Posts tagged with "banking"

Lebanon illustration by Rita Azar

Lebanon Currency Crisis

By Rita Azar

The Lebanese currency has severely depleted in value during the last few months. Although many politicians claim that the lira will stabilize at 3000 to a dollar, the currency crisis continues to rock the finances of Lebanon. Ever since 1990, 1500 liras have always equaled a dollar. Although this is a far cry from 1980 when three liras equaled one dollar, the instability of the lira from 1990 on is treacherous to the economy. The worst the conversion rate has ever been was when the dollar reached a staggering 12000 liras.

One must grasp the country’s financial decisions to understand what led to the economic collapse. Lebanon’s broken electricity, water, and waste collection systems has cost the country billions of liras of debt. Before the early 2000s, most of Lebanon’s debt was local; this means that, theoretically, the debt could be paid off by simply printing more lira, which the central bank has the power to do. But after the former prime minister, Fouad Siniora, took billions of dollars worth of foreign loans in 2007, Lebanon needed to collect foreign currency to pay for the debt debt. On top of this, Lebanon’s economy damaged by an immense decrease in tourism and foreign investments. Due to this, Lebanon has used the little foreign money that still exists in the central bank to pay off its foreign debts which leaves the citizens and companies of Lebanon unable to withdraw dollars from their bank accounts.

Due to foreign currencies being rare to find in Lebanon’s economy, they have become far more expensive. In addition, because of the abundance of Lebanese liras, the lira has fallen dramatically in value. This has led to massive gouging by all types of businesses that need to import with foreign currencies that are no longer accessible. In response, the government and central bank have taken measures to stop the massive inflation of the lira. One method is keeping the official rate, 1500 lira to one dollar, from small scale transactions and being a little more lenient with larger transactions by offering a rate of about 4000 lira to a dollar.

But, this means that the Lebanese people are losing money when exchanging foreign currency into lira. This has led many people living in the country to go to the black market to exchange money with rates other than the governmental regulations. While the black market approach has allowed many Lebanese people to get their money’s worth, it has caused the government to enforce stricter exchange rates to control inflation and ban the black market. 

 

https://www.france24.com/en/20200612-lebanon-pound-economic-crisis-protests-imf-aid-bailout-hassan-diab

https://aawsat.com/home/article/2356311/ذعر-في-لبنان-بسبب-تدهور-الليرة

https://www.alhurra.com/lebanon/2020/04/23/يسقط-حكم-المصرف-تدهور-الليرة-اللبنانية-يشعل-الاحتجاجات-مستقبل-مجهول

https://www.tayyar.org/News/Lebanon/358134/دياب–سلامة-مسؤول-عن-أزمة-الدولار

 

360 magazine, save money, money, Alejandra Villagra

How to Save Money For What You Really Want

Whether you are looking to save money in order to clear your debt, purchase a new car, put a deposit down on a new home, stage the perfect wedding,or go on the vacation of a lifetime, these simple budgeting tips will help you save money. It might seem difficult at first, but the key is to look at it as a spending plan rather than a restrictive budget. You will not be quitting spending completely, instead you will be prioritizing some financial goals over others.

Make a Budget

A popular budget that many people use to save money is the 50/30/20 budget. 

  • 50% of your post-tax income is used for necessities.
  • 30% is devoted to things you want.
  • 20% is stowed away in savings.

If you stick to this spending plan, you should be able to save a lot of money over the course of a year.

Use Digital Tools

There are lots of apps out there to help you budget. Some banks automatically transfer money from your checking account to your savings account each time you spend. You will not even notice that the money is gone until you start to see your savings grow. This is great because it allows you to save money with the minimum amount of effort. 

Collect Your Change

Empty your pockets when you get home each day and put the coins in a money box. Checking down underneath the cushions on the sofa, or underneath your car seat are also great ways to help fill your pot.

Cut Down on Expensive Clothes

It is possible to spend vast amounts of money keeping up with the latest trends in fashion. However, the clothes are often overpriced and tend to go out of style very quickly. It is okay to splurge on something you really love occasionally, but for the most part you can get high quality clothing at sites like this for a fraction of the cost.

Plan Major Purchases

Always plan to make major purchases, such as household appliances, furniture, computer equipment or cars, during annual sale periods. Post-Christmas, January sales and Black Friday events are perfect for this. Another underappreciated tip is to wait two days before making a purchase, even after you have decided on which product you are going to buy. This helps prevent buyer’s remorse.

Remain a Stranger to Online Stores

A great way to limit the amount of money you spend online is to opt out of creating online shopping accounts. You are much less likely to make impulse buys if you are required to go through the arduous process of filling out all of your personal data and billing information each time you click through to the online checkout.

Make Your Own Gifts

The cost of buying birthday, Christmas, anniversary, and wedding presents for all the various people in your life can really add up fast. It is not only much more economical, but it is usually seen as more thoughtful and caring to make your own gifts to give to loved ones. Even if you don’t spend a lot of time creating arts and crafts, sites like this can give you the inspiration you need to make a great gift.

