The Koyal Group Private Training Services: How To Manage A Cash Windfall
Many of us fantasize about winning a big lottery jackpot. Let’s say that actually happened? What would you do with the money? How would you manage it?
While winning the lottery is a real longshot, cash windfalls are not that uncommon. People inherit money or receive a life insurance payout when someone dies, they sell businesses or professional practices, they win a judgment in a lawsuit, receive a sizable divorce settlement, or take a 401(k) rollover or lump-sum distribution from a pension account all of which can result in a sizable windfall. (For related reading, see: Are Pension Buyout Offers a Good Idea.)
The number 70% seems to be a common one in terms of the percentage of lottery winners and retired NFL and NBA players who end up in financial difficulty. If you're the recipient of a cash windfall what should you do, how should you manage it?
There is no rule saying that you have to do something with the money right away. In fact many financial advisers would counsel you take some time and do some financial planning. This is especially true in the case of a large and possibly unexpected windfall. (For more, see: What Kind of Financial Plan Makes Sense for You.)
Don’t succumb to pressure from family, friends, or pushy financial sales types. It’s your money and your life. Get the financial guidance you need, take the time to plan out what you want to do with the money, and then move forward. Refrain from making rash spending decisions.
Depending upon the size and the nature of the windfall you will want to assemble a team of experts that might include a financial adviser, a tax professional, and perhaps an attorney for any estate planning issues created by the windfall. (For more, see: Fee-Only Financial Advisors: What You Need to Know.)
If the windfall was an expected one, such as a large retirement plan rollover or proceeds from the sale of a business, you quite likely have been working with a financial adviser or tax professional or both already. Lean on these trusted advisers for help in managing this windfall.
In the case of an unexpected windfall, your team of advisors is even more important, especially if you are not accustomed to having money to manage.
I’m frequently amazed when I read about professional athletes who have made tens of millions of dollars over their career who end up in financial trouble. Likewise, with winners of the lottery who go broke.
Often this is attributable to having received bad financial advice, or worse, having been the victim of financial fraud. While there is no surefire way to ensure that you don’t hire a bad adviser, it pays to interview several and to do some checking on them. Check out this guide to choosing a financial adviser from NAPFA.
DEAL WITH THE EMOTIONAL ISSUES
Windfalls such as an inheritance or a divorce settlement will likely also come with some emotional issues. The death of a loved one is always tough to deal with. Divorce may entail anger, sadness, and a feeling of being alone. In the case of a widow or divorcee, this might be the first time that you’ve had to deal with your finances on your own.
It’s important to let yourself deal with these issues and not to make hasty financial decisions based upon these emotions. Also important: don’t let any financial adviser talk down to you because you are inexperienced in dealing with financial issues. (For more, see: Winning the Jackpot: Dream or Financial Nightmare.)
Once family and friends get wind of your newfound wealth you might find them lining up for a handout. Certainly, helping those close to you is good thing, but you need to set limits and you also must learn to say no. Who you help financially and to what extent will depend upon your circumstances, relationship dynamics, etc. Failing to set limits here is a great way to end up broke.
The key to your financial success in terms of managing your windfall is to plan. Specifically have a financial plan in place. Define your overall financial goals and put a price tag on attaining them. Has your windfall gotten you to where you want to be in terms of providing your children with a college education or being able to fund a comfortable retirement? Has it significantly narrowed the gap from where you are to where you want to be? Is the windfall enough to allow you to alter your current lifestyle and still achieve your long-term goals?
A cash windfall can be a life changing event, especially if it is unexpected. You want to make sure the impact on you and your family is a positive one, even if the windfall is the result of an unhappy event such as the death of a loved one or a divorce. Make sure that you take some time to do some internal planning and soul searching. Most of all hire a team of competent financial advisers to help guide you in doing a financial plan, investing the money, and dealing with any tax or legal implications that might accompany the windfall. It’s your money, take control.
