The History of the US Mint
The United States Mint is responsible for the creation and circulation of currency in the country. Congress created the Mint when it passed the Coinage Act of 1792. Prior to, currency was different from state to state, so it was difficult to assess value. Congress opened the first Mint in Philadelphia in 1792 in a building that became known as “Ye Olde Mint”.
Of course, legitimate currency needed some kind of mark that would identify it as such. Early coins were marked with the name of the facility in which they were produced, so one could quickly identify the origin of the coin and verify it as authentic.
The mintmark was ditched in favor of metal coins during the 60s, but silver was the preferred metal for a long time. Nickels were originally made of nickel, but a shortage during World War II made it more feasible to mix the recipe with some silver. The result was a blending of the old and the new. One can tell whether a nickel falls into this category by observing the back of the coin. Above the picture of Monticello, a “P” designates the origin as Philadelphia. If the date corresponds with World War II, the coin may be authentic.
The main purpose of the mint was to convert gold deposits into coinage, occasionally in the form of gold coins.
Margaret Kelly became the first female director of the mint in 1911, which also made her the highest paid woman on government payroll at that point.
About the Author: Samuel Phineas Upham is an investor at a family office/ hedgefund, where he focuses on special situation illiquid investing. Before this position, Phin Upham was working at Morgan Stanley in the Media and Telecom group. You may contact Phin on his Samuel Phineas Upham website or LinkedIn.
The Perks of Hiring a Construction Consultant
Written by: Lyle Charles
Construction claims are known to be complicated. Not only that but when you involve the legal system and skip the settlement process, things can only get more stressful. Construction consulting services help relieve the stress and pressure that is placed on you when dealing with a claim. Here are some common reasons why you should hire an expert.
When lawyers handle the claim, it’s most likely going to be littered with verbiage that can be hard to grasp. Many times you will see a lawyer write claims that only other lawyers with experience would understand. This essentially keeps you out of the loop and can lead to misjudging the gravity of the situation. A simple mistake can cost you time and money. Construction consultants guide you through the claim and help you understand the ins and outs of it.
The standards of the construction industry change due to the fast-paced business environment surrounding it. Don’t get left behind and make the wrong decisions. Claims consultants will help suggest the right courses of action to make for each type of claim.
Negotiations are vital in a successful claim. There are times where the claim won’t even make to court saving you the stress of stalling a project. The best resolution will come from the best negotiations.
A deep analysis of your case is also recommended to understand the needs and volatility of the claim. Seeking out construction consulting will give you peace of mind as you won’t have to make decisions that could affect the outcome by yourself.
3 Ways to Protect Your Finances For Retirement
If you want to live comfortably during retirement, it takes wise choices, a frugal attitude and hard work to get there.
Yet there’s a danger: there’s a tendency to be vulnerable to scams, poor judgment or advisers when you reach retirement age too.
In fact, according to Allianz, fraud victims at the age of 65 and above lost an average of $30,000 every year. Of course, one in 10 lost more than $100,000.
Here are 3 ways to protect your finances while ensuring this doesn’t happen:
1: Keep Investments Simple
If you have a number of 401(k)s or IRAs, consolidate them so that you can monitor them easily. Another option would be to replace stocks and bonds with mutual funds or exchange-traded funds that will need little or no attention. Better still, keep only two credit cards – one for daily use and the other for automatic payments.
2: Have a Backup
If you have a backup person, you’ll be able to spot missteps or bad advice sooner rather than later. Set up alerts with financial institutions so as to keep you abreast of unusually large transfers. You can use an app such as Mint to see daily activity. Of course, if you cognitive issues, then give your financial advisers and doctors the permission to contact your backup.
3: Create an Investment Policy Statement
Doing this will help you to keep your finances on track. This statement should contain information such as how you will preserve capital, what kind of securities you will hold and how much of your portfolio will be allocated to safe and risky assets. One big benefit from this document is that it will help you resist sales pitches that will make you stray away from the investment strategy.
Key Aspects to Financial Technology
Financial technology is a relatively new field, but the market has grown substantially since 2008. The market is so big, in fact, that nearly 40% of the workforce in London is employed with a fintech firm of some form. Here are some of the key aspects of that industry that have allowed for that exponential growth.
Agility
One of the major problems banks have is that they are often too large to handle the smaller transactions that a growing majority of the population needs. Short term loans are a good example. It would cost a bank too much to underwrite a short term loan, especially if they had to deal with thousands or hundreds of thousands. Startups that are equipped to serve P2P lending are better able to service that underbanked portion of the population.
