Could These Tricks Be The Key To Making You More Money?

We work to make money. Even when you run your own business, and it’s always been your dream, passion may come into it, but the overall goal is always to turn a profit. So, of course, you’re definitely going to be on board when it comes to any tricks that can help you to make you more money, right? Investing in your business is important, especially when it comes to growth. So whether you have a physical store or service or you operate online, you may find that these tips give your profits the growth spurt they’ve been needing.

Making More Money

Outsourcing

When you’re trying to keep your expenses low and your margins high, you may feel as if you need to take on as many tasks in house yourself. After all, it’s the way to save money, right? Spend less? In some ways, it is, but it can also cost you a lot too. When you’re trying to do everything yourself, you could be taking up valuable time that you can put towards growing your business. But by outsourcing anything from your admin to your marketing, you’ll free up your time and ensure that the work gets done to an incredible standard, often generating you more money in the long run.

Dedicated Customer Service Teams

You should also think about investing in a dedicated customer service team. Again, you may believe that managing this yourself is enough, but it might not be. Great customer service is important if you want to keep your customers happy and keep them coming back. If you’re doing a substandard job, get a dedicated team that can look to increase your profits for you.

Taking On Interns

Another great ideas is also taking on interns and not just because they are cost-effective. Interns are a great way to test drive new talent. When you’re working with young people, or those that are eager to get going in their career, they can give you a fresh perspective. They’re hungry to get going, and they can often offer you great new ideas that will help to make money.

Testing

If you’re wondering how you’re ever going to make a change with anything and see if it works, there’s another little trick you can try. Great for marketing, AB testing can help you to determine what sort of idea you should good with. This will be invaluable for your website. Whether you’re undecided on a promotion, a design, or even an entire page, you can split test using both designs to see which one is more effective. Then, you’ll be making more of an informed decision.

Training

Finally, there’s also training to consider. Training may not be much of a trick, but it’s a tip that will get your results. When you have staff in a physical store or business, they need to be the best at what they do. Training retail staff, in particular, is something that can help you make more money in the long run. Although you may hire people for their potential, you can then train them up in order to generate more sales going forwards.

How Can You Top Up Your Money While You Travel?

Traveling can leave a huge dent in a person’s wallet. Flights, accommodation, food, and everything else associated with travel costs a lot of money. One of the best ways to enjoy long term travel without going broke, is to find ways you can top up your money. You may have saved up a substantial sum to get you started, but what if you don’t want to come home after a few months, or even a year? Here are some suggestions that will help you to earn more:

Become An Au Pair

Becoming an au pair will mean you need a few different skills, as well as proof that you’re a safe and reliable person to work with. You’ll be looking after one child or children, and you’ll need to be prepared to teach them your language as you go. This can mean free accommodation for you if the family invite you to live with them! 

Traveling

Teach English 

Many countries are crying out for people to come over and teach English to residents. The best bit? You don’t even need to be multilingual. This can be an extremely well paying job, and is perfect for somebody who wants to stay in a country for the foreseeable future. You’ll need a degree, and of course the appropriate visas and travel documents. You can see how to download Aadhar card if you’ll be teaching English in India, but this will vary depending on where you will go. 

Go To Bartender School

Going to bartender school and learning how to mix a variety of cocktails may not have been your dream as a child, but you’ll be able to get a job in almost any bar or pub around the world. Let that sink in. You may not earn a ton of money, but you’ll be able to land a job pretty much anywhere you go. 

Sell Your Skills

If you’d rather not have a long-term job while you travel, selling your skills is an option. If you’re great at something like skiing or surfing, you could become an instructor.  Maybe you’re great at jewellery making - why not sell your wares? There are many jobs you can try out online too, such as website design and SEO for businesses. Use the internet to learn something if you don’t currently have this kind of skill, and you might just be able to make enough to continue traveling as long as you like! 

Create A Cash Cow

A cash cow is something you do the work for once, but it continues to earn for you afterwards. One of the most popular ways to do this right now is to write an ebook. If you have a particular passion for something, writing an ebook about it could be a fantastic way to make money. Just bear in mind you’ll need to market your book, and you may want to write more than one! 

