Money Management starts at Home

Imparting the money management knowledge to children right from the early age will be rewarding in the long run. Since children spend most of the time at home, parents should make them realize the importance of money management.
Managing money, as we all know is crucial in every aspect of life. From raising a ‘kid’ to ’retirement’, money is needed. Income generation, investment and savings all requires effective money management on your part.
Here are some valuable money management tips which parents may use in realizing the essence of money management to their little ones:

1. As the kid start exploring new things, money comes into existence. For e.g. If your child demands $1 for buying a toy. At this time you should neither be so lenient nor too rigid. You should make them realize how the value of the cost related to the toy and what all it takes to built that toy.


2. Encourage your kid to play money management games such as game of life, payday, moneywise kids, easy money etc. All these interactive games will help your kid to learn the importance of money management more quickly.


3. Do not pamper your child by fulfilling all their financial demands. This way they might not respect money in the long run. Give them a small activity such as cleaning their bed sheet daily. Upon completing the task give them what they want. This will help the kids in implementing money management more effectively.


4. Try to involve kids into regular financial meetings and making them aware about the financial condition of the family. This will help them to learn money management in a more realistic manner.


5. Make sure that your kids do not waste things. For e.g. not properly eating the food, breaking the toys quite often, damaging the walls with pencil marks etc. All these things come with money and the parents should make their children realize this fact.



6. Make your child financially independent so that they can manage their money at their own. Just keep an eye on them what they are doing with the money and also assist them if they are unable to handle the finances properly. This will help your kid to take financial decisions on their own.

Parents play a crucial role in the upbringing of their children. Therefore they should be actively involved in realizing their kids, the importance of money management.

Trade Forex At Home - But Act Like A Pro

A lot of people get into trading Forex because it is something you can do at home. Not everyone wants to be a full time trader, or quite their day job. So, this is a good opportunity for those looking to do something part time, on their terms, but with huge profit potential. But don't make the mistake of thinking that just because you are trading Forex from home that you don't need to act like a pro.

The truth is... you need to be serious about Forex trading if you want to succeed, even if you are only trading from home part time. So, instead of thinking of your trading as a hobby, or something to dabble in once in a while, start thinking and acting like a pro. I believe this change in attitude can make successful traders from the unsuccessful, and more profitable traders from those already enjoying some success. Here are three things you can learn from the pro traders...

Think Of Trading At Home Like A Business

Set up a little space for yourself to do your trading. This is your trading zone and should be focused on trading. Then set up a time period for your trading. Let friends and family know that just because you are trading at home, this is serious business and a lot of money to be made. They need to learn to respect your space and time. Interruptions should be as unwelcome as if someone is bothering you while you are at your real job.

Protect Your Money With Solid Money Management

While most Forex traders concentrate on finding the perfect "system" to trade, I believe money management is where the real money is. There is no perfect Forex trading system that works 100% of the time. So you need to be prepared to take losses, but still have a winning system over all.

Nobody knows this as well as pro traders. They are trading with more money than you and I can imagine... so they have to have very strict and effective money management rules. And so should you. So, start protecting your money like the pro traders do, and I guarantee it will help you accumulate more money over time (which is the point, right?).

Find A Forex Trading System And Stick To It

Pro traders use a system and stick to it as if their lives depend on it. They spend years refining their trading system and then the practice until they are very skilled. They do not throw the system to the wind and start trading on hunches or because they want to cover a previous loss. And neither should at home traders.

If you are trading Forex at home, you need to act like a professional. if you make one live trade you can consider yourself a Forex trader. But to be a successful Forex trader and make the kind of life changing money I know you dream of, you need to act like a pro. There is no difference in trading Forex at home, or being a professional trader. So, learn the mindset, trading systems and proven money management the pros use... and put more profits in your trading account.

US insurers in line for state aid

Other US insurers could follow AIG and receive government bail-outs

Some of the biggest insurance companies in the US may be in line for government bail-outs from existing funds set aside for the banking sector.

A US Treasury spokesperson said that a number of life insurance companies had met requirements for government aid.

Andrew Williams said help to insurers would not involve new funds, but would come from the $700bn (£477bn) Troubled Assets Relief Programme (Tarp).

Funds from the programme have been used to bail out insurance giant AIG.

However, until now, it had been seen as a special case.

