8 Absurd Myths About Debt

It’s usually drummed into us that debt is a bad or even a terrible thing to have. The thing is, virtually everyone will owe somebody else some money at some point in their lives. Even those with a high net worth will have debts they need to eventually settle. Having debt isn’t necessarily a bad thing; it’s only when you can pay it back that there’s a problem.

Something you may not know is that people often believe certain “myths” about debts. They range from the convincing to the downright absurd! Test your knowledge by finding out if you believe some of the latter to be the truth:

1. You are responsible for your husband or wife’s debts

Arguably the biggest myth that many people believe is that you have a responsibility to pay your spouse’s debts! In reality, it’s part-myth for the following reason: you only have to pay joint debts if your spouse stops paying them.

2. Credit cards aren’t bad for you

There is a misconception among some folks that credit cards operate in the same way as loans. Sadly, nothing could be further from the truth! A credit card company will usually charge you interest on your balance. Each month, you’ll get charged compounded interest (essentially “interest on interest”)!

3. Chapter 7 bankruptcy is available to everyone

People in extreme amounts of debt may have no choice but to declare themselves bankrupt. The thing is, Chapter 7 bankruptcy only applies to those that can’t afford to pay any of their debt back. It’s important to find out more information before filing, as an alternative like a Chapter 13 bankruptcy might be a better option.

4. Federal student loans are only for poor pupils

Paying for a college education can be an expensive exercise. That’s why many students borrow money to help pay for their tuition fees. You might not realize it, but many federal student loans are open to all - regardless of a family’s income.

5. Paying off your mortgage quicker will improve your credit score

The sad truth is that it makes little different to your credit score whether you pay the agreed installments or higher amounts each month. That’s because it doesn’t tell future creditors about your credit risk (the thing they assess you on before they agree to lend you money).

6. Not having any debt is a brilliant idea

Well, it’s a good idea in that you don’t owe any money to anyone. But, it’s bad if you want to get a mortgage, for example. Why? The answer is simple: there is no credit history that lenders can review to check your level of risk!

7. Earning lots of money means you’ll never get in debt

The truth is, debt is something that can affect anyone regardless of their wealth status. Take famous rapper Kanye West, for example, who once claimed to be in over $53 million of personal debt!

8. Creditors must write off your debt if you don’t pay it

That’s not strictly true, surprisingly enough! Companies you owe money to can legally chase you for it between three and ten years, depending on your state.

Essential Considerations Before Investing in Real Estate

It’s no secret that investing in real estate can be one of the wisest decisions you can make, one that can increase your net worth and make you more financially secure. But an increase in net worth and financial security is what everyone is seeking, and if it were so easy then everyone would be doing it. Indeed, the reason it can be so profitable is because not everybody can do it. It takes intelligence. If you’re thinking about investing in real estate, make sure you’re asking yourself for the following questions.

Does it make Financial Sense?

Yes, you might be able to see the long term potential of a property you’ve identified as one you would like to buy, but you’ll be causing yourself much trouble if you don’t already have your finances well under control. Investing in real estate is a massive financial commitment, so it’s essential that you’re not stretching yourself beyond your means by even an inch, no matter how tempting the deal might be.

Do You Know the Area?

When it comes to investing in real estate, you could say that the first thing to determine is less the property itself and more its location. You might know everything to do with properties, but if you don’t know anything about the area of the property then you’ll be at a severe disadvantage. A house can be as good or bad on its own merit, but if it’s in a poor location or doesn’t have strong transport links or nearby schools then there’s every chance no one would want to live there in the first place.

What is the Market Like?

Similarly, it’s important that you keep an eye on the real estate market trends - both going back and looking to the future. It’s important to actually analyse the house prices, too, and not just pay attention to the percentage of house increase or decrease. A market can have been depreciating and still have a prosperous future, and vice versa. This is the tricky park, where some people fail.

Do You Know the Risks?

It’s always important to keep in your mind that there are always risks to investing in real estate. Even the most stable looking real estate deals can fail; you only need to look back to the financial crisis to see that. Be especially cautious if you’re looking to invest in a city/area that has been designated as being in a bubble, which means prices are currently at risk of being unsustainably high.

Do You Know What Renters Want?

Finally, if you’re buying your property to rent out then it’s really important that you’re looking at properties that potential renters might want, not what you yourself would want from a home. If you’re buying a property that will most likely be rented by families, then choosing a house that has an obviously student or dated decor will not be attractive to the types of people you’re trying to attract, for instance. Think with them in mind, not yourself.

Curbing Your Car’s Running Costs

Owning a car is expensive, but there are all kinds of ways to keep these ownership costs down. Here are just a few ways that you can fix up your road vehicle expenses.

Fix bad driving habits

This is the main area where many of us rack up costs. Being heavy footed on the brakes and accelerator can have all kinds of costly altercations. This type of racer-like driving uses up much more fuel, meaning more frequent visits to the gas station. It can also develop wear and tear on brake discs and pedals – meaning a possible trip to the mechanics later down the line that could be avoided.

Most modern cars will have in-built settings to help you drive more economically such as telling you when to change gear and when to ease up on the revs. There are other things to look out for such as tyres deflation and carrying extra unnecessary weight such as roofbox or work equipment when not working. All this will cause you to use up more fuel than is necessary.

Use apps

There are many driving apps out there that can help you save money. Apps such as GasBuddy can help you find the cheapest nearby petrol station. This is particularly useful when driving somewhere unfamiliar, helping you to avoid expensive motorway station charges.

There are also apps out there that can help you find the cheapest route, avoiding tolls. Other apps meanwhile can help you keep on top of car maintenance, telling you which fuel is best for your vehicles and when you should expect to get parts and inspected and repaired.