There are so many ways to top up your money while you travel - the sky’s the limit!

What Small Business Owners Need To Know About Taking on Staff

All business owners know the importance of doing things the right way. Crossing all the T’s and dotting all the I’s, so to speak. It is not always easy, especially for new business owners, to know exactly what needs to be done once a team starts to expand. For any small business that is growing and needing to take on staff, follow our simple rules on the most important elements of employment law that you need to know.

Business Staff

Job Discrimination

Job discrimination can be a problem for any business owner if they fall on the wrong side of this law. Job discrimination involves anything from discrimination in hiring, firing or pay based on a person's religion, race, sex of country of origin. So all companies need to be careful to never fall outside the parameters of this employment law by treating all employees fairly and equally and ensure that all managers are also adhering to this law. 

Overtime & Minimum Wage

All companies also need to make sure that they are adhering to laws regarding overtime and minimum wage. If you are unsure about these laws then you will want to contact an employment specialist like, Wilson Browne, who will be able to talk you through the specifics. However in a nutshell, the law states that any work done over 40 hours should be compensated for with time-and-a-half overtime pay. It also sets the minimum wage pay that companies need to be adhering to and it limits the amount of time that teenagers should be working, so these are areas that all business owners should be completely knowledgeable about. 

Family Leave

When taking on staff another employment law that you need to be aware of is that of family leave. The law states that those that have worked within a company for one year are eligible to take up to 12 weeks, per year, leave off work for the birth of a child or to care for themselves or a sick child, parent or spouse. This time falls into the category of ‘job protected’ so when employees ask for time off work make sure you are listening carefully to the situation and establishing arrangements that fit within the perimeter of this law.

Gender Pay Differences

This is an incredibly important law these days and one which is being closely monitored, so it deserves special attention. The Equal Pay Act (EPA) states that employers can’t pay male staff more than female staff for a job when the skill, effort and responsibility requires equal levels of work from both females and males.

Workplace Safety

The Occupational Safety and Health Act (OHSA) stated the employers have to run a business that is well protected from recognised hazards and common dangers. Therefore all business owners should all be working towards providing a completely safe work environment for their staff in order to protect them and the company from any number of hazards.

Employment law takes a little time to fully understand, so all business owners need to make sure that they are spending time getting their heads around the above laws in order to make sure that their staff and their companies are completely protected.

5 Things You Should Never Do If You Are Being Sued

Lawsuits are a way of life as 15 million civil suits are filed every year. So, it isn’t unrealistic for you to be on the wrong end of a service notice. Getting sued is a scary and unpredictable time, especially if you have never been through the process. With that in mind, there are mistakes you cannot afford to make and must avoid at all costs. Here’s what you need to know. 

1. Don’t Admit Fault

As soon as the plaintiff brings the motion to the court, they will look for an easy victory. The simplest way to win is to provide evidence the defendant was at fault. Unfortunately, this isn’t difficult to come across because people rat on themselves. Whether you feel you are guilty or not, you should keep your lips closed. It is not your job to decide whether you are at fault; it is the justice system’s

law

2. Don’t Throw Away Files

Because you are the defendant, there will come a time when you have to prove your innocence. In a court of law, your word versus theirs will not cut it, so gathering proof is essential. Usually, you will keep evidence on your laptop or phone, and you might even print it out and store it in a drawer. Whatever you do, don’t throw any of it in the trash. Even if it appears worthless, you never know what will come in handy in a lawsuit. 

3. Don’t Go It Alone

One of the reasons people use lawyers like Mark Reynolds is due to their expertise. After several years at law school and numerous court cases, they know the law inside and out. You, on the other hand, are a layman who doesn’t understand the process and what it takes to win. Therefore, you will need legal help on your side if you are going to win. Regardless of the cost, you must find a way to get a good attorney to take on your case. 

lawyer

4. Don’t Talk To The Plaintiff Out Of Court

It is tempting to think you can bypass the red tape and settle things man to man or woman to woman. However, you have to resist this temptation at all costs. Speaking to the plaintiff or a judge out of court is something the opposing side will use to show your guilt. After all, it does look weird to a judge and a jury. The key is to leave the negotiations to your legal team because that is why you pay them in the first place. 

