Sunday, April 30, 2017
business. Employ these tips to get it right.
Be Specific When Writing the Advert
When you’re writing the job advert that you will use to attract candidates, you need to make sure that it’s as specific as possible. You will get a lot of bad and unqualified people applying for the role if you don’t make sure that the advert is written carefully and precisely. This just wastes your time and theirs. And it will make your job of sifting and sorting through all of the applications harder than it has to be.
When the time comes to start interviewing your candidates, you should plan and structure the interviews. There should be specific things you want to ask and knowledge that you want to gain about a candidate. Don’t just make it up on the spot because it will make the business look amateur. You should also make sure that you interview people twice. You can interview people on your longlist, then create a shortlist and interview people again. You can then learn more about the candidates. You can learn more about interviewing at inc.com/conducting-job-interviews.
Go Beyond Qualifications and Certificates
You need to think about more than the qualifications and certificates that the candidates have. If all you think about is what’s written on their CV, then you could overlook the actual person and their talents and characteristics. Remember, you’re employing a person and not a piece of paper. So, yes, qualifications can be important for certain jobs. But they should never be the only factor that you look at and take into account. If that’s what happens, you’ll choose the wrong person.
Run the Right Checks
It can be really important to carry out proper checks on people before you hire them. You never know exactly what could be lurking in someone’s past. Start by checking the references that have been provided. If these all come back fine, head to a site like CheckCriminalRecords.com and see if there are any criminal convictions in their past you should know about. Having this kind of knowledge will help you avoid hiring mistakes.
Consider the Harmony of Your Existing Team
You want your existing team to remain cohesive and functional. However, that can be jeopardised when you bring new people into the mix. You should hire the kind of people who will slot into place within your existing team without too much trouble. Think about their characteristics and personalities. These things will tell you whether that candidate is likely to complement your existing team members or not. It’s vital to take things like this into account if you want to hire the right people.
Saturday, April 29, 2017
Emotional issues / stress
The number one issue that a lot of folks have to deal with when they go bankrupt is the emotional upset and distress this can cause. Finances can be a very sore point for some people, especially if they have a history of not managing their money well. Or investing in things that go down the pan quickly.
That means if they have to declare themselves bankrupt they can feel a lot of embarrassment or even shame, particularly when they have to tell the friends and family about it.
But what can you do to minimize this stress? Well, it may be that you chose to do other activities to keep your mind from obsessing over this issue all of the time. Remember just because you are declared bankrupt doesn't mean that your life is over. Try to see it as a temporary bump in the road rather than a full stop.
Dealing with legal proceedings
Now, another major problems of being in the process of bankruptcy is the hassle of having to deal with the legal side of things.
Being in court isn't easy at the best of times. But when it's your financial future on the line, it can really help to have an expert in bankruptcy litigation by your side to remain calm and advise you on everything.
Remember these things are often not cut and dried cases. So you will want someone there that will be arguing for your side of the case as much as possible.
Cash flow problems
Obviously, something that can happen when you are going through bankruptcy proceedings is that you may experience cash flow problems. This could be because the bank you are dealing with cut off your line of credit. Or that you end up using your personal money to pay business costs to get people off for your back.
While this is inconvenient, it is only a phase that will go on until you have as ruling. Then you will be able to move forward with your finances. Just make sure that you keep an eye on the budget for things like rent, food, and bills. As these are the everyday things you can afford to lose control of.
Getting credit after going bust
Lastly, once everything has gone through it may be tricky for you to gain credit in the short term, because of your bankruptcy status.
However just because it's tricky doesn't mean it's impossible. So make sure to shop around services designed to help folks in this position get back on their feet with either personal or business funds.
Friday, April 28, 2017
housing bubble, fuelled by low interest rates of Ben Bernanke and Alan Greenspan as well as the government’s policy of increasing home ownership. When that bubble crashed, it nearly brought down the entire world economy and put us all into a new Great Depression.
Now some economists think that there’s a new bubble brewing - and this time it’s across the board. Bubbles tend to inflate when the market’s valuation of an asset is unrealistic. In the short term, it seems as if an asset is going to keep on going up in price and investors continue to invest. But in the long run, it always ends badly, and people wind up going broke. During the financial upswing of the last decade before the collapse of Lehman Brothers, investors all believed that the value of housing was going to go up forever. As a result, they lent out vast sums of money to homeowners, using their homes as collateral. Even if they couldn’t afford to make the monthly repayments it didn’t matter: house prices would continue to rise and the bank could simply sell the house to get its money back. Of course, the expectation that house prices would continue rising forever was incorrect. But banks and investors behaved as if they would go up and up regardless.
It’s worth considering for a moment why the last bubble blew up and why we might be in the middle of a new one. The last bubble in the housing market inflated because homeowners were incentivised to buy homes that they couldn’t afford. Low-interest rates ironically made homes less affordable since people were able to take on more debt. When the banks realized that homes weren’t as valuable as they thought they were, they demanded their money back and jacked up the interest rate. This led to a cascade of mortgage repayment defaults and caused bank balance sheets to collapse.
The reason that so many people were plowing their money into the housing market had to do with low-interest rates. Not only did low-interest rates make loans more attractive, but it also made investing in assets besides government bonds and savings accounts more attractive. The price of other assets was, therefore, bid up by investors looking for positive rates of return on their investments.
This sort of behavior is what causes assets to be overvalued. People aren’t investing in them because they are inherently valuable to society and the economy. They’re investing in them because they can’t do anything else to preserve their wealth. They’re forced to dump their money into stocks and other assets, like housing, because these are the only assets generating returns.
