Personal finance lessons from the Detroit bankruptcy

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July 27, 2013 by apicomely

Debt, shadow finance bedevil China’s economy

Its just not a good plan. If you are in that situation, I highly recommend taking some of your income and banking it for future years. There very well may come a time in the future where you need it, particularly if your former employer winds up in a Detroit-like situation. If youre still working but are banking on a pension, consider opening up alternative retirement savings plans, like a Roth IRA or a 401(k)/403(b). Live off the pension when you retire and use the money in the 401(k)/403(b) as a true emergency fund.

Yarmouth finance department could see reorganization

There still isnt sufficient awareness of it. Thats changing quickly. For decades, finance giants held the golden keys to success and wealth, but that reputation has begun to erode with trimmed bonuses and narrowed job prospects. In an effort to recover from steep losses and tarnished reputations, large banks are seeking alternative, more equitable paths to prosperity. Impact investment may be the solution. Moreover, students may be helping to accelerate its adoption.

How Finance Fueled Students’ And Nonprofit’s Future

Chinas new leaders, keen to bring the threat under control, are concerned that if they delay reform then sooner or later the issue will get out of hand, Rui added. For decades, Chinas growth model has been based on leveraging its cheap and abundant labour force to manufacture products for export, alongside credit-fuelled domestic investment to develop infrastructure. But stresses are starting to show and the government as well as international observers say the system needs to change so China can engineer a so-called soft landing and ensure stable and sustainable economic growth. President Xi Jinping and Premier Li Keqiang, Chinas top leaders since March, say the old pattern is no longer viable and what China needs is to build up consumer demand as the economys key engine. The International Monetary Fund (IMF) last week estimated for the first time what it called augmented debt, or the combined obligations of both central and local governments, at 45 per cent of gross domestic product (GDP).

That failure, he said, was due more to the evolving nature of the position than to any shortcomings of the candidates. They would provide certain strengths, Hinchey said, but not the strengths wed like. Hinchey explained that the job of overseeing the various complex facets of a municipalitys finances has become increasingly technological, with expertise with complicated computer software a growing requirement of the position. Town bylaws currently stipulate that the finance director is also Yarmouths head accountant, leading to a growing confusion of duties, with a single individual being required to have great technical expertise in the minutiae of both software and numbers-crunching. Hincheys proposed fix is to separate the positions of finance director and town accountant, which would allow the town to select from two distinct pools of specialists, rather than trying to find a single person who could handle both. It would also mean a change in the bylaw, which would in turn require a vote at the next town meeting.

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