Switzerland is no longer tax paradise

Switzerland has been taken off the grey list of tax-paradise countries. It joined 11 other countries which have been included in the list since it was first published in April 2009. Those 11 countries are: Antilles, Austria, Aruba, Bahrain, Bermuda Islands, Cayman Islands, Luxembourg, Monaco, San Marino and Virgin Islands. Earlier, Switzerlad made some agreements with major countries on the matter. Now the agreements must be voted by the Swiss.

Personal Financial Planning

A key component of personal finance is financial planning, a dynamic process that requires regular monitoring and reevaluation. In general, it has five steps:

Assessment: One's personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.

Setting goals: Two examples are "retire at age 65 with a personal net worth of $1,000,000" and "buy a house in 3 years paying a monthly mortgage servicing cost that is no more than 25% of my gross income". It is not uncommon to have several goals, some short term and some long term. Setting financial goals helps direct financial planning.

Creating a plan: The financial plan details how to accomplish your goals. It could include, for example, reducing unnecessary expenses, increasing one's employment income, or investing in the stock market.

Execution: Execution of one's personal financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.

Monitoring and reassessment: As time passes, one's personal financial plan must be monitored for possible adjustments or reassessments

Buying a home is one of the largest financial decisions you'll make so it pays to make sure you're making the best decision and getting the most for your money. You'll need to consider a mortgage, insurance, and the fees involved with buying a home. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses