5 Good Reasons Why You Should Play Poker

English: Shankar Pillai after winning the $3000 No Limit Hold 'Em event at the 2007 World Series of Poker (Photo credit: Wikipedia)

Many inexperienced poker players ask themselves 'why play poker?' The answer is simple: many play poker not only because it is fun, but also because of the challenge it offers intellectually. Poker is a game that provides mental stimulation and requires certain skills, where numerous competitions take place and where poker players can earn thousands of dollars. Above all, it is entertainment and a way to make money. 

1) Make Money on Poker

The first answer to 'why play poker?' is money. Poker is a game with big money, and this is instrumental in getting many people to start playing poker. Although a poker player can fold many times in a single game, there will always be a patient player who goes home with the big win.

Poker is a gambling game, like most other games at a casino, and with enough practice and knowledge, any player can make money from poker. You can either spend a few hours each week to learn poker, play for fun or earn a few pennies, or you can make poker your full time job - be a pro and make poker your main income, it all depends on you, your determination and what you want.

Making money at poker is of course not quite simple and you need some time to learn the skills, techniques and game and a lot of patience, but it is achievable if you decide to learn the rules of poker and strategies that are the basis to make money in poker.

2) The Intellectual Challenge of Poker

The second reason to play poker is the intellectual challenge the game allows. As mentioned earlier - poker is not a gambling game, although an element of chance is present, it is more an intellectual challenge where a player has to use his full intelligence to win.

The intellectual challenge of poker varies from player to player: some are bluffing the real challenge, while for others it is the intellectual challenge it takes to read the opponents' hands. Successful poker players get a kick from learning how a system works and how the system can be broken. 

3) The Social Aspects

Apart from the intellectual challenge and the money that can be earned by playing poker, this game has a different attribute, and it is the social aspect of it. Poker is a social game - players sitting around a card table can play and talk for hours, which can strengthen their friendship. Poker is offering you a chance to meet new people and make new friends while playing your favourite games.

In many TV shows you can watch the traditional 'boys' nights', where some guys sitting around a table and play poker into the wee hours of the night, it is a typical example of the social aspect of poker - playing, talking and enjoy at the same time.

4) No Limit on the Game

Another great reason to play poker is that there is no ceiling on what you can do with this game - there are always bigger tables with more money, another competition to participate in. There is no limit to poker, just the ones you decide.

You can choose to play 'home games' with little risk or you can go all the way and don’t stop until you've reached the biggest poker events like the World Series of Poker or the World Poker Tour, where millions of dollars are presented as first prize. 

5) The Thrill of Competition

Every game that surrounds money is exciting in its own way, but poker is a greater excitement, as it not only is a game of chance, but a game where the most qualified and skilled player wins and not the lucky ones. Basically this game is a tense competition between the players and a thrilling event that brings out the best and worst in people.

Remember to be a responsible online gambler and poker player and play for no more than you are willing to lose. We wish you luck!

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5 Top Tips for Those Thinking of Opening an Online Shop

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These days more and more people are deciding to open up their own online shops- and none more so than those over 50s. Setting up an online store is not only a great mean of making some extra cash; it can also be a really rewarding pastime for those that find themselves with a little extra time on their hands. Here are five tips for those looking to set up their first store. 

It’s cheaper than you think

It is quite remarkable that these days it is possible for anyone to set up an online shop within a couple hours for next to no cost. There are a huge range of different e-commerce platforms out there and it is well worth having a look around and working out which one is for you. Many people waste thousands of pounds having a bespoke website created for them by a web design company when a much cheaper option could have worked just as well. 

Think about marketing 

It’s all well and good having a great looking site but how will anyone find it? Underestimating how difficult it can be to get people to a site is probably the most common mistake that new online business owners make. Think carefully about how you plan to acquire customers and have a good sense of how much this is likely to cost. There is nothing more frustrating than having a beautiful looking website that nobody ever visits.

 

Think about stock 

If you are just setting up your business you do not want to be holding a lot of stock. One way around this is to work with a drop shipper. You market their products but they keep them all at their warehouse and fulfil the orders as you notify them. Although the margins are not as good, it removes any risk you might have of being stuck with products you cannot sell- and it also takes the headache of fulfilment! And believe me it can be a headache. There are many companies offering drop shipping services, covering a huge range of different products, from pet supplies to electronic equipment. If you do decide to work with one then make sure you do plenty of research to ensure they are reliable.