We see the effects of this all over the place. The stock market is hitting record highs, partly because of Donald Trump, but partly because people can’t put their money anywhere else. Generally, stock prices only rise if the profitability of the underlying firms goes up. Investors only get paid dividends if companies make greater profits. But this isn’t what is happening in the present situation. Stock prices are going up because the alternatives are so lackluster. And since there is nothing fundamentally driving the rise in stock prices, that’s a worry.
House prices are rocketing too. In fact, the ratio of house prices to income is reaching the same record highs as it did before the financial crisis. With record low-interest rates and continuing policies by the government to expand universal home ownership, prices in cities like San Francisco have hit new highs.
What all this essentially means is that we’re in another bubble. And, ultimately, all bubbles must pop, no matter how much the government or the central bank interferes. Ultimately, markets are the best placed to determine whether or not an asset is overvalued and they’ll react quickly if they think they are.
The question for investors is where to invest in the bubble economy? Long-term investors have few options it seems since so many asset prices are on the rise. The trick to investing in the bubble economy is to find assets that are undervalued relative to those that are overvalued.
Bubble Investment #1: Land
Land has always been a stalwart of investment. In fact, in the middle ages, your wealth was directly correlated with the amount of land you owned. The more land you had, the more peasants you could hire and the more surplus you could extract and sell to the market. In the modern world, the uses of land have changed somewhat. Land in areas ripe for development could be extremely valuable, especially in regions outside of expanding cities. Look out for land for sale in up and coming areas and make strategic investments. Unlike stocks or bond, the value of land cannot ever be completely wiped out, making it a great option when the economy is headed for a crisis.
Bubble Investment #2: Hard Assets
When Donald Trump was on the campaign trail, he warned on several occasions that the stock market was in a bubble. Like many other informed people, he knew that the fundamental performance of many companies simply wasn’t good enough to justify their sky-high valuations. As a result, he warned crowds at his rallies that there was going to be a correction. Since taking office, he’s taken ownership of the behavior of the stock market, saying that the rally is the result of the newfound optimism of businesses following his presidency. Of course, Trump doesn’t really know what’s causing the current bull market: the likely answer is that it’s a combination of both.
But what seems certain is that at some point investors will realize that the value of assets in the stock market is not materializing. And when they do, they’ll start selling stocks and buying up other physical assets, like housing, commodities, and gold. In fact, this is exactly what happened in the aftermath of the 2008 financial crisis. Investors realized that the value of stocks was going to plummet (thanks to the worsening economic outlook) and so they started buying up commodities and hard assets. This caused the price of hard assets to spike, rewarding those investors who’d gotten into the market early.
Bubble Investment #3: Should You Buy Bonds?
In normal times, government bonds are seen as the risk-free asset. No matter what, you’ll get paid. But since the financial crisis, we haven’t been living in normal times. Government debt has surged beyond all expectations, and interest rates have stayed near rock bottom. For investors, this is a problem. Bonds are risky, but the incredibly low yields mean that they’re not being compensated for all this risk.
Governments are effectively insolvent. The value of their taxpayers is actually less than the value of their liabilities. The owe more people money that they are owed. Mathematically, the current situation can’t continue. Either taxes are going to have to go through the roof which will kill economic activity, or people who have been promised money will have to take a haircut. For bond holders, both of these prospects are bad news because it means that the government might not be able to fund all its borrowing. And that is a good reason to want to avoid buying bonds.
Thursday, April 27, 2017
Real estate has been named as a safe, long-term investment. People go about this in a number of ways; buying and renting out a block of flats, selling property, or renovating old properties to sell on or rent out. The latter option takes a lot more time and investment, and there is more risk of real estate pitfalls but the results are worth it in the end. You could even use some of the following renovations in your own home if you think you might want to sell in the future.
It really pays to be green. Some studies estimate that green Houses for sale can fetch up to 35 percent more on the real estate market. Green home improvements can be done in a number of wars; insulating the attic and wall cavities, investing in solar panels, or upgrading to double glazed windows are the most common. The US Green Building Council’s LEED Certification is one way to communicate to buyers that a home is sustainable and green. The green label means a lot to buyers, as it rates your home’s energy efficiency and sustainability across multiple measurements.
You don’t need to spend money on an extension to create space in a house. Simply knock out a non-structural wall to open up a space and create a sense of flow in the house. If the dining room is a bit on the small side, knocking down a wall into the living room or kitchen creates a much bigger, multipurpose room.
If you don’t like the idea of destroying the building, then you should try repurposing an existing room. A cellar can be transformed into a music room, a bedroom, or even a wine cellar depending on who you’re hoping to sell to.
Light it up
No one wants to live in near darkness, so those small, badly lit rooms at the back of the house aren’t doing you any favours. If expanding the windows doesn’t make a difference, then you must use decorations to light up the room. Hanging mirrors opposite the window will reflect any natural light that makes its way into the room and white paint will make the space look brighter.
Once all your renovations are complete, you should begin adding some finishing touches. Put a fresh coat of paint on the walls, swap out old taps and fixtures for more modern installations, replace any rotting wood, and get rid of any mold you find.
An immaculate interior won’t do much if the garden looks wild and overgrown. Tangled trees and unkempt bushes can obscure views, darken interiors, and promote mold, so it’s also in the best interests of the future tenants if you prune the trees. Additionally, outdoor spaces have become more desirable as more people opt for staycations instead of going abroad for the summer. A garden with a deck and a water feature will therefore add value to the price of the house.