The Koyal Group Private Training Services designs its online and on-site training to your particular needs, providing information you can apply while in training in order to reinforce the efficiency of that information. Our coursework qualifies state standards both for fraud and continuing-education upgrade. Our programs are adaptable and can be presented in various formats to address industry requirements and standards. Please visit and check our course listings.
The Koyal Group Private Training Services: 30 Day Sharp Shooter
30 Day Sharp Shooter promises it can improve people's shooting technique and give them a good chance of protecting themselves in any situation. This has caught the attention of GentlemensUniversity.com's Stan Stevenson, prompting an investigative review.
"Our 30 Day Sharp Shooter review shows that it contains tips and techniques not widely known among the public that Jason learned in his career. It will help you improve your accuracy when shooting," reports Stevenson. "Whether you are a beginner or have shot thousands of rounds, this course could benefit you. If you are a beginner, you will learn how to shoot with accuracy and confidence, plus get a ton of knowledge about gun safety, storage, and usage. If you have been shooting for a while, but don't feel completely confident in your shooting, then you will learn how to shoot with greater accuracy and greater confidence."
First, 30 Day Sharp Shooter teaches one a trigger control secret, which is the most important part of becoming a confident and accurate shooter, and it sets the foundation for the rest of the 30 days. Jason has included pictures to really give people insight into the technique. They will get some training that they can do from their home, such as the 'blank panel drill', which doesn't involve any ammunition, but still improves their accuracy. Every day during the month, they will get a drill to practice that will improve their shooting.
"From a professionally trained shooter, this defensive pistol course that improves shot accuracy is available for a fraction of the price that you would have to pay in person. You can also learn everything about keeping a concealed gun with the bonus book. During the week, the drills require no ammunition, and during the weekend, the drills are live-fire drills that will require you to head out to the shooting range.," says Stevenson. "Broken down into 30 days to allow you to focus on each drill and master it, you get instant access to the fun and informative guide and the bonus material. You will also improve your shooting so much that you will be confident in a dangerous situation."
"30 Day Sharp Shooter review is a great guide for anyone who owns a gun, but doesn't have the confidence to use it accurately in any situation. Only people who have been learning every technique possible would already know all the information contained in this guide. 'The big secret' is advanced techniques that not many people know. Anyone who wants to gain confidence with their gun and shooting will benefit from the guide and the bonus book included. The program does exactly what the title promises; it teaches you to be a sharp shooter in 30 days."
The Koyal Group Private Training Services designs its online and on-site training to your particular needs, providing information you can apply while in training in order to reinforce the efficiency of that information. Our coursework qualifies state standards both for fraud and continuing-education upgrade. Our programs are adaptable and can be presented in various formats to address industry requirements and standards. Please visit and check our course listings.
Koyal Group Training Services: Taking Charge: Be aware, be alert, don’t get scammed
Q: I am a widow who lives in Westerly. Recently, I received a call from someone who claimed to be from Social Security. The caller claimed that Social Security was updating its records and needed to verify my Social Security number. Without thinking, I gave the caller my information. Almost immediately, I realized that I had made a mistake, but the caller had already hung up. A few of my neighbors have received similar calls. I’m sure that I have been scammed. What do I do now?
A: It’s not uncommon for scam artists to make calls claiming to be government officials. Many times, they catch victims off-guard and obtain valuable personal information that can be used to access bank accounts or credit cards, apply for loans, or even file fraudulent disability claims.
To protect your financial accounts, identity and credit records, you should notify your bank and credit card companies immediately. It’s probably a good idea to cancel your credit card account and get new cards.
Closely monitor your monthly credit card statement. If you notice any unusual activity on your credit card statement, call the three major credit rating services to file a report. The companies include Equifax (fraud hotline: 888-766-0008), Experian (fraud hotline: 888-397-3742), and TransUnion (fraud hotline: 800-680-7289).