5. Don’t Assume It Will Go To Court

In fact, assume it won’t because 95% of suits settle before there is a trial. Attorneys on both sides know that a judge and jury are unpredictable and clear cut cases can fail. Therefore, the odds are high that your lawyer will look to come to a compromise. So, don’t work yourself up and stress out about a day in court that might never come. It only makes handling the process much harder for you and your legal team as it leads to stupid errors in judgment.

Hopefully, it will never happen to you, but if it does, make sure you steer clear of the above.

How To Get The Best Possible Deal When Viewing Houses

As buying a house is probably the biggest investment you are likely to make in a lifetime you will want to make sure that you are spending your money wisely. That all starts with the property viewing process. It is not always easy to know what to look out for when looking to buy a property for the first time, so follow our tips below on the most important things to look out for to ensure your investment is a really solid one.

Viewing Houses

Budget

You are going to need to number crunch before you do anything else. Using a mortgage calculator to figure out and double check how much money you can actually borrow and how much money you are going to need to produce for the deposit and the initial cost. Be careful when establishing the budget you have for buying a house, and factor in an extra 5% into your budget for any additional costs that may crop up throughout the process. Stand firm to your budget and don’t get carried away when looking at new properties as stretching yourself too thinly can lead to real financial problems later on down the road. 

Research

Every successful venture comes down to really solid research. When looking for houses for sale in the area, that you are interested in, make sure that you are leading a controlled and focused search. You will want to not only research the type of homes that you’re interested in but you will also want to put in the research the local area and the local amenities that are important to you. If you have a young family you will want to make sure that you researching local schools, for example. If you are a young, professional couple, you are going to want to research public transport connections, the job opportunities in the area and the local amenities, such as restaurants, bars and gyms.

Check Parking

Parking is a really important part of any new house purchase as some properties offer great value when it comes to safely and easily parking cars and some offer absolutely nothing, which can pose great problems. So this is a really important area to be looking into before making any big decisions.

Local Crime Rate

Another thing that a lot of people don’t think to look into before buying a house is the local crime statistics. Many people will make the investment first and only later on realise that there is a problem with a specific type of crime in their local area. So make sure you get information on the crime level and statistics in the area that you are interested in. 

Solid Property Inspection

Look at the plot of land that the property is sat on. Is it fat or sloping? As sloping plots of lands can cause all sorts of problems when it comes to bad weather and the winter months. Look at the roof and structure of the property to make sure that you are not going to need to plough lots of money into the property once you move in.

Buying a house is not always a straightforward process, but the above steps should go a long way in helping you to feel confident that your purchase is a well educated one.

Should You Stay Silent When You’re Struggling Financially?

There are certain things in life that not everyone feels comfortable with. Thanks to the ways of society and what is considered ‘the norm’, there are a range of topics that we tend to keep under wraps. Although some should be kept that way for legal reasons, there are some taboos that really shouldn’t be seen as taboos at all. This is the case when it comes to money problems. In fact, if we were all to be more open about money, it could prevent problems in the first place. But for now, if you are struggling financially, here’s how to speak out and survive it.

Struggling Financially

Tell Someone

Although you may feel that you have to keep your financial woes to yourself, you really should speak to someone. As with any kind of stress, keeping it all to yourself and dwelling on the issue can be bad for your health. Whether you started to struggle after an injury or your spending spiraled out of control, talk about it. You may find that you start to feel a bit better about the situation by telling someone else.

Speak To Your Bank

Once you’ve opened up to someone that you know, you should then seriously consider opening up to someone that you don’t. When you are struggling with money, you do need to speak to the bank. When you tell your lenders the situation you’re in, they may be able to help you - or at least stop the situation from getting worst. If you have lots of debt that you can’t pay off, tell them, they should be able to work with you to put things right.

saving money

Take Action

Then you’re really going to need to take action. One of the problems with staying silent and burying your head with your financial problems if that they only get worse. Instead, you need to acknowledge them and run at them head on. When you’re able to reign in your spending and save money on your monthly expenses, you should find that it’s easier to get back on track. But it’s impossible to do that if you don’t commit to taking some action.

