Florida Fortune Teller Accused Of $25 Million Fraud + MORE Sep 2nd

When you consider that a mortgage is the largest debt most of us will take on in our lifetimes, the idea of being able to deduct the interest from your taxes sounds like a great idea. But in Canada – unlike in the United States – homeowners are generally not allowed to claim mortgage interest as a tax deduction. But one self-proclaimed “financial strategist,” Fraser Smith, says he’s figured out a way to legally deduct your mortgage interest. His method has been dubbed, appropriately enough, The Smith Manoeuvre. Here’s how it works.
Steps In The Manoeuvre
Smith literally wrote the book on his tax-deduction method. The idea is, in his words, to mimic the way corporations and wealthy individuals routinely convert debt into tax deductions: “The difference is, the [wealthy] routinely turn their loans into ‘good debt’ by making the interest tax deductible, with the help of expensive accountants and lawyers. So while the wealthy are transforming their house mortgage loans into free-tax refunds, the rest of us are paying off huge amounts of mortgage interest with after-tax income,” he states in his book…

You wouldn’t be alone if you had doubts about the work of fortune tellers. But there is no law that prohibits people from earning a living as a fortune teller, and prosecution of psychics for fraud is in fact quite rare.

And so it was remarkable that on Monday, fortune teller Rose Marks, pictured, second from right, found herself on trial for allegedly organizing an elaborate $25 million fraud in which clientele gave her millions in “gifts” and loans, according to the South Florida Sun Sentinel. Marks, 62, was no ordinary $20 palm reader either. With her family members, she operated shops in Fort Lauderdale and New York City and had an impressive client list, including Jude Deveraux, the 65-year old romance novelist and author of 37 New York Times best-sellers.Continue reading Florida Fortune Teller Accused Of $25 Million FraudFlorida Fortune Teller Accused Of $25 Million Fraud originally appeared on Walletpop Canada on Thu, 29 Aug 2013 10:17:00 EST. Please see our terms for use of feeds…

Perhaps you’ve relied on your bank to advise you on your investments, or taken out a GIC or RRSP with them. But have you considered investing in your bank itself? Bank stocks are a popular investment that commonly pay dividends. And, according to a new report released by RBC Capital Markets, they’re expected to do well over the next year, climbing between eight and 19 per cent.
Bank Stocks Are Still Subject To Risk
But don’t toss all your savings in just yet – there are several elements to consider beforehand when investing in bank stocks, says Kim Inglis, an investment advisor and portfolio manager with Canaccord Genuity Wealth Management. Bank stocks are especially sensitive to overall economic fluctuations, moreso than stocks in other unrelated sectors.
“Before investing in banks or any stocks for that matter, investors should assess their overall tolerance for risk,” says Inglis. In other words, write down the maximum dollar value loss you could deal with in the event that things go south for you…

Filed under: Celebs & Money, Family Finances, Weird & Wonderful
By Bruce Watson
Daily Finance

There’s no question that America’s young people are desperately in need of financial education. Some schools wedge lessons about interest and savings into math classes or life-skills programs, but for the most part, parents are left with the task of teaching their children how to spend, save, budget and invest.

Well, Warren Buffett, America’s top investing guru, has leaped into the breech with “Secret Millionaires Club,” an animated web program that teaches children a variety of financial lessons. But while the program offers some great lessons, it seems to be heavily larded with mixed messages and occasional doses of surreality.Continue reading Warren Buffett’s Money Lessons for Kids: Half Savvy, Half SurrealWarren Buffett’s Money Lessons for Kids: Half Savvy, Half Surreal originally appeared on Walletpop Canada on Thu, 29 Aug 2013 11:14:00 EST. Please see our terms for use of feeds…

KUALA LUMPUR, Malaysia – Malaysia’s government said Monday it will cut fuel subsidies for the first time in nearly two years to save 3.3 billion ringgit ($1 billion) annually as part of crucial budget reforms.
Prime Minister Najib Razak said the reductions are needed to trim the budget deficit and strengthen economic fundamentals to boost investor confidence. The financial markets of some Asian countries have come under pressure as the anticipated scaling back of U.S. monetary stimulus spurs capital outflows from the region.
Najib, who is also finance minister, said the government will cut the gasoline subsidy by 20 sen (6 cents) to 63 sen (19 cents) a litre and diesel by 20 sen to 80 sen a litre from Tuesday.
Malaysia spends 24.8 billion ringgit a year on fuel subsidies. The reductions announced Monday will reduce that bill by 1.1 billion ringgit for the four months through December and 3.3 billion ringgit next year.
Najib said savings from the subsidy cut will help fund handouts for people on low incomes, which will be announced in the 2014 budget in October…