Wednesday, April 26, 2017
real estate market is a ladder to wealth – assuming that you can either buy to sell or buy to rent. However, besides the financial obligations that go hand in hand with real estate – to put it in other words, mortgages have their importance – there are some essential mistakes that you should avoid to make the most of the real estate wealth potential. Indeed, when you buy to rent or to sell, it’s important that you take great care of your property, your responsibilities as a homeowner or a landlord, your advising circle, and your budgeting skills. There’s nothing worse than a real estate investment that turns into a nightmare money hole. Here are the nine most common real estate mistakes that you need to avoid.
#1. Buying Above Your Budget
For a start, when you decide to buy a house or a flat, it is important that you keep a realistic view of your buyer’s budget. Purchasing a property that is too expensive means that you won’t be able to afford for its maintenance, renovation, and insurance. Additionally, if you are thinking about buying with a mortgage, an expensive home will force you to monitor your expenses closely, making it impossible to care for utility costs, decoration, and household living. In short, it’s important to take into consideration how much you can truly afford. Real estate is an investment, not a financial disaster. But it can only be so if you are careful and tactical about the amount of your investment.
#2. Not Checking Tenancy Options
For most real estate investors, the plan is to turn to the tenancy market to create a regular and passive income. However, when you are planning to do so, you need to research your tenancy options thoroughly. For instance, HDB flats, which are public housing from the Housing and Development Board, are open to being rented out only after the owners have satisfied the minimum occupation period – three to five years depending on whether the flat was bought before or after 2010. Additionally, you can only sublet your flat to citizens or permanent residents with written approval from the HDB. Naturally, other tenancy factors can play a role, such as criminal records, credit checks, and even family situations in some cases. Therefore, if you are buying to rent you need to be aware of the local tenancy restrictions.
#3. Working With An Inexperienced Agent
There is a saying that your real estate purchase will be only as good as the real estate agent is. While it can be a little unfair, it is also true that you are very much relying on the expertise and knowledge of a real estate agency to find the best possible property at the best price. Your agent becomes an advisor, not only in terms of location, but also extension and renovation policies, mortgage options, property standards and quality, and local facilities. While experienced agents will be able to support you in your research and to find the most suitable properties for your requirements, it’s likely that inexperienced agents will be wasting your time and your money, and may even convince you to buy a non-suitable house or flat.
#4. Not Adding Value To The Home
When it comes to buying a house to sell, it’s important that you develop a plan of renovation projects that will add more value to the property. Before you consider a kitchen or bathroom renovation, there are other projects that have a valuable ROI – in other words, these projects add more the house value than they cost, or nearly as much. Installing an attic insulation brings an 117% return, as for more home buyers it is synonymous with low energy bills, something that they are happy to invest in. Garage door replacement and front door replacement have other 90% return, making them a profitable renovation project. In comparison, kitchen and bathroom updates can sometimes play against your final selling price, especially if you pick colors and materials that don’t appeal to buyers. It’s likely that the price will have to be reduced to take into consideration the renovation budget of the buyer.
#5. Not Picking The Right Tenants
When you decide to rent your property, you need to be aware of the risk of renting to what is called in the real estate business, the nightmare tenants. Nightmare tenants are so named because they cause you more problems than they bring benefits. Late payers are, for instance, common but difficult to spot. However, their delayed payments can make it difficult for you to pay the mortgage on the property. Animal lovers can be difficult to deal with, because unless you visit the property, you may not know that they’ve moved in with their pets. However, when they move out, it’s likely that you will need to proceed to renovation work to be able to put the property back for rent. In short, make sure that you interview your future tenants thoroughly!
#6. Not Buying In The Right Location
There’s nothing that matters as much as location when you are buying a property to rent. Indeed, your tenants will be looking for houses or flats that are ideally placed for them to go to work and to visit their family and relatives. This means that you will find it easier to rent a town flat than a barn in the countryside. But more importantly, when you are looking at location, you need to take the local facilities into consideration, such as whether there is a school or not, shops, and a medical surgery. Additionally, the quality of the public transport in the area will influence the tenant’s decision to rent or not, especially if they rely on bus or train transport to go to work or school.
#7. Not Budgeting Renovations
Renovation projects are necessary but expensive. In average, over half of homeowners don’t budget their projects correctly and find themselves having to pay twice as much than what they first expected. One in five homeowners will fit a new bathroom or a new kitchen as their first renovation project, whether they are looking to buy a house to sell or rent. Bathrooms and kitchens are among the most expensive rooms to upgrade. However, they are also rarely taken into consideration at the time of the property purchase. Additionally, 47% of buyers will consider upgrading the bedroom too, and 43% will look at changing the living room. To put it in other words, not budgeting these renovations at the time of purchase can not only make it difficult to pay the mortgage on the property but will also create a lasting negative ROI.
#8. Not Taking The Right Insurance
Homeowners take a home insurance, while landlords pick a landlord insurance that protects them from the damages caused by hazardous tenancy. However, there is more than one type of insurances, and it’s essential that you understand exactly what you need. For instance, an earthquake insurance is an additional insurance that you need to take if your property is in an earthquakes zone. Additionally, flooding insurances can sometimes come as a separate insurance, in some regions. Don’t miss out on protection because you think that the insurance is unnecessarily expensive!
#9. Not Setting The Appropriate Price
When it comes to building your wealth using real estate, price is key to your success. It needs to be the right price too. If your tenancy or selling price is too low, it’s likely that potential tenants and buyers will be suspicious about the property. Make it too high, and they will run away. So, as you decide to set up a price, it’s best to compare with similar properties on the market, as well as to research the current prices in your locations.
