Personal finance lessons from the Detroit bankruptcy

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July 27, 2013 by apicomely

Recent Grads: Passion Is the Secret Ingredient to Success in Finance

Much like Detroit,we have people relying on our hard work.Detroit has pensions and salaries for thousands of employees, while we have the safety and well-being of ourselves and those in our immediate family. Much like Detroit,we can face suffocating debt.Detroit has interest payments on $11.5 billion in unsecured debt. Many people in financial peril are facing interest payments on student loans, mortgages, car loans, credit card debt, and so on. Much like Detroit,the solution is to carefully evaluate how your money is being spent and come up with a plan for fixing things.Detroits plan might involve cutting pensions or selling some city assets. Your plan might involve cutting back on spending or selling some of the items in your closet.

Debt, shadow finance bedevil China’s economy

If ice isnt your thing: take the tire-friendly Flat Tops Trail Scenic Byway 82 miles connecting the towns of Meeker and Yampa, half of which is unpaved for you road rebels. fs.usda.gov/whiteriveryou Image credit: Getty Chattahoochee-Oconee National Forest via Noontootla Creek, GeorgiaBoasting 10 wildernesses, 430 miles of trail and 1,367 miles of trout-filled stream, this Georgia forest is hailed as a campers paradise. Try driving the Ridge and Valley Scenic Byway, which saw Civil War battles fought. If the tall peaks make your engine tremble, opt for the relatively flat Oconee National Forest, which offers smaller hills and an easy trail to the ghost town of Scull Shoals. Scaredy-cats can opt for Johns Mountain Overlook, which leads to twin waterfalls for the sensitive sightseer in you.

Big finance is strangling innovation

Those who are truly invested in their work are good at it and always looking to improve. Take every opportunity to grow, especially in regard to developing both technical and soft skills. This means regularly attending finance seminars and conferences, participating in professional development in the workplace, and asking for regular feedback. According to Ian K.

The term refers to loans and investment products sometimes issued by legitimate banks and financial institutions, as well as private deals between individuals or companies, that have arisen as a way of getting around strict banking rules. Such a non-transparent, less regulated form of credit extension can stoke asset bubbles and may pose risks to financial stability, as highlighted in recent years, Moodys said, referring to US and European banks sub-prime lending woes that triggered the 2007-2009 global financial crisis. China began taking steps to free up its lumbering, Soviet-style command economy in the late 1970s. Decades of stunning growth, rising trade and foreign investment resulted, pulling some half a billion people out of poverty. But the economic and financial system is still run by the same secretive and elite Communist Party, and in many ways remains remarkably closed to the outside world given Chinas size and influence as the globes second-largest economy.

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