DINARRECAPS8 7/25/24 DINARRECAPS8 7/25/24

Take The Cash Or Lifetime Annuity?

If You Win The Lottery, Here's What Suze Orman Suggests You Do: Take The Cash Or Lifetime Annuity?

Ivy Grace Wed, July 24, 2024 Benzinga

Unfortunately, winning the lottery is just a dream for most people. While the odds may not technically be in your favor, it's fun to fantasize about what you'd do if you found yourself winning millions – or, in some cases, hundreds of millions.

Podcast host and finance expert Suze Orman has offered some advice for lottery winners over the years, emphasizing the importance of making informed decisions about managing sudden wealth. One of the most commonly debated and hardest decisions is choosing between a lump sum or a structured settlement.

In 2022, Speaking at the National Structured Settlements Trade Association’s annual conference, Orman covered the benefits of structured settlements for lottery winners. She explained, “If you win a lottery, it’s no different from getting a large inheritance. All that money’s gone within a few years. Why is that? Because they don’t know how to structure their finances to last forever."

Take The Cash Or Lifetime Annuity?

If You Win The Lottery, Here's What Suze Orman Suggests You Do: Take The Cash Or Lifetime Annuity?

Ivy Grace Wed, July 24, 2024 Benzinga

Orman understands that not everyone’s a financial whiz. While her advice changes depending on your money know-how, she suggests a structured settlement or annuity for those new to managing large amounts of money. This approach doles out your windfall in steady chunks, stopping winners from blowing it all in a blink – a common lottery winner woe.

Lottery winners don't have the best track record, statistically speaking. According to the Certified Financial Planner Board of Standards, nearly one-third of lottery winners eventually go bankrupt within three to five years.

For financial matters, Orman suggests taking a lump sum. In a 2019 CNBC article, she advised, “If you feel capable of investing it, if you feel capable of managing it, and you want to do that, take the lump sum.” That way, you’re in control of your own money.

If you're fortunate enough to win an exceptionally large jackpot in the hundreds of millions, Orman leans toward recommending an annuity in this case, too. This strategy aims to prevent the risk of spending the entire amount too quickly. Annuities often get a lot of backlash but can be the right choice in some situations.

DINARRECAPS8 7/25/24 DINARRECAPS8 7/25/24

Here’s How Much Cash You Need Stashed If a National Emergency Happens

Jaime Catmull Wed, July 24, 2024 GOBankingRates

You’ve probably heard countless times that it’s important to have a rainy-day fund set up “just in case” something unexpected were to happen. But we’re now at a time when having an emergency fund is more vital than ever.

The coronavirus pandemic was a prime example of how something unexpected can have devastating effects on the economy at large and on an individual level, too. While we all hope the worst of it is over, here’s how to be prepared in case it’s not — plus how to set up a fund for unexpected future national emergencies.

Why You Need a National Emergency Fund

Part of being prepared for any contingency, big or small, is having a reserve of emergency cash at your disposal at all times. When you can’t rely on accessing your funds electronically, you’ll need some legal tender to buy food, gas or other necessities.

Here’s How Much Cash You Need Stashed If a National Emergency Happens

Jaime Catmull Wed, July 24, 2024 GOBankingRates

Why You Need a National Emergency Fund

“Whether it’s Mother Nature or some other disaster out of your control, you always want to be prepared by having some emergency cash on hand,” said Annalee Leonard, an investment advisor representative and president of Mainstay Financial Group. “Banks and ATMs may not be up and running for days after a strong storm. I recommend my clients have three to five days’ worth of spending money, just in case.”

Retirement Planning: Whether you're planning for retirement, dealing with a significant life event or simply looking to make smarter financial decisions, a financial advisor can offer the expertise and guidance you need. Here are some compelling reasons why you should consider a financial advisor -- even if you're not wealthy.

How To Decide How Much To Save

To decide how much to save for an emergency fund, you’ll need to ask yourself a couple of questions:

How much will I need for an extreme catastrophic event?

How much can I afford to save?