Tuesday, April 25, 2017
Get Your Finances In Order
The first step is to get your finances in order. This seems like quite a general statement but what it actually means is organizing the remaining money that you have. You need to know how much money you have. Of course, you might know how much is in the bank, but what about money tied up in property or business? Managing your money when you are well and able is a good first step. It becomes increasingly difficult to make decisions once you are ill or considered unfit to handle your own account.
The good news is, organizing your finances needn’t be too difficult. Start by filing all of your financial documents in one place. This will make it easier to keep a record of things. The make a list of all your expenses and incomes. Work out which, if any, debts you have to pay, what you’ve invested and what is saved. Having all of this information will be incredibly useful if someone else has to take over and manage your affairs. Don’t be stuck in a situation where only you know your own financial situation.
Managing Your Estate
Planning what happens to your estate when you die is simple and straightforward, but too many of us don’t do it. The problem is, if we don’t have legal documents which outline who gets what, it can lead to messy legal proceedings. Probate lawyers from IRB Law will be able to give you more information about what’s involved in planning your estate. In essence, you will need to prepare documents which determine who inherits your money and property. You can even ensure that the amount of inheritance tax paid on your estate is minimized. So this is a very important step to take.
Funding A Funeral
Unfortunately, loved ones are sometimes forced to make financial decisions about funerals in the midst of their grief. To avoid these kinds of situations and expenses, you can cover the costs before you become ill, or even before old age. Dedicated savings accounts are one way to save money. Alternatively, some life insurance companies cover the costs of a funeral.
Monday, April 24, 2017
budget while maintaining a unique style and look. You want to reach the same level of saving success. You already know the basics of thrift store shopping and sales hunting, so now you want to elevate your bargain quest to the next level.
The following shopping hacks will help you stock your wardrobe with classic, durable, and beautiful basic and statement pieces.
1. Clearance Rack
Wait before shopping the clearance aisle: you save even more when you wait until the second round of clearance markdowns. Also try waiting for a Buy One Get One Free sale, because it often increases clearance savings by more than half.
Avoid buying last year’s major trend, unless you already frequently wear that style of clothing. Otherwise avoid any trendy items because they usually fade and lose their appeal in a few years. Instead, stock up on the timeless basics like jeans, shirts, tank tops, and cardigans.
Clearance items often vary by store. Therefore, remember to check the online clearance section of your favorite stores and their physical counterparts.
2. Daily Deal Sites
Groupon is just one of the many daily deal sites that retailers and brands use to quickly sell some of their items. These sites offer everything from dresses to bras. Fitness wear and accessories are one of the most popular clothing items on these sites.
Subscribe to receive daily emails. Read them at least once a day. Also visit the website at least once a day to check out the complete list of items offered in the clothing and accessories sections.
3. Shop Out of Season
Shop for your winter wardrobe in spring, and your summer one in fall. The previous season’s leftover stock gets a huge markdown right at the start of a new season. The discount becomes even greater if the new season starts right around a holiday.
Plan at least two out of season shopping trips every season. Visit a store a week or two after a new season begins, and a few weeks before it ends. A shopping trip at the beginning of a season allows you to get the best of the leftover stock. Shopping at the end of a season lets you get even better deals off the remaining stock, and you also find some of the newly clearanced items from the current season.
4. Grab the Lookbook
Do a little research to find out if your favorite stores distribute a lookbook about their current collection. Many major retailers make these booklets but vary on which customers get them. Some retailers give them to anyone who signs up for the mailing or emailing list, but others only give them to customers who previously purchased from their store.
These lookbooks are valuable because they provide deals and coupons. These deals may include things like a free item with purchase or a coupon that lets you take off $50 for every $100 that you spend.
Sometimes even if you cannot get these lookbooks, sites such as Groupon, provide the same coupon codes that you find in these booklets.
In general, always check Groupon coupon section before shopping at your favorite clothing retailers, especially more expensive ones like Harry and David.
● Shop quality not quantity
● A well-made item is an investment
● Wash your clothes less to preserve and increase longevity
● Avoid polyester, instead go for natural fibers and blends.
Sunday, April 23, 2017
the stress of the whole situation can be complicated by our worrying about how our unwanted situation will affect our financial standing. Indeed, being in trouble with the law can have a detrimental affect on our bank balance, but it doesn’t have to be quite as bad as you might expect. Of course, it depends on why you’re in legal trouble in the first place. But understand that legal strife doesn’t automatically spell bad news for the bank balance.
Evaluating the Situation
You’ll have to evaluate exactly what’s happening in the situation before you decide upon a course of action. If you’ve only recently been informed that you might face some legal troubles, then you’re probably too shocked or disoriented to fully comprehend your financial situation. Take a step back and think of the ways in which you could be hurt financially. If it’s your business that is facing trouble, then you’ll want to take a look at your business insurance to see if it is applicable to what’s happening. If it’s personal, you may want to look at your savings account and determine how long you could live for if it came to it.
Finding the Right Defense
Of course, you’ll know already that you should endeavour to find the lawyer that’s right for you. But you’ll also know that it would be foolish to find the best lawyer if they’re obviously out of your budget. Conversely, opting for a bargain lawyer might save you money initially but cost you most when spread over the long term. It’s important to know that you don’t have to let lawyer fees cripple your finances, either. For some cases, law firms like Wallin & Klarich allow their clients to pay on a payment plan. This will help you get expert advice without worrying about whether you can fund it.
Consult Your Network
Try as you might, you’ll always run into some financial difficulties when you have legal troubles, especially if it means that you need to take some time off from work. When you’re in a pinch like this, it can be useful to call on your support network, the friends and family who are always on hand to see you through the hard times. Of course, you shouldn’t come to rely on them, but if you need a short term loan for bail or what have you, it’s better to go through people you know rather than traditional methods. You’d be there for them if they needed you, and they’ll be there for you when you need them.
