Cutting Through The Finance Jargon

by Nick on November 14, 2014

Life InsuranceBamboozle ‘em!

Quantitative easing; the government prints more money. LIBOR; London Inter- Bank Overnight Rate. What the banks charge each other for doing nothing for a few hours. The Fix; a few traders get together to set the currency exchange rates. Offsetting, Upsetting, Leveraged, Sub-prime, Hedged, Double hedged. The financial Jargon goes on and on. Investigations into the reasons for the worldwide financial crash of 2008 have shown that some of the traders had so managed to bury their “products” in jargon that even their bosses and the regulators were completely bamboozled, unable to see what was going on. So what chance for the rest of us?

What’s in the shop window?

All that stuff in the first paragraph means something to the people who deal every day with high finance, the bankers, chancellors, economists, financial journalists. It probably will never enter the consciousness of most of us other than hearing about it on the news. Mr. and Mrs. Everyman on Middle Town High street, who want to stash a few quid in a savings account, borrow money to buy a car, take out a life insurance policy to protect the family in the future don’t need to know about “financial instruments” and “Sovereign debt”, they do need to know about AER, APR and the difference between a term life and a whole of life policy. The jargon that they see every day in the bank or insurance agent’s shop window. These are the things that are going to help them to make the right decisions about the products they need.

A good place to start.

If we’re going to cut through the financial jargon, then, those four terms are a good enough place to start. (They’re even, coincidentally, in alphabetical order)

AER. Annual Equivalent Rate. This relates to your savings. It gives the interest rate that you can expect to earn from the money that you put in the bank. Shop around. The higher the AER, the more you should make, but keep an eye on it because they have a nasty habit of reducing the interest rate after you’ve been with them for a while.

APR. Annual Percentage Rate (of change). Borrowing money, the APR lets you compare one loan, with another. A useful example might be a car loan. Car dealerships often have in-house financing deals. The APR lets you see whether you’d be better off with a bank loan than buying on the dealer’s own finance.

Term Life policy. A life insurance policy that remains in force for a fixed period of time. Usually fifteen or twenty years. If you die during the fixed term, the policy pays out. If you survive, you need to get another policy to remain protected.

Whole of life policy. With this life insurance policy, it remains in force until you die, whenever that may be. However long you may have held it.

So, We’ve cut through the first four bits of financial jargon only another x thousand words and phrases to go………

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The holiday season has begun, which means it is time to go shopping for holiday gifts for friends, family members, and yourself. Consumers are looking to the major retailers to discover the mega deals offered on Black Friday this year. Best Buy is one of the retailers that continually attracts Black Friday shoppers. According to data from the marketingcharts.com and other resources, Best Buy was the third most popular brick and mortar location for Black Friday shopping. It also Black Fridaywas the fourth eCommerce location during the same shopping time period.

These numbers display the significant number of shoppers drawn to its stores to get the best electronics deals during the holiday season. The Best Buy Black Friday 2014 ad, which can be found at BFAds upon release, is not yet publicized. However, based upon rumors and previous years, there are many things you can expect to find at Best Buy this Thanksgiving weekend.

Finish your Meal Early

If you want to take advantage of Best Buy’s best deals on Black Friday, then you want to start early. The store opens at 6pm on Thanksgiving Day, which means you should plan your Thanksgiving dinner to be a mid-afternoon meal to give yourself time to prepare for shopping in the evening. The past few years, several large retailers have begun to open on Thanksgiving to jump-start the Black Friday shopping. According to Accenture, about a third of consumers take advantage of the shopping, mostly to take advantage of the door buster deals on offer. Therefore, you might be able to take advantage of some deals without the traffic found on Black Friday.

Shop Even Earlier

Like many other retailers, Best Buy is not just opening early on Thanksgiving to start its Black Friday deals. Instead, they are starting with Early Black Friday deals on November 8th. This is set to include deals on PS4, Apple Macbooks, iPads, Xbox One, TVs, and other electronics. It is not known whether even better deals on these items will debut on Black Friday. Best Buy will also continue to have special deals throughout the holiday shopping season to continue to entice shoppers to purchase from them. However, you can get a jump-start on your holiday shopping by taking advantage of these early deals.

Door Busters

Because online shopping has started to take over some of the Black Friday shopping in store, many companies now offer door buster sales. These are limited time offers with limited availability. Typically, the discount on a door buster is significantly more than the regular discounts. Since about 74 percent of shoppers decide where to purchase during the holiday season based upon deals and discounts, according to a survey by the National Retailer Federation, these door buster deals play a significant role in attracting customers. At Best Buy, the door busters will not just be on Thanksgiving evening. Most likely, Best Buy will also offer door buster the morning of Black Friday to attract more customers into their stores. The door busters will be announced along with the other Black Friday deals in their ad.

Shop from Home

You can take advantage of many of Best Buy’s Black Friday deals from the comfort of your own home as well. Some of their door buster deals may even be offered online as well. Instead of fighting with the other shoppers on Black Friday, you can spend more quality time with your family while buying their holiday gifts. You can also select in store pickup or in home delivery, depending on the situation and availably in your area.

Find the Best Deal on your Electronics

Best Buy specializes in selling home electronics, entertainment centers, computers, appliances, and other media. Therefore, if your holiday gift list includes electronics, then you should check out the Black Friday ad for Best Buy before doing your shopping. Last year, they had deals on popular laptops, including the ASUS Touchscreen laptop. The retailer also sold many popular DVDs and Blurays for between 2 and 5 dollars. It also featured deals on Apple products, including iPads and Macbooks. Most likely, this year will feature similar deals on computers, home theater systems, TVs, DVDs, and other home electronics and appliances.

With the average person spending around $800 on holiday shopping, according to the NRF survey, getting the best deals helps to reduce the amount a person spends. When electronics and appliances are at the top of your holiday wish list, the amount you spend can increase quickly. By taking advantage of the deals at Best Buy and other electronic and appliance retailers, you can reduce the impact that purchasing these items has on your wallet, whether you are purchasing for your family, friends, or yourself. You can expect to find incredible deals this year at Best Buy for shopping both in store and online this Black Friday.

image © Depositphotos.com/lightsource

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