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Introduction to Business - Essay Example

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This is caused by inability on the side of banking institutions to meet their financial obligations. If this happens, a bank is liquidated hence exposing people…
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Introduction to Business
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What safeguards do banks need to have in place to ensure that your money there is safe? People believe that banks are the safest places to keep moneybut this is not true because hitches occur quite often. This is caused by inability on the side of banking institutions to meet their financial obligations. If this happens, a bank is liquidated hence exposing people to risk of losing their monies. Banks should have insurance cover to secure their institutions and more so customers’ deposits. Insurance will compensate it in case of any loss. Robbers often break into banks and go away with huge sums of money belonging to account holders. This may make banks to go under since they will no longer have funds to meet the depositors’ demands. The safest way that a bank can safeguard my money is through insurance. What more can banks do to further ensure this is true? Effective banks with strategies of safeguarding depositors’ money should take covers against losses from insurance companies with good reputation, good history, and strong financial base. The insuring company should have been in the insurance industry for a considerably long period of time to have proven its competence.
When do you plan on retiring?
According my job, I am planning to retire at the age of 60 years. I will be no longer productive in my profession hence it will be time to rest and enjoy the fruits of my hard labor. I want to serve my people in the best way I can in order to build a base for prosperity for the future generation. Steps I have taken? I am working hard to ensure that all my children will be through with their education and living a better life before my retirement. What more do I need to be doing now to make sure it happens? I need to invest in profitable business opportunities. I am directing a good portion of my income to educating my children as well as in ventures which have promising returns by the time I retire. I am also saving part of my income in credible banking institutions. I have also engaged my income into a good life insurance scheme to cater for my old age at that time as well as my family while I am gone. Read More
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