• Follow us

Bermuda News

A guide towards handy financial information | The Royal Gazette:Bermuda Martha Myron

Martha Harris Myron

Published May 11, 2019 at 8:00 am (Updated May 11, 2019 at 12:05 am)

Explaining concept: a screen shot from Khan Academy’s YouTube video explaining what it means to buy a company’s stock (Photograph via YouTube)

Explaining concept: a screen shot from Khan Academy’s YouTube video explaining what it means to buy a company’s stock (Photograph via YouTube)

Related Stories

This is part two of the annual research ideas publication for Bermuda individual investors.

Before progressing readers, please keep in mind that this is general information, some sections or statements may not exactly apply to the Bermuda finance marketplace as they tend to be US focused, but for the most part, mathematics and its offspring, geometry, physics, chemistry, economics, statistics, and so on are a universal common language utilised the world over. Numbers are numbers that do not lie.

Disclosure: also, this article is not an endorsement (or omission) of any company or provider of services in Bermuda, nor does the author accept or pay referrals fees or receive services or products from any Bermuda companies.

Part one, titled Where to get your financial information, was published last week in The Royal Gazette. You can find the link www.royalgazette.com/martha-myron/article/20190504/where-to-get-your-financial-information

Money skills in general

Practical Money Skills, Khan Academy https://www.khanacademy.org/

360 Degree of Financial Literacy https://www.360financialliteracy.org/

These are two of my free favourites. Everyone needs to brush up on money concepts from time to time. Many of us who have never been great maths people, need good references for verification. Readers, I’m just like most of you, some days maths is a struggle. The old saying if you don’t use it, you lose it is so true.

Practical Money Skills, Khan Academy, sponsored by Visa and free

Khan Academy, a non-profit US organisation, originally started in 2008 when Salman Khan tutored one of his cousins in mathematics on the internet using a service called Yahoo! Doodle Images.

Mr Khan, a former hedge fund analyst, is American educator, mathematician and entrepreneur with master’s degrees from both MIT and Harvard. Positive responses from other relatives and more followed with later tutoring videos being posted on YouTube. Today, Khan Academy lists more than 20,000 videos in five languages. Funding comes from philanthropic organisations, such as Bill Gates, an early supporter, Google, AT&T, the Carlos Slim Foundation for Spanish versions and many others.

The website lists hundreds to thousands of brief to more expansive videos, breaking down maths concepts for adults and students from Grade 1-12, economics, inflation, mortgages, accounting and financial statements, stocks and bonds, mutual funds, options, and many more topics.

The section on economics and finance is terrific. https://www.khanacademy.org/economics-finance-domain/core-finance

And, most if not all of these little courses are available on YouTube, so no need to even go to the Khan Academy website. A sampling and hint — use the closed caption function on the videos, it helps in following the numbers:

• Introduction to Compound Interest https://tinyurl.com/y4rcgrvs

• Rule of 72 states if you divide 72 by the interest rate, say 4 per cent to get 18 years, that is how long it will take you to double your money. The video explains how that number is correct. The Rule of 72 is often used to explain the difference between term deposits and security (stock) appreciation. https://tinyurl.com/y2mwa6ho

• Introduction to Mortgage Loans. https://tinyurl.com/y57qun4z

• What it means to buy a company’s stock. https://tinyurl.com/y4uq6mwp

• Even Basics, Multiplication and Division. Finding a percentages and Decimals.

We use maths every single day, yet at times, we tend to be challenged by even the basics. https://www.youtube.com/watch?v=FaDtge_vkbg https://www.youtube.com/watch?v=FaDtge_vkbg

360 Degrees of Literacy is a non-profit fully transitional life-planning website supported by the American Institute of Certified Public Accountants. https://www.360financialliteracy.org/

The site has numerous supportive articles on managing your finances, including a clever one on saving by bringing your own lunch to work, using an accelerated principal mortgage paydown schedule, getting help with the savings on paying down your credit card, starting a financial plan as well as more than a hundred other calculators for just about every circumstance:

The Home Budget Analysis is very good. https://www.360financialliteracy.org/Calculators/Home-Budget-Analysis

Credit Card Payoff https://www.360financialliteracy.org/Calculators/Credit-Card-Pay-off

Lunch Savings, how much can you save by brown-bagging it. https://www.360financialliteracy.org/Calculators/Lunch-Savings

Personal Finance for College Students on YouTube. https://www.youtube.com/watch?v=xUgbKkfG_18

Readers, give me your feedback on this one. Very illuminating.

There are lots more besides, and links are all on the 360 Degree website.

Emergency Savings — figure out what you need for a rainy day

Accelerated Debt Payoff — plan to accelerate paying off your mortgage. Here is a calculator to help you with the amounts and to demonstrate what the principal balance should be after every transaction.