Start Afresh

Depending on your situation, you may want to go another step further. Sometimes, things get so bad that you can’t see a way out. But, instead of panicking and staying quiet, you need to admit that you’re trapped. By working with a bankruptcy lawyer, you may be able to get your life back. Although filing for bankruptcy may not be what you want, it may be the option that ensures you’re able to get back on track for good.

Speak To A Charity

Finally, you may also want to think about speaking to a charity. When you’re struggling financially, and you do have debts to pay off, you need all the advice you can get. While you can read up on just about everything, when you speak to someone experienced in these situations, that advice you get will be personal to your situation, which is why debt charities and finance helplines exist. So take advantage of them and get yourself back on track.

The Hidden Costs Of Buying A Home

Buying a home is expensive – that should come as no surprise. However, many people are so blinded by the cost of the down payment that they forget the other smaller costs along the way. Here are some of the other hidden costs and how you can get the best value for your money.

Legal paperwork

Buying a property requires a lot of legal paperwork. Most people hire a solicitor to handle this. Solicitor prices vary so it’s worth shopping around to get the best quote. In some cases you may be able to negotiate the price down. Specialist conveyancers may be more suited than a general solicitor.

Buying A Home

Property surveying

Before buying a property, it’s worth always hiring a surveyor to check for damage, some of which could need costly repair work later down the line. Surveyor costs also vary so shop around and don’t be afraid to negotiate. It can sometimes be worth hiring a surveyor before selling a property too as they can tell you of any last minute renovations worth doing that could boost your home’s value.

Broker costs

Some people may choose to hire a mortgage broker to shop around for the best mortgage. Such brokers may be able to get you deals you wouldn’t find on the high street, however they do charge a fee. You don’t need a mortgage broker, but those on a budget or with a low credit rating may benefit from one.

Real estate agents meanwhile can help buy and sell property. They generally only charge a fee when helping you sell a property, usually taking some commission from the sale price. There are specialist agents that may help you better meet your requirements such as this company Top Guns Realty for upstate holiday homes or this company Urban Commercial Real Estate for city business premises. By selling your property with the right agent you can ensure that it gets sold.

Many people sell their properties independently without an agent, which can save money. However, you may not be able to market your property as effectively as with an agent.

Making the move

When moving all your possessions, you’ll also need a moving company. Costs will vary here depending on how many possessions you have to move and how far you need to move them. Lorries will generally cost more than a van. In some cases, you can forgo a removal company altogether and simply hire a van to transport the possessions yourself. However, this is likely to take longer and only be suitable with small amounts of belongings.

Also consider whether you need to hire services such as child-minders to look after children during the move or a cleaning company to clean your old home after moving out.

The transaction fee

The final costs to consider is the transaction fee when buying the property. This applies only if paying by card. You will usually be told how much the transaction charge is before paying.

Investing Your Money And Not Your Time

Thanks to the dawn the Internet, the world of investment has gotten a lot easier to get into, in recent years. Nowadays, it’s possible to start investing your money even when you have nearly nothing at all. Along with investment becoming more accessible, the Internet has also made it possible for companies and services to do the work for you. Altogether, this makes for a promising way to make some money. But, first, you have to do some learning. To help you out, this post will be going through four of the best types of investment to choose if you want to do minimal work for maximum reward.

investing money

Property

A lot of people avoid property investment because it’s usually seen as a huge time sink. With property comes loads of rules and laws which make it hard for investors to easily work in this area. But, you don’t have to worry about this. Using a property management company, you can have all of your investment work handled for you. They will find tenants or buyers for your property and deal with the legal process of getting them in. Along with this, they will also manage the property and work with you to make sure it’s maintained well. Companies like this will often develop and sell you their own property, so it makes sense that they should look after it.

business

Stocks

Of course, some people won’t have enough capital to start investing in property. In this case, your options a little more limited, but you still have some to choose from. Stocks are one of the oldest and most popular forms of investment. Stocks will usually represent a resource, like gold or fuel, and can be bought and sold to make money. This would usually take a lot of time to handle correctly. But, nowadays, it doesn’t have to be this way. Organizations like your bank can invest like this on your behalf. Using their knowledge and experience, they are able to make a fast return on your investment, without the risks you’d take on doing it yourself.