Data
Data fuels much of this growth, especially as we gather more data about the savings habits of people at various income levels. Banks need this data to improve their services, and companies are developing with the sole purpose of crunching this data.
Regulation
Regulation will also come into play at some point, and, to a certain extent, has already become a factor. One big example has to do with how much cash banks need to keep on hand. New requirements outlined in Dodd Frank have made it harder for banks to lend. That’s created opportunity for startups, but that same legislation can also hamper innovation depending on how it’s used.
Bio: Firoz Patel is the former CEO of AlertPay Inc., and successfully brokered its acquisition by the UK-based MH Pillars. Read an article about Payza here to learn more.
3 Ways to Break Out Of The Paycheck-to-Paycheck Cycle
There are a number of reasons why people might be living from paycheck. This could either be because of situations out of their control or even due to poor financial choices.
No matter what, it’s hardly an enjoyable way to live because of the pressure that comes with it. Here are 3 ways to break out of the paycheck-to-paycheck cycle:
1: Write Down Your Expenses
Sometimes the problem is not overspending but just not spending the money you already make wisely. In fact, earning more money might not be necessary to cover this perceived deficit. So, take some time out of each payday to decide how that money will be spent. Make sure you list all the upcoming bills and according to the date. A simple Post-It note should suffice.
2: Reduce Spending From Your Budget
If you already have a written budget and have nothing left after your bills, then it’s time to reduce your expenses. In other words, one should be as frugal as possible. At least, this is up until your debt is gone. Even if after you’re in the green, make sure you’re careful with your spending. Look over the internet for a number of ways by which you can live frugally.
3: Look for new ways to increase your incoming cash
The other way by which you can stop living from paycheck-to-paycheck is by increasing your incoming earnings. There are a number of ways by which you can do this. You can look for a second job, apply for a promotion, sell stuff on eBay or even go back to college for a better job.
Tips on Managing Risk in Construction Projects
The due diligence performed during construction claim analysis is the same kind that should be performed before the project starts. Performing these basic checks will help avoid risk altogether. Even though some risk is unavoidable, accidents do happen after all, you can safely manage most risky situations with the proper checks and balances in place.
Perform Risk Assessment
Hire neutral construction advisory services to review everything, from plans to scheduling, and look for consistency. Construction projects will involve multiple contracts between many companies, and specific mentions of both payment and timing will be important in the event of a dispute. Careful contract preparation is a crucial part of the pre-planning phase and ensures everyone knows the work they are required to do to get paid.
Document Everything
Another key concern, especially in smaller outfits, is documentation. Documentation saves one’s legal life so-to-speak. It may be a good idea to acquire insurance to cover parts of the project as well. It’s also helpful to have an independent party review any existing contracts for outdated language. It’s common for companies to use forms that are sometimes years old without having updated any of the legal language until a dispute occurs. Even if the law is on your side, make sure the work contract reflects that.
Allocate Risk Appropriately
Upon review of the project, just before ground can be broken, it’s helpful to designate certain parties and responsibilities to help allocate risk. The designer, for example, should only be responsible for design-related projects. This helps put power in the hands of those best positioned to use it for the benefit of the project.
Bio: Lyle Charles Consulting helps construction firms manage risk through claims analysis and mediation. For more information on construction project management, search for Lyle Charles.
3 Money Lies That You Should Steer Clear Of
While your desire to spend a lot during your twenties is only normal, this will change by the time you get to the age of 30.
Given that this is the time when you tend to earn the most, it’s also important that you begin to put away just as much.
This also involves avoiding certain money lies that you might tell yourself. Here are 3 of these money lies that you should steer clear of:
1: Doesn’t Matter If I Hate My Job, As Long As It Pays Well
No matter what it is, there’s no point working at a job you hate by the age of 30 and which leaves you stressed out and disappointed. Sometimes you have to look at something else which pays less in order to enjoy your life a little more. It isn’t a sacrifice even if you think it is.
2: Turning A Blind Eye Is Fine, My Finances Will Figure Themselves Out
It’s bad to ignore financial red flags in your 20s when they arise. No matter what change your bank account even if you are fearful of seeing a really low number. Make sure you look at your credit report regularly. Also, take advantage of work benefits offered – the 401(k) match being on of them. If you are out of money, make sure you know it. It’s the only way you will do something about it.
3: I Should Get Married Because It Is The ‘Next’ Step
Getting married at 30 is a trend these days. Yet very few people can afford to get married given the absurd costs associated with an American wedding. Doing so will result in massive debt and which in turn, will result in stress and arguments along the way. Whatever you do, ensure that you partner has a similar view of money just as you do.