Adjustable Rate Mortgage versus Fixed Rate Mortgage. New to home buying? This calculator helps in deciding which contract will work for you.

Benefit of Spending Less — looking for the simple life? This is an eye-opener.

Certificate of Deposit Calculator. Know exactly what your compounded interest balance should be.

Some other financial planning focused websites.

Insurance:

How health insurance works. Health insurance: Wikipedia explains how healthcare works, provides comparisons of health systems in 14 countries, among them Australia, US, UK, Canada, Japan, New Zealand, etc.

A useful link is https://www.actuary.org/content/risk-pooling-how-health-insurance-individual-market-works-0

Life insurance. How it works. https://www.nerdwallet.com/blog/insurance/how-does-life-insurance-work/

Retirement

What is your Rise score? The Retirement Income Security Evaluation Score is a different take on the classic retirement calculator. Hosted by Alliance, it focuses on practicality in retirement and whether your current income and savings will cover basic living expenses and healthcare. Be sure to reduce the taxation section to zero per cent, since Bermuda does not have an income tax regime, although it can now be argued that there are now plenty of other tax substitutes. https://tinyurl.com/y48qfqcm

Annuities calculator. Use this calculator to get an idea of your monthly payment when you are ready to retire with your pension under the Bermuda National Pension Scheme. https://www.bankrate.com/calculators/investing/annuity-calculator.aspx

Estate planning

Michael J. Mello QC, JP, TEP, a member of Appleby’s Private Client and Trusts Practice Group and practises primarily in the areas of trusts, wills and estates. He has over 40 years’ experience and is the author of The Law of Wills & Estates in Bermuda, now in its ninth edition, and numerous articles on trusts, wills, powers and estates.

His free book (with updates) is extremely detailed and is a tremendous help to Bermuda islanders planning their estate documents. The Law of Wills and Estates download is available by clicking “Related Media”.

Estate planning in Bermuda will be covered in articles later in the year.

Readers, I’m looking for feedback on your personal health insurance plan. How much has the cost in dollars increased in the last year? What are you paying? Have you had to cut back on benefits? How much of a pinch (or more) is the cost taking out of your budget.

All replies confidential and anonymous. Contact me martha.myron@gmail.com

•Martha Harris Myron CPA CFP JSM: Masters of Law — international tax and financial services. Dual citizen: Bermudian/US. Pondstraddler Life, financial perspectives for Bermuda islanders and their globally mobile connections on the Great Atlantic Pond. Finance columnist to The Royal Gazette, Bermuda. All proceeds earned from this column go to The Reading Clinic. Contact: martha.myron@gmail.com

Read More



Leave A Comment

More News

All Stories

Commissiong attacks 'tap dancing' Sir John 2019-05-11 04:00:00A Progressive Labour Party backbencher claimed yesterday that Bermuda's longest-serving premier "tap danced" for the "most reactionary and racist

A guide towards handy financial information 2019-05-11 04:00:00This is part two of the annual research ideas publication for Bermuda individual investors.Before progressing readers, please keep in mind that this i

Around the Churches 2019-05-11 04:00:00 TODAY • Women Aglow Int: Join us at 9.45am when our topic will be "Learning From Mothers of the Bible" and the theme, "The Glory of God", ba

Fray relishing Bay captaincy 2019-05-11 04:00:00Terryn Fray has taken over the Bailey's Bay captaincy full time from Rodney Trott and is looking forward to a competitive season when the campaign be

Remembering 236 people who died on our roads 2019-05-11 04:00:00The names of 236 people who died in road crashes over the past 20 years were held up yesterday at the closing ceremony for Road Safety Week.Road safet

Faith in God is all good 2019-05-11 04:00:00Mychel Jones always looked to her mom, Gina Spence, for spiritual guidance. It was often given on visits to "their spot", Riddell's Bay dock, where

Vanguard fund investors get control of paying taxes 2019-05-11 04:00:00Last week's big story about Vanguard Group's patented tax dodge raised some interesting legal and tax issues. Our charge today is to try and take a

House: Prison work-to-rule continues 2019-05-11 04:00:00The seconded Commissioner of Corrections will not return to the crisis-hit prison service, it was revealed yesterday.The news that Lieutenant-Colonel

Heaven's waiting room 2019-05-11 04:00:00This is the fifth in an eight-part series that takes an incisive look at the Bermuda economy, historically from our humble beginnings to the 21st cent

House: Retirement age under review 2019-05-11 04:00:00The retirement age should be increased to 70 over a ten-year period, a Labour Advisory Committee report recommended yesterday.The report, tabled in th

Duo primed to seal spots in the final 2019-05-11 04:00:00Ian Williams and Johnie Berntsson have moved to within match point of their respective 69th Argo Group Gold Cup semi- final encounters.Williams opened

Brother's death inspires ex-soldier 2019-05-11 04:00:00A former soldier Called to the Bar yesterday said he was impelled to become a lawyer after his Royal Bermuda Regiment brother was killed on duty in a

Bernews.com

Photos/Video: Somersfield Academy Spring Fair 2019-05-12 14:04:14Somersfield Academy hosted their annual Spring Fair yesterday [May 11] at their Devonshire campus with lots of game stalls and refreshments...