'Consistent goals'

But following reports that the Treasury would extend the financial bail-out programme, known as Tarp and was passed last year, to insurance companies, Mr Williams said that certain insurers that had banking operations could qualify.

"There are a number of life insurers that have met requirements because of their bank holding company status.

"These are among the hundreds of financial institutions that will be reviewed and funded as appropriate," he said.

Frank Keating, boss of the American Council of Life Insurers, said: "As we have argued all along, allowing life insurers to participate in the programme would be consistent with its stated goals to increase the flow of financing to US businesses and stabilise the credit markets."

Life insurers have about $5.1tn in assets and are major holders of US corporate bonds, said Mr Keating.

They have lost huge amounts of money during the recession.

But some analysts warned that US government aid was not unlimited and those insurers that did not receive help would struggle to survive.

"It is fairly likely that we will see a few major life insurers that don't qualify for aid either fail or enter state receivership," said Kent Smetters at the University of Pennsylvania's Wharton School.

Seize the moment, Brown urges US

Gordon Brown hails special relationship

Gordon Brown has urged the US to renew the "special relationship for our generation" in a speech to Congress

Mr Brown, the fifth UK prime minister in history to address both houses on Capitol Hill, urged the US and UK to push for "essential" economic changes.

Neither nation should "succumb" to protectionism "which protects no-one", but "seize the moment", he said.

Mr Brown also announced that veteran Senator Edward Kennedy would receive an honorary UK knighthood.

The prime minister paid tribute to the work of US troops in Afghanistan and said terrorists could "not ever destroy the American spirit".

The partnership between the UK and the US is "unbreakable" and that "no power on earth can ever draw us apart", he also said.

'Standards'

The speech began and ended to standing ovations and was frequently interrupted for applause - with 17 such pauses counted.

Mr Brown called for agreed "rules and standards for accountability, transparency and reward" in banking.

There is no old Europe, no new Europe. There is only your friend Europe Gordon Brown

On the recession, he said: "America and a few countries cannot be expected to bear the burden of the fiscal and interest rate stimulus alone. We must share it globally.

"So let us work together for the worldwide reduction of interest rates and a scale of stimulus round the world equal to the depth of the recession and the dimensions of the recovery we must make."

Mr Brown added: "An economic hurricane has swept the world, creating a crisis of credit and of confidence.

"History has brought us now to a point where change is essential. We are summoned not just to manage our times but to transform them."

In addressing Congress, Mr Brown follows in the footsteps of Winston Churchill, Clement Attlee, Margaret Thatcher and Tony Blair.

'Pro-American'

He said: "Now more than ever the rest of the world wants to work with you...

"And let me say that you now have the most pro-American European leadership in living memory. A leadership that wants to cooperate more closely together, in order to cooperate more closely with you.

"There is no old Europe, no new Europe. There is only your friend Europe.

Gordon Brown seemed to offer a lot of warm words but very few hard plans to fight the recession Vince Cable, Lib Dems

"So once again I say we should seize the moment - because never before have I seen a world willing to come together so much. Never before has that been more needed."

Announcing the honorary knighthood for Edward Kennedy, Mr Brown said that "Northern Ireland is today at peace, more Americans have healthcare, more children around the world are going to school" because of the long-serving Democratic senator.

The world owed "a great debt to [his] life and courage", he added.

Senator Kennedy, who is being treated for a brain tumour, was unable to attend Congress.

BBC political editor Nick Robinson said US President Barack Obama had telephoned Mr Brown during his flight back to the UK to congratulate him on his speech.

But he said the US administration had "only just begun to engage with the ideas that are coming from Gordon Brown, let alone agree to them".

Conservative Party acting leader William Hague said: "It is right [of Mr Brown] to remind Americans that we need to work together against protectionism, in defeating terrorism and in combating climate change.

"What was missing was any sense of contrition for past mistakes and an ability to translate words into action."

Liberal Democrat Treasury spokesman Vince Cable said: "Gordon Brown seemed to offer a lot of warm words but very few hard plans to fight the recession which has engulfed the world economy and his government.

"Rather than trying to shore up his reputation in America, he should be focusing his attention on fixing the mess we face back home."

'Common interest'

After Mr Brown's meeting with Mr Obama on Tuesday, the US president said the "special relationship" between the countries would "only grow stronger".

After about an hour of talks at the White House, Mr Brown and Mr Obama said they agreed that improvements were needed to the regulation of the global banking system.