“It’s wise to have a small amount of physical cash at home for the truest of emergencies when banks are not operating,” said financial tech writer and expert, Priyanka Prakash.

Aim To Save $2,000

“Individuals should be prepared to pay for essential or non-discretionary expenses out-of-pocket,” said Brett Tharp, CFP and advisory live training specialist at eMoney Advisor. “Temporary lodging or shelter, fuel, food, water and necessary medications fall into this category. This will differ for each person depending on their level of preparedness or perception of how likely a catastrophic event might be.”

To cover those costs, $2,000 is a good figure.

“The rule of thumb I advise my clients is to keep $1,000 to $2,000 in cash in case banking operations are shut down due to a national emergency or catastrophe,” said Gregory Brinkman, president of Brinkman Financial in Tulsa, Oklahoma.

There’s No ‘Magic Number’ for How Much To Save in Your Emergency Fund

Despite these suggestions and what some other experts might advise, though, there’s no magic amount you should have nestled away in your emergency fund. The answer for how much you should save for an emergency situation is that you should do what feels right to you. No matter the amount, an emergency fund is absolutely necessary — so make it a priority to build one.

So if you can only afford to set aside $1,000 for an emergency fund, that’s better than not saving at all.

The Cost of Covering Necessities

Take into account that in a national emergency, inflation will rise, demand for necessities will increase and price gouging will likely ensue. With all that in mind, in addition to your regular emergency savings, you should prepare to have enough to cover the following costs in a national emergency situation (dollar amounts are estimates):

DINARRECAPS8 7/25/24 DINARRECAPS8 7/25/24

Wealthy Beginnings: How the Rich Raise Their Babies Differently

July 7, 2024 5 by Cindy Lamothe Edited by Ashleigh Ray

Raising babies takes a lot out of you — emotionally, physically and financially. Rich parents are often better equipped to handle the toll because of one simple thing: resources.

“Wealthy families do not automatically make better parents, but they do have access to more support and therefore more time than most,” said Christine Landis, a former CEO of a global fintech company, a parent of two children and the founder of Peacock Parent.

Having this additional time and support allows both parents to be less resentful, and more present with their kids (and each other). Keep reading to see just how the wealthy raise their babies differently

Wealthy Beginnings: How the Rich Raise Their Babies Differently

July 7, 2024 5 by Cindy Lamothe Edited by Ashleigh Ray

Raising babies takes a lot out of you — emotionally, physically and financially. Rich parents are often better equipped to handle the toll because of one simple thing: resources.

They Count on a Full Staff of Helpers

“Ask any parent, and they will tell you that time is the ultimate luxury in parenthood,” explained Landis. “And this is exactly what wealthy parents can buy more of — time — in the form of delegation and outsourcing in parenthood.”

For example, wealthy families typically have multiple nannies, family assistants and private chefs to help with the duties typically expected of parents.

According to Landis, “The nannies work early morning shifts on weekends to allow the parents to sleep in together — a true luxury in parenthood — help with school drop off and pick up schedules and help keep the kids away from screens with good old fashion entertainment — like reading the same book over and over again.”

Family assistants also help maintain the household supplies, make doctors’ appointments and complete school paperwork — all the things that have to get done, but not necessarily by the parent.

“The private chef comes 3 times per week and handles the entire meal planning for the family — not just the kids — and saves both parents time and energy from grocery shopping, unloading, prepping, cooking and cleaning up meals for everyone.”

They Hire a Night Nanny

One of the most distinctive practices among wealthy parents is hiring a night nanny. This practice allows parents to ensure that they get adequate rest while their newborn is cared for by a professional during the night.

Head of growth at GoSummer, Dennis Shirshikov called this benefit multifaceted because “… parents are able to maintain their productivity and mental health which is crucial for those managing businesses or high-stress careers.”

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7 Major Differences Between Rich and Poor People

7 Major Differences Between Rich and Poor People, According To Money Expert Humphrey Yang

Adam Palasciano Tue, July 23, 2024 GOBankingRates

Of course, everyone wants to be rich. The idea of not having to worry about money seems like a dream for most. But, becoming rich takes lots of discipline and determination. The reality is that it’s easier to be poor.

