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Seema's Questions & Answers

in Beauty & Fashion, Food & Drink& Personal Finance & Tax

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Total Points: 53264

Answers Given: 7896

Questions Asked: 26

Best Answers: 42

How to Buy Shrimp explain?

Asked by karn singh in Personal Finance & Tax at 4:46 PM on July 06, 2009

Seema's Answer

Well,Avoid shrimp that has already been peeled and deveined - most shrimp is frozen and then thawed, and the shrimp is less protected against the freezer without its shell.

Look for shrimp with firm white meat and a full shell.

Do not buy shrimp with black spots or rings - except if you're buying black tiger shrimp -as this indicates that the meat is starting to break down.

Avoid pink meat.

Make sure the shell is not yellow, as this indicates that it was bleached.

Avoid shrimp that smells of anything other than salt water.

Be cautious of labels such as "jumbo," as there aren't any firm guidelines for applying such terms. For each shrimp variety, the fishmonger should display the number of shrimp that make up a pound; use this as a guideline instead. Larger shrimp are frequently more expensive, but that doesn't mean they taste better, although they will be easier to prepare, because you will have less of them.

Buy enough for 1/4 pound of shelled shrimp for each person.

Answered at 5:11 PM on July 06, 2009

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How to Set Up a Family Budget?

Asked by karn singh in Personal Finance & Tax at 4:45 PM on July 06, 2009

Seema's Answer

Get out three months of pay stubs and determine your average monthly income.

Gather three months of bills, add them up and divide by three to calculate your monthly fixed expenses such as rent or mortgage, utilities and phone, car payment, insurance and student loan payments.

Add together three months of other monthly expenses, including groceries, clothing, credit card expenses, medical bills and cash outlays. Divide by three and add the result to your monthly expense total.

Evaluate your expenses; look for opportunities to economize, and develop a plan to cut back spending in specific areas.

Develop a monthly budget and stick to it.

Set up a savings plan such as a passbook account, certificate of deposit (CD) or individual retirement account (IRA), and begin making regular deposits.

Track your income and expenses monthly to evaluate how the plan is working, then fine-tune to produce the desired results. Use personal finance software to gain an accurate overview of your spending and locate problematic habits.

Answered at 5:10 PM on July 06, 2009

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How to Keep Financial Records Organized?

Asked by karn singh in Personal Finance & Tax at 4:44 PM on July 06, 2009

Seema's Answer

Buy a file cabinet and sturdy hanging folders.

Buy manila folders to go inside the hanging folders.

Sort all your financial papers into piles and stack them chronologically.

Put your bank statements, credit information, bill stubs, paycheck stubs, receipts, tax information, real estate papers, investment papers, insurance policies and statements, loan agreements and any other financial papers in separate hanging folders.

Further divide your tax information by year. Include tax returns, receipts, copies of W-2s, 1099s and other pertinent tax information.

Divide the bill stubs by the companies they represent.

Divide real estate papers by mortgage documents, home improvement receipts, second mortgages and so forth.

Put passbooks, car titles, stock certificates and yearly Individual Retirement Account, pension and profit-sharing statements in a safe deposit box. (Store vital documents and valuables there also.)

Keep your incoming papers, such as bills to be paid, in a separate place where they can be handy.

Answered at 5:04 PM on July 06, 2009

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How to Live Within Your Budget?

Asked by karn singh in Personal Finance & Tax at 4:45 PM on July 06, 2009

Seema's Answer

List all of your expenses, savings and income from the past year. Use your checkbook register, credit card receipts and bills to do this. A computer-based financial program such as Intuit's Quicken may help.

Determine, as accurately as possible, what expenses you expect to have for the next year. You can project expenses for a shorter period, such as the next three months, then multiply by four for yearly expenses.

Enter this information into a ledger or computer-based financial program to accurately track your income and expenses.

Determine what you can reasonably afford to spend each month and then track how well you are doing by entering actual expenses into the ledger or computer program.

If you find that you are spending less than you had anticipated, you may want to put more money in your savings account to help out with unexpected expenses.

If you find that you are spending more than anticipated, try identifying the items you really don't need (new clothes, CDs, expensive dinners) and avoid purchasing them until you are back within your budget.

Answered at 5:08 PM on July 06, 2009

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How to Take Inventory of Your Possessions?

Asked by karn singh in Personal Finance & Tax at 4:44 PM on July 06, 2009

Seema's Answer

Well,Make a permanent record of your possessions for insurance purposes, in case of theft or loss due to a natural disaster.

Divide possessions into two categories: "theft-prone" items and "other" items.

Make a list of theft-prone items and record serial numbers.

Mark theft-prone items with your Social Security number or other identifying mark, using an engraving tool.

List all other items and include brief descriptions.

Take photographs of items.

Invest in adequate insurance - home owners' or renters' insurance coverage.

Put the completed inventory in a safe place outside your home, such as a safe-deposit box.

Answered at 5:06 PM on July 06, 2009

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How to Write a Check?

Asked by karn singh in Personal Finance & Tax at 4:45 PM on July 06, 2009

Seema's Answer

Well, 1.
Start by writing in the date using any format, as long as it's legible. Use either the current date or a future date for a post-dated check.
2.