Know That Things Aren’t As Bad As You Think
Any legal troubles that come as a shock to you won’t be as bad as you think: indeed, it’s often the shock that is the worst part. Keep a level head and make sure you don’t do anything rash. When it has all passed you’ll hopefully be in a sound financial situation and be wondering what all the worrying was about.
Saturday, April 22, 2017
Of course, if you have insurance you can soften the blow a little, but you won’t get rid of that price tag completely. You will be expected to pay some of it out of your own pocket. Is it any wonder why people end up in debt?
Now, you might say that you could just avoid expensive medical treatment. Perhaps, you can had to a free clinic? But, what if you need emergency medical care? You may not have asked for it, but they will certainly charge you for it once you leave the hospital. So, how can you make sure that the cost of your health doesn’t grow out of control.
Find The Right Insurance Plan
The first step you need to take is to look at different insurance options. Insurance is in shambles at the moment. People know there’s issues with Obama Care, but they don’t want the plan completely removed. Meanwhile, the government are struggling to get their own plan approved because it completely obliterates Obama Care. The basic idea behind the government’s plan for health care is to completely privatize insurance. This would mean that you could choose your own health insurance provider from any state and find the best price. You can find out more about healthcare coverage on SBS.com.au.
Whether you can do this or not, you should be looking for the best company available. You might even want to choose your job based on who provides the best health care. Some companies do offer health insurance as a perk for their employees.
Holding People Liable
Let’s say that you were injured in an accident and sustained serious injuries. You should make sure that you hold the people who were responsible liable. There is always someone accountable for an accident. For instance, you might have suffered an accident on someone else’s premises.
If that’s the case, under premises liability, they are accountable. Or, you could have suffered an injury due to a product or service you used. In this instance, the business that provided that product may be liable. You can visit BradfordLegal.com.au for more info or look at any other personal injury site. There, you should be able to discover your rights in different situations and find how you can claim compensation.
Looking After Your Health
Of course, perhaps the best way to save money on health care is to look after your health. When you apply for health care coverage, you will be judged based on your physical condition. That’s why financially, it’s in your best interest to stay fit and eat well. Try to keep a good weight because this will make you less likely to develop some of the more serious and costly medical conditions. If you do this, you should find that your bills related to health are a lot cheaper and easier to handle.
Friday, April 21, 2017
Figure out what the problem is
The first thing that you need to do is to figure out exactly what it is that is causing you to have to spend so much money on your home. The most important question is whether or not the money you're spending is actually necessary. Are you constantly coming up with new ways to improve the house? Then there's a chance the problem might be your own spending habits, not the house itself. Of course, if the problem is that there are problems with the house that keep coming up and needing to be fixed, then that's a more complicated situation.
Sell, sell, sell!
If the reality is that there is just so much maintenance work that needs to be done on the house, then your best bet may well to be to sell it. Of course, it can be hard getting people to show interest in a house that clearly needs a large investment in order to make it livable. I that's the case you might be looking for a quicker solution. If you've ever wondered, "I wish I could figure out how to sell my house fast for cash" then you're in luck. There are plenty of organizations who are willing to pay for your home no matter what kind of condition it's in. Of course, you need to make sure that you're not accepting a price that's so low you can't make a new start.
Find ways to save money
Of course, your home might be costing you a lot of money in ways that aren't actually that necessary. It's surprisingly common for people to think that they simply can't afford their home but, in reality, it's very simple for them to cut costs. Look into simple things like your utility bills; there are plenty of different power companies who may offer more competitive rates. Similarly, it's a good idea to prioritize maintenance work based on what's most important, rather than trying to deal with everything at once. You might find that there are issues with the house that, while being slightly irritating, aren't really a matter of life and death and can be left until you're in a more stable financial position.
Thursday, April 20, 2017
Offset Taxes With Insurance
The beneficiaries of your assets can end up losing a lot of money when they receive inheritance assets, thanks to estate and income taxes. However, many of these losses can be offset by having life insurance in place.
To understand how, consider the following example. Suppose that your estate planning attorney estimates that you owe more than $200,000 in income and property taxes. All you need to do is purchase life insurance to cover than amount to be paid to whoever is going to receive your assets. This will ensure that they receive the full value, despite the government taking a cut since life insurance proceeds are tax-free.
Declare Who Gets What
Most people just assume that if they don’t write a will, then their estate will be divided up and given to their family. And while this is true, there’s nothing in the law that says who should get what specifically. For many people, this can be problematic. For instance, you might want to pass on a classic car to a particular member of your family. But if you leave the government to divide up your estate, there’s no guarantee that the correct beneficiary will receive the car.
Another reason to declare who gets what is if you plan to give money to people who aren’t your next of kin. In these situations, you’ll need to explicitly declare their share in a witnessed, formal will.
Choose How The Money Will Be Spent
You may plan to have some of your assets cover particular expenses, like the cost of a new car or college education. If that’s the case, then you might want to place some of your money in a trust so that it is earmarked for a particular project. Trusts ensure that the person receiving the money - the trustee - spends it on the thing that you say they have to spend it on.
Minimize Income And Estate Taxes
If you’re leaving a substantial estate, there’s a good chance that you’ll owe a significant amount of property and income taxes. Though these taxes can be burdensome, there are ways to reduce them. For instance, one way to reduce the amount of tax is to leave your taxable assets to institutions, like charities, which are tax exempt. You can then give your other beneficiaries all your assets which are tax-exempt, such as after-tax savings, life insurance payouts and retirement accounts.