In a recent YouTube video from financial guru Humphrey Yang, he outlined the seven major differences between rich and poor people that are important to understand.

If you want to become rich, you’ll need to understand the key differences between the rich and the poor.

7 Major Differences Between Rich and Poor People, According To Money Expert Humphrey Yang

Adam Palasciano Tue, July 23, 2024 GOBankingRates

In a recent YouTube video from financial guru Humphrey Yang, he outlined the seven major differences between rich and poor people that are important to understand.

If you want to become rich, you’ll need to understand the key differences between the rich and the poor.

The Rich Are Subtle About Their Wealth

The rich are more focused on “stealth wealth”: they’re not trying to impress people with fancy cars, designer clothes and handbags, or expensive vacations. They’re modest and they’ve developed financial freedom and autonomy, rather than spending money on discretionary purchases.

When poor people come into money for the first time, they’re tempted to go out and spend money on things that they believe will give them some sort of status. This is exactly how not to become rich

The Rich Know It Takes Money To Make Money

The rich save and invest their money rather than spend it right away. They understand the idea of leveraging capital to scale their well. Poor people frequently tend to spend money rather than save money.

The reality is that the more you save, the easier it is for your money to work for you. Reaching a 6 figure portfolio is key to accelerating your financial growth.

The Rich Understand Delayed Gratification

The rich know that resisting impulsive purchases will lead to a big payoff later in life. Poor people tend to spend money on the things that bring them gratification now rather than save and invest that money for the future. Delayed gratification and stretching out your time horizon are both key to long-term wealth accumulation.

The Rich Invest in Assets

Rich people love to invest in assets. Poor people tend to just leave their money in a savings account rather than invest it. An asset is defined as a resource with an economic value that will provide a benefit to you at a later point in time. Assets can include real estate, stocks, index funds, retirement funds, etc. Typically, assets go up in value and some pay you just for owning the asset.

DINARRECAPS8 7/23/24 DINARRECAPS8 7/23/24

When’s The Right Time To Turn Off The Tap?

Nearly half of young Americans rely on the bank of Mom and Dad to get by — When’s The Right Time To Turn Off The Tap?

Chris Clark Mon, July 22, 2024 Moneywise

A new report from Bank of America suggests Gen Zers are relying on financial help from Mom and Dad — a “parent trap” that raises big questions about financial independence and the long-term impacts on their parents’ financial health, particularly their retirement savings.

The study found that 46% of adult Gen Z-ers rely on financial help from their parents, ranging from covering everyday expenses to helping with significant financial commitments such as rent, mortgage payments and other debt repayments.

About one in four respondents to BoA’s study said housing expenses were a chief barrier to financial independence, and over half said they do not pay for their housing.

Nearly half of young Americans rely on the bank of Mom and Dad to get by — When’s The Right Time To Turn Off The Tap?

Chris Clark Mon, July 22, 2024 Moneywise

About one in four respondents to BoA’s study said housing expenses were a chief barrier to financial independence, and over half said they do not pay for their housing.

Rising costs of living, inflation, student loan debt and economic instability have made it increasingly difficult for young adults to achieve financial independence. The COVID-19 pandemic exacerbated these issues, leading to job losses and reduced income that disproportionately affected younger workers.

The Bank of America study highlights a significant trend of young adults relying on their parents, but it’s essential for parents to recognize the long-term risks. By setting clear boundaries, providing financial education and gradually reducing support, parents can help their children become financially independent while safeguarding their own futures.

Risks to parents

While providing financial assistance to adult children can be a way for parents to show support and ensure their children’s well-being, it comes with significant risks, chiefly the impact on the parents’ own financial security and leaving their children unprepared to handle their own finances.

Financial expert Suze Orman warns that continuing to support adult children can severely compromise parents’ ability to retire comfortably. Orman argues parents often underestimate the long-term financial implications of this support, which can reduce their own savings when they need it the most.