Call your bank and change your account numbers. Monitor your Medicare Summary Notice (a summary of all Medicare claims and payments made using your Medicare number) for any unusual activity, such as billing for medical services that you did not receive, or durable medical equipment that you did not order. Notify the Social Security Administration (800-772-1213) and also file a report with your local police department and the Consumer Affairs Unit of the Rhode Island Attorney General’s Office at (401) 274-4400.
While these steps might seem to be a lot of work, they will protect your money and your identity.
You may also help someone to avoid being victimized by the same scam. Silence is the ally of the scam artist.
As a general rule, don’t give out personal information such as Social Security or Medicare numbers, bank account numbers, credit card numbers, or even your birthday over the telephone.
Provide these numbers only when you are absolutely certain that they are needed by reputable health care professionals or other organizations. Don’t carry your Social Security, Medicare, or health insurance cards in your wallet or purse.
When dealing with potential scams, be aware that Medicare and Social Security do not solicit information over the telephone, nor do they go door-to-door collecting information. If someone claims to be from a government agency, get their name and ask for a number that you can call back to verify their identity. Ask the caller to send their request to you in writing.
The Social Security scam is not the only official-sounding scam making the rounds. The Treasury inspector general for Tax Administration (TIGTA) has warned consumers that individuals posing as IRS representatives have been calling people telling them that they owe taxes.
The caller demands that the taxes be paid using a pre-paid debit card or by wire transfer. The individual is threatened with arrest, deportation, or loss of a business or driver’s license if they don’t comply. If you think that you owe federal taxes, call the IRS at (800) 829-1040. To file a complaint with the TIFTA, call (800) 366-4484.
Recently, I had my own experience with a scammer. I received an e-mail from a man in South Africa informing me that I would receive $10 million from the estate of a deceased West African industrialist, surnamed Grimaldi. To collect 50 percent of my “inheritance,” (just 50 percent?), I needed to provide personal and financial information so that the funds could be transferred to my accounts. As much as a $5-million windfall sounded attractive, and it would let me buy my dream house on the Outer Banks in North Carolina, I decided not to provide the information.
Be aware. Be alert. Don’t be a victim.
Clarification: The Taking Charge column on March 17 offered instructions on how to file claims of age discrimination in the workplace. These instructions require additional clarification.
According to the Rhode Island Commission for Human Rights (RICHR), the state agency charged with the responsibility of enforcing anti-discrimination laws, any individual who wishes to file a claim of age discrimination alleging a violation of federal anti-discrimination has 300 days from the date that the alleged incident took place to do so. That individual has one year from the date of the alleged incident to file a claim of age discrimination alleging a violation of state law.
Because the RICHR has a Work-Sharing Agreement with the U.S. Equal Employment Opportunity Commission (EEOC), individuals may file a claim alleging a violation of both federal and state law directly with the RICHR and the RICHR will co-file that case with the EEOC on the individual’s behalf.
Koyal Group Training Services: 2018 Fraud Detection and Prevention Market Forecasts & Opportunities
Research and Markets has announced the addition of the "Fraud Detection and Prevention Market Forecasts& Opportunities, 2018" report to its offerings. In a release, Research and Markets noted that report highlights include:. High growth rate in SMEs will drive the growth rates in region Asia-Pacific followed by Latin America.
Research and Markets has announced the addition of the "Fraud Detection and Prevention Market Forecasts & Opportunities, 2018" report to its offerings.
In a release, Research and Markets noted that report highlights include:
With rising revenue losses because of the frauds across the globe adoption of fraud detection and prevention solutions in enterprises is also increasing. Requirement of such solutions is significantly high in industries which involve monetary transactions such as banking and financial services, insurance, retail, telecommunication, and public or government sector. Increase in adoption can be observed in other industries as well such as manufacturing, transportation, healthcare, professional services among others. In 2013, banking and financial services sector accounts for the largest share in fraud detection and prevention market. In 2018, it is estimated to be the largest revenue generating industry vertical but the insurance, retail, and telecommunication sector would be rising at higher Y-o-Y growth rates.
