Risk Matrix which compares the likelihood of an event happening to the impact it would have if it happened. (Probability vs Consequence). Using the rating, you would then know which Risks were high, medium, and low.

3. After you have your Risks in order of priority, you then determine how you will handle them. The basic methods for handling are transfer, accept, avoid, and mitigate.

Here is an example explaining each. A requirement from your customer in your project requires an item to be shipped through a dangerous area. The risk is the item gets stolen. You can transfer the risk to someone else by hiring a company to do it for you. You can accept the risk by saying it might happen but the risk is low enough we aren’t going to do anything and just ship it. You can avoid the risk by removing the requirement from the project. And you can mitigate the risk by shipping it with a convoy of armed guards.

4. Then after you execute your handling strategies, you have to monitor those risks to see if they become problems or the risk rating changes.

It’s important to point out that risks are NOT problems or issues. They are potential problems. Once the probability of it happening becomes 100% or the event already occurs, it is no longer a risk and it is now a problem. Some people confuse risk and problems and track them together.

Managerial Accounting SFCC Fall 2007 Chapter 7 Videos

Duration : 0:6:23

Hi, I am writing an article on budgeting. I am looking for unique budgeting ideas. For example, I talked to a lady today that only uses cash and she organizes her cash in one of those coupon organizers. For example, she puts money for food under one tab, car insurance under another, etc. Let me know if you have a helpful budgeting tip. Ideally, be sure you allow email in your preferences. If I decide to use your technique, I may need to contact you for more information. Thanks.

Ok the way my husband and my self do it is simple. We have a total of two different banks we use. At each bank we have 1 checking and 1 savings. One checking account is strictly bills. The other checking account is for groceries, gas, and play money- what ever is left over we divide into the two savings accounts.

1. First I make a list of all our monthly bills–rent electric, gas, car pay, etc. say 1000. Since my husband gets paid twice a month. We divide this number by 2 and get 500.

2. Now each time he gets paid we put 500 into our "Bills " checking account. That way by the end of the month we have all our bill money–and dont have to stretch for a few weeks like we did before.

3. The rest like I said goes into our other account that we use for gas, groceries, fun or whatever.

4. That way we know each paycheck that 500 is for bills and we get it out of the account that we are spending out of.

5. This works out nicely because we know we will never be broke one week because of paying bigger payments like the rent. And that we will have plently of money till next payday.

6. Also, at the end of the 2 weeks right before my husband gets paid again. We take whatever is remaining from the play account and divide it into our savings accounts.

7. This helps us stay on track since Im in school right now–even though some weeks its only 20 bucks into savings its a nice tool using separate accounts because I have found since we pay more attention to our money because of the two accounts and actually spend less on useless junk.

Hope this helped.!

email at cole060783@yahoo.com

In the world of financial management there are several phases. This article examines the part called wealth accumulation. The phase of wealth accumulation is the part that if it is not accomplished will mean that there is no retirement. Additional resources are contained at the end of this article.

Free Retirement Plan Wealth Accumulation

This is the phase that everyone wants to talk about but few do anything about. The news and popular media talk about wealth and the trappings that go along with it. Popular culture, movies and entertainment tout the benefits of large houses, cars and expensive toys. Rarely do they talk about true wealth and how to accumulate it.

Getting Started .

Let’s get to the nitty gritty of it all. There are a few steps that you need to take before you even get started:

1. Write down every dollar that you spend over the next month. Examine why you have each expenditure, and is it necessary? Could you do without it?
2. Examine your debt. What can be reduced? Put your debt in two lists. Sort one list by size and the other by interest rate. Payoff the small debts first. Create some small successes. As you pay some smaller debts off, look to also eliminate some of the higher interest loans.
3. Make sure and pay your biggest fan first, YOU!! You should save at least 10% of your salary with the goal of taking that to 20%
4. Set a goal of giving 10% of your earning to the charity of your choice. For many that may mean donating your time in the beginning. Use your earnings per hour in your career as a guide.
5. Take advantage of all three of the savings buckets available: Tax deductible savings – Employer sponsored plans. Tax deferred savings – Life insurance, ROTH IRA’s. Taxable savings – These are plans like passbook savings accounts, CD’s and money market accounts. Used for emergency savings.