 

Do your homework 

The more you understand about e-commerce then the more likely your shop is to succeed. You may not want to become an expert in user experience, organic search, pay-per-click, analytics or any other mysterious online phenomenon, but having a working understanding will be incredibly useful. There is a huge community of first time internet entrepreneurs and they are incredibly eager to help out newcomers. Sites such as Warrior Forums and SEOMoz are full of great information and support for newbies. Do not waste money on e-books or expensive courses which claim to explain how to set up a successful online shop- all the information you could ever need is available on the web for free. 

Market research 

It is amazing how attached you can become to your online shop and it is always good to try and get other people’s opinion. Market research does not have to be expensive- in fact it doesn’t have to cost anything at all. Simply construct a list of questions and email them to everyone in your address book and ask them to respond- before you know it you will have a useful sample size. Feedback is really important and the beauty of having an online shop is that it is relatively quick and easy to act upon it. It is important that you have a shop which you are happy with- but ultimately it’s more important that you have a shop which your customers will love.

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What Is a Good Credit Card Deal?

You must have heard people say – ‘I got a good credit card deal’. So if you happen to be looking for a credit card at that moment, do you just go with what your friend has told you as a good credit card deal? 

Let’s check what one can term as a good credit card deal. A credit card deal is good if it works for you. So, if the credit card fits into your lifestyle in a way that rakes in maximum benefits for you, that is a good credit card deal.

Credit Card Deal

The most important thing to realize here is the word ‘your’ as in ‘your lifestyle’. So logically speaking there is nothing like a good credit card deal. What it is - is good credit card deal for ‘you’ i.e. the individual who is going to use that credit card. 

This is because the lifestyle and the needs differ from person to person (and that is precisely the reason why every credit card supplier offers so many different kinds of credit cards). 

It might be true in some cases (where the lifestyle of two individuals/friends is similar) that the credit card deal which is good for one be good for the other too, however, this is just in a few cases. 

You can always check with your friend who has recently got a credit card deal, since that might cut down the time needed for researching/hunting-for a good credit card deal. 

Travel Credit Cards

However, it’s really a matter of evaluating your own needs. If you travel a lot and to far off places by air, a card that offers you good rewards/rebates/benefits on travel would comprise a good credit card deal. 

Sometimes the airlines themselves have their own airline credit cards where you can get a good credit card deal. For people shopping at a particular retail store or a shop, a good credit card deal would be a card that offers discounts, rebates and rewards on shopping. 

Again, the retail stores themselves might have credit cards on offer that could be beneficial to you. Then there are credit card deals that are linked to gasoline stores or big grocery chains. If you don’t have any specific needs, you might use a general purpose credit card that gives reward points on every purchase you make on your credit card. These points can then be redeemed for cash/rewards. 

Hence, this card could become a good credit card deal for you. 

Good, for credit card deals, is really a relative term and there is no credit card deal which is equally good for all.

Reverse Mortgage vs. Payday Loan, the Hard Facts

Loans (Photo credit: zingbot)

Reverse mortgage vs. payday loan Reverse mortgages and payday loans have significant similarities and differences. If you're looking for the hard facts, you will find them here. Both reverse mortgages and payday loans can be used when you are in need of immediate money, although reverse mortgages can be drawn monthly too, which would provide long-term financial stability. 

Reverse mortgages are primarily for those of retirement age.

A reverse mortgage allows you to draw money in a lump sum or you can receive monthly payments. Reverse mortgages are common for those of retirement age because it provides an opportunity to starting preparing for retirement living. Often times, retirees will invest in property, RV's, or park model homes so that they can retire without financial struggle. If you are not ready to sell your house but you'd like to purchase something for retirement, a reverse mortgage provides that opportunity.

Reverse mortgages are based on the equity of your home.

In order to receive a reverse mortgage, your home has to be appraised at a significantly higher price than you currently owe on your home. This may not be possible with the current condition of real estate. During the economic recession, homes lost a large majority of their value and their equity quickly plummeted. Before you consider a reverse mortgage, it's a good idea to have the equity of your home appraised so that you can see where you stand financially.