Business

Running a business is a great way to invest your money if you have to the time to spend on it. Of course, though, you don’t want to be spending time on your investments, though. So, where does a business come into this? Instead of running your own business, you could be helping someone else to run theirs. By providing funding, you can take a chunk of the company as your own, making a slice of the profits. The person working on the business will have a lot of motivation to succeed, making it easy to trust this sort of method.

Hopefully, this post will give you a good idea of what can be done when you’re looking for new ways to make some money on the side. A lot of people don’t like the idea of spending their free time working on their finances. So, having someone else to handle this for you could be the perfect way to succeed.

How To Manage Your Finances After An Injury

It’s inevitable that at some point during our lives, we are going to get seriously injured at work. Hopefully it never does happen, but the chances are that it it will so we must be prepared for this eventuality! Injuries often put people out of work, which means that you’re left out in the open in terms of your finances. It can be hard to know where to go during this time, but luckily if you carry on reading, you won’t have to wonder anymore!

personal injury

Claiming On Insurance

A lot of us have personal insurance just in case something bad ever happens to us, but we often just forget about it. If you haven’t got any personal insurance yet then it’s very advisable to get some! By paying a small amount to your insurer each month, it means that whenever you sustain an injury they will pay out a given sum to you to help you through the time of your life where you’re unable to work due to a debilitating injury. If you need to use a hospital too, then you’ll be needing to claim off of your health insurance, so make sure they are all in good standing!

Getting A Court Case

Sometimes, whoever caused the injury will have done so unlawfully and you’ll want compensation as it put you out of work or made you pay a huge amount of hospital bills. We like to think that no one will ever do something to us like that, but we have to be prepared. If this does happen to you then you’re going to want to hire a personal injury attorney to help you with your case. Most people do not have the knowledge themselves to prop up a court case, even if you do it’s still advisable to get an attorney to help out because of their experience, maximizing the chance of you getting what you deserve.

Get Someone To Help You

If you’ve been injured in such a way that means you’re unable to manage your finances, whether this be because of the side effects of prescription drugs or because the injury has impaired you in some way, don’t be afraid to ask for help. A lot of people don’t ask for help because it dents their pride, but this is not worth it for the sake of keeping your money in check! Ask a family member or someone in your household to help you out because you have to ensure that your money is in good standing,  otherwise you’re going to find yourself in a very sticky situation!

Doing any of these things is going to help you stay on top of your money if you get injured. Claiming off insurance will help you fund your hospital bills, using an attorney to claim compensation off the person who caused your harm will also help towards keeping your bank account afloat whilst you’re off work ill, you can’t go wrong with any of them! If you’re looking to get insurance, but not sure if you need it, have a read of this to help you make up your mind.

Is There Ever A 'Safe' Investment?

The idea of investment surrounds the concept of safety - or banking something, whatever it is, for the future. This could be skills - you know - like education, because education is investing your time now for future gain so that you can pick up skills that can help you build your life, and your career.

When we come to investing money, we want the idea of safety to be involved at all times, but frankly - it’s a lie. There are safe investments, like there are safe bets - and a safe investment is always the better choice over a safe bet, but risk will always be involved when we put money on the table - no matter if it’s the negotiation table or the roulette wheel; it’s just different amounts of risks at all times throughout.

Safe Investment

The similarities between investing and gambling surround the involvement of risk. That's not to say that investing is a gamble though, because it's not. It really isn't. People who don't know much about investing are more inclined to compare an investment, into anything, with gambling within a casino. There is the matter of choice as well - as an investor you can choose what you invest your cash into, and as a gambler, you wait for good odds that are worthy of your stake at the table. You can't manage your risk much in gambling, as what you put will stand a chance of losing and regardless of the odds - chances are almost 50/50 win or lose. Investments are safer, because you can diversify and employ strategies in the area of risk management to help spread the risk of a loss out and minimize the potential loss of cash. In gambling, you can obviously assess risk, but whatever you put up stands a chance of a loss. Big time gamblers have similar mental skills to portfolio managers and can risk manage well. In both gambling and investment, you want to restrict risks and keep profits high. Either way, if you want big returns, your stake needs to be bigger - which comes with more risk.

