5 Deadly Financial Mistakes You Should Avoid Now To Keep Out Of Debt Later!

Every year more families are going to the brink of financial ruin because they never properly considered their financial future. For some, it's just to stressful or emotionally uncomfortable to think about and important financial decisions get put off indefinitely. For many, they do not know and were never taught some basic financial planning tips to keep them out of debt in the future. Here are five financial mistakes you should avoid now to keep your financial future bright:

5 Financial Mistakes To Avoid:

1. Buying on credit: Today's interest rates are fairly low, but this does not mean you should buy excessively on credit! Carrying a large balance on credit cards month to month is a recipe for disaster. Finance charges alone can slowly eat you up. Buying a car on credit ties up even more of your future earnings for debt repayment.

Just a few decades ago buying so much on credit was unheard of. Children were taught early on what a huge mistake this was. We all need to relearn this lesson and eliminate buying on credit to keep ourselves out of debt

2. Making financial decision based on emotion: When you are going through great stress or emotional turmoil you are most vulnerable to making disastrous financial financial decisions. It is when you are feeling some king of pressure that you are most likely to make silly decisions that get you into trouble later. Do not make a big money decision when you are emotionally vulnerable.

3. Not adequately insuring against catastrophic risk: Every year families are financially devastated because they are not protected against disaster. Loss of home and assets to fire and flood are very common events that a surprising number of people do not protect against with insurance. You should also protect against disaster common to your area. Earthquakes and tornadoes for example. Just as important is some kind of life insurance to protect your loved ones in case of death.

4. Falling for the slick salesmen pitch: They say a sucker is born every minute. And you can be sure there is a slick salesmen waiting to take advantage of every one of them! You should never enter into any financial decision based on salesmen pressure tactics or one-time offers. Great deals that can not wait for you to think on it or obtain a second opinion are often financial disasters waiting to happen.

5. Not planning out your financial future: For many people it is so much easier to put off the tough financial planning right now and get to it someday in the future. Well we know how that story goes. Years into the future many families are neck deep in debt with no relief in sight. And it could of all been avoided with some sensible planning. Talk to a financial planner today so you can be debt free tomorrow!

There you have it. Five important financial mistakes to avoid so you can be both debt and worry free in your future. No matter where you are at right now financially, it's not to late to get started. Make an appointment with a financial planner today and get your financial future properly planned out. It's one of the most important things you can do for your family and for yourself.

Financial Reporting & Auditing in Singapore

The Accounting Profession of Singapore

The Institute of Certified Public Accountants of Singapore (ICPAS) is the national body representing the accounting profession in Singapore. It maintains a register of qualified accountants comprising mainly local graduates. Membership is open to members of the Institutes of Chartered Accountants of England and Wales, Australia, Scotland, Ireland and a number of other accounting bodies. Generally, prior to being admitted as a full member, they must attend a week-long pre-admission course. Members are designated as certified public accountants (CPA).

The Public Accountants Board, whose council members are appointed by the Ministry of Finance, licenses and registers accountants who wish to practise. It also handles practice monitoring, disciplinary matters and regulations on professional conduct.

Accounting Records in Singapore

All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company.

The books may be kept either at the company’s registered office or at another place the directors think fit. If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position.

Sources of Accounting Principles

Financial Periods Commencing before 1 January 2003 The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. These standards are essentially International Accounting Standards (IAS) modified for certain transitional provisions. They provide guidelines on the accounting measurements and disclosure requirements. Businesses may depart from such standards if the standards conflict with disclosure exemptions granted by law. Otherwise, ICPAS may take disciplinary action against any of its members who are in violation of the standards.

Rules on accounting measurements are generally established by SAS and INT. Disclosure requirements are governed by SAS, INT and the Companies Act.

ICPAS is a member of the International Accounting Standards Committee (IASC). Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards.

Financial Periods Commencing on or after 1 January 2003 With the implementation of section 37 of the Companies (Amendment) Act 2002, SAS issued by ICPAS will not be used with effect from annual financial periods commencing on or after 1 January 2003. Instead, Singapore Financial Reporting Standards (FRS), issued by the new accounting standards-setting body, the Council on Corporate Disclosure and Governance (CCDG), are now effective. FRS are essentially adopted from International Financial Reporting Standards (IFRS). The previous SAS were adopted from the same set of IFRS (formerly referred to as IAS) but with modification to certain transitional provisions. Consequently, there are differences between FRS and SAS.

Interpretations of Standards are authoritative guidance on the application of the relevant standards. CCDG adopted all international interpretations as Interpretations of FRS (INT FRS) with effect from financial periods beginning on or after 1 January 2003.

Compliance with FRS is a statutory requirement whereby any non-compliance amounts to a breach of the Companies Act by the directors.

Financial Reporting in Singapore

The Companies Act requires that an audited set of financial statements, made up to not more than six months before every Annual General Meeting, is to be presented to the shareholders at the meeting. Generally if a company incorporated in Singapore has one or more subsidiaries, it must prepare consolidated financial statements unless it meets certain criteria as provided for in FRS 27 Consolidated and Separate Financial Statements. Currently, financial statements under the Companies Act consist of the balance sheet, income statement together with explanatory notes. With the Companies (Accounting Standards) Regulations 2002 coming into operation for financial periods on or after 1 January 2003, a complete set of financial statements will comprise the balance sheet, income statement, statement of changes in equity, cash flow statement and explanatory notes.