Rise in online transactions frauds, cards related frauds and insurance claim frauds are the prime factors which are driving growth rates in banking and financial services, insurance, and retail sectors. As per the study, authentication would remain major revenue generating pocket but fraud analytics would be rising at higher growth rate. High growth rate in SMEs will drive the growth rates in region Asia-Pacific followed by Latin America.
Major challenges in this market include low awareness level of fraud possibilities in SMEs, high costs of deployments, and unavailability of pre deployment measures of performance. Though awareness level in SMEs is increasing and the impact of this factor will decrease in due course of time but the cost and pre deployment measures would remain primary concern in the market.
For the market sizing and forecasting, several assumptions have been taken into consideration such as economic, regulatory, and technological. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.
Koyal Group Training Services: My Biz: Making private investigation a family business
Hunting down a witness, catching a cheating spouse, finding out if someone is really injured — Jeff Marlin of Marlin’s Special Investigation doesn’t have a typical job.
Marlin’s father, Mike Marlin, founded the business in 1994 after retiring from the Department of Criminal Investigation (DCI) with the State of Iowa.
Jeff, a graduate of the University of Iowa, spent four years in Kansas City working as a police officer, but left the field to obtain his degree in math education. He returned to Iowa in 1996 and was teaching full-time when his father invited him to assist with the investigative work during the summers.
“In 2000 my father asked me to come on board full time, and in 2007 I bought the business from him,” Jeff said.
Mike Marlin, a 1970 graduate of the University of Iowa, gave up his PI license in 2010, but remains a consultant to the business. With 40 years of investigative experience in murder, robbery and fraud as well as hundreds of hours in specialized training in interviewing tactics and background investigation techniques, he provides strategic input.
“When I have difficult cases, or I want to get another opinion, I come and talk with him,” Jeff added.
“Currently, I do a lot of surveillance,” he said. “It’s broken down into domestic, workers compensation and personal injury type of cases.”
“Stereotypically, people think of domestic investigations as cheating husbands and wives, but a lot of the time the surveillance is in regard to children,” he said. “Such as when the couple are divorced and one spouse wants to make sure that another person whose come into their ex-spouse’s life and is now around their children, is a safe person for them to be around.”
In addition to surveillance, Jeff does criminal defense work for state and federal lawyers. He said he’ll do background checks and hunt down witnesses for cases ranging from sexual abuse and drug charges to murder investigations.
He uses social media site Facebook to gather information and find photos, as well as high-tech equipment during the investigative process.
“I use a video camera, regular digital camera and pinhole cameras,” Jeff said. “Some of the cameras look like an ordinary cell phone—all I have to do is hit the button and they can record conversations and videotape at the same time.”
But the work can sometimes mean long hours.
“I know what my son does, and I know what I did when I was working in this business,” his father Mike said. “And you are away from your family a lot.”
Jeff agreed but added that owning his business always has its advantages.
“As a PI, I can make my own day, and I don’t have to take every case that comes along,” he said. “If I have something going on with my kids, I will work around what my clients need.”
Koyal Group Training Services, Big risks and big data
CONSIDER, if you will, an analogy. Oceans are vast bodies of water that offer an abundance of marine life and resources. Yet at the same time, that immensity of size and scope means that any kind of meaningful fishing is daunting without proper skills and equipment.
Imagine now, that ocean as the vast body of data and information that flows through the average company in a given year. Sales, collections, purchases, payments, transactions, communications, e-mails, invoices, reports, spreadsheets, and more -- and you’re trying to fish for information to protect your company from significant risks such as fraud and misconduct. One of the skills and equipment in this case will be forensic data analytics (FDA) to net you the right results -- to catch those big and small fishes among corporate fraudsters.