The big difference? Gambling is short term. It's a big win or loss quick at high risk. Investment is potentially a payout for life. Investment isn't like gambling at all, while it might seem a gamble, it's not. 

So, is there ever a safe investment? The simple answer is no, there is not. Some investments are safer than others though. What investments can you make? Plenty. You can buy and trade stocks to sell at high prices to make you profits; you can invest in companies waiting for dividends. You can invest in real estate, and you can invest in businesses. There is a lot of choices, and that's good when it comes to risk management as you can spread your wealth across a number of investments for safety's sake. A lot of choice? It's safe.

The problem with investments is the fluid nature of companies. Trading stocks is something that requires your full-time attention, and this is why people trade with a manager, because it needs constant attention. Prices change minute by minute. Expecting dividends from a company is usually something safe, but you need the company to make a profit to get anything at all, and there's nothing to say that the company you have invested won't close doors all of a sudden, leaving you, in some cases, penniless in relative terms to the investment you have just lost. This isn’t to say that investing in companies doesn’t work out, because it does - it’s just that there is risk involved.

The safest investment, for many, is within the tangible and real properties of the housing and commercial market. Buying properties and renting them out means you can get a return on your investment and an asset to hold onto. Why is it safe? Because if you’re always in a position to pay your part of the bargain (the mortgage and other costs), you’ll not lose your investment. The value can dip - and dip hard if the market crashes but you only truly make a loss if you sell at a low price. If you’re patient, you’ll survive and be ok in the end. The big issue is if you sell at that low price and make a loss - and you might well do if there’s a huge crash. Rent is another issue and finding tenants can be difficult, meaning you can’t expect any kind of return or payments until tenants are settled. This could mean you’re the sole payer, and the mortgage is coming 100% out of your pocket. This is not the situation you’d have imagined, and it can be tough. There are options though and property agents can find tenants, for a fee. With real estate, as long as you’re the sole owner, you’ve got options. Problems emerge when you’ve invested in something else entirely.It's best to work with responsible names in the industry like Pivotal Homes if you're feeling a bit worried about investing into real estate. Working with someone with a proven track record can be a big help. Doing it on your own is a lot of work. For example, if you’re investing in real estate, you suddenly become a landlord and responsible for the happiness of your tenants amongst other things. You will have to spend a lot of time working on the property and ensuring it’s in good condition and up to scratch. You could do this yourself or work with property managers who will handle it and bill you. Working with others makes life a lot easier.

No investment isn't hard work unless you put your cash in the hands of someone else, like a fund. To make any investment a success, you need to apply a lot of hard work to the process. You'll need to spend hours and hours researching a potential investment to cut your risks; you'll need to work and craft your investment. No investment is truly safe, but you can work hard to make it just a little bit safer for you.

Bankruptcy: A Lament Or a Lifeline?

In your personal and business finances, peaks and troughs are an unfortunate inevitability. Even the most successful entrepreneurs have gone through periods of financial hardship. From rapper 50 Cent to Mark Twain, many wildly successful people have filed for bankruptcy and gone on to bounce back better than ever. Even the absurdly wealthy President Trump has been declared bankrupt no less than four times.


There are many reasons why individuals and businesses file for bankruptcy, but is it an indelible black mark on your reputation, or a smart and informed financial decision. Well, that’s for you to decide, but what we can do is provide you with some important facts and help you to make an informed decision.

You are not alone

When debt begins to spiral out of control and you feel like bankruptcy may be your only option, it can be an emotionally traumatic experience that’s extremely damaging to your sense of self-worth. You can feel isolated and alone, but rest assured, you are not alone. As many as  800,000 people applied for bankruptcy in federal court last year. If you do file, you’re not required to broadcast it to friends and family and your partner or spouse doesn’t need to file along with you. 