To reduce your overall tax burden, you’re also able to give beneficiaries tax-free gifts up to the value of $13,000 a year.
Wednesday, April 19, 2017
There are certain points in life when your personal finances can take a hard hit. During these situations, it can be quite difficult to stay afloat and ensure that you have enough money to thrive. You might find that your income is drastically limited. Or, it’s possible that there is so much money flooding out of your account that you can’t afford to pay everything you owe. In these types of situations, you might think there is no hope of recovery.
However, there are always options if you want to get back on your feet and improve the situation. Here are some of worst case scenarios and the best ways to handle them.
You might find that you have suffered a job loss and an event like this can be a total shock to the systems. You will recover eventually, but it can take an average of six weeks for a person to find another job. That’s a long time to be unemployed, and your pay-packet might run out long before that point. As such, you will need to think about how to keep your finances healthy and in the green. There are a few options to consider here.
You may want to think about making money while you are looking for a job. This will help fill in the gap that your loss has left and make paying the bills a little easier. You should be looking at something similar to a side hustle like working online. For instance, you can make quite a lot of money by answering surveys.
On top of this, you should make sure you’re seeking out something like job seekers allowance. Remember, the government should help people who are actively looking for work.
A severe injury can put you out of a job or limit your career options. If the injury was an accident, you might want to consider claiming on damages. Someone is always liable, particularly if the injury occurred at work or on someone else’s property. You should look into the possibilities here because by contacting a local injury attorney, you can get the money you need to survive. You should think about speaking to an injury solicitor whenever you suffer an accident. You never know if it could develop and severely alter your quality of life. Unfortunately though, if you leave a claim too late you limit your chances of being successful.
Finally, you might find yourself dealing with unmanageable levels of debt. People fall into debt for a variety of reasons from paying off medical bills to living past their means. If you find yourself facing so much debt that the amount isn’t diminishing, you should consider seeking out specialist help. For instance, you can use a debt consolidation service. Consolidating your debt makes it easier to pay off and can even limit how much you actually owe.
Alternatively, you can consider using your assets to get rid of your debt. If you own your house, put it up for sale and downsize until you can get back on your feet.
These are some of the worst financial situations imaginable. However, if you take the right steps, you will get through them.
When you’ve worked for the majority of your life, retirement can be a massive change if you’re not prepared for it. The idea of waking up one morning and having nothing to do and no-where to go may seem appealing for a while. Who doesn’t need a holiday? But, after the initial ‘holiday’ period, it can feel like you’re unwanted or unable to achieve anything. Here are some tips on how to emotionally prepare for retirement.
Unless you find ways of keeping yourself active and continuing to develop your skills, you could easily fall into the trap of sitting in the same place every day, doing the same things. Just because you’ve spent your life working in one career, it doesn’t mean you don’t have other things to offer. Now is the time to explore and be creative.
Don’t Hide Away
There may be an initial period where you want to just rest and the make the most of not having to get up in the morning. However, after a certain time it’s important to see people and get involved with things that you enjoy. If you do find that you’re feeling low or you’re getting anxious about going out, you may want to read some tips on battling anxiety and depression.
Do you know how much you’ll be entitled to when it comes to your pension? It’s always a good idea to find these things out, perhaps by using a financial advisor. You may want to start an additional savings account so you can put money away for the luxuries you may not have with your current pension pot. If you’ve been in the military you may want to look into buying back your time.
Join an Exercise Class
Joining an exercise class isn’t something you do for exercise alone. Although the exercise will improve your health and general well-being, it can also be the perfect way to meet friends. It’s something you can carry on with during your retirement if you feel fit enough, and if you don’t you’ve made friends that you can still meet up with when you have more times on your hands.
Plan Things in Advance
If you know there are going to be particular days when you have nothing to do, get things planned in advance. There are plenty of things to do that don’t cost much. Now, more than ever, there are groups for retirees that get together weekly to chat, go on trips or just tuck into some free cake.
Don’t Shy Away from Technology
Technology is advancing every day, and sadly, many retirees don’t take the opportunity to keep abreast of what’s going on. The internet can open entirely new worlds and the latest gadgets can mean you have music, contacts, books and much more at the tip of your fingers. Make sure you have the same access as everyone else, even if you have to learn something new.
With these tips, slipping into retirement should be a breeze.
Tuesday, April 18, 2017
If you’ve been stuck on the same pay for a while, it can be a little disheartening. You’ve worked long and hard, yet despite the fact that the cost of living isn’t going up, your wages have remained flat. What’s going on?
Usually, raises don’t come along automatically. Instead, you’ve got to negotiate them, pointing out how you’re creating value and why you deserve more money in your account and the end of the month. The problem is that many people don’t ever ask the question and so their finances never improve.
The average person got a raise of just 3 percent last year. That’s about a half a percent increase in real terms (when you take into account the effect of inflation), according to the Society for Human Resource Management. As a result, it really does pay to go to your boss and ask for more money.
But how should you do it?
Make A List Of Your Accomplishments
When asking for a raise, don’t just barge into your boss’s office and demand to be paid more. Instead, create a compelling case that highlights exactly why you’re so valuable to the company. The best way to do this is to build a list of all the things you’ve achieved, putting a monetary value to each if possible. You need to show your boss that you’re worth all the extra money that you want and that you can create more revenue for the company than you’re being paid.