The Many Roles of a Construction Consultant
A consultant is merely someone who has years of experience in a particular industry. Consultants aren’t just experts. In the case of construction, a consultant may perform many duties on site besides evaluating the project. For instance, during disputes, consultants may act as a construction expert witness to help tell your side of the story in layman’s terms to a jury.
Expert
A consultant is firstly someone who has expertise in the field of construction. Some have many years occupying jobs at every level, others have owned and managed contracting companies, and still others have particular specialties (like steel fabrication) that fill important niches in the construction zone. That enables a consultant to fill the role of construction expert witness, project manager, turnaround supervisor and other key roles involved at every level of the construction process.
Mediator
Disputes are fairly common in construction, and most require little more than a claim to resolve. Occasionally, larger disputes between personnel or vendors can cause hiccups in the plans that throw off deadlines and ultimately cost money. In these cases, mediation is the preferred method to solve disputes. Construction mediation is much faster than trial, does not require legal representation and typically leaves all parties feeling as though they got what was owed to them. Plus, you don’t risk everything on an outcome that is difficult to predict.
Manager
Consultants often fill the role of managers, especially in turnaround scenarios. These key personnel sign off on plans, place orders for materials and oversee the entire schedule. Consultants are well suited to this role because their experience informs their decision making.
Bio: Lyle Charles has experience mentoring leaders in the construction industry. Lyle Charles Consulting can help manage commercial or residential construction projects and claims. Contact Lyle Charles for more information.
5 Things to Share To Save Money
The ‘sharing economy’ is a now much-discussed topic. There are several other ways to save money apart from rides and renting residences. For this, connecting with friends, family and neighborhood groups is necessary. Once you’ve discussed how to share these items, you will save more money.
Having said that, here are 5 things that you can share to save money:
1: Streaming Video Service
This is another popular topic in the world of sharing economy. Streaming services such as Hulu, Netflix and HBO allow you to share passwords. Netflix takes it one step further by allowing users to maintain 5 individual profiles.
2: Cell Phone Plan
Major service producers such as T-Mobile, Sprint, Verizon and AT&T offer family sharing plans. Once you determine which plan works best for your family, the saving can be large. Up to 10 people can profit from these plans offered.
3: Amazon Prime
Family members and unmarried partners can share these accounts with registered Amazon Prime users. This will help in reducing membership costs by almost half or even more.
4: Vacation Property
While timeshares are popular and expensive, you can share it with others. Not only can you split the cost of the property but also set up a calendar of who uses it. A legal contract for repair costs, utilities and maintenance is advisable.
5: Club Memberships
Members at Costco and Sam’s Club can bring guests which saves money on memberships. At Costco, the member will have to pay for guest purchases. Guests at Sam’s Club can make their purchases.
CryptoCurrency: Overrated or Intriguing?
By Phin Upham
One of the most interesting concepts in the world of fintech has been crypto currency. The enigmatic currency began popping up on blogs, associated with drug deals and hit men, and it promised a method to anonymously send money. It was invented to make it harder for governments and financial bodies to track financial transactions around the world, and hasn’t had too much positive publicity up until Goldman Sachs decided to invest in it.
Mt. Gox, where 850,000 bitcoins belonging to traders simply vanished, showed everyone that crypto currency has a dark side. As the company began closing down, some thought that might end crypto currency for good. After all, if the bitcoin stock exchange can’t work, how can the currency?
Overrated
Bitcoin is basically used to buy fake passports and drugs on the Internet. At least that’s what the media wants to say about it, but the currency has not proven to be secure and stable. Trading prices fluctuate rapidly, which sends values all over the chart, making it hard to look at historical trends or make any kind of educated guess as to where this all going.
Underrated
Which is why bitcoin is so undeniably fun to consider. Almost like the invisible dollar that could, bitcoin promises to make it easier to move money internationally. Yes, there is the dark side of anonymity, but the currency was always intended to have artificial limitations in order to simulate value. It’s like a game where the player is you and the health bar is your bank account.
The biggest challenge right now is the “Wild West” atmosphere surrounding crypto currency, but regulation may come in the near future.
About the Author: Phin Upham is an investor at a family office/ hedgefund, where he focuses on special situation illiquid investing. Before this position, Phin Upham was working at Morgan Stanley in the Media and Telecom group. You may contact Phin on his Phin Upham website or Facebook page.