Impact on retirement savings

Parents who use their retirement savings to support their adult children may find themselves in a precarious financial situation. Some parents are still supporting their children well into their 40s, delaying their own retirement and putting their financial future at risk. This prolonged financial support can lead to parents working longer than planned or significantly adjusting their retirement lifestyle to accommodate the shortfall in savings.

DINARRECAPS8 7/23/24 DINARRECAPS8 7/23/24

I’m Comfortably Middle Class: The Best Money Advice I Ever Took

Andrew Lisa Sun, July 21, 2024 GOBankingRates

Financial publications love interviewing billionaires to learn about the money advice that propelled people like Bill Gates, Beyonce, Jeff Bezos and Warren Buffett to 10-, 11- and 12-figure success.

But how many people do you really know on the Forbes Richest list?

It might be more practical to learn about the advice that helped people with typical backgrounds and average salaries achieve stability and security in America’s ever-shrinking middle class.

GOBankingRates spoke with a business owner who went from financially faltering to fiscally fabulous in just a few years after building her money mindset around a simple yet transformative quartet of financial wisdom that she received when times were tough.

Times are not tough anymore.

I’m Comfortably Middle Class: The Best Money Advice I Ever Took

Andrew Lisa Sun, July 21, 2024 GOBankingRates

Financial publications love interviewing billionaires to learn about the money advice that propelled people like Bill Gates, Beyonce, Jeff Bezos and Warren Buffett to 10-, 11- and 12-figure success.

But how many people do you really know on the Forbes Richest list?

It might be more practical to learn about the advice that helped people with typical backgrounds and average salaries achieve stability and security in America’s ever-shrinking middle class.

Times are not tough anymore.

There Isn’t a Secret To Achieving Financial Security. There Are 4 Secrets.

Lisa Rehurek is the CEO and founder of The RFP Success Company, which specializes in consulting, training, and support services for medium-sized service-based companies bidding on state, local and education (SLED) requests for proposals (RFPs).

She is, by any reasonable standard, comfortably in the middle class — and she credits her financial security to a four-part piece of money guidance that she had the good sense to follow.

“The best financial advice I ever received as a middle-class person was to always live below my means, automate savings by putting 15% of every paycheck straight into investments and savings, understand needs from wants and cut back on frivolous spending to make money for bigger, more meaningful goals,” Rehurek told GOBankingRates.

When she received these pointers, she was in the best possible place to put them to good use — the bottom.

Sound Advice Turns a Halting Start Into a Trot. Then a Gallop.

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Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Yaël Bizouati-Kennedy Sun, July 21, 2024 GOBankingRates

Robert Kiyosaki, the bestselling author of “Rich Dad Poor Dad,” has argued — against conventional wisdom — that “the historical advice to ‘save’ is no longer a sufficient way to prepare for retirement.”

According to the “Rich Dad” blog, you won’t be able to retire if you rely on saving money alone. Instead, Kiyosaki said adjusting your mindset is the key to preparing for retirement in the right way.

That, in addition to investing and creating steady cash flow, is his preferred method of staying financially secure during retirement.

Robert Kiyosaki: Why Saving Money Is the Wrong Way To Prepare for Retirement

Yaël Bizouati-Kennedy Sun, July 21, 2024 GOBankingRates

That, in addition to investing and creating steady cash flow, is his preferred method of staying financially secure during retirement.

401(k)s Are the Problem

According to Kiyosaki, the biggest problem with the 401(k) is that it requires people with no financial education to be in charge of their retirement investing.

His blog read, “Because people had no financial education, a whole new industry was created — financial planning. The problem with financial planners is that they’re salespeople, not investors. They push the products of their employers, usually paper assets.”

How To Prepare for Retirement — the Right Way

According to Kiyosaki’s blog post, Americans need to shift their mindset. For instance, instead of saying, “I can’t afford that,” ask instead: “How can I afford that?”

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The Complications and Benefits of Sharing a Bank Account

Should married couples merge their finances?

Sean Kernan YAHOO CREATOR Updated June 18, 2024

Brian’s complaining went from a weekly affair, to a daily nuisance. We convened in a shared office gym each day. He was a well spoken and well paid engineer in his late 30s, and was having incrementally larger arguments with his wife over money.