Leverage Other Offers
Farzam Law points out that there are often disputes between companies and workers over the number of hours worked. Usually, salaries look good on paper, but they’re often based on hopelessly optimistic working weeks. A job description might say that a job should only take up around 35 hours a week, but if you’re regularly working 45 hours, then it’s not such a good deal.
Most of the time, bosses don’t want to lose their most productive staff. As such, it’s worth pointing out to them that you’ve had a better offer from another company. Though this might feel as if you're putting your boss in an awkward position, it helps give you a strong negotiating position - if they don’t raise your wages, then you can always go to another company for more money.
Emphasize Your Soft Skills
Another great way to get a pay rise is to take on a different role, higher up in the company. Rather than getting a 5 percent rise, bagging a senior management or supervisor job can increase pay by more than 30 percent. To get into the upper echelons of a business, it’s often necessary to show off your “soft skills” - skills like leadership ability, crisis management skills and the ability to work to a tight deadline.
View Yourself As A Professional Who Sells Their Services
Once you get stuck in an employee mindset, it is difficult to escape: what you’re paid is what you’re paid. But many professionals could benefit by seeing themselves in a new way - as professionals who sell their services to companies. Self-employed people wouldn’t sell themselves short, so why should you?
Coming into a windfall is a great thing. Money is everything in this day and age, and even those who don’t place too much value in the material world can increase the quality of their life with a decent windfall. However, some people get lost. They don’t know what to do with it. Of course one of the first instincts is to spend it, and that’s fair enough. Perhaps a few hundred here or there, but the main bulk should be kept back for something special. Perhaps it could be your retirement fund, or maybe you want to invest it to look after your finances. There are a few things you can do with it. This article can help you make the right decision, or at least present a few viable options for you to use at a later date.
Some people may say this is the boring route. Others will likely think it the right one to take. You can invest the money into other ventures, further increasing your worth. You need money to make money, so the saying goes. You could invest the money in property. When looking for houses for sale be sure to consider their surrounding area and such like. Remember, the research is everything. If you wanted something with less hassle consider certificate of deposit or investing in gold. All the options are there for you but as a beginner investor it is probably better for you to stick to the safer routes or risk your new found capital.
Pay Off The Bills
This is a key move to make and could make your life happier and easier. Whatever is left on your mortgage may need to be paid off. Do it. It frees up a nice chunk of cash for you to use each month. It may seem like wasting the windfall, but doing this is the sensible move. All debt should be paid off before all else. If you are paying for your car on finance then the same rule applies. Get rid of it. Think of the money you could save each month. You’d clear your credit score too.
Improve The Home
This is a form of investment, yet not just a monetary investment but also an investment in your life. You can build an extension, meaning you have a bigger home with far more space. You could have nicer bedrooms, an additional living room, or maybe a conservatory. However you think about it whatever you do is improving your life while increasing the value of the home so you win on two counts. If you didn’t want anything major done you could simply revenovate. Get a new bathroom or kitchen. However you swing it it will make your home a nicer place so should certainly be considered.
Monday, April 17, 2017
Life isn’t fair. Even if you’ve done everything you can to save money and protect yourself from any financial nightmares, unforeseen circumstances can completely drain your savings and leave you in an unstable situation. You can’t protect yourself from something you never saw coming, but there are steps you can take to help you recover from a financial setback.
Unexpected illnesses and injuries aren’t ideal at the best of times, but the medical bills that come after your treatment aren’t something anyone wants to deal with. If you’re a self-employed freelancer, or you work in hospitality, taking a few days off sick can set you back in shifts and leave you short of your rent for a month.
Recovering from these bills will put a strain on your finances for a while, but if you tighten your belt and employ the same steps you use to recover from debt, there’s a good chance your finances, and your health, will recover.
Unexpected job situations
Even in a time when a lot of cutbacks are being made, no one ever expects they’ll be made redundant from their job. If you’re ever given notice that you won’t have a job soon, there are some things you need to do. Clarify with your soon-to-be-former employer, how much longer you will be staying on, and if you will be paid for the time you are still an employee. Once you know how much longer you will have money coming in, spend your free time sorting out your resume and securing references. You should also take care of your finances so you have enough to pay the bills in case your job hunt takes longer than you’d like. Read this post for some money saving advice. In this case, the best way to financially recover from losing your job is to make sure you get another one lined up as quickly as possible.
Expensive home repairs
There are a lot of DIY posts out there that can advise you on how to do your own home repairs so you can avoid expensive bills from a handyman. Unfortunately, there are some jobs that only the professionals can handle, and inevitably the cost of the repair will put a serious dent in your savings. If the damage was extensive, such as water damage or a backed up sewer, check your home insurance policy to see if you’re covered for this kind of damage.
If you were hit by any of the unforeseen circumstances above, you may have chosen to take out a loan to pay for everything. While you may have solved the issue of payments, now you have an increased debt on your plate. If debt is nothing new to you, then you know you have to sit down and make a realistic repayment plan. It may also be a good idea to include a savings plan so you can build a nest egg for the next unforeseen disaster.
Each year the cost that comes with running a car goes up, which is why more and more people are having to use public transport instead of their own cars to get around. It’s a shame that so many people are now no longer able to afford to drive just because of the rising cost of running a car. However, the good news is that although car running costs are on the rise, that doesn’t mean that owning a car is unaffordable, it’s just a case of being smart about your spending and knowing how to cut costs. To make this easier, below are some tips and suggestions to take note of.