Install eco-driving and anti-theft features

Various features can be installed on your car that can save costs in the long run. Eco-driving gadgets are becoming more popular. For older cars that may not have modern in-built eco-driving pointers, you can buy devices to help notify you when best to change gear and when to ease off the gas. Eco-pedals meanwhile can be fitted offering resistance when you accelerate, preventing you from hitting the gas too hard. Another eco-friendly gadgets is a solar car battery charger. For those cold winters in which the battery can become damage through lack of use and freezing temperature, this solar-powered charger keep your battery constantly powered up.

Anti-theft features meanwhile such as steering wheel locks and wheel clamps can lower your car insurance. Storing your car in garage can also reduce your rates.

Catch faults early

Ignoring a chip in the windscreen or a clunking noise below the bonnet could have costly repercussions later down the line. This can be especially the case with moving parts – one worn part may have knock on effect on the wear and tear of other parts and before long half your engine needs to be replaced. Annual services from a reputable mechanic can prevent most of these faults, however if a problem arises in the meantime, don’t simply wait it out until your next service – get it checked there and then to avoid it snowballing into something bigger and more expensive.

Don’t always make an insurance claim

Making a claim can up your insurance rates for the next year as you immediately become a financial threat to the insurers. You should certainly use you insurance companies to pay for more costly repairs, but for those that you can reasonably afford, you may be better off for pay for them out of your own pocket.

There are also other forms of making claims that can earn you money for repairs. If you were in a car accident and got injured there’s always the chance that you may be able to make an injury claim. There are specialist firms across the country such as Personal Injury Lawyers from The Brown Firm that can deal with this kind of claim. In some cases, you may also be able to sue an insurance company that it is unjustly refusing to pay out.

Raise your deductibles

There are many extreme measures for lowering car insurance rates such as taking an advanced driving course or using a black box, but if you’re looking for a more simple way to reduce your premiums, why not simply raise your deductible costs? These costs are payment that you would personally be willing to pay out of your own pocket before insurers get involved. Raising these deductible costs can greatly reduce your rates – just make sure you truly do have the money to contribute to such repairs if you have an accident.

Buying The Right Auto Insurance Is Essential - Here's Why?

When it comes to insuring a vehicle of any kind, you must make sure you select the most suitable policy. Failure to do that could mean you face many issues further down the line. That is especially the case if something bad happens and you need to make a claim. In this article, we will draw your attention towards some of the most important reasons you need to get it right. Don’t take our word for it. Just ask any motorists who made mistakes in the past. They will tell you that purchasing the right policy is vital if you want to have a comfortable life.

Claiming on insurance after a smash

All motorists will want to make a claim against their insurance after a crash. The money they get helps to cover any essential repairs and ensures they’re back on the roads as soon as possible. Things can turn bad if you don’t have the right cover. That is especially true if the accident was your fault. The innocent party will pass your details to their insurer. They will then employ experts who provide attorney services. If the lawyers discover you didn’t have a suitable cover, they will have a field day. You will end up getting sued for the damage personally, and that could bankrupt your family.

Getting stopped by the police

It is a legal requirement in the US and the UK for all drivers to have proper insurance. Failing to show proof when stopped by the police could cause many problems. They will likely check the entire vehicle to ensure you’re not lying about anything else. They also have a duty to ensure you don’t drive the car until you have insurance. That means you could become stuck in the middle of nowhere and lose your keys. In most situations, the police will also arrest you for driving without insurance. That is a mark against your record that could make it difficult to get jobs in the future. At the end of the day, all employers ask about criminal convictions today.

Facing criminal charges

As we just mentioned, the police might take you to court for driving without insurance. However, there are lots of other reasons you could end up standing before a judge. For example, you might have caused a fatality during a crash. If you have insurance, you’re protected so long as you didn’t break any laws. Without insurance, you could end up going to jail for the rest of your life. The judge won’t look fondly on anyone who didn’t bother to purchase the right cover. It suggests you didn’t meet your responsibilities, and you didn’t take risks seriously.

With all that information in mind, it’s clear to see that buying the right auto insurance is paramount. The monthly payments aren’t that expensive, and so there’s no excuse for getting it wrong. Of course, some people will make honest mistakes from time to time. However, you can avoid them by double-checking all paperwork when it arrives in the mail. Just don’t make the error of lying about your driving habits to achieve a lower premium. That could make your insurance void.

Top Tricks for Growing Your Retirement Savings Pot Faster

Many people worry that they won’t have enough money to retire at the age at which they want to. No one wants to be working in the later years of their life. That’s when you should be taking it easy and relaxing after a lifetime of hard work. But if you don’t fill up your retirements savings pot fast enough, you might be forced to supplement your social security payments with further employment. Don’t let that happen. Instead, start growing your savings pot faster with these tips.

Start Today

It’s never too early to start thinking about your retirement fund. This is the mistake a lot of people make. They think that their retirement fund can be put off until tomorrow, but starting to think about it today is always preferable. Many people leave it too late, and then they struggle to build up enough funds to keep them secure during their later years. You don’t want to find yourself in that kind of situation, so you should actively start saving and growing that retirement pot today. The sooner you start, the sooner the task will be complete.

Whenever You Make Extra Cash or Get a Bonus, Throw it in the Pot

This is a good trick to use because it allows you to grow your retirement savings pot whenever the chance arises. Just create a rule that says you have to throw any extra income or money you receive into your retirement pot. So, this could include bonuses from work or money from a pay rise. Or if you got a payout with the help of a firm like Hasner Law after being injured at work, you could save that too. It all helps, and it will all go towards making your retirement more comfortable.

Automate Your Retirement Savings

Automating your savings can be one of the best things you do. You can set up a system whereby a certain amount of money is taken out of your bank account and put into your savings account for your retirement. By automating the entire process, you can avoid the problem of forgetting about it or deciding not to put any money aside one month. It’s easy to be tempted to spend that money on something else, so why not take the decision out of your hands. It will all happen by itself, and you won’t even have to think about it.

Don’t be Held Back by Debt Problems

Debt is often used as a reason for people not saving the amount of money away that they really should. This is something that you should really try to avoid if you can. When you let yourself focus on paying off debts instead of saving, you will never save the amount you need for retirement. Paying off those debts is not always more urgent than saving for your later years. For example, long-term debts like your mortgage can be paid off at the same time as saving for retirement, so don’t use this as an excuse.

