With the ever-changing economy, so many people have begun investing in gold, especially physical gold, like gold bullion. This is because while stock market prices may crash, gold remains a reliable option for you to rely on in case of an emergency. However with physical gold, there is a greater chance of meeting scam artists so follow these tips when buying gold bullion to avoid being ripped off.

You shouldn’t be scammed and feel overwhelmed just because you decided to invest in gold bullion. As long as you stay aware of the current trends, daily rates, and where you can purchase some gold reliably, you should be able to invest in this latest craze too.

Saving for a new home is one of the most challenging financial projects any of us ever undertake. And it only gets harder, the longer we stay out of the market. Renting costs about $2,000 a year more than paying a mortgage. And house prices are going up every year, making deposits even more expensive. So for many families, it’s a race against time to save for a deposit and get on the housing ladder.

High Interest Savings Account

One of the best places to put your money is into a high-interest savings account. In some countries, you’re not taxed on the interest you earn from money in your savings account. For instance, in the UK, Brits no longer pay 20 percent capital gains on savings in their ISAs below the £15,000 threshold. In other countries, like Australia, savings interest is still subject to tax. But it’s a still a much better way of building up money than keeping money in a current account.

In Australia, savings accounts are overseen by the Australian Prudential Regulation Authority. So if you’re unsure about any savings account offers you see, check with them first.

Budget Cutting

If you’re a first home buyer in Sydney, it takes eight years to save for a 20 percent deposit on a medium sized house. That’s $200,000. In Melbourne, it’s 5.8 years. In Brisbane and Canberra, it’s 4.1 years.

These are obviously substantial sums of money. And so most families have to cut their spending back to the bone to afford a house. So what are families doing to save? First off, they’re cutting out unhealthy habits. A typical cigarette habit costs the average person about $2,600 per year. Over the course of 8 years, that’s $20,800, or about 10 percent of the deposit price. Second, they’re cutting back on meals eaten outside of the house. Meals outside of the house are most household’s biggest entertainment expense. And so cutting these out helps to control unnecessary bills. Food can be just as delicious if cooked in the home.

Finally, we’re seeing a trend towards using smaller, more fuel-efficient cars. Gas-guzzling cars today are an unnecessary expense that can push back a house-buying date. Many people are now using apps like TrackMySPEND to find out where they’re going wrong.

Move Back Into Family Home

Today’s housing market is so distorted that practically nobody can afford a home without taking drastic action. One such measure is to go back into the family home temporarily. This provides so much needed relief from private rents. And it could save the average renter more than $11,000 per year.

But it’s not just rent where savings can be made. When everybody lives together, it also means lower average bills and other costs.

Cut Out Foreign Holidays

It’s not a good idea to cut holidays entirely out of your schedule. But staying at home and avoiding costly air fares is certainly a good way to reduce your expenses. Right now, the average family spend for a foreign holiday is hovering around $4000.

Before you start to look for a reputable dealer, whether it is to sell or buy your car, it is important to gain a little knowledge first. There is plenty of impartial and knowledgeable advice available online on websites such as the Australian Motoring website. You can learn tips such as how to spot a write-off, as well as tricks dealers use to make cars appear better than they are. The more knowledgeable you are, the less likely you are to get ripped off and be able to hold your own against any salesperson. 

Find Out Your Cars Worth

Before you approach and dealers you will need to know what the value of your car is. You can do this easily online as many companies are offering free car valuations. The process is quick, and all you need to do is fill in a few details online, arrange a day, time and also a location for a visit, and a representative will come to visit you and value your car. They will also make you an offer on the spot, which you may decide is more than reasonable and accept it. Now you know your vehicle's worth, it is time to find a dealer. 

Research Online

Take a look at all of your local dealers online, and then look for reviews and comments online from previous customers. It is common for a mixed bag of reviews with every business, but you will be able to spot patterns and a consistent low standard of service with individual companies, just by reading the reviews. You will want to take all of the information that you find out on board, and use this to whittle down the amount of companies that you will talk to, to two or three. When you have made a decision which companies to talk to, it is time to pay them a visit. 