The financial statements must be accompanied by the directors’ and auditors’ reports and by a statement from the directors declaring that the financial statements show a true and fair view and that it is reasonable to believe that the company can reasonably pay its debts as they become due.

Companies which meet specific provisions in the Companies Act may be exempt from having their accounts audited but nevertheless must prepare financial statements that comply with the Companies Act.

Annual Requirements for Companies in Singapore

The Companies Act requires every company, except for those exempted in accordance with the provisions in the Act, to appoint one or more auditors qualified for appointment under the Accountants Act to report on the company’s financial statements. The auditors are to ascertain whether proper books of accounts have been kept and whether the financial statements agree with the company’s records. They will then report on the trueness and fairness of the financial statements to the shareholders at the Annual General Meeting.

Audit Exemption Starting with the financial year beginning on or after 15 May 2003, the following companies are no longer required to have their accounts audited. However, they are still required to prepare accounts (and consolidated accounts where applicable) that comply with FRS.

o Small exempt private companies An exempt private company with revenue in a financial year below S$5m is exempted from appointing auditors and from audit requirements. Revenue is defined according to the statutory accounting standards, i.e. the FRS.

o Dormant companies A dormant company is exempted from appointing auditors and from the audit requirements if it has been dormant either (a) from the time of its formation or (b) since the end of the previous financial year. A company is considered dormant during a period in which no accounting transaction occurs, and the company ceases to be dormant on the occurrence of such a transaction. For this purpose, transactions arising from the following are disregarded:

  • Taking of shares in the company by a subscriber to the memorandum
  • Appointment of company secretary
  • Appointment of auditor
  • Maintenance of a registered office
  • Keeping of registers and books
  • Fees, fines or default penalties paid to the Registrar of Companies

Will a Domain Search Lead to Someone Else Stealing My Domain Name?

Over the years I have come across a few people who believe that if they search for domain names using any of the domain registrars on the internet there are people ready to steal their domain name ideas. This thinking believes that if you are going to search for a domain name for your new venture, you better be ready to register that domain name on the spot or risk having someone else see that you looked up the domain name and register it ahead of you…

So is this possible?

The short answer is no. Unfortunately though, it isn’t necessarily so simple. There are ways that someone could use to see what you are doing online and take action based on what you did. These methods would require at least one of three things. Either a keylogger that can track everything you type into your computer (usually delivered via a virus or spyware), a page that has been hacked to capture your details or a phishing scam where someone creates a web page that looks like a legitimate domain registrar but is in fact a cleverly devised page to capture your domain name ideas.

How likely are any of these options? The best protection from a keylogger is to have a recently updated anti-virus program. Hacked websites are a little harder to be able to detect. It is also much more rare. While it is possible for you to land on a domain registrars website that has been hacked, it is unlikely. A close cousin to a hacked website is running into a well designed phishing scam. I am not aware of any phishing scam centered around the registration of domain names. This doesn’t mean it can’t happen, but I’m not aware of any such scams.

So how can you protect yourself for scam artists?

Visit sites that you can trust. Look for websites that don’t look like they have been thrown together by a child. Make sure you are protecting your computer with a good anti-virus program. Don’t click on links found in emails to go to a website, instead, type in the web address directly to reduce the chance of being fooled.

I counsel you to do your domain name brainstorming searches in peace. Know that stealing domain names is uncommon. If a domain you have identified as available gets registered between the time you do an availability search and the time you try to register it, it very well may be chalked up to the fact that there are hundreds of thousands of people registering domains worldwide at any given time. If the domain name you looked at was an especially good one, chances are someone else would think so too.

Fashion Jewelry – The Peridot Birthstone

Birthstones have gained its popularity in the 70s. Although it has waned in the 90s, it has made its comeback into the 21st century along with other jewelry and fashion accessories. Birthstones are not only fashion statements but personal statements as well. People love the idea of ​​wearing the stone designated to their birth month.

The Peridot birthstone is no exception. It is the birthstones of those people born on the month of August. It is a sparkling golden green in color and does not change in color. This gemstone is ideal for women born on August and who also happens to have clear green eyes. It brings out the green in their eyes. Because of its clear, sparkling green color, the Peridot is also very refreshing to look at. It has a calming effect as one gazes into the multi-dimensionally-cut Peridot green color. The Peridot gemstone is even called the "evening emerald" in some jewelry circles.

The Peridot has come a long way in history of fashion jewelry and fashion accessories. In ancient Egypt, the Peridots were often used along with other sterling materials as adornment for queens and pharaoh's headdresses. In the Medieval Period, the Peridot gemstone had been also used, along with some of the semi-precious and precious stones, to adorn, and beautify churches, and sacred church relics such as crucifixes, chalices used in mass, altars, etc.

The Peridot gemstone is ideal for fashion jewelry or fashion accessories such as necklaces, bracelets, earrings, and anklets. Peridots look best with gold, copper and bronze settings, giving it a rustic look. Most especially, Peridots are excellent with silver and white gold settings. This lighter pairing creates a dainty piece of fashion jewelry that can be used in day or night events.

As fashion jewelry and fashion accessories need not be expensive, this light green semi-precious stone can definitely serve the purpose of adornment for the August birthday celebrant without draining the pockets unnecessarily.