Is Illness Keeping You Away From Work?

If you are currently suffering from an illness which means that you are unable to work, then you might be excused for being a little stressed as well. Being so unwell that you can’t go into work can be disastrous, in particular for your finances, but that doesn’t mean that you can’t do anything about it. There is always a solution to money troubles, and that is the first thing to bear in mind if you suddenly find yourself in a situation of this kind. Fortunately, there are a number of things you can do to improve your situation. Let’s take a look at some of them now, so that you can hopefully feel more able to take control of the situation at hand.

Claim Compensation

Depending on how your illness arose, you might be able to bring in a little extra cash by claiming compensation. If it happened as a result of an incident which wasn’t your fault, then you could have a case. In this instance, you would need to contact a personal injury lawyer to find out whether you would be able to claim compensation. Similarly, if you feel that at any point you have been mishandled or badly treated by the medical professionals looking after you, then you might be able to claim through the likes of http://www.hastingsfirm.com. This isn’t something you should do just for the sake of it, of course - but if you genuinely feel that you deserve it, then by all means do so, as it could also help your situation along while you are out of work.

Keep In Touch With Your Employer

At first, you might find yourself worrying about your job - whether you are going to lose it, what kinds of opportunities you might miss out on, and so on. But following this kind of train of thought is unlikely to lead you anywhere positive or helpful. Besides, you can ensure that your job is safe and that all is well by taking the simple step of keeping in touch with your employer. As long as you do that, you should feel much calmer about the whole thing - and your employer will probably appreciate it too, meaning that you will be more likely to be able to return to your job with ease.

Consider Alternative Income Options

While you are home bound, you might as well start to think of other ways that you could make some extra money, so that the whole situation is much easier to deal with on the whole. There are, fortunately, a great many number of ways that you could do this, so it is a good idea to consider as many of them as you can. Take a look at balancepro.net/pdf/mmp.pdf for some financial advice of this kind. Thanks to the Internet, it is now easier than ever to make money directly from your own home, so you would do well to look into the many different options that this useful tool provides you with. You can make a considerable living just by filling out surveys online, for example, as long as you do enough of them. Alternatively, you could set up a mini side business by selling old unwanted goods over the Internet.

Hot Property Boom Towns

If you’ve been paying attention to the press, you may have heard that the real estate market is booming. Recently, Forbes conducted an investigation of where they thought the hottest real estate markets in the country were. These are the markets where the price of housing has the greatest chance of going up over the next few years, all thanks to economic and demographic factors.

If you’re looking to buy a property in the coming year, the results of this study are important. It could mean the difference between building up a healthy equity in your property and losing money.

North Port, Sarasota

When it comes to investment realty, Florida is a boom state right now and nowhere more so than Sarasota, located on the Gulf Coast. Sarasota, like the rest of Florida, benefits from the year-round sunshine and the warm, tropical weather. But that isn’t the only reason why people are flocking to Sarasota according to agent Robert Anderson. He says that the town is also attractive because of the fact that the population isn’t transient. Unlike many other parts of the state, Sarasota is occupied year-round by people who actually live and work in the area. Not only this, he says, but it also has plenty of infrastructure which has helped bump prices up in the area further. For instance, the town has great schools, great hospitals and a wealth of companies and universities.

Phoenix, Arizona

Phoenix is one of America’s fastest-growing cities and is now the eight largest conurbation in the union. People are attracted to Phoenix thanks to its stunning setting, its UFOs and the opportunity to go hiking and biking in the surrounding area. According to Monique Walker, it’s easy living in Phoenix. Despite the fact that the city is one of the largest in America, actually getting around is relatively hassle free. Living in the suburbs and working downtown is easy, thanks to the excellent road network.

First-time buyers can get on the property ladder in Phoenix for as little as $150,000 to $200,000, says Walker. Plus, there are many other homes which sell for more than $1 million. It all depends on your budget, she says. Phoenix is a boom town right now, and if the population keeps growing, so too will the price of housing.

Colorado Springs, Colorado

Colorado Springs sits high up in the Rockies. Thanks to its location, it has a climate that rivals that of Florida, offering both sun and sand to the people who live there. Like Phoenix, there are great hiking and biking opportunities to be had here, as well as the odd short walk for those who are a little less adventurous. But it’s not just the stunning scenery which is drawing people to the area. It’s also the fact that job growth and business growth is high in the area. Colorado Springs is pulling people in from all over the place, thanks to a growing economy. Houses are affordable right now, but many analysts don’t expect it to stay that way for long.

Addressing The Balance!

No matter what position you’re in financially, the grim specter of debt hangs over us in one way or another, and it is an unwanted area of stress in our lives. The feeling of being in debt is so crippling that we could spend a lot of money to pay off a credit card bill, but it was only enough to pay off the interest, so not only are we in the same amount of debt, we are currently worse off for even attempting to pay it! Being in a cycle of debt when we have limited everyday finances to play with is difficult, but there are things that you can do.

Set Up Automatic Payments

Paying off debt, however little needs to be a priority. If you don’t see the money in your account, then it’s not there, and the “out of sight, out of mind” method can be especially helpful in these circumstances. If you don’t set up automatic deductions, then you physically have to make the payments every month, which means you can decide to not pay it and spend the money on something nice for yourself. If you set up the money to come out on the same day each month, you know that you have to factor it into your spending habits, especially if the payment defaults because you’ve already spent it, which will leave you in more debt!

Evaluate Your Spending Habits

It is a difficult thing to admit when we are pointlessly spending money on things we don’t need. But we argue that we do need them. And that “essential” cup of takeaway coffee becomes the straw that broke the camel’s back! By looking at how much you spend, you can start to really break down the areas that are making the biggest drain on your finances. This is where you need to be ruthless, especially if you are in a massive spiral of debt, and by starting to address the balance (pun intended) you can get out of debt faster.