It made no sense on paper. Both of them made more than $100K per year and lived in a low-cost area of Florida. Money should have been the last of their concerns. Yet every day in the gym, he’d groan, “She is constantly questioning every purchase.” Or, “I can’t even spend my own money without a fight.”

They’d succumbed to lifestyle inflation, which occurs when your spending rises alongside your income. They’d wracked up debt buying a bigger house and fancier cars. They’d also put their kids in a slightly-nicer private school that cost twice as much, which created resentment on Brian’s side.

And, as they’d added these costs, they’d also combined bank accounts. Because I was working as a budget manager for our company, and perhaps because we were friends, he thought I could help him navigate this domestic maze. But Brian’s problems appeared much deeper than just money. Sadly, he and his wife split just one year later.

Unsurprisingly, money and finances are a key factor in many divorces. Even with the best of intentions, a shared bank account can unleash a wave of problems that are hard to resolve. Yet combining accounts can be quite beneficial. So how do we navigate this predicament?

The Complications and Benefits of Sharing a Bank Account

Should married couples merge their finances?

Sean Kernan YAHOO CREATOR Updated June 18, 2024

The give and take

In the 1970s and 80s, keeping separate accounts was seen as bad luck for a marriage. This legacy belief is less present today, but still harbors itself in more traditional circles. A study by Bank of America found that couples share accounts less and less in recent years. Young people are marrying later, after they’ve better established their careers. Additionally, in prior decades, women worked less and depended on husbands and needed account access.

Research shows that couples who share finances are happier — but, and it is a big but — it’s hard for researchers to know if they’re happier because they share an account, or if they share an account because they were already happy. The cited perk is that sharing promotes an “us” dynamic, a sense of unity that also promotes transparency.

I asked several married friends about their financial arrangement and each had surprisingly strong opinions. One looked at me incredulously and said, “People still share bank accounts? That is such a bad idea.” Another came in hot from the other side, saying, “We share an account. That’s pretty much how every marriage goes.” He was insistent, even though data shows that only 52–65% of couples in western nations use a joint-account.

An older female friend said that when she shared an account, her husband ran off and spent on things they never agreed to. When they separated, he effectively cleaned out her half, which left her in a financial pit. It took her years and a lawsuit to get her money back.

One option is a hybrid approach, where you have a shared expense account and separate personal accounts. This way you are tapping into the benefits of feeling like a team, while keeping yourself protected.

DINARRECAPS8 7/20/24 DINARRECAPS8 7/20/24

The Best Strategy for Financial Freedom and Retiring Early

Ghazal Ahmed Fri, July 19, 2024 Insider Monkey

This article takes a look at the best strategy for financial freedom and retiring early. Check out our complete list of 20 Strategies for Financial Freedom and Retire Early.

Here are the strategies for financial freedom and retiring early:

20. Run the numbers

According to T. Rowe Price, your likelihood of an early retirement starts with evaluating your current savings rate and spending levels. Using online retirement income calculators is a good start, allowing individuals to assess their likelihood of early retirement based on their current planning levels.

By accounting for factors such as current levels of saving, life expectancy, and expected retirement age, retirement calculators allow individuals to make informed goals about investing, saving, and spending habits.

19. Clearly Define Your Financial Goals

Once an individual has assessed where they currently stand, it’s time for them to clearly define their financial goals. Start by setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. For instance, “I want to retire early” is a vague goal.

The Best Strategy for Financial Freedom and Retiring Early

Ghazal Ahmed Fri, July 19, 2024 Insider Monkey

This article takes a look at the best strategy for financial freedom and retiring early. Check out our complete list of 20 Strategies for Financial Freedom and Retire Early.

Here are the strategies for financial freedom and retiring early:

20. Run the numbers

19. Clearly Define Your Financial Goals

However, “I want to retire by the age of 50” is specific. SMART goals can help individuals formulate a targeted plan that includes timelines, money goals, and tangible benchmarks. The FIRE movement states that an individual needs to build up a net worth of 25 times their estimated annual expenses and spending to achieve financial independence.