This is the most important phase that most overlook. You will want to have a liquid account with a value that equals 6 months of your necessary expenses. This is in the event of a job loss, illness, natural disaster etc. so that you household could maintain itself for that period.

The other goals that you will want to accomplish, is to have paid off all your debts that are attached to major purchases over the period of 18 to 36 months. The only debt that should remain is for housing. The goal would be to have housing debt paid off within 48 to 60 months. You would then want to stretch the life of these purchases to 10 to 15 years.

Once you have accomplished all of the goals, except housing, you can move that cash flow towards retirement savings with a vengeance. When housing is paid off, then that should represent a quantum leap in your retirement savings. A key element is to avoid the temptation of “keeping up with the Joneses”. This can mean doing things a little different than others. An example would be cooking your own meals rather than eating in restaurants the majority of the time. Take the difference and apply it to your retirement plan, saving or debt reduction. Spending money on self-improvement is more productive than spending money on entertainment. Each expenditure should be examined and the decision made it this more important than meeting our risk based or retirement needs.

These are decisions that should be continually reviewed. As income increases and / or debt and expenses are decreased you must reallocate your net income.

What is my chosen career?

When making a career choice, keep in mind this is what you are going to do for the next 35 to 40 years of your life. It is important that you make a choice that you will be able to stay with and not lose your sanity. There are many assessments that will help you best determine a career that suits who you are. It is better to chose something that works toward your natural strengths.

Trial and error may come into play. You may have to try a number of jobs before you find the career that will be the right one for you. Career selection is a highly personal choice. For some being able to work outdoors and not be confined to an office is desirable. These jobs become less desirable as a person ages. Usually these careers pay more in the early years, relative to office jobs. This career path requires a level of physical fitness and somewhat less mental fitness. Over time the physical activity becomes harder to maintain and even harder to increase. On the other hand, an office career usually starts out relatively lower in pay. However, over time it becomes easier to increase one’s mental capacity instead of rather than physical ability. This however also comes with a price. A sedentary life style has negative effects on one’s physical health. It may be desirable to schedule exercise as a part of your off time.

Post high school education will not guarantee you a higher salary, but it will help. Either trade or vocational schools or colleges and universities will improve your opportunity to earn more over time. Both of these will require a financial commitment. For an initial period even after your education is complete you may not make as much as those with less education or training. This will be offset over time. The important thing is to get education in an area that you feel you will be able to work in throughout your working career. The next thing to remember is to be prepared to change directions later in life.

Post retirement

Technology will change things as you age. Things that were necessary to society and highly valued may become worthless as you grow older. Buggy manufacturers in the 1800’s were prized but today are very valued. Typewriters in the 1960’s and 1970’s were an important part of business, but today you can’t give them away. Continued study and willingness to adapt will serve you well throughout your career. As science continues to increase our productive lifespan, this may even become necessary.

In the early 20th century, the life expectancy for the entire world was 30 to 40 years. In 2008, the average life expectancy of the world is 66.12 years of age. The United States has a much higher average. The current average life expectancy for the United States is 78.06 years. This means since 1900 life expectancy has increased by 66%. In 1900 you were even expected to live to the current retirement age of 65. Many insurance companies are basing their insurance policies on an age of 120. If this were to happen, it would mean that savings of 35 to 40 years would have to support a life style that would last for 55 years past retirement. You will either have to choose a longer working career, a part-time career, a higher savings rate, or a lower standard of living after retirement or some combination.

Another factor to consider is inflation. Let’s assume you have a retirement income need of $5,000 per month. If we use an age of 65 and assume a life expectancy of 90 having an inflation rate of only 3% will increase that income need to $10,468 per month.

Health insurance is another often overlooked factor. Health insurance costs are rising faster than inflation. This means either you will have to make health insurance a part of your retirement package from your employer, plan for rising costs that will outpace your investment earnings or continue to work for insurance benefits. This along with the cost of home health care in the event of a chronic illness or injury could wipe out your entire retirement nest egg

Summary of How to Achieve Retirement Success

In summary, there are several things to take into account when preparing for retirement.