Support Is Out There For You

You could get help from a credit counseling agency, who will give you advice on how to better prepare your spending habits, or if you feel overwhelmed by the stress of it all, there is bankruptcy support available too. Bankruptcy is something to think about if you really feel there is no way out of the spiral. It can be a release for a lot of people because it can feel like they’ve escaped their debt. And while that is true, it does have an impact on things like your credit score.

Debt is one of the biggest stresses in the world we live in today. The temptation to get short-term loans or to refinance a loan with another loan is all too common now, and it is a sign of how we view money. It is not a disposable income, and we all appear to spend outside of our means. So by taking charge of your debt with proactive steps, you can start to get out of the debt hole.

Want A Passive Income? 6 Investment Ideas You Need To Try

Let’s face it; nobody wants to spend their life working hard to make money. We all dream of making a living while we sleep and spending most of our time playing golf or taking dozens of vacations each year! You might think that sounds like a far-fetched dream, but it’s actually a reality for many savvy entrepreneurs!

Take the story of Markus Frind as an example. The Canadian software developer created the famous dating site Plenty of Fish in his spare time back in 2003. He turned it into a multi-million dollar enterprise and only worked around ten hours a week, believe it or not! Back in 2015, he sold the site to his competitor Match for a whopping $575 million!

Frind was lucky in that he didn’t need any financial investment for his website. He did have to invest a lot of time in the business as it grew, working “normal” hours when his company had around 75 employees. Of course, now that he sold it and made a hefty profit, he’s free to spend the rest of his life doing hardly any work at all!

When you devise a passive income strategy, you’ll have to invest something in it - money, or time. But, once everything gets set up, you can let your enterprise make you cash while you do other things. Here are six passive income investment ideas that are most likely to bring you real wealth:

1. Peer to peer lending

There’s no denying the financial markets have changed a lot in recent years. Nowadays, banks and institutions aren’t the only lenders in town! As an individual, you could lend your spare cash to people and earn interest on the money paid back to you.

2. Property

If you have a lot of money burning a hole in your pocket, why not invest it in bricks and mortar? There’s always a demand for rental properties, and you wouldn’t have to do much work to maintain your portfolio of houses. Take a look at this property site to see some examples of what your money could buy you.

3. Company stocks

Are you a keen financial trader? If so, perhaps the ultimate passive income strategy is to invest your money in company stocks. A diversified portfolio will ensure you limit any losses so that you make a healthy return each year.

4. Stock photo sales

Those of you that are photography buffs may wish to sell images on a stock photo site. By uploading your best shots, you could make money from people wanting to use your images on their websites or printed brochures, for example.

5. Affiliate marketing

Are you an expert in a particular field? If so, why not put that knowledge to good use by creating an affiliate website. The way they work is simple: you promote a company’s products and services on your site. Any sales generated by leads from your site will earn you a commission.

6. Cashback

Earning while you spend sounds like an intriguing concept, don’t you think? But, it’s true that you can make money while you spend it! Buying via a cashback site is essentially like affiliate marketing. The only difference is, the site owner shares the commission with you!

Famous People Offer The Masses Some Much-Need Financial Advice

Not all rich people are famous, and not all famous people are rich. But there’s a good enough correlation between the two to hypothesize that they might be related. There’s a lot of financial advice out there on the internet, but most of it isn’t actually written by people who have a lot of money. In fact, it’s usually stuff that’s been regurgitated from top magazines and finance websites without much thought or insight.

Getting your financial advice from people who are poor is a little bit like getting diet advice from an obese person. It isn’t necessarily wrong. But why would you listen, when there are dozens of slim, healthy nutritionists ready and willing to give you advice.

Here’s what some famous people had to say about managing your personal finances.

Henry Ford

Henry Ford was a visionary in many ways. Not only did he start a car company that has survived for more than a hundred years, but he also wanted to spread the wealth around, paying his workers nearly double the going rate in the 1920s.

Ford had some advice for younger people. He said that old men were always imploring the younger generation to save their money for retirement. But Ford said that that was a total waste of time. He didn’t save a nickel until he was forty years old. It’s much better he said, to invest in oneself.

James Burgh

James Burgh was a major political figure. He was certainly somebody who could understand why people might want to go to a personal injury lawyer. His advice was to prepare for change while you’re rich and hope for it while you’re poor. His advice was never to give up and do things that would allow you to smooth your income in good and bad times.

John D. Rockefeller

John D. Rockefeller was the richest man to have ever lived. Converted into today’s money, it’s estimated that he would have a fortune of more than $150 billion, or about twice as much as Warren Buffet. He once said that the power to make money was a gift bestowed by God. He said that having been given this gift, it was his duty to use it and to make as much money as he possibly could so that he could then use it to improve the lives of his fellow man.

Mark Cuban

Mark Cuban is a modern billionaire. His advice to people is to be smart shoppers. Many people plow their money into indexed funds and savings accounts. But he says that you can make far greater returns on your own personal spending. If you know that a business is going to be a success because you’re intimately involved in the industry, invest in it. Don’t bother buying stock options from people you don’t know who themselves don’t know how well they will perform.

Donald Trump

Trump offers three pieces of advice. Stick with what you know, listen to your gut and understand that some of your best investments are those you don’t make.

Making Money - The Ways You Haven't Thought Of Yet

Saving money in the modern market is becoming more and more difficult as time goes on. We have to contend with the fluctuating value of our own currencies, which, if you take a fleeting look at any news report, is getting worse wherever you are in the western world. President Trump’s time in the White House has had an impact on the global market, and the impact of Britain leaving the EU is having an effect on the British pound, and things will only start to get worse before it gets better. Loathe as I am to start on such a dour note, what does this mean for the common man? Well, the impact it has on everything will be affected, house prices, your credit score, and inflation will all change. It means that for younger people just starting out in the world, whether they have just left university or they are entering into a profession, their money will not travel as far as it once did. The amount of people who are unable to acquire a mortgage even though they are working full-time is staggering. And even couples where both partners work are unable to get the mortgage for the home they want and have to settle for an apartment or a house that doesn’t suit their living arrangements, it can be somewhat demoralizing. And while we all can say that we could do with more money, what can we do to actually achieve this? Here are some approaches that may help you out in the modern world, and some that may be a bit left of center.