Write the name of the person or company receiving your check on the line that starts with "Pay to the Order of" or "Payable to."
3.

Write the numerical dollar amount of the check in the small space that starts with a dollar sign ($) so that it reads like this: $25.63.
4.

Write the same amount using words for whole dollar amounts, a fractional figure for amounts less than a dollar, and a straight line to fill up the remaining space on the line ending with the word "Dollars," like this: Twenty-five and 63/100 ------------- Dollars.
5.

Sign the signature line at the lower right.
6.

Note the check number, date, payee and amount on the check stub or in the check ledger at the front of your checkbook.
7.

Subtract the amount of the check so that you will know how much you have left in your account.

Answered at 5:07 PM on July 06, 2009

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How to Decide When to Sell Stock?

Asked by karn singh in Personal Finance & Tax at 4:44 PM on July 06, 2009

Seema's Answer

Well,

Consider selling if the price has dropped substantially or remained stagnant for several months.

Think about selling if the price has risen to or beyond a target that you established when you bought the stock.

Note whether the company's fundamentals remain strong. You can get the information you need from the Securities and Exchange Commission, which makes corporate filings available for free (see FreeEDGAR.com, under Relates Sites).

Evaluate earnings trends, management changes, revenue growth and other basics to determine whether fundamentals are sound. Even if the stock price is sluggish or, for that matter, has hit new highs, you might want to hang on to the stock if fundamentals remain sound and growth prospects look good.

Visit your public library's business reference section and review reports by Value Line and Standard & Poor's. Do they project no price appreciation for the stock?

Consider changes in the competition. If an effective new player or several hot new players have entered the market, your stock's growth prospects could be in jeopardy.

Answered at 5:02 PM on July 06, 2009

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How to Pay Monthly Bills on Time?

Asked by karn singh in Personal Finance & Tax at 4:43 PM on July 06, 2009

Seema's Answer

Well,Paying your bills promptly will help you avoid late fees and interest charges. Follow these steps to ward off procrastination and keep your finances in good order.

Set aside a special place to put your bills when they arrive, such as a desk cubbyhole, a special section in a drawer or a bill inbox. As soon as you receive them, open your bills, then put them in this special place.

Set aside two times a month, two weeks apart, to pay bills. The middle and end of the month are good times.

Call the companies that send you bills and have them revise your payment due dates to correspond with one of the two times you plan to pay your bills each month.

Mark your calendar to remind you of bill-paying dates and to help you keep to your schedule.

Pay your bills with checks or money orders, then note the check number, the date and the amount paid on the receipt portion of each bill.

File these receipts away and keep them for seven years.

Place the envelopes containing your payments next to your keys so that you will remember to take them with you and mail them immediately.

Answered at 4:57 PM on July 06, 2009

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Tell me How to Buy Stocks?

Asked by karn singh in Personal Finance & Tax at 4:43 PM on July 06, 2009

Seema's Answer

Buying stock in a company is relatively easy once you've researched the stocks you're interested in and have a broker or brokerage account to handle your purchase. Choose your stocks with care and research before you buy anything, but keep in mind that the stock market could crash at any time for numerous reasons.

Educate yourself fully about stocks before purchasing them. You can find information about stocks and brokers on the Internet.

Determine what you want in a broker or brokerage account. Do you want to meet with someone face-to-face? Will you want to be able to reach someone by phone? Do you require Internet access? Is price your only consideration? Do you want to buy and sell only stocks, or would you also like to buy and sell mutual funds, bonds or foreign stocks?

Choose a broker or brokerage firm to purchase the stocks on your behalf based on your needs. Need a lot of advice? Start with a full-service brokerage. The least expensive brokers may not offer advice. Fairly confident and want low prices? Try an online brokerage.

Contact a broker or firm and request an application. Many firms offer online applications, although most require that you send a check or wire money to actually open the account.

Deliver a check in person if possible to speed up the process.

Begin buying and selling stocks once your account is open.

Review statements you receive and reevaluate your portfolio's performance. Are you moving toward your investment goals?

Answered at 5:01 PM on July 06, 2009

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How to Plan for Retirement?

Asked by karn singh in Personal Finance & Tax at 4:43 PM on July 06, 2009

Seema's Answer

Well,Plan for Retirement-----
1-

Start planning for retirement early. Think about how you want to live–—and where. Calculate how much money you think that you will need.
2.

Plan for the possibility of living longer than you now expect. Include the possibility of being on a fixed income for as long as 20 or 30 years.
3.

Create a financial plan either with a certified financial planner or by using computer software like Intuit's Quicken. (Remember to include your Social Security benefits.) This will help you figure out how much money you should invest for retirement on a regular basis.
4.

Contribute funds weekly, monthly or annually to your employer's 401(k) plan or your SEP-IRA. Be sure to consider a Roth IRA or a traditional IRA if you qualify. See 146 'Select a Retirement Account.'
5.

Pay off major debts, such as home mortgages, college loans and other significant cash-flow drains, as quickly as you can.
6.
As you approach retirement, you may want to reduce your discretionary expenses and attempt to live on a fixed income. Adjust your asset allocation based on your spending patterns. If you are spending more than your assets are earning, you may have to lower spending and take more risks in the hope of increasing your returns. Ask for advice.

Answered at 4:59 PM on July 06, 2009

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