Stock Carnival Ecstasy - May 1, 2012

saving and spending (Photo credit: 401K)

Welcome to the May 1, 2012 edition of Stock Carnival Ecstasy.In this edition we have an article from Jason P. looking at Saving for College and What a 529 Plan is. We also have Laura Edgar from NerdWallet’s with the Top 5 Most Common Investing Mistakes. Hope you enjoy the articles, bookmark, share, tweet, link on Facebook and come back soon.

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Jason P. presents A Children’s Savings Roadmap posted at One Money Design, saying, "Follow this children's savings road map to help aid you in teaching your children the importance of saving money."

Jason P. presents Saving for College: What is a 529 Plan? posted at One Money Design, saying, "Heard about 529 savings accounts but not sure how they work? If so, this article on the 529 education savings account plan will help you."

Theresa Torres presents How to Build Business Credit posted at CreditDonkey.com Tips, saying, "Here's an educational infographic guide for small business owners to help them establish their business' identity and build business credit."

Theresa Torres presents Gas Rewards Cards That Lessen the Sting of High Prices - NYTimes.com posted at Community, saying, "Choose the best card for your gasoline needs and earn cash-back rewards at the pump."

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Dr. Dean presents 100 Words On How To Become “Well To Do!” posted at Dr. Dean's TheMillionaireNurse.com Blog, saying, "Want to be financially successful? Check out this short mantra, and repeat it daily."

Theresa Torres presents 6 Tips to Help You Lower Your Credit Card Interest Rate posted at stumbleforward.com, saying, "It's not that difficult to lower your credit card rates. Here are several things that you can do to get your credit card interest rate down."

Laura Edgar presents NerdWallet’s Top 5 Most Common Investing Mistakes posted at NerdWallet Blog - Credit Card Watch, saying, "Even though these mistakes are widely known and consistently reported by finance gurus, people continue to stumble into the same sordid pitfalls."

Laura Edgar presents Guest Post: Are You Ready To Invest In The Stock Market? posted at NerdWallet Blog - Credit Card Watch, saying, "The first thing you need to consider is how comfortable you are with risk. You might get people telling you that a certain stock is a ‘sure thing’. Let me tell you, there is no such thing as a sure thing when it comes to the stock market. It just doesn’t happen that way."

That concludes this edition. Submit your blog article to the next edition of stock carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Why Are the London 2012 Olympics Costing So Much?

BT Tower (London) seen during a firework display that took place 500 days before the start of the London 2012 Olympic Games (Photo credit: Wikipedia)

Economic growth in the UK may be contracting, but it would seem that the cost of the 2012 Olympic Games is expanding exponentially between every calculation and there have been plenty of those.

Adding Up

In 2005, when London won the privilege of hosting sport's greatest competition, the Labour Government, then riding the crest of an economic boom, told taxpayers that it would cost a substantial, but by no means unaffordable, £2.37 billion.

In 2007, however, the government revised the figure to a princely £9.3 billion. Officials claimed that various costs associated with land, legal disputes and security issues had caused the cost to soar. An investigation by Sky News subsequently revealed that even £9.3 billion was an ominously conservative figure, insisting instead that the Olympic Games would cost taxpayers at least £11.7 billion. Worryingly, Sky News added that if all related costs were added up, the figure would be in excess of £24 billion.

Even during a time of strong economic growth a £24 billion price tag would be baulked at by most people of sound mind, but during times of austerity the figure is so astronomically high that not even Hubble would be able to spot its end.

Spending £24 billion so that grown men and women can throw spears, run in straight lines and jump as high as they can seems so wasteful as to be criminal in the circumstances. Even figures of £11.7 billion, £9.3 billion or £2.37 billion ought to be unaffordable when ordinary members of the public are struggling to survive from one day to the next. So, how can the cost of the Olympic Games be justified? Do the figures even add up?

ROI

Government ministers are adamant that taxpayers should not need to pay more than £9.3 billion, but it seems clear that nobody really understands how much must be spent on hosting the Olympic Games. The high cost may be attributed to the previous administration's lack of transparency or discernment and the current government's inability to tell the truth or calculate accurately.

The initial figure of £2.37 billion was remarkably optimistic, for instance, but few government ministers could have foreseen the economic woes that would follow London's winning bid. Since 2005, various costs associated with the Olympics have emerged or been concealed.

Land purchases cost an additional £766 million, for example, whilst various deals have been struck with public sector workers to avoid the threat of strikes crippling the Games. Hidden costs such as those pertaining to security and intelligence are also thought to be in the hundreds of millions of pounds, whilst legal battles, construction work and additional employment have also weighed heavily on the Treasury.

London Mayor, Boris Johnson is optimistic that the Olympic Games will offer a good return on investment in the long run. The avid cyclist has estimated that the project will give rise to 40,000 new jobs in the capital and companies and individuals should profit substantially from an influx of tourists.

After the Games, everybody in London should benefit from an improved infrastructure. The event should also put Britain back on the map for foreign travellers and investors.

The question ought not to be why the Olympic Games is costing so much or whether it offers a sufficient return on investment. People should simply be asking whether Britain can afford to host the Games, a question that perhaps could not have been answered correctly seven years ago.

Article written by Sam, an expert at http://www.moneysupermarket.com/savings/isa-allowance/

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