Working Freelance

This may sound somewhat counter intuitive, but it depends on how you work it. The first point to make about working freelance is that you have untapped potential in your earnings if you can work 12 hours a day for 7 days a week, the opportunity is there for you, so you do need to look at the health side of things. And although it is, in essence, working two jobs (or more), if you can balance your life out this means you can earn a lot of money in a short space of time. So if you are in the middle of procuring a mortgage while being self-employed, the banks tend to look at a few years of your earnings so they can get a better idea of your financial situation. They do this by looking at your tax returns, so if you can work in two self-employed occupations to bump your finances up past a certain threshold, it means you will look better on paper, and the bank is more likely to give you a suitable mortgage. The personal impacts are, of course, massive and are worth considering. But if you can obtain freelance contracts through companies that have different deadlines for work, or require you to do as much work as you can and get paid for your effort rather than having to dedicate yourself to a strict working schedule, you can organize your life better and get a good balance. The benefits to freelance and self-employed contracts are that you can work from home for a lot of them. It ultimately depends on the nature of the job itself, but there are roles where you can transcribe voice commands, or transcribe meetings or hearings with a deadline that is not within 24 hours, leaving you to plan ahead and earn as much money as you are humanly capable of. There are many part-time endeavors that you can invest some time in while you work at home. Things like online surveys that pay per survey you complete, so you do not need to work to a clock, but these can pay pittance, but if every penny counts, and you are tied to work at home, then it is incredibly convenient for you. The self-employed freelancer route has been a popular choice for younger people looking for more freedom from the standard workfare, and this has so many positives going for it when you are looking for a quick cash injection over a short space of time.

Investing In Gold

Investing comes in many different shapes and forms, and if you are looking for a long-term investment, gold seems to be the one that is talked of in savvy circles. With any investing, there are pros and cons, but there are also different types of gold to invest in, so you should weigh up which ones are the best for you. There are ETFs (exchange-traded funds) and these shares similar to funds that track an index. You can buy and sell these through stockbrokers or investment brokers. Unit trusts are run by fund managers, and they invest in bullion as well as gold-mining companies. You can purchase bullion coins or bars that are made for investment reasons. You could buy gold physically via trading platforms such as BullionVault. They can be purchased or sold in small units and are stored in vaults (so you don’t have to keep them at home!). Gold is a fickle stock to trade in, and there are services online, like gold signal, that keep investors up to date on the movements, but there are pros and cons to bear in mind. Gold doesn’t pay income, which means that it is a difficult asset to value; the price changes a lot and can slump down or spike up as often as the wind changes direction. But as positives go, it doesn’t move with other assets, like property; and it is viewed as the best insurance against perils like inflation that could cause issues with the global stock markets.

Look At Digital Currency

The popularity of cryptocurrency and Bitcoin specifically is showing how the internet is transforming how we are dealing with our money now. This is a relatively new form of currency, but although it hasn’t reached the stock market, it is being touted as a major investment. There are even online stores that will accept Bitcoin! Invented in 2008, its whole premise is about the ledger, which is not run by any central organization (like a bank). And the currency monitored on the ledger (the ledger is known as the Blockchain) is earned by people who use their computer power or hardware to record transactions onto the Blockchain, these people are known as miners. The procedure might be a little complex to follow, but if you have a piece of computer hardware that has the power to record these transactions, it means you have a massive leg up on the operation because it is more in demand now than ever before. So if you have a powerful computer, you could do additional mining in your spare time and amass a huge amount of Bitcoin. There are pros and cons to this, of course, the downside to this type of currency is that it isn’t officially recognized in the eyes of many people. But if you are able to source out places online that will accept Bitcoin, and there are quite a few, then it is money that you don’t need to spend in the real world. As it isn’t devalued by processing fees and charges that the banks would add to the process, it is an unsullied form of money. But with this way of earning, if you need to invest in a computer to cope with the amount of processes that you intend to do, it may take some time to recoup what you originally spent, and, here’s the clincher, there is only a certain amount of currency available in the world. So once that currency becomes devalued or runs out, it is impossible to “print” more. As with any trading online, it can become a full-time career, and there are many financial advisors that work with Bitcoin, and there are businesses whose sole purpose is to trade in Bitcoin. So while it is a currency that may be under the radar in comparison to the “real-life” currency, it is going overground in a big way. 

Proceed With Caution… 

The peril in looking for money quick may mean you are so desperate, you will click on the first Payday Loans website and fill out your details. But the high interest in these types of loans will mean you are probably going to spend a lot more in paying it back than the amount you took out in the first place. If you are looking for a quick way to have some more money, an overdraft extension is a lot less impactful. It can affect your credit score if you are declined, but the financial implications won't be as bad as the debt you could accrue, and by getting another loan to pay off your loan could put you in a very bad cycle, one that is nigh on impossible to get out of! 

There are many ways to earn money in the modern world, and from old ways to digital ways to just being savvier with your working habits, there are options out there for you.

Beating The Salesmen When You Buy A Car

Talking to someone who wants to sell you something can be very difficult. You know that they will say whatever they can to make a sale. And, this may involve not being entirely truthful with you. But, like most things sales is just a game. And, if you know how to play it, it gets much easier to control these sorts of situations. Which is exactly what needs to be done if you want to save money on your next car. To help you out, this post will be helping you to beat the salesmen. And, get a better deal on your next car.

Salesmen will use a host of different tactics to get their job done. But, ultimately, they will usually be willing to settle on less if it gets them a sale. Most customers won’t question the first price that they are given for an item. But, with something as large as a car; it’s alright to make an offer or ask for some reductions. The very first place to look is the car itself. If it has any imperfections which haven’t been disclosed or it has something wrong with it; you can try to get a lower price. But, you need to do more.