18. Create a Detailed Plan

Creating a detailed plan outlining how one will go about achieving one’s goals will take them to the next step towards financial freedom and early retirement. From setting timelines to allocating resources, there is plenty to cover in this detailed plan.

Individuals should make sure to include a detailed budget that reduces unnecessary expenses and creates some savings after accounting for all necessary expenses. The FIRE movement prioritizes saving and investing 50 to 70% of income, if not more.

17. Financial Education

Financial education has a huge impact on the quality of retirement and the decisions that one makes towards it. Therefore, one strategy for financial freedom and early retirement is being financially literate.

According to data from the 2022 TIAA Institute P-Fin Index, retirees with high financial literacy were “more likely to plan and save for retirement” than those who were not. Having longevity knowledge is another prerequisite as appropriate decision-making related to retirement is contingent upon understanding how long a retirement can last.

16. Minimize Debt

Building up savings is important, but so is clearing off debt. This is because debt interests may far outstrip the interest on savings that you may earn. Charles Schwab recommends prioritizing debts instead of trying to pay them all at once. Credit card debts should be a first priority, with a primary focus on high-interest debt. One may make minimum payments on the rest, if possible.

Be careful of loan consolidation offers as many of them have upfront fees and hidden costs. Also, minimizing debt and saving for retirement can be done together. The way is to save enough in your retirement account to leverage the entire employer match, pay off high-interest debt, create emergency funds, and then save some more for retirement.

15. Pay Off Mortgage

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Iraq News Highlights and Points To Ponder Saturday AM 7-20-24

Why Were Iraq And Most Arab Countries Not Affected By The Technical Glitch That Hit The World?

Baghdad Today - Follow-up A global technological outage has caused many sectors around the world to stop working, most notably airports and financial banks, today, Friday, (July 19, 2024), but the matter was different in Iraq and most Arab countries, as well as China and Russia .

In Iraq, the Civil Aviation Authority rushed this morning to clarify that “the country’s airports were not affected by the technical glitch in the global computing systems,” while the Cyber Security Center at the National Security Advisory confirmed today that “Iraqi government institutions were not affected by the global electronic glitch .”

Kuwait, Lebanon, Morocco and Egypt announced that their countries were not affected by the global technical failure because they do not use Microsoft in their operations; they were not affected by the outage .

Questions were raised about the reason for the systems stopping in some countries while they did not stop in other countries, especially Iraq and other Arab countries, but by knowing the reason for the technical failure, the reason for that can be reached .

Why Were Iraq And Most Arab Countries Not Affected By The Technical Glitch That Hit The World?

The Microsoft outage was linked to a new update from CrowdStrike, a cybersecurity software company, and caused disruptions across a range of sectors, with stock exchanges, airlines and banks the most affected .

Accordingly, and according to tracking data from technology companies, the outage only affected computers that use the CrowdStrike cybersecurity system on Microsoft systems, which means that computers running on Microsoft's system, and not using the CrowdStrike cybersecurity system, were not affected by the global glitch . LINK

What Is The Benefit Of Iraq Joining The World Trade Organization? Al-Monitor Sheds Light On The "Secrets"

Money and business Economy News - Follow-up Iraq announced the resumption of negotiations to join the World Trade Organization for the first time since 2008, a step that may benefit the Iraqi economy but will take a long time.

Al-Monitor reported in a report translated by "Al-Eqtisad News" that "the Iraqi negotiating teams began "preparatory meetings" at the headquarters of the World Trade Organization in Geneva, and the Iraqi delegation included officials from ministries in the federal government and the Kurdistan Regional Government, while another meeting will be held at an unspecified date to review Iraq's accession to the World Trade Organization."

The World Trade Organization is an intergovernmental organization that aims to promote international trade. It provides a platform for governments to negotiate trade rules and disputes among themselves. Member states make key decisions. The WTO has 164 members who say they are responsible for 98% of world trade.