Reverse mortgages have interest that will be added to your mortgage.
Like all loans, a reverse mortgage has an interest rate. This interest will be accrued to your mortgage, so it's important that you keep a close eye on the interest that you are accumulating. Essentially, your reverse mortgage will draw equity away from your home, since your mortgage will continuously increase because of this interest. This makes reverse mortgages unfavorable to some, but if you're not in a position where you feel comfortable selling your home, they may be the perfect option.

Payday loans often earn their money from repeat loans.

Payday loans have a poor reputation among many financial advisers because payday loan companies earn about ¾ of their income from repeat loans. This is often because payday loan companies encourage borrowers to continue drawing loans when they cannot afford to repay their initial loan's fees. 

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This leaves the borrower helpless to the high interest rates of the payday loan and they often struggle to break free from the amount of debt they have accumulated.

Payday loans have high interest rates; the lowest APR cap is 156%. (Texas)
Payday loans have very high interest rates but they are intended to be short-term loans. The lowest annual percentage rate cap is found in Texas and is 156% of the loan. While you would never take an entire year to repay a payday loan, this helps increase the extent of the interest. Payday loans typically have a two week payback period. This means you must recover the funds to pay back the loan and all fees associated with the loan within a two week period.

Payday loans provide short-term financial relief and are typically easy to obtain.
Payday loan companies are not very picky when it comes to accepting borrowers. Unlike banks and financial institutions, credit is not a huge factor when it comes to approval. If you have a bank account, proof of income and a driver's license to identify yourself, it's very likely that you will be approved. As far as we know, there are no payday loan companies that perform a complete and comprehensive credit check. In fact, it's usually harder to obtain a credit card than it is to obtain a payday loan.

Does Your Tax Preparer Have the Proper Credentials?

Taxes (Photo credit: Tax Credits)

As we approach the end of the year, many people are starting to prepare for income tax season. Whether you prepare your own taxes or have a professional do it you need to gather the necessary documents. 

I use an accountant to do my taxes. I used to do my taxes myself but they became so complicated I hired an accountant. It's not cheap but I can feel sure they are done right. The last thing I want to have is any encounters with the I.R.S.

All individuals who prepare tax returns for compensation must have a preparer tax identification number (PTIN). This requirement generally applies to all attorneys, accountants, and enrolled agents who prepare returns, as well as to registered tax return preparers who are authorized by the IRS to prepare returns.

In order to become a registered tax return preparer, an individual must pass an IRS competency examination. The PTIN requirement also applies to “supervised preparers” who do not and are not required to sign returns, but who are employed by an attorney or CPA firm and who prepare returns under supervision.

Enrolled agents and registered tax return preparers are subject to continuing education requirements set by the IRS, while attorneys and CPAs are subject only to continuing education requirements (if any) required to maintain their professional credentials.

What is an Enrolled Agent?

Enrolled agents (EAs) are the only federally-licensed tax practitioners who both spe­cialize in taxation and have unlimited rights to represent taxpayers before the Internal Revenue Service. These tax specialists have earned the privilege of representing taxpay­ers before the IRS by either passing a stringent and com­prehensive three-part examination covering individual tax returns, business tax returns and representation, practice and procedure, or through experience as a former IRS em­ployee. All candidates are subjected to a suitability check conducted by the IRS.

What are the differences between enrolled agents and other tax professionals?

The enrolled agent is the most expansive license IRS grants a tax professional. Enrolled agents are generally un­restricted as to which taxpayers they can represent, what types of tax matters they can handle, and the IRS offices before which they practice.

Unlike attorneys and CPAs, who may or may not choose to specialize in taxes, all enrolled agents specialize in taxa­tion. While CPAs and attorneys are licensed by the states, enrolled agents and registered tax return preparers are fed­erally licensed. Registered tax return preparers must pass a basic, one-part exam and complete a minimum 15 hours of continuing education per year. They do not have the unlimited representation rights held by enrolled agents, CPAs and attorneys. The enrolled agent license is the highest credential the IRS issues.

The advantage of working with an enrolled agent lies not only in the depth of experience and understanding of how to prepare a tax return, but the knowledge of tax law that may be used to represent taxpayers before the IRS. If you get a letter from the IRS, or worse, are audited or are the target of a collection action, your EA can speak directly to the IRS on your behalf.

How can an enrolled agent help me?