One of the best ways to get a good price on a car is to simply wait. The salesmen will be unwilling to go low straight away. Instead, they will be trying to get as much out of you as possible. But, the longer they have to wait; the more eager they will be to get rid of the car. Going to other garages and seeing other cars is a great way to make a salesmen lower their prices. It can also help if you talk about other deals that you’ve seen at local garages. But, only do this if you’ve actually seen a deal; the salesmen will know what other garages have.

In most places, sales staff are required to tell customers about any deals that hey have running. But, only if the customer actually asks for the information. If you are trying to buy a car, you should always ask about any promotions that are running. Doing this will give you a chance to hear about money you could save on the current car of interest. And, it may open up other options to you as well. Most garages will always have some sort of deal on. These deals can save you a large amount of the car’s value. So, they’re worth pursuing.

Once you know which car you want to buy, you can seal the deal. Usually, you will have to pay for the car before you can take it away. But, if you can’t do this, most garages will have their own system for no deposit car finance. This will allow you to drive the car away on the same day that you buy it. And, will negate the need to save money.

Hopefully, this will give you the inspiration you need to save some money on your next car. It can be hard to see through the tactics that salesmen use. But, it’s worth it. These sorts of methods can save you a lot of money. And, you’ll probably even be able to get a better car out of it.

Financial Steps to Take After the Passing of a Loved One

The passing of a loved one is perhaps one of the most stressful times in anyone’s life. The grief is bad enough, but when you’re also forced to deal with financial issues and the likelihood of a will and inheritance, things can turn ugly really fast. There are many legal processes involved and you’re going to need to scan through a lot of paperwork in order to get the right help.

The hardest part about taking these financial steps is that you need to try and keep your head straight while still mourning the passing of your family member. You probably aren’t ready to make any decisions, and the urgency required is sometimes enough to make you snap and lose it. However, you have to do your best to try and remain calm and focused because there could be a lot at stake. If you need some extra help, this article from huffingtonpost.com has a couple of great tips to help you cope with your current situation.

Funeral Expenses

The first logical step will be to speak with a funeral home. They will help you decide how to deal with the body and where to move it to. If there was no funeral plan in place, then you may need to make decisions on the fly and determine what the best course of action is as time goes by. Hiring a funeral director is the easiest way to manage the entire process, but it’s almost the most costly. Call around for the best quotes and hire a service that suits your needs and stays within your budget. You could also save money and arrange it yourself, but this can take a lot of effort.

Speak With a Lawyer

If the deceased family member has written a Will, then the information inside of it will probably name an executor who will carry everything out. It’s important that you contact a firm such as asb-law.com if you want to have a reliable executor help you deal with all of the proceedings and help you manage all of the costs involved. It’s important that before you agree to work with a legal professional, you ask how much it will cost you. A flat rate is desirable because you don’t want hidden costs or surprises to catch you off guard later in the future. They might also charge you a percentage of all of the assets which could add up to a relatively large bill.

Taking Control of Finances

If possible, contact a financial advisor if you need help to deal with the financial aftermath. If that’s not possible or if it will take some time to arrange your first meeting, then there are steps you can take to lighten the load. For starters, arrange all the necessary paperwork such as financial statements. Try to gather any documentation related to the deceased’s assets, such as insurance policies, real estate documents and business documents.

You want to make sure that you have enough income to pay for rent, insurance policies and other necessary expenses after the passing of your loved one. If this isn’t an issue, then the next step you should take is to follow up on life insurance policies and let your loved one’s friends and co-workers know that they have passed away. You might also qualify for financial aid if the passing of your loved one has severely affected your income and ability to pay for living expenses.

The Recipe For Escaping Debt: Key Ingredients Financial Freedom

Facing financial difficulty is never nice. As the letters and final warning keep arriving at your doorstep, you will no doubt endure a lot of sleepless nights. Quite simply, escaping debt has to be your financial priority.

Once you’re in that hole, escaping it can feel like a nightmare. But if you equip yourself with a winning plan of action, there’s nothing to stop you working your way toward a far brighter outcome. You’ll need to master several elements before seeing those outcomes, however.

Here are the crucial ingredients that’ll help you achieve those goals.

Action

First and foremost, you need to appreciate that actions speak louder than words. The longer you stay in debt, the worse your situation will become. While a little planning is vital, wasting time simply isn’t an option.

Desperate times require big decisions, and downsizing property is one option that may unlock a brighter future. Discover how to sell your house fast, and you’ll be able to clear those debts before the interest mounts any higher. In turn, this should allow you to enjoy your future with far greater impact.

Apart from anything else, staying in debt will continue to mess with your mind. Take the required action to overcome those problems, and you will not regret it.

Togetherness

Facing debt can feel like a very lonely situation. Help is available, however; you just need to know where it’s found. Perhaps the best starting point is your friends and family. Of course, you don’t like the thought of borrowing money from loved ones. As long as you create a solid agreement, though, it can be the perfect way to gain relief.

If this isn’t an option, there are other solutions out there. From consolidation loans to government schemes, there are ways to make the process feel less daunting. Simply sharing your problem will give you a better chance of defeating it. So stop trying to fight the battle alone.

Negotiation

Creditors aren’t the big enemies you’ve probably painted them out to be. While they have a duty to get their money back, many of them are more than willing to discuss individual issues. However, they cannot allow you to buy extra time if you aren’t willing to open those communications.

Simply ignoring the debts will result in more aggressive debt collecting tactics. This guide on negotiations should help you prepare for those important talks, and could allow you to buy a little extra time. As long as you’re making the other positive moves, this could make a world of difference.

Sustainability

Finally, escaping debt shouldn’t just bring temporary relief. This financial chapter should be the wake-up call needed to implement positive change forever. Otherwise, you’ll find yourself trapped in an endless cycle void of long-term freedom.