Find ways to reduce the cost of your insurance
One of the biggest costs that most drivers face is the price of their car insurance, which is a legal requirement if you want to be out on the road. The good news is that when it comes to cutting car insurance costs, it’s actually relatively easy to do. You see, car insurance premiums show how safe a driver you are, so the safer you become on the roads, the lower the cost of your car insurance will be. One way to reduce the premium that your insurance company is charging you is to undergoing a defensive driving traffic school online course or a course that is completed in person. By completing a defensive driving course, your insurance company may reduce your premium based on the assumption that you are a safer driver.
Make car maintenance a priority
Another reason for the high costs that come with driving is because cars have a tendency to breakdown and can often need replacing, which can be costly. However, if you are willing to make car maintenance a priority, you can reduce the likelihood that your car will break down and need to undergo costly repairs or will need replacing.
Be a more efficient driver
Another way that you can reduce the costs associated with driving is to be a more efficient driver. This means driving in a way that will mean your vehicle uses less gas, and so, you have to spend less money running your car. Driving your car efficiently means always driving in the correct gear for the speed that you are traveling at. Otherwise, you will use less gas than necessary.
Take out breakdown cover
A lot of drivers report that one of the most expensive parts of running a car is dealing with a vehicle breakdown. However, that’s only true if you don’t have breakdown cover in place as if you do, then breaking down doesn’t tend to be expensive as your car can often be fixed or towed for free as part of your policy. However, if you have no breakdown cover in place, this is when things can get pricey, which is why it’s worth taking out breakdown cover, to ensure that should your vehicle breakdown, you are covered.
There you have it, the best advice for beating the rising cost of driving.
Sunday, April 16, 2017
Borrowing money is always a stressful and challenging decision. Most people don’t know a great deal about finance. And, a lot of the businesses that offer loans seem to muddy the waters when it comes to borrowing from them. But, the information you need exists. And, a lot of it can be gleaned by asking yourself some simple questions. Sometimes, it can be a good idea to borrow some money. In other circumstances, though; you may find that the results of borrowing are hard to swallow. To help you out, this post will be going through some of the considerations you should make before taking a loan.
A lot of people get loans for things that they don’t need. It’s easy to borrow simply what you can afford to; without thinking about whether or not you need to. This happens a lot with things like car financing. People will often get a car that fills their maximum budget. But, there could be an options for less than half the price, which will fill the very same needs. Along with this, you shouldn’t get a loan to afford essential items. If there is an item that you want, but don’t need it; it’s better to save up for it. Budget advice can be found in loads of places. Websites like www.familybudgeting.org.nz have loads of resources to help you out.This sort of logic with borrowing money makes it much easier for you to avoid getting loans that might cause difficulty.
Before you take a loan, it’s always best to make sure that you’re not missing any better options. It’s unlikely that you will have found the best loan straight away. So, you have to look at some different companies. Some loans will give you a long time to pay them back. And, these will usually have a smaller interest rate. Loans that need to be paid back quicker, though, will have a much higher rate of interest. You also need to think about the impact that not paying for the loan could have. Some loans will have much graver consequences than others. And, this is something that you have to be very aware of.
Next, you need to consider the future, before you get a loan. If you have had to borrow before; there’s a large chance that you will have to borrow in the future. But, instead of getting loads of small loans; it’s much better to get one larger one. Looking for loans that will suit your needs in the long-run will have hard. Websites like https://financedistrict.co.nz/loans/personal-loans-no-bad-credit-check/ have the reources and services to help you get a loan that will work into the future. A lot of companies like this can even support you when you have bad credit. So, you don’t have to worry about your past.
Hopefully, this post will inspire you to start asking more questions before you decide to take your next loan. Borrowing money is risky and complex. So, it’s a good idea to make sure that you have the right support at every stage; even if it costs you a little bit of money.
Who wouldn’t want to be a millionaire, enjoy luxuries of the rich man’s world? Well, it’s not that hard really. There is no magic bullet to do so but it doesn’t mean it can’t be done. The stories of most of the wealthy people offer proof as well as example in how to do it. When you start following them you will inevitably see the results. And the road to wealth will be open to you too. So have a look at the tips below and decide for yourself if you want some of that too.
1. Find your regular income source. This will help you to generate the starting capital and also will help to ensure financial stability should your money making schemes fall onto rocky ground. Sell your skills or talents as high as you can. Modern world has changed so much and so has the modern working world too: with all the flexibility and freedom provided by technology people are able to combine two and sometimes more different jobs as they like to apply their different skills and knowledge.
2. Generate profit which is basically the difference between the amount earned and the amount spent in your life. This means saving where it is possible to save. Think twice before you spend anything: do you really have to or maybe there are other ways of operating without spending the money. So do you really need to spend it right now, on that exactly pair of shoes, exactly that amount? Or could you find an alternative and keep that money for yourself. That difference, which in the long term, is going to be your path to wealth. If you start thinking like this soon, it will become second nature and you will be saving money when planning a special event or going out or booking your holidays.
3. Make your money work for you. Invest wisely. Before investing your money it’s important to conduct thorough market research. Don’t forget to split your investments as putting all your eggs into one basket is a high-risk strategy. If you decide to trade stocks, don’t put your money into it straight away. Follow the trends for a few months and make notes of what choices you would have made if you were trading for real. Then see if your guesses were right.
4. Beware of debt. When borrowing, you take someone else’s money, but to pay back you will have to part with your own hard earned cash. So, if you do have any debts, make sure you pay them off first before spending anything on yourself and forget about credit cards. Get real. Stop thinking you can have something before you earned it.
5. Educate yourself about finances and money management. Start reading serious newspapers with lots of information on business and finance. Read articles on financial planning, investments and share markets. Talk to those who have already made their fortune.
Above all, remember that money is your servant and not the other way. If you want to be a millionaire - you have to start thinking and acting like one.