Enrolled agents advise, represent and prepare the tax re­turns of individuals, partnerships, corporations, estates, trusts and any other entity with tax reporting require­ments. EAs prepare millions of tax returns each year and their expertise in the continually changing field of taxation enables them to effectively represent taxpayers audited by the IRS. In addition to tax preparation and tax representa­tion, many enrolled agents offer other business-related ser­vices which may include:

• Bookkeeping
• Financial planning or budgeting
• Payroll services
• Financial statement preparation
• Mortgage assistance

Are enrolled agents required to take continuing professional education?

In addition to the stringent testing and application pro­cess, the IRS requires enrolled agents to complete 72 hours of enrolled agent continuing education every three years to main­tain their licenses. The National Association of Enrolled Agents (NAEA) raises the bar even further in that its members are required to complete at least 90 hours in a three year period.

What are the key points to remember when hiring a tax professional?

Your tax needs are best served by an enrolled agent. How­ever, no matter who you hire there are certain things to keep in mind.

• Always use a qualified professional to prepare your return.
• The preparer should always sign the return and include their Professional Tax Identification Number (PTIN).
• Beware of preparers who encourage you to lie or otherwise modify your information in order to get a bigger refund.
• The taxpayer is responsible for what’s on a tax return.
• Enrolled agent continuing education requirements are met.

Reputable preparers will ask to see receipts and will ask multiple questions to determine whether ex­penses, deductions and other items qualify. By doing so, they are trying to help their clients avoid penalties, interest or additional taxes that could result from an IRS examination.

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Adding Your Children Onto Your Insurance Policy: Pros and Cons

 (Photo credit: West Midlands Police)

Many parents in their forties and fifties have older children who are ready to buy their first car, graduate or enter college, and/or getting prepared to live on their own for the first time. 

At a time when parents seek to save for retirement, costs for older children are taking a chunk out of their savings: Buying their teenager a vehicle, paying for college expenses, helping with costs of the child’s new living arrangements, and car insurance. 

Navigating finances at this stage is quite the juggling act. After all, parents who are fast approaching retirement need to find the balance between their budgetary expenses, saving for retirement, and contributing to an older or adult child’s expenses and needs. 

Sometimes parents have to draw the line and give their child the entire responsibility of providing for themselves. When it comes to car insurance there are advantages and disadvantages for both parents and teenagers of sharing an insurance policy. Let’s break it down. 

Pros for Parents 

· If the parent’s name is on the title of the vehicle or on the loan, they should be cognizant of proper protection against major unexpected loss. By having control over the amount of coverage on the vehicle, parents can be assured of proper coverage. As long as a parent’s name is associated with ownership, they will have a legal responsibility for any liable losses.

· The child’s cost for their portion of the car insurance will likely be far less, which may mean that parent’s won’t have to help them out as much financially. 

Cons for Parents 

· The cost is obviously the biggest drawback if parents are the ones who have to be responsible to pay the premium.

· In the same way that a parent can be liable as a co-owner named on a title or loan, as a policyholder, a child may cause an accident and the injured party may try to go after the parent as one of the policyholders, even if their name isn’t on the vehicle. If the parent’s name isn’t on the title or loan, they might want to consider having a separate policy for the child. 

Pros for Children 

· The most obvious benefit to adult or older children listed on their parent’s policy is that the cost of the car insurance they are responsible for will be typically far less than if they had to pay for a car insurance policy on their own.

· Older and wiser parents often carry better protection for liability. Younger drivers who often pay the highest premiums will try to get by cheap and cut coverage as low as possible.

· The good thing about having the child start out on their parent’s policy is that they can “spin off,” taking valuable discounts from their parents to their own policy. 

Cons for Children

· On the rare occasion that the parents have a poor driving history, the child might be paying more for insurance than if they were on their own policy.
· If the parents find themselves in a large lawsuit for auto liability, the child could be pulled into it if the parent isn’t covered for the judgment award. 

Parents don’t often find the silver lining in their car insurance premiums doubling by adding an adult or older child as a driver or co-owner of one of the vehicles. However, having the child/children covered on the parent’s insurance policy does have its advantages, too. 

Carefully weigh the options and discuss with the agent and insurance company all the possibilities before making a snap decision. Your retirement income and investments depend on smart financial decisions you make now. 

Steven Weinberg is licensed insurance and expert writer at Car Insurance Calculator where he covers typical consumer questions as well as a weekly blog on insurance news for US consumers from all states. 

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