Use this as a chance to re-think your financial management. By having a tighter grasp on spending and other financial elements, you should avoid sinking back into debt. Meanwhile, you should also try to keep one eye focused on building a retirement fund.

Quite frankly, there’s no substitute for knowing that your long-term financial health is looking great. If that’s not an incentive to start acting with greater responsibility, then what is?

Revealed: The Moments Where Having Suitable Insurance Cover Is Essential

Let’s face it; we live in a world dominated by over cautiousness. This is especially true when dealing with the world of finance. Subsequently, insurance firms now offer coverage for virtually every situation imaginable. The harsh reality, however, is that some of those coverages just simply aren’t necessary.

Make no mistake, breaking your cell phone is an inconvenience. But do you truly need to pay $20 each month to insure something that’s only worth a few hundred, especially as you’ll be replacing it soon anyway? Besides, there’s a good chance that it could be covered as part of bigger insurance quotes.

There are incidents where not having insurance could leave your family facing a financial nightmare. Let’s take a look at the situations where having coverage in place is vital.

• Health scares: Facing a medical emergency is worrying enough without facing the financial problems. Given the astronomical costs connected to medical care in the US, having insurance is place is essential. Above all else, it will allow you to focus on your recovery without analyzing where the money will come from. Ultimately, financial issues should never come between you and your health. With the right plan in place, they won’t have to.

• Car accidents: Driving is undoubtedly one of the greatest skills in the world. We love our cars too, but they are extremely valuable. It only takes a second to be dragged into a crash, and it could cause a lot of financial damage. There’s a chance that you’ll never need to file a case, which is why keeping your premium low is essential. Nonetheless, keeping yourself protected against the worst scenarios is vital. In addition to crashes, many plans will help you if the vehicle is stolen too.

• Home damage: Our properties are the most valuable financial assets in our lives. Moreover, your home is the place that is supposed to keep your family happy. Unfortunately, damage to the foundations, roofing, and key elements can bring disaster. Without the right financial coverage, you may not be able to fix those issues. That will only allow them to worsen, which will cost you dearly in the long run. Furthermore, contents insurance will protect you against burglaries.

• Unexpected death: Nobody can escape death. You may not be there to face the repercussions following yours, but your family will be. Those financial situations will be even worse if your death comes unexpectedly. Affordable life insurance keeps you covered to ensure that your family will be financial safe after you’ve gone. Of course, they’d rather you were still around. From your perspective, though, knowing that money is safe is a hugely comforting feature.

• Workplace injuries: Running a business is never easy. In fact, the vast majority fail. So the fact yours is performing well is amazing. However, keeping it afloat will become a lot harder if someone suffers an injury when you don’t have public liability insurance. Losing the business would bring huge consequences to your personal finances. Do not leave yourself in a vulnerable position.

Are You Needless Letting Your Finances Become Tighter? Find Out Here

Keeping your finances in great health is no easy feat in today’s economic climate. Therefore, the need to act with responsibility is arguably greater than ever. Otherwise, you could be opening yourself up to some hugely stressful situations further down the line.

Naturally, you should always aim to find the best-paid job possible. However, a competitive salary is only one crucial aspect for keeping your finances in the best position possible. Avoiding the other common pitfalls are just as important to your overall status. Here are five simple tricks to ensure you aren’t missing out.

• Stop thinking that your main job is the only way to earn money. Whether it’s learning to trade stocks in your free time, or starting a business on the side doesn’t matter. Opening up an additional source of revenue could be the key to improving your long-term financial prosperity. With a little bit of luck, it may eventually become your primary source of income too. If that happens, your financial future will look better than ever.

• Appreciate the importance of getting the best deals in life. This could mean using coupons to save money on groceries. Alternatively, you might be able to reduce your electricity of TV bill. Those small savings may not feel overly important on an individual basis. Collectively, though, they will make a huge impact. Moreover, you can start to see those rewards almost immediately also. What more incentive could you need?

• Don’t pay out more money than is needed to through a lack of education. You work hard for the money that you earn, and are entitled to live a comfortable life. Student loan tax deductions could save you hundreds of dollars each year. Moreover, professional accountants can often work wonders for your payments too. Meanwhile, if you have a young family or disability, you can probably seek financial help from the local governing bodies. Don’t feel guilty about it; that’s why you pay taxes in the first place.

• Likewise, you should never be too frightened to fight for your financial entitlement. If you’ve suffered an accident at work due to an employer’s negligence, you should fight for the compensation. Alternatively, if you’re going through a divorce, it’s vital that you get your fair share of the assets. Sadly, if you give others the chance to take advantage of you, they will.

• Avoid falling into the modern mentality of wanting to buy everything. Leasing a car, for example, is often a far better option than buying a new car. Meanwhile, there are plenty of other assets where hiring agreements simply make more sense. Learn to take a more thorough approach when making those vital decisions, and you won’t go far wrong. For the sake of your immediate financial status, as well as long-term aspirations, this should be considered essential.

Getting these elements right won’t make you a millionaire. But they will stop you from needlessly leaving your short each month. Even if those savings simply go towards your next holiday, that financial comfort is priceless.

Financial Protection Through Life’s Most Difficult Challenges

Maintaining financial health should be a priority at all times. However, acting with maturity in this field becomes even more crucial when faced with difficult life moments. After all, the stress of money worries will provide a huge distraction as you look to get your life back on track.

Here are five common situations that you may find yourself in, along with what can be done to ensure your finances remain secure.

Buying A Home

For most people, buying a home is the biggest financial commitment ever made. Moreover, it also happens to be one of the most stressful. Therefore, it’s imperative that you complete the purchase at the right time, and find a property that will become a suitable home.

Financially speaking, it’s imperative that you conduct thorough surveys to ensure that you are getting value for money. Meanwhile, taking out a comprehensive home insurance package is advised too. It’s better to be safe than sorry.