Ashley’s Lemonade Is Available In St. George’s 2019-05-12 14:00:00The Corporation of St. George reached out to the public earlier this year offering vending opportunities in the Town and Ashley’s Lemonade have.

Photos: Kardias Club ‘Tea With A Twist’ Event 2019-05-12 12:35:09The ladies of the Kardias Club of Bermuda hosted their annual “Tea with a Twist” on Saturday [May 11] at The Fairmont Southampton Princess

Bowlers Continue Competing In Costa Rica 2019-05-12 12:00:49Bermuda Bowlers continued competing in the Concecabol Championships in Costa Rica. David Maycock and Renalda Bean took to the lanes to compete in the.

BGA To Host Corona Golf Super6 On May 2019-05-12 11:00:51The Bermuda Golf Association [BGA] in partnership with Corona Extra and Newstead Belmont Hills Golf Club will be hosting the second annual Corona...

Sailing: Williams Wins Second Argo Gold Cup 2019-05-12 09:49:28Just when it looked like Sweden’s Johnie Berntsson was going to even the score in the final of the 69th Argo Group Gold Cup and send the match t

Cricket: Premier & First Division Results 2019-05-12 09:05:59Southampton Rangers, Baileys Bay, Western Stars, Willow Cuts and PHC all claimed victories in this weekend’s Premier Division and First Division

Family Forum 10th Anniversary On May 15 2019-05-12 08:00:06The Family Forum is a community-based group that was formed in response to a clarion call by Martha Dismont, Executive Director of Family Centre to...

Audio: Larrita Adderley, Brotha Richie “I Believe” 2019-05-12 07:57:22The second single from the upcoming mixtape project ‘GTyme Productionz Live Outta Da Lab’ has been released, with “I Believe”.

Video: Sunday May 12th ‘Good News’ Spotlight 2019-05-12 07:00:19News that the Bermuda Nurses Association announced Janice Mullings-George as Nurse of the Year, Kayla Hollis and Laree Talbot were awarded bursaries,.

Third Point Re Announces Q1 Earnings Results 2019-05-12 06:00:27Bermuda-based Third Point Reinsurance Ltd. [TPRE] announced results for its first quarter ended March 31, 2019. Third Point Re reported net income...

Motorcyclist Injured In Collision With Police 2019-05-12 01:44:03[Updated] Around 12:20am this morning [May 12] a collision occurred involving a police vehicle and a motorcyclist in Hamilton, with the police saying.

CaribDirect.com

Saint Lucia Shares Sports Illustrated Cover 2019-05-10 23:00:16CASTRIES, SAINT LUCIA (May 8, 2019) — The Caribbean island of Saint Lucia — the only country in the world named after a woman — is p

CARICOM divide must be bridged 2019-05-05 06:53:49It’s no secret that the countries of the Caribbean Community and Common Market (CARICOM) are divided over the response to the situation in Venez

Early grumblings in a government’s first term 2019-05-05 06:34:43Smart politicians pay heed to early disenchantment from voters. Why: because to be forewarned is to be forearmed Voter grumbling and voter discontentm

Name That Voice 85 2019-05-04 23:00:45Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Royal Caribbean’s New Liner 2019-05-03 23:00:58Writer Gene Sloan released information on Royal Caribbean’s new, as yet unnamed, liner this week. He confirmed that construction has begun on a

The Caribbean ideals of Alister McIntyre 2019-04-30 08:37:14Sir Meredith Alister McIntyre was born in Grenada but for much of his life, dedicated to promoting the interests of the Caribbean, few knew his birth

Name That Voice 84 2019-04-27 23:00:48Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Statement on the Terrorists Attacks in Sri Lanka 2019-04-27 01:00:53Chairman of the OECS Authority Dr. The Hon Ralph Gonsalves Monday, April 22, 2019 — Chairman of the Organisation of Eastern Caribbean States (OE

Name That Voice 83 2019-04-22 08:11:34Delia invites you to guess the name of the voice you hear in Name That Voice! It could be someone recently in the news, a celebrity, even a cartoon ch

Tribute to Alister McIntyre from Sir Shridath Rampahal 2019-04-21 03:11:34“A precious light has gone out in our Caribbean world,  with Alister McIntyre’s passing. He had devoted his life to Caribbean unity a


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.