Different kinds of bankruptcy

In the US there are two forms of bankruptcy; Chapter 7 and Chapter 11. The difference is that a Chapter 7 involves the liquidation of the individual or business’ assets, using them to pay creditors to the extent that they are able. In these cases a trustee is appointed to make sure that assets are liquidated and go back to the creditors in proportion to the debt. Chapter 11 is more a form of rehabilitation than liquidation. It reorganizes the debts and adjusts them in terms of repayment amounts and interest rates. Again, this is managed through a trustee. 

You won’t necessarily lose your house

Many who apply for bankruptcy fear that their house will go into foreclosure, but this is not necessarily the case. Depending on your state you may be able to delay or even prevent foreclosure with the help of an attorney by petitioning for an “automatic stay”. 

There is life (and credit) after bankruptcy

If you do decide to file for bankruptcy you may feel that it’s the end for you and your business, but there will still be lines of credit open to you. That said, remember that it’s an over-reliance on credit that leads many to bankruptcy in the first place. The reason so many people bounce back after bankruptcy is because it teaches them the value of budgeting and financial planning. That said, the limitations placed on credit by bankruptcy are often greatly exaggerated.

But be realistic

Bankruptcy is intended to wipe the slate clean and give you a fresh start, but let’s not pretend that it’s without financial consequences. Credit will get harder (though not impossible) to come by and it could have repercussions on your ability to borrow for your business which is why you should consider an alternative such as a consolidation plan before you consider filing for bankruptcy.

Bankruptcy: It's Not All Doom & Gloom

Money is a topic that not many like to talk about unless it’s because they have it. It’s a sensitive one, with topics like debt and struggling to make ends meet off the social table. The trouble is, money is a contentious subject for a reason. When you don’t have it, it’s a big problem and if we talked about that more, we’d be more likely to get some help and advice to help avoid the issues. There was a time where bankruptcy used to induce a reaction of pity and sorrow, where now more people are filing for bankruptcy than ever.

Bankruptcy

People go down the route of bankruptcy for various reasons, including job losses, divorce, judgments and tax debts. It’s not something anyone wants to do at first, and you can read this article for more information on how you can avoid bankruptcy altogether. However, there are many reasons that bankruptcy isn’t all that bad. It goes beyond a good foreclosure defence if you’re about to lose your house. There are some really solid reasons that will not only help your bank balance in the long run, but make you more secure, too.

  • Avoiding creditor calls is the number one reason people file for bankruptcy. Harassment at all hours of the day via telephone as well as having the doorbell going during the day with home visits can be very stressful. The constant scrutiny can put you on edge and make you feel like a prisoner in your own home. Once you’ve filed for bankruptcy, that cannot happen anymore by law, and the relief can help you think straight and get you back on your feet.
  • Have you ever been served papers and sued for debt owing? It’s not nice, but if you have buried your head in the sand over it, you will lose in court and a judgment on the amount owing will be placed on you. This is one of the scariest things for those who want to keep their debts concealed, as a judgment can be used to garnish your paycheck. In a bankruptcy, judgments can be eliminated, alleviating the pressure on your already stretched salary.
  • The biggest fear those wishing to file bankruptcy is that they will lose their home if they do so. There are two things that can happen in a bankruptcy. The first is that you could surrender your home to eliminate all mortgage debt you may owe and give you a bit of relief. The second is that you could reaffirm the current debt with your mortgage company and if your equity is below $22,000 you could keep the house.
You see, most people believe that bankruptcy equals a black mark against your name and you lose everything. The truth is that while the bankruptcy will stay on your credit file for ten years, you are actually seen as LESS of a risk to creditors because you cannot refile again for eight years. The myths surrounding bankruptcy need to be addressed so that peace of mind can be offered.

Does Everyone Need Life Insurance?

In general, insurance is something that comes as a recommendation rather than something that’s essential. For example, you don’t technically need to buy car insurance if you have a car. You only need it if you’re going to drive that car. Likewise, home insurance is something that’s recommended for most people just in case something bad happens. 

So, what about life insurance? Is this something everyone needs, or can you comfortably live your life without it? 