Lost Job

Our careers are the foundation of building financial stability. Unfortunately, job security is at a low point in many industries. While you hopefully won’t ever lose your position, it’s vital to keep yourself protected just in case.

Making sound investments will help build a nest egg for when those rainy days arrive. Meanwhile, it also pays to keep networking even when you are in a current role. Those contacts may hold the key to getting you back on track in the quickest time possible.

Divorce

It’s a sad statistic, but over one in three marriages ends in divorce. Moreover, in addition to the emotional heartache, it can cause huge financial headaches. Whether the split is amicable or aggressive, it’s vital that you protect yourself.

Gaining a full insight into your partner's assets in a divorce offers the best chance of fighting for the money that you’re entitled to. Cash might not be the most important thing at this time, but those funds can help you start the next chapter with far greater productivity.

Injuries

Nothing in this life is more important than your health. But life is a fragile thing, and yours can be turned upside down in an instant due to one injury or accident. If those problems have surfaced due to the negligence of an employer or medical team, you should fight for compensation.

You’ve already suffered enough without facing the troubles caused by financial damages. These types of claims are now more frequent than ever because people finally appreciate the importance of not letting the case drop. If you fall victim at any stage, make sure that you fight for justice.

Death

It’s hardly the most enjoyable topic to discuss, but death is coming to us all. Furthermore, as a responsible person, you should prepare for that eventuality. Writing your will, and taking care of other aspects like funeral costs, will ensure that your loved ones are protected after you’re gone. In truth, that’s probably the greatest thing that money will ever buy.

Failure to take those precautions now could result in huge disputes once you’re gone. Quite frankly, it’s never too early to think about taking those steps. If nothing else, it’ll give you peace of mind.

Forex and Currency Trading: Beginners Guide

The investment markets are a risky proposition for an inexperienced investor. Trading in any investment market is extremely difficult, but success comes with practice and education. So is currency trading the right investment option for you? Let’s educate ourselves more about this field.

Forex market (FX) or the currency market sees the highest amount of average turnover per day and is booming year after year. Until recently, major players in the currencies market were large financial institutions, central banks, corporations, and hedge funds, but the advent of internet has changed all of this. It is now possible for small investors to buy and sell currencies with the help of online brokers.

The market is open for 24 hours but closes for the weekend from Friday evening and remains closed until Sunday evening. All the currency trading is done in pairs. In the stock market you can sell or buy a single stock, whereas in the forex market you’ve to buy one currency and sell another one simultaneously.

Foreign exchange isn’t a volatile market, because percentage change of currency valuation in a day is miniscule. Currency speculators cash in on probable movements by relying on the massive leverage offered in the currency markets. Though high leverage can be risky, but good liquidity and 24 hours trading has enabled forex brokers to make high leverage an industry standard. This is done so that trading can be done on even the smallest of market movements.

High leverage opportunities and the extreme liquidity offered by currencies have helped to spur the market’s speedy development and presented good trading opportunities for several traders. Positions can be held for months or are opened and closed in minutes. Prices of the currencies are determined by supply and demand, and these cannot be influenced easily because of the huge size of the market. It also doesn’t allow big players like financial institutional investors to move the prices according to their will by buying/selling in large quantities.

There are ample opportunities in the forex market, but to become a profitable trader, one has to understand the basics of how the currency market works.Even after getting a hang of the basics, strategies that are actually profitable take time to develop. Due to the high risk factor associated with forex market, most brokers will have provision for you to trade virtually so that you can get a hang of the market and its movements. You can use it to trade and discover good strategies without the risk of investing your money.

Things to Know about Escrow Account and Banking

Escrow is a legal concept where an asset or financial instrument is held on behalf of two parties by an unrelated third party. This service is generally availed of when two parties are in the process of closing a transaction.

The escrow service provider holds the asset or the funds in this account until it receives the instructions or until the obligations as per the agreed terms are fulfilled. The escrow agent may hold various instruments, such as funds, securities, or money in such accounts on behalf of the parties.

In the midst of any transaction, it is likely that one of the parties is interested in moving ahead only if he is assured the other party is capable of fulfilling his obligations. For example, an exporter would sell his products in an international market only when he is assured of getting paid. Similarly, the importer would like to pay the money only when the goods are received in an undamaged condition. In such an instance, an escrow account proves to be beneficial. The importer may deposit the amount in this account, which will be paid to the exporter once the importer instructs the agent to do the same.

About an escrow account

Many people are not aware of what is an escrow account. In simple terms, it is a temporary pass-through account with an unrelated third party when two parties are in the procedure of completing a transaction. The account is valid until all the terms and conditions are met with both the parties and the transaction is completed.

Four features of an escrow account

1. Custodial services

Opting for a reliable escrow account in India service provider provides a one-point contact for efficient, effective, and seamless execution and co-ordination.

2. Regulatory liaison

The service provider may also approach different regulatory authorities on behalf of the clients if required. The agent may assist in seeking special approvals by presenting the case and following up to procure these approvals.

3. Transaction structuring

A reliable escrow agent will be beneficial in structuring the transactions with merchant bankers, investment bankers, and legal partners.

4. Foreign transfers and remittances

The escrow agent employs experienced personnel who have the knowledge for efficient document processing. Therefore, clients may be assured that foreign transfers and remittances are completely transparent and adhere to regulatory guidelines.

Here are six advantages of using escrow services.

1. The transacting parties are assured of safe movement of funds

2. Customization of the transactions as per the requirements of the parties is possible

3. The entire documentation is simple

4. Clients may operate multiple accounts to complete transactions through waterfall mechanism, which means priority based payments may be made to the concerned parties

5. Account holders may easily track the activities in the escrow account through the online platform 

6. Most banks provide a dedicated and experienced team of personnel to ensure the clients are able to maximize operational efficiency

With this type of account, both the buyers and sellers enjoy several advantages. The interests of both parties are protected through this account. There is no ambiguity or uncertainty, thereby providing peace of mind to complete the transaction. By opting for such an account, both the parties may simplify the entire transaction without any difficulties.