Iraq first applied to join the WTO in 2004, the year after the U.S. invasion that toppled dictator Saddam Hussein. A “working group” was then set up, but there has been little progress since then. The group last met formally in 2008. An informal meeting was held in 2017, according to the WTO’s website.

The process has gained significant momentum recently. In January, a WTO delegation visited Baghdad “to mobilize political support for the resumption of Iraq’s WTO accession process.” The discussion focused on Iraq’s economic reforms and was led by Saqr bin Abdullah Al-Muqbil, Saudi Arabia’s ambassador to the WTO and chair of the Iraq Accession Working Group, the organization said in a statement at the time.

A basic requirement for WTO accession is consistent trade policies across the country, including tariff rates and customs procedures. Thus, differences in the tariff structure between the federal government and the Kurdistan Regional Government have been an obstacle to Iraq’s efforts to join the WTO.

The UN team for Iraq said in a statement that Iraq decided to unify the two customs systems in 2019, and the Federal Ministry of Finance finally approved the unified customs tariff framework in February of this year.

Joining the WTO could benefit Iraq. According to a report issued by the Council on Foreign Relations in April 2023, the WTO has been largely successful in expanding free trade.

The Council noted that the dollar value of international trade has quadrupled since the establishment of the World Trade Organization in 1995, and that average tariffs do not exceed 3%.

According to the Council on Foreign Relations, there are also negative aspects to the WTO.

The council noted in the report that "globalization and free trade have their drawbacks. These include the potential for economic inequality and job loss."

The WTO has been particularly criticized for its application of rules toward China.

“The WTO is also struggling to perform its third function – enforcing the rules – particularly with China. Since joining the WTO in 2001, China has violated global trade rules by providing extensive subsidies to its domestic industries and stealing technology and other intellectual property. China has faced few, if any, consequences for its actions,” the council said.

China has a growing presence in Iraq, and there have been significant Chinese investments in Iraqi oil and infrastructure in recent years.

The WTO says it has helped facilitate poverty alleviation in developing economies by promoting trade.

In September 2023, WTO Director-General Ngozi Okonjo-Iweala told the Center for Strategic and International Studies: “Over the past generation, market-oriented reforms in places like Eastern Europe, India, and China, together with the open global economy anchored in the GATT/WTO system, have boosted growth and trade and helped lift more than a billion people out of extreme poverty.”

GATT stands for General Agreement on Tariffs and Trade, the predecessor to the World Trade Organization.

Iraq's trade is dominated by oil. Crude oil accounted for 90% of Iraq's $123 billion in exports in 2022. Iraq imported $67.1 billion that year, with the main imports being refined petroleum, broadcasting equipment, and cars.

These figures gave Iraq a trade surplus of more than $50 billion in 2022, according to the Observatory of Economic Complexity.

Iraq may have a long wait before joining the WTO. East Timor joined in February after seven years of negotiations. Comoros joined at the same time — a process that took 17 years, Arabian Gulf Business Insight reported at the time.Views 63 07/20/2024 - https://economy-news.net/content.php?id=45390

Trade Participates In UNCTAD Meetings On Arab Countries' Accession To The World Trade Organization

Saturday 20 July 2024 11:07 | Economic Number of readings: 104

Baghdad / NINA / The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated, in a statement, that it participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization.

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the Thirteenth Ministerial Conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its path to joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.

Al-Hashemi stressed: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the knowledge exchange and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://ninanews.com/Website/News/Details?key=1142395

Iraqi Participation In UNCTAD Meetings On World Trade

Economy | 07/20/2024 Baghdad - Mawazine News The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated in a statement that it "participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization."

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that "the meetings discussed the outcomes of the thirteenth ministerial conference of the World Trade Organization, the process of Arab countries' accession to the organization, and how Iraq can benefit from these experiences in its process of joining.

The statement added, "The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed."

Al-Hashemi stressed, according to the statement: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

Iran Reveals How It Gets Dollars For Gas Exported To Iraq

Economy 2,424 views Alsumaria News – Economy The Iranian Agriculture and Natural Resources Committee revealed, today, Saturday, the mechanism by which Iran obtains dollars in exchange for gas exported to Iraq, despite the American sanctions.