Speaking to the Dealers

When you go into the dealers, make out that you have no idea about cars and also what yours is worth, and get them talking. Do not give them too much information and instead of talking makes, models and money, get them to take you out to show you their available stock on the forecourt. Make sure that you play hardball and get the salesperson to work hard to gain your business. Remember, you already know a bit about the industry, as well as your car’s value, so you can see how honest and trustworthy each dealer is when you visit them. You will often find that a reputable dealer will offer you a very fair price for your car, and sometimes even above the book value if it is in good condition and you are prepared to purchase a brand new one from them.  

Remember to take your time and do not rush into an agreement. Remember you are the customer and if the salesperson wants your custom, see how hard they are willing to work for it. Without a bit of research and a few visits to showrooms, you will be driving around in your new car in no time at all!

The one thing we would all love is to have the ability to lead a long and happy life. But, the sad truth is that's not always the case. Many people end up suffering from debilitating illnesses each year. And, in some cases, people have incurable illnesses.

Some conditions can make life hard for those suffering from them. One such example is Crohn's Disease. Of course, others suffer from things like cancer. In any event, it's important that one keeps their financial affairs in order.

But, what is the best way of doing so? Well, there are a few things that you should consider for your financial future. Especially the futures of those closest to you. Here is what you need to know:

Power of Attorney

You might feel fine right now, but there may come a time where you won't. Before the time comes, it's important you get your financial affairs in order. When you're no longer able to manage your money, someone else must do so for you.

In most parts of the world, you can create a Power of Attorney. It's a legal document that gives a named person or people the right to manage your financial affairs. It's useful for taking care of things like bills, investments, and bank accounts.

You need a law firm to draft a Power of Attorney document for you. That way, everyone can ensure that it is legally-binding. Take a look at https://www.rocketlawyer.com/form/power-of-attorney.rl to see what one looks like.

Life Insurance

What happens when you're no longer in a position where you can work for a living? How will you pay for your monthly expenses? And how can you help to support your family on a financial level?

Most people assume that life insurance is a policy you take out that pays money when you die. But, many life insurance policies can also pay out if you get a terminal illness. In either case, it's an important way to secure your family's financial future.

Using an earlier example, let's say that you suffer from Crohn's Disease. You already know you have the condition. You might think that all insurance companies won't cover you. But, it might shock you to learn that's not the case at all!

Many firms can provide cover to Crohn's sufferers and those with other diseases. Take a look at http://www.claybrooke.org.uk/pre-existing-conditions/crohns-disease/, for example. You only have to do a quick Google search to find them.

For the small monthly cost of your premiums, life insurance is a worthwhile policy to take out. Especially if you've got a family in tow.

Healthcare

As your illness progresses, you will need more medical care. At this stage, it's crucial you put into place the right healthcare systems. You could, of course, save some money for your future medical costs. But, a more practical and cheaper method is to take out private medical insurance.

In some parts of the world, it's mandatory you take out such policies. But, even if that were not the case, it's still a good idea.

Final thoughts

As you can see, it’s crucial to take care of your financial future. Not just for yourself, but for your family’s benefit too.

We go to work to make money, so you might be surprised that so many of us are actually wasting our cash while we’re there. What’s the point of doing all that hard work if you’re not going to take care of your finances properly? It’s very easy to throw away your earnings for needless reasons, whether you’re a regular employee or a business owner. Make sure you don’t end up in the following scenarios!

Lunch Costs

Let’s start with an obvious one. Workers of all types are inclined to spend their lunch hours by purchasing food from the local canteen. If one isn’t available, they’ll probably go out and have lunch at a local restaurant or fast food joint. As a one-off treat, this is a good idea to bond with your colleagues and employees. However, when this becomes a daily occurrence, you’re wasting away your cash on an extreme level. By taking the time to come equipped with a readymade meal, you’ll be saving those all-important funds. Isn’t that more important in the long run?