Cryptocurrency Payment Benefits For Depositing At Online Casinos

The Internet has changed this sphere completely, where cash once ruled all we know have a variety of ways we can store our money. Of all these methods there is one fairly new player that has been touted to takeover completely – crptocurrency.

This new way of using money has only been around for a decade, yet its popularity has skyrocketed, especially with young investors seeking to ride the wave of the next big thing. Alongside this more and more online gamblers are using cryptocurrencies to make deposits at online casinos. Click here now if you want to learn more about the online gambling industry and how people make their deposits. Cryptocurrencies often offer added security and can be easier to set aside in a gambling pot.

Security

In many respects the 21st Century has completely reshaped the way that many of us live our day-to-day lives, and nowhere is this more apparent than in the realm of money and banking.

One of the main crytocurrency payment benefits for depositing at online casinos is the added security associated with this ultra secure way of making payments. Indeed, the driving factor behind the development of this technology was to make financial transactions online much safer – hence the “crypto” in its name. One thing to remember here is that crptocurrencies are just as liable to hacking as something like conventional online banking, however due to their makeup it is a lot harder.

Something else that makes crytocurrency payments more safe than your average is that they offer complete and utter anonymity. You would be surprised at how much personal information is divulged through normal deposit techniques such as regular card payment. Now, a dependable online casino site could surely be trusted to keep such details private and confidential, however they are always liable to being hacked, and if that happens your personal data could fall into the wrong hands.

Financial Responsibility

Another benefit to using cryptocurrencies to make your deposit at online casinos is that this method can go a long way in ensuring you stay financially responsible. It is incredibly easy to deposit some additional money from your card if you’re having a bad spell on the slots and need a monetary pick-me-up to keep going. Whilst this may seem good at the time it is actually something that has been instrumental in the rise of problem gambling.

On the other hand, with cryptocurrencies the deposit you make will often be a very strictly rigid amount because of the complexities of obtaining more. It can enable gamblers with financial control problems to set aside a pot of money for gambling and stick to it with absolute rigidity.

Future Investment

Many experts hail the use of crpyocurrencies across the board, they see them as the next development of money used across the world – we may as well get acquainted with it sooner rather than later. In a few decades time it will be the first users of cryptocurrencies that stand to gain the most, something as simple as making your online casino deposits with crypto could pay off handsomely in the future.

KEVIN HARRINGTON

PITCH INVESTORS LIVE, a blockchain platform developed by 2UP Technology, Inc., welcomed Businessman, entrepreneur and former Shark Tank investor Kevin Harrington as celebrity advisor. Harrington joins the team of 30+ that launched the Pitch token sale on Feb. 28th.

“I am very excited to join the Pitch Investors Live team and have a part in revolutionizing the way that entrepreneurs and startups bootstrap their innovative ideas. Pitch Investors Live is on the way to changing the landscape of funding for entrepreneurs & startups from around the world. We are in the early stages of what blockchain will contribute to changing the entrepreneurial landscape. Pitch Investors Live is at the forefront of the possibilities in this new space. One of my favorite parts of Pitch Investors Live is that I can take pitches from anywhere in the world, at any given time, from a variety of startups, directly from my cell phone. Pitch Investors Live is the most substantial platform to have come out to help entrepreneurs that would have never been able to go through traditional funding route.”

PITCH INVESTORS LIVE is the only blockchain platform that allows entrepreneurs and startups to literally pitch investors live. The revolutionary app combines the crowd funding style of “Kickstarter” with the entertainment and educational style of the popular show “Shark Tank,” granting users a unique opportunity in bringing their innovative business ideas to life. But unlike Kickstarter, PITCH INVESTORS LIVE has its own currency called the PITCH token which is specifically used on the platform where entrepreneurs can create their own tokens and acquire funding for their projects and services. Exclusive features also include creating business proposals and commenting on live pitch videos allowing businesses to gain recognition, mentorship and capital at scale.

About PITCH INVESTORS LIVE:

Developed by 2UP Technology, Inc., PITCH INVESTORS LIVE connects entrepreneurs with investors using live video. It provides a practical, yet virtual environment, for entrepreneurs to better understand investors questions, critiques and interests and for investors to learn about new companies by participating in the live pitch sessions. For more information, visit www.pitch.ventures/.

Kevin Harrington Bio:

An original “shark” on the hit TV show Shark Tank, the creator of the infomercial, pioneer of the As Seen on TV brand, and co-founding board member of the Entrepreneur’s Organization—Kevin Harrington has pushed past all the questions and excuses to repeatedly enjoy 100X success.

His legendary work behind-the-scenes of business ventures has produced well over $5 billion in global sales, the launch of more than 500 products, and the making dozens of millionaires. Twenty of his companies have each topped $100 million in revenue.