Iranian parliamentary committee member Ali Akbar Alizadeh told the newspaper "Ettelaat", followed by Sumaria News, that at the beginning of the 13th government (Raisi's government), gas exports to Iraq reached the lowest possible level, but with the redesign of energy trade, the relationship with Iraq developed, and a contract was signed to export gas to Iraq for 5 years.

He added, "In a settlement with Iraq, we also found a new way to clear with fuel oil, by replacing Iranian gas with Iraqi fuel oil," noting that "due to the activity of our private sector in selling fuel oil, we obtained a high income from foreign currencies, and in this way, we strengthened the clearing settlement system." LINK

DINARRECAPS8 7/20/24 DINARRECAPS8 7/20/24

7 Biggest Ways You’re Wasting Money While Traveling

Andrew Lisa Fri, July 19, 2024 GOBankingRates

Travel demand continues to soar, and naturally, prices have soared along with it.

If you have a vacation coming up, you should expect to spend more — but you should also strategize to spend less wherever you can. Knowing which purchases don’t deserve your dollars, pesos and euros is the best way to start.

Here are the most common budget-busting wastes of money to avoid when you travel.

Buying Pricey Gift Shop Trinkets

The easiest way to waste your money on any vacation is in the gift shop. Usually, the shot glass, coffee mug or indigenous mask you splurge on winds up collecting dust in a box soon after your return flight touches down.

7 Biggest Ways You’re Wasting Money While Traveling

Andrew Lisa Fri, July 19, 2024 GOBankingRates

Travel demand continues to soar, and naturally, prices have soared along with it.

Here are the most common budget-busting wastes of money to avoid when you travel.

Buying Pricey Gift Shop Trinkets

“Most tourist destinations have souvenir shops that charge significantly higher prices for their merchandise compared to the local markets that are outside the tourist hotspots,” said Kevin Mercier, founder of the travel blog Kevmrc.com. “Travelers often end up wasting their money by purchasing souvenirs like keychains, shirts, and magnets at these over-priced shops. I always compare prices at different shops before purchasing, which helps me make a more informed decision.”

Overspending on Hotels

As the COO of Exotic Voyages, a luxury travel company offering private and custom-made tours, James Thai knows it’s easy to save money on hotels and resorts no matter your budget or lifestyle. However, it’s also just as easy to overspend.

“One of the biggest money traps for travelers is splurging on accommodations,” said Thai. “While a comfortable stay is important, it doesn’t mean you have to break the bank. Avoid overpaying for hotels in prime locations or choosing luxury options when budget-friendly alternatives are available. Consider staying in guesthouses, hostels or vacation rentals, which often offer excellent value for money without compromising quality. Additionally, booking your accommodation well in advance or taking advantage of last-minute deals can help you secure affordable rates.”

Dining at Tourist Traps

When you eat at the crowded and trendy restaurants you see in hotel and train station brochures, overspending is always on the menu.

“Another common mistake is falling into the tourist trap of expensive and mediocre restaurants,” said Thai. “Instead of dining at heavily advertised tourist hotspots, explore local eateries and street food stalls where you can savor authentic cuisine at a fraction of the cost. Engage with locals or consult online resources to discover hidden gems that offer delicious food and an immersive cultural experience. Not only will you save money, but you’ll also embark on culinary adventures that create lasting memories.”

Paying Foreign Transaction Fees

Although overpriced souvenirs and tourist-trap restaurants are ill-advised purchases for tourists on a budget, at least they give you something to show for your dollars. But when you pay for the privilege of spending money, you might as well just throw your cash in the trash.

“One of the things people spend the most amount of money on unnecessarily are foreign transaction fees,” said Nicole Cueto, a certified travel advisor with Fora Travel who’s visited 41 countries and all seven continents. “When paying for something abroad with your credit card and prompted with the choice of whether to pay in the local currency or your home currency, always choose the local currency. You’ll get the best conversion rate. It might not seem like a big difference, but it adds up.”