Failing To Build A Rapport

An inability to build a rapport with both colleagues and employees is very detrimental to your success. In the case of an employee, it means they won’t get on with their fellow workers. This can lead to being generally disliked, disrupting the happy and productive atmosphere in the company. In most cases, this will lead to failing to be given opportunities such as promotion and team-related tasks. As a business owner and a boss, the lack of ability to gel with your employees is devastating. You need to have a good relationship with them and be respected by them if you hope to achieve success. 

Lack Of Financial Organisation

It makes sense that a lack of financial organisation will lead to a loss of funds. There are all sorts of ways that this can become an issue. Sometimes, it can come down to a lack of knowledge on the part of an employee. Understanding taxcodes, 0T, BR, and more is important to make sure you’re paying the right amount of tax. The same goes for businesses, who are legally obligated to make sure they get this process right. Ensuring staff get paid correctly and on time is also important, as is understanding the financial health of the company. We could write a whole article on financial organisation tips - it’s that important. 

Procrastinating

I dread to think how much money is being lost as a result of procrastination across the globe. The truth is, we’re surrounded by all sorts of distractions that cause procrastination to become a major issue. Facebook, YouTube and long discussions by the water cooler can all result in a lack of productivity. As an employee, your consistent procrastinating is holding you back from being the very best employee you can be. As a business owner, it’s halting your company’s progress and allowing it to fall behind the competition. 

Lacking Desire & Commitment

It’s simple: you lack the passion for performing at your highest level. Unfortunately, you need that desire factor in order to make the most of your opportunity. You won’t be able to convince the higher-ups that you’re deserving of financial rewards if your work is suffering. Similarly, you won’t be able to push your company to its limit if you’re aren't willing to put in the effort. A lack of desire and commitment is a dangerous warning sign that something is wrong. You either need to consider a different career entirely, or focus on getting your mindset back into the right place.

Allowing Others To Take Advantage

There are people out there that simply don’t know when to say “no”. They’ll be asked to do far too much work than their salary should command, but they’ll take it anyway. It’s important to understand how much work you should be doing, and how much you should be paid for it. One of the qualities of any good business owner is knowing how to get the most out of any situation. Simply accepting anything you’re given will develop a poor reputation that others will look to exploit. You need to get a thick skin. 

Not Keeping Track Of Holiday Allowance

This is another simple one. Your holiday allowance is allocated to you on a yearly basis in many cases. You have a certain amount of holiday time that you need to take. If you fail to keep a proper track of it, you’re going to lose out in one of two ways. Firstly, you might just lose the holiday altogether, meaning your relaxation time gets thrown out the window. Alternatively, you might have been allowed to claim the cash value of that holiday instead, but now you’ve left it too late. As an employer, failing to keep track of holiday allowance can lead to understaffed nightmares. You don’t want to fall into this trap.

Failing To Meet Legal Requirements

This one is almost solely on the responsibility of the employer. There’s a lot to think about as a business owner when it comes to the law. Failing to adhere to its standards could destroy your company in one fell swoop. It’s very important that you take the time to study every element of the law as it relates to your business. Failing to understand the ins and outs of health and safety, employee rights and more puts you in a dangerous position.

Quitting Your Job

You can’t argue with this one, can you?! If you quit your job on the spot, your income will dry up. It is generally frowned upon that anyone would quit their job without having a goal in mind. The reason for this is because it’s going to be difficult to obtain new employment. Now, you’re unemployed for no good reason, and that’s not always easy to explain in an interview. It is even argued, in some cases, that quitting instead of being fired is the worst option of the two. The reason for this is because you can still seek unemployment benefits if you get fired. 

Which reason do you think is the biggest culprit? Let us know in the comments.