Life Insurance

The whole purpose of life insurance is to provide your family with financial benefits in the event of your untimely death. You take out a policy, and they get a sum of money if you die. This can then be used to cover funeral costs and to just keep them in a good financial position when you’re gone. 

When you think about it like that, it looks like life insurance is a great option. However, the money your family gets doesn’t just spring out of nowhere. You’ve got to pay for your policy and continue contributing to it. A lot of people don’t like to do this as they feel their money could be better placed somewhere else or invested in something more valuable. 

Truthfully, figuring out if you need life insurance is as simple as asking yourself a couple of questions: 

Will My Family Be Financially Stable Without Me?

As mentioned earlier, life insurance can be used to help your family with their finances when you die. So, the big question is whether or not your family need this help. It may transpire that you’ve done very well with your financial planning and have lots of money tied up in assets/different investments. As such, if you die, your family have the means to take care of themselves already. Consequently, life insurance isn’t needed. 

On the other hand, you may see that your family won’t be financially stable. In which case, they need all the help they can get. As you’ll see on the Top Quote Life Insurance website, there are loads of companies out there offering life insurance. Some offer payouts in a lump sum, while others have policies where your loved ones get paid monthly. These monthly payments can be very beneficial if your family are dependent on your income to pay for things, as it helps them pay bills, etc. 

Does My Death Negatively Impact My Family’s Finances?

This question is similar to the first one, but there’s a slight difference. What we’re talking about here is if your death creates problems for your family, financially speaking. For example, do you have debts that need paying off? If so, then your death passes these debts onto your family, which negatively impacts their finances. 

Decide if your death will have consequences for your family finances and you will be able to figure out if life insurance is right for you. 

To conclude, we’ll ask one simple question; does everyone need life insurance? No, they don’t. It’s something that will only suit certain families, and these two questions will help you decide if it’s worth your time or not.

Make A Financially Driven Decision On Your Next Car Purchase

A shiny new vehicle is what many people dream of owning when they are young; however, cars don’t come cheap and are a serious financial investment during your adult life. Most people aren’t in the position to buy their dream car, fresh out of the manufacturer’s showroom, and pay for it in full. Therefore, there are some things that you’ll need to carefully consider when it comes to purchasing your next, or first, car. The following are some ideas to help you on the road to a smart financial decision regarding your vehicle.

Car Purchase

What Are You Using It For?

You need to ensure that your new car will suit your lifestyle; however, there’s no point in paying for features that might sound great, but will have no impact on your everyday life. A smart financial investment in a car will entail you buying what you need and not being swayed by the things that sound exciting. If your car is to get you to and from work every day and take easy trips to the store, then you won’t need a huge 4x4 vehicle that’s aimed at off-road driving. The same goes for a family car; you need to ensure that there’s enough room for everyone and you can travel where you need safely. However, don’t be seduced by all of the technology that’s available and aimed at the family market; the kids can go without in built T.V screens and iPod docks.

Can You Afford It?

Once you’ve chosen a reasonable and feasible option for your next car; you’ll need to start thinking about how you can afford it and what maintenance and insurance will cost. If you’re being frugal; it’s unlikely that you’d choose, or be able, to pay for the car all in one go, so leasing and paying it off monthly could be the smart option for you. If you suffer from a bad credit score; there’s help available from sites like ReallyBadCreditOffers.com who will provide you auto loan options, and you can plan your repayments accordingly. However you choose to purchase your car; ensure that you can afford the monthly repayments so that you won’t spiral further into debt and it won’t impact your life negatively. Second-hand or used cars are often just as good as brand new ones and are much cheaper; therefore you should only be looking in used car dealerships for your next vehicle.

How Long Is It Likely To Last?

You’ll want your car to last beyond the months and years that it takes to pay it off; so make sure you check the condition and mileage of your used car before you sign anything. It might e worth investing in a qualified and impartial mechanic to look over the car and give you an estimate of what lies ahead; it could pay off in the long run. Check out theAllStateBlog.com for a list of things to look out for when you’re buying a used car, and ensure you make the right choice for your lifestyle and your income. However emotional you may feel about a car; being frugal is about making wise choices with your head, not your heart, so do your research and make sure you make an affordable decision.