Mr Obama warned that countries should not "project inwards" by encouraging protectionism during the economic crisis.

Mr Brown said the two countries were pursuing a "common interest" in a "global new deal".

The prime minister's US visit comes ahead of a summit of the Group of 20 (G20) developed and emerging economies in London on 2 April.

The EU and Canada have warned that a "buy American" clause in the US economic recovery package could promote protectionism.

It seeks to ensure that only US iron, steel and manufactured goods are used in construction work funded by the bill - but has included a pledge to respect international trade obligations.

Oil price up over petrol demand

US crude stocks fell by 700,000 barrels for the last week of February

Oil prices have risen nearly 9% after the US government reported an unexpected drop in crude stocks and an increase in demand for petrol.

Prices were also supported by a rise in China's manufacturing index. China is the second biggest oil consumer.

US light crude rose by $3.73 to $45.38. Brent crude added $2.42 to $46.12.

US crude stocks fell by 700,000 barrels for the last week of February, while demand for petrol over the past four weeks was up 2.2% from a year ago.

"Overall the [US oil inventory] numbers are very bullish... again, gasoline remains the one bright spot in the market that can really pull the complex higher," said Chris Jarvis at Caprock Risk Management.

Oil prices won't move higher without some signs that the economic malaise has bottomed out Tom Kloza Oil Price Information Service

"Couple that with the composite of economic news out of China overnight and this is really setting the stage for the energy complex ... to move higher if the equities markets can maintain themselves."

Stock markets around the world have been rising on Wednesday on hopes China will announce an expansion to its economic stimulus plan.

However, Tom Kloza at Oil Price Information Service said that crude inventories had been bloated for months, and "oil prices won't move higher without some signs that the economic malaise has bottomed out".

"It's going to be a shaky year. The fundamentals are still poor," he said.

US economy 'deteriorates further'

The Fed called the prospects for near-term economic improvement "poor"

US economic conditions got worse in January and February, the Federal Reserve has said in its influential Beige Book.

The report, which is used to help determine US interest rates, also said that improvement was not expected before late 2009 or early 2010.

"The deterioration was broad-based, with only a few sectors... appearing to be exceptions," it said.

The bank said housing markets remained "in the doldrums" in most US regions.

The report, based on information collected before 23 February, will be used at the forthcoming meeting of Federal Reserve policymakers in two weeks.

'Steep declines'

"Consumer spending remained sluggish on net, although many districts noted some improvement in January and February compared with a dismal holiday spending season," the Beige Book said.

In manufacturing, reports from most areas "suggested steep declines in activity in some sectors and pronounced declines overall".

"Reports from banks and other financial institutions indicated further drops in business loan demand, a slight deterioration in credit quality for businesses and households, and continued tight credit availability," the Federal Reserve said.

It was reported last week that the US economy had shrunk at an annual rate of 6.2% in the last three months of 2008 official figures show, a far sharper fall than previously reported.

On Tuesday Federal Reserve chairman Ben Bernanke warned of stagnation if the US authorities do not move "aggressively" to stimulate the economy.

He told the Senate Budget Committee that stabilising financial markets would be crucial for economic recovery.

Venezuela seizes US rice producer

Mr Chavez has accused rice producers of sidestepping quotas

Venezuelan President Hugo Chavez has ordered the expropriation of a rice mill, amid a battle with food companies over price regulation.

Mr Chavez said the mill, owned by a subsidiary of US food giant Cargill, was not distributing rice at government-set prices.

He also threatened to nationalise the country's largest food processor and private company, Polar.

Venezuela has already set quotas and prices for 12 basic foods.

Under the measure, 80% of all rice produced must be basic white rice. The measure also includes 95% of all cooking oil, coffee and sugar.

Producers of items such as powdered milk, cheese and tomato sauce are also affected.

'Intolerable'

Last week President Chavez ordered troops to rice processing plants after accusing producers of sidestepping the law on controlled prices by producing a higher grade of rice.

Cargill, which operates one rice-processing plant in Venezuela, said the mill does not produce the plain rice that is under regulation.

"Prepare the decree, we are going to expropriate Cargill. We are not going to tolerate this," Mr Chavez said.

Mr Chavez is attempting to reduce the cost of the basic shopping basket of ordinary Venezuelans, says the BBC's Will Grant in Caracas.

But business leaders and food producers are furious at what they see as a further attack on their ability to turn a profit, our correspondent says.