PAMM (Percent Allocation Management Module) account - is a Forex account managed by a professional trader - manager, and invested by other traders - investors. It is a type of trust management that provides profit for all the participants: investors as well manager and partners.
Advantages of PAMM account
An investor earns money without even wasting time and effort on Forex trading, entrusting his money to a professional trader. The investor does not have to worry about how to respond to currency volatility or how a Tokyo earthquake affects the Yen.
A manager selects an existing or creates a new trading strategy and gets additional profit for managing invested funds in addition to the ordinary trading profit. All the invested funds belong to investors.
Partners earn money just for attracting investors to PAMM accounts managed by trusted professional traders.
How PAMM accounts work
A trader selects the best Forex manager he can find, and the most appropriate managed account among those displayed in PAMM rating. Thats it on the technical part of the process. But the most important and significant point here is to select the right professional for managing your money. Each trader tends to invest money with a view to maximising potential profit while minimising risks. So, how does one go about selecting a profitable PAMM account?
The following advice is designed to help you choose the best PAMM account, which should help you to identify safe and reliable managed accounts and maximise profit from Forex investments.
Kim Fleming knows how complicated planning for retirement can be.
As the head of a Downtown wealth management firm, Fleming discusses it with clients every week. And they talk about more than just where to invest money.
Fleming, 55, of Mars is chairwoman and chief executive officer of Hefren-Tillotson, Inc., which has six offices and 200 employees. The firm offers financial planning and investment advisory services for individuals, foundations, trusts and qualified retirement plans. But discussions with clients go can go beyond specific investments and involve larger life questions.
Fleming spoke with the Tribune-Review about the questions working adults need to consider and mistakes to avoid as they look to retirement. Here are excerpts.
Trib: What are the most common questions you get from people who are seeking retirement planning advice?
Fleming: I would say the No. 1 question is, 'How much money do I need to have when I retire? Once that question is asked, really we start questioning how much money someone actually needs to spend to maintain their lifestyle will determine that. People are then concerned about having an investment strategy and a plan for receiving income from their investments once theyre in retirement.
Trib: How do you go about figuring out much money someone needs for retirement?
Fleming: We run a lot of analyses and scenarios. But its really trying to be conservative in the assumptions on rates of return the money will have, and talking to people about their own plans for retirement and whether leaving an inheritance is important or not. Because if leaving an inheritance is important, then people will need more money. And if people feel that they are comfortable spending down principal, then theres not as much of a need. So its really based on their need for income, their plans for inheritance for their funds and the lifestyle that they maintain.
Trib: How does retirement planning change with age? Im sure that your strategy is much different for a 25-year-old, from a 35-year-old or a 55-year-old.
Fleming: I guess anytime were working with someone, we like to know where they are in their life and what their needs will be. Sometimes peoples needs will change over time. Were strong advocates of getting people to plan for retirement early. People that are younger typically can take more risk because they have a longer period of time, especially in their retirement accounts where they wont be drawing from them until retirement. So, at 45, we would say not to invest too conservatively, to always stick with quality, but to be putting as much aside in savings as you can. If someone is 55 and getting closer to the point where they want to retire, then being more conservative with the investments can become important. But again, not too conservative. I know many 90-somethings that are healthy and active, and havent seen much change in their income needs.
Trib: What are the most common mistakes people make when planning for retirement?
Fleming: I think the biggest mistake is not planning for it soon enough. Just waiting. Its really hard to start late in life, to save what you need to have a comfortable retirement.
Trib: How are you planning for retirement?
Fleming: Its funny, I dont know if Ill ever retire. Number one, I love what I do. But, in my planning, whether its retirement or maybe having a different pace at some point. Most important thing for me is I want to have an active healthy lifestyle, and I want to have the ability to do things that I like to do, not to travel. Just planning to stay healthy and making sure that, at this point, Ive put enough aside so that I can feel comfortable with retirement whenever that time comes. For me, probably one of the most important things as the chairman of this company is succession planning and just being sure that theres a good plan for the leadership of the company in the future.
Trib: Are there other things that people should be considering about retirement?
Fleming: I think one of the most important things for a successful retirement, beyond financial, is that people really have to be thinking about what they want to do in retirement. Ive seen people with a lot of money who have not been very good in retirement, and theyre not really happy. Knowing that you have an interest in other areas or that you have a sense of what youll do with your time, having discussions about it.
The Colorado River
Phoenix and Tucson have announced a plan to collaboratively store and make use of their shares of Colorado River water.
Both cities have contracts with the Central Arizona Project, the canal that diverts Colorado River water from a pumping station near Lake Havasu throughout the rest of the state. Through these contracts, each city is allotted a set amount of the water, says Wally Wilson, the Chief Hydrologist at Tucson Water.
All cities contracting with the Central Arizona Project pay the same amount of money per unit of water, Wilson says. This is done as a practical matter, but it happens to be beneficial to cities far from the pumping station up north, Wilson says, because it means there is no additional cost associated with sending and storing the water in more distant locations. And that is exactly what will happen under the plan announced last week.
-No, Arizona Will Not be Out of Water in Six Years
Phoenix hasnt been using its entire allotment of water, but it simply doesnt have a way to handle the excess. The city has plenty of underground storage space, but lacks the wells needed to pump the water back out in large quantities, says Kathryn Sorenson, Director of Water Services for Phoenix.
Under the new Phoenix-Tucson partnership, set to begin in January 2015, Phoenix will begin storing some of its unused Colorado River water in Tucson, which has the needed well capacity. Instead of building additional wells, Phoenix will simply have a set portion of its water order pumped to Tucson instead of to the Valley over the course of 2015. This partnership is a smarter, kind of more efficient way to accomplish the same thing, in a manner that uses less resources, Sorenson says.
This fits easy within existing infrastructure, says Wilson. Nothing has to be built to do this.
Tucson will eventually pump Phoenixs water out of storage and deliver it to its own customers, Sorenson says. But Phoenix will have a sort of contractual I-O-U with Tucson, and later on, if the city should need the water back, Tucson will send it north.
The likelihood that Phoenix will cash in on that I-O-U is high, Wilson says, with current predictions estimating a water shortage from the Colorado River as soon as 2017. Smart water resources people have always known its a matter of when, not if, Wilson says. This is an effort between Tucson and Phoenix to do a little bit more banking before these supplies might be reduced.
Through the program, we can be sure to continue reliable deliveries to our customers even during times of shortage on the Colorado River, Sorenson says.
And the partnership between the cities will likely be long-lasting. Wilson says master planning for the Tucson facility was done with room for growth in mind. As a result, it has storage capacity, land space, and room for expansion that the Phoenix facility simply doesnt. Phoenix will likely be given the option to eventually invest money in expanding a portion of Tucsons facilities, which it will own and Tucson will operate, Wilson says.
Though the idea of water sharing amongst Central Arizona Project users is not new, the specific Phoenix-Tucson partnership has not been long in the works. The idea first started circling only a year ago, Sorenson says. She cant even remember who first suggested the partnership, but shes thankful that someone thought of it. Its a fantastic idea, she says. Sometimes we just need to think outside the box a little.
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