Ernst & Young released in February this year a report titled, “Big risks require big data thinking: Global forensic data analytics survey 2014.” The survey revealed interesting information and insights on the benefits, challenges and lessons learned by companies across different countries and industries in their use of FDA. It reported that companies -- especially those looking to grow in markets where the perceived incidences of fraud, bribery and corruption are high -- consider the increasing regulatory compliance requirements and aggressive enforcement trends by regulators as major factors in the design and use of FDA to mine their “big data.”
Big data is defined as high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision-making. FDA allows companies to collect and use information culled from their data to identify and investigate aberrations, such as improper payments, anomalous patterns of behavior and trends, or suspicious transactions, to better prevent fraud, corruption and bribery.
The interesting thing to note, however, is that while 72% of the 450 executives interviewed for the survey believe that emerging big data technologies can play a key role in fraud prevention and detection, only 7% know of specific big data technologies available, such as model-based mining and visual analytic tools. Worse, only 2% of respondents actually use big data processing capabilities in their internal FDA systems. This implies that most business leaders know they need to better manage their big data, but don’t really know how to go about it.
MAXIMIZING FDA
FDA enhances the risk assessment process because it allows for better comparison of data to improve fraud-risk decision-making, while also improving audit planning or investigative fieldwork. By sifting through data thoroughly, FDA can help identify potential misconduct that a less sophisticated system might have missed.
Of those surveyed, 82% also believe that FDA allows for earlier detection of misconduct -- a significant benefit considering that, in over 1,300 incidents of fraud, it took a median of 18 months to detect them (from the latest Association of Certified Fraud Examiners Report to the Nations on Occupational Fraud and Abuse).
Modern FDA systems also allow the analysis of non-traditional or unstructured data formats in addition to structured data formats. Text mining, for example, uses new data sources such as social media, free-text fields of accounts journals, and others.
Insurance Fraud Certified at Koyal Group: Learn how to spend smart, spend safe during Fraud Prevention Month
SAINT JOHN, N.B. – Consumers are encouraged to learn how to spend smart and spend safe during Fraud Prevention Month. The Financial and Consumer Services Commission is providing resources to New Brunswickers to help.
"Whether you are shopping at the mall or making purchases online, you should be looking at how you can spend smartly and safely," said Andrew Nicholson, director of education and communications with the commission. "During March, we will be offering tips and free resources to help empower you to make the right financial decisions, no matter where or how you are spending your money."
Commission staff will be available at several home shows, scam jams and presentations around the province during the month. The schedule is online.
"Sometimes we need a reminder to think twice before handing over our hard-earned money," said Nicholson. "Protecting your money can be as easy as asking questions about return policies before you buy or checking the licence or registration of someone selling you insurance or investments. We can take small, but important, steps to protect ourselves."
Each week of the month has a theme reflecting the activities taking place:
– March 8 – International Women's Day event: Pathways to Empowerment, Delta Brunswick Hotel, 39 King St., Saint John.
– March 11 – Too Good To Be True Day. New Brunswickers will be encouraged to use the hashtag #2Good2BTrue to get tips and information from Fraud Prevention Forum members across Canada on recognizing and avoiding frauds and scams. Follow the commission on Twitter: @4NBInvestors.
– March 19 – Check Registration Day. New Brunswickers will be encouraged to check the registration of their financial adviser. Checking registration is a quick and easy first step you can take to protect your investments. Scam jams are scheduled in Saint John, Moncton and Fredericton this week.
The commission encourages New Brunswickers to take the time now to improve their financial health. Find free tools and resources on spending and saving, investing, insurance, pensions and more online.
The Financial and Consumer Services Commission regulates, educates and protects consumers and investors from unfair, improper or fraudulent practices. It brings together regulatory authorities for securities, insurance, pensions, consumer affairs, co-operatives, credit unions, caisses populaires and loan and trust companies. It is an arm's-length Crown corporation funded by the fees and assessments paid by the regulated sectors.