1. Take advantage of your most valuable asset, TIME! The earlier you get started the sooner compounding can help you.
2. Starting with a relatively more aggressive allocation in younger years and then gradually becoming more conservative as you get closer to retirement is an advisable strategy.
3. Eliminate debt as early as possible.
4. Create a systematic strategy towards eliminating debt and savings.
5. Pay yourself first.
6. Educate yourself.
7. Be flexible
8. Make decisions based a long term strategy.
9. Consistent returns are better than extreme highs and lows

You should always seek the advice of a financial professional prior to making changes in your financial plan. The examples contained in the above article may or may not match your personal situation.

Disclosure

Resources:

EHow

Investopedia

Interested in using an Envelope System for managing your cash? Check out this step by step tutorial.

Duration : 0:3:52

Real estate flipping is a term used by most people these days, the meaning of which is re selling real estate for a profit. Most participants in the real estate market confirm the transaction before re selling their property for a profit. The insinuation is that they use their own funds to secure an investment. This is characteristic real estate investment. But the true art of flipping lies in re selling an interest before closing the deal. One buyer of a contract of sales or purchase will find another buyer for the same interest ready to buy before the first buyer completes the deal. This implies that the first buyer is only putting the deposit out of his own resources. This is characteristic real estate speculation

More often than not, real estate flipping can be the cause for many problems even though it is not an illegal practice. Most real estate boards and organizations do not encourage the practice of real estate flipping. Market value can be defined as the price that a property is expected to obtain after considerable time and exposure to the various market conditions. If someone with extraordinary skills and talents, like a realtor is involved, flipping would then envelop an element of misrepresentation. However, if no professionals are involved, courts have ruled that misrepresentation will still be punishable by law. Such misrepresentations can also be categorized as deceptive. Apart from the legal and moral issues, flipping contributes to the approximate inflationary damages that prove them to be unfavorable for the whole economy. This is more pronounced when they involve large items like capital assets. When it comes to real estate investing, the small matter of re selling property for profit is considered to be a common part of the business.

In a market economy, the main responsibility of the speculators is to soak up all the risk and to contribute a minimal amount of flow of money or liquidity to that market place. Often times, speculators reduce the liquidity in a market by increasing the prices. The effect of price increase is to reduce the number of buyers therefore affecting demand and lowering prices even further. On the other hand, investors play a completely different role in the market. A person that purchases a property renovates it and then re sells it for a profit is known as an investor and not a speculator. This will also be the case for a person who buys property under foreclosure.

When it comes to the subject of investment, risk management is also very clear. Investment is directly proportional to the basic relation between personal incomes. This can also be influenced by the nature of the property bought or sold and the rates of interest. An increase in the value of personal income will lead to an increase in investments and this in turn will lead to the subsequent expansion of prices and economy. On the contrary, high rates of interest will lower investment by increasing the cost of financing. The end result will be a lower demand graph thus hampering the progress of prices and the economy. Even if the investor decides to use his own exclusive resources, there will still be a measure of risk. If the main purpose is to make easy money through flipping and speculation, the risks involved will be considerably higher.

Kris Koonar
http://www.articlesbase.com/investing-articles/speculation-vs-real-estate-investment-60625.html

Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part seven of his course on Understanding Cost Accounting. Boyd points out that students can have success with Cost Accounting concepts by making connections to actual examples from business. As a former CPA, College Accounting professor and Auditor, Ken has a wealth of experience to bring to the subject.

Duration : 0:6:6

Post your response to the following questions: How are budgeting systems used to weigh the efficiency and effectiveness of a health and human service agency? Why is this important

You figure out the efficiency by looking at a program’s total budget and then dividing it by the number of people who will participate in the program. (Unit cost).
The effectiveness is determined by designing program outcomes. Initially you measure your outcomes against other similar programs, then you develop a baseline and begin to measure against yourself. For example, if your program provides tutoring, you would want to measure how many students achieved a passing grade, how many were promoted, how many had completed homework, etc. You convert this to a % and try to achieve at least a 50% success rate. The next year try for 60% and so on. Then determine what the program costs per student and try to lower your unit cost each year.

http://www.MarottaOnMoney.com/V060
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An overwhelming number of failed marriages cite financial troubles as a major factor in their breakup. This is no surprise because the way we use our time and money reflects our values. Without a strong set of shared values, marriages drift apart. But, dealing with finances together can bring a couple closer. Here are seven principles of how you can build wealth and your marriage. Financial planning and wealth management.

Duration : 0:5:22