Category Archives for Improve Your Financial Health

Start Up Catastrophes That You Can Avoid From Day One

  • January 14, 2019

Start Up Catastrophes That You Can Avoid From Day One

Starting up your own business can be full of ups and downs from the moment you hit the ground running. Getting yourself into trouble during these initial stages is also very easy to do; there are so many pitfalls and catastrophes that can fall in front of you when you are trying to get your business off the ground. When you’re running a business there are also a whole load of money traps out there to watch out for, so always be wary of the things that can go wrong. It won’t always be plain sailing during the set up, so start exploring these preventative measures that will help you stay calm and cool throughout the entire process.Read more

Doing The Best For Your Parents As They Get Older

  • January 14, 2019

Doing The Best For Your Parents As They Get Older

After a lifetime of gaining support from your parents, their retirement years are a chance for you to give something back. While they are unlikely to ask you for that help, there’s no doubt that your efforts will be appreciated.

On a separate note, it’ll set a good example to the kids, meaning that they’ll hopefully do the same when you get old. The immediate and long-term rewards are clear, but the real question revolves around what you can do to help. Here’s all you need to know. Read more

The Real Life Money Traps To Watch Out For

  • January 10, 2019

The Real Life Money Traps To Watch Out For

The game of Monopoly you played at Christmas and special occasions with your family may feel true to it’s form from time to time. Especially when you consider the number of money pits in the form of taxes, repairs, damages, jail time costs you receive, the last one's a joke obviously, but you get the point. Life's expensive, so why are we so surprised and deflated with money worries when we hit a pit that sucks away our money in Monopoly and real life? Is it because we feel like we’re failing? Because life's unfair? Or because we should have planned ahead for events such as this? The latter probably rings true, the ‘I should have known better’ (even though you probably didn’t know any better) stance is one that adults tend to resonate with. It’s any wonder we’re not taught these facts earlier on in life through the education system. Instead you get a, “hey, you live in a state, country, world, owned and ran by money, but, we’re not going to tell you how to navigate actual real-life problems to do with money, but, we will tell you the route of pi and replace numbers with letters in algebra”.

It’s disheartening really when you round up and what could happen, what has happened and what might still happening in life concerning money traps. But in doing so and reading it in black and white, it might give us the nudge we need to prepare for them, to stop making mistakes leading us into the traps below, and not to bury our heads in the sand as money stress eats away at your wallet and soul. Here are life’s money traps that are dragging your credit score, morale down and making your early retirement dream an unrealistic aspiration.

Buying Too Much House

Odd isn’t it, how optimistic and empowered you feel to hear the bank thinks you’re safe to lend hundreds of thousands of pounds to by looking at three previous bank statements, a credit score and that you have a small percentage of the properties value as a downpayment. What’s more concerning is that we buy into and trust this way of thinking, some of us sucked into the notion that well if the lender thinks we’re viable, we must be? Right? Wrong. What if there's an economic crisis and interest rates rocket, what if you’re parents demand the deposit money back they lent you because they need it desperately, what if you ‘paid an extortionate amount for a house that loses 20% of its value in the next 6 months, what was the exceedingly larger than life financial commitment for?

There's a gut instinct that usually coincides with buying a house, it tells you if you're overstepping the mark, becoming a bit too over-excited with the prospect of  borrowing a large lump sum of money. But there’s another element that beats this, it’s called working out your budget and what you can comfortably afford, and honestly, this shouldn't be anywhere near more than 25% of one of your wages. Showing off with a big house is something you might do in front of family and friends a few days a year, being vacuumed into debt because you can't afford the bills and subsequently worst-case scenario you need to have your house repossessed affects your quality of life and relationship with your family daily. Choose the smaller house, and buy just what you need to avoid this financially fatal money trap.

The Elderly

Your parents can’t be blamed for being old, we at all ages arrive with a price tag of some description. For instance, for the late teens, it’s funding your college years, driving lessons, first car and gap year, for the early twenties to middle-aged it's buying a house, your wedding, baby stuff, maybe using your money to start a business and simultaneously stressing how to pay for your aging parent years too.

It’s a scenario a lot of people struggle to broach to their parents to find out whether they actually have anything set up to support themselves if the day comes they’re no longer as able-bodied to support themselves. But actually, an awkward 10-minute conversation about their plans is probably quite palatable in comparison to suddenly enduring how on earth you’ll pay for your parents if you find out that actually, they don’t have the insurance and benefit entitlement to cover the cost of care they need. And although the filial laws vary by state and in some cases are not heavily enforced, your moral compass will probably urge you when the times comes to take care of your parents the way they probably (hopefully) cared for you most of your life. So when you’re thinking of all the reasons why you’re saving for the future, amongst your; dream car, bigger house, college funds for the kids, emergency funds for the what if's, your next holiday and so on, be prepared that some of it may need to pay for your parents in the future. To figure out where you stand, ask your parents about their future plans and research the affordable options available out there for full-time care in a residential home, taking care of them in your own home or preview more details here for information on a suitable hospice should the time come. To avoid the shock later on to your stress levels and wallet, preparing for this scenario in advance will enable you to cope when the time arrives.

Managing Credit

At some point or another, you’ve thought what the hell and bought something on finance just because your temptation overthrew your logic, and other times it might be because you’re in a sticky situation and feel like you need it, for instance, your washing machine has broken down. When you’re in an okay position financially, meaning you have savings and you earn enough to afford your bills, and then some, your savings should be used to pay off the finance, credit cards, store credit fillers immediately. Why? Because unless the interest rate on your savings account equates to more than what you’re paying out in interest per year, you’re actually losing a fair amount of money. It’s always best to pay off high-interest personal debts first as soon as possible, to save yourself from sky-high interest rates too.

Once you’re out of this trap, it’s imperative to stay focused and refuse to take out any more finance, this means you need to stock up on savings and be strict with your spending to prepare for the what if’s. Distinguishing between wants and needs will help you decipher if shopping for a new TV because your next door neighbor has the latest one is entirely necessary or just fueled by superficial desire.

Fraud

iii.org states that $16.8 billion was stolen from consumers in the US in 2017 as a result of fraud, a not so pleasant money trap that will imminently leave you in a sticky situation if your account is suddenly wiped of all your earnings. If you haven't yet been struck by fraud yourself, it’s possible you think it’s unlikely to happen to you, that might be true if you invest some time and energy into ensuring your details are private in the real and virtual world; however, the chances are they're not. With Facebook, Linked In and Instagram for example, fraudsters can quickly locate your DOB, place of work, full name, perhaps even where you live. Not to mention full access to pictures of you, and an insight into your life to see how much money you’re made of by the pictures you post on holidays, in your home amongst your belongings, of your car and so forth. All of this information is likely enough for a cybercriminal to apply for credit on your behalf without you ever knowing.

Following this, spam emails arrive in manipulative, convincing packages urging you to send someone money because they're in dire circumstances or declaring they can reveal and send out important private information from your PC. Criminals attempting to take your money will be present in all manner of disguises, to avoid this trap as much as possible do the following;

  • Routinely check your bank statements for any recurring payments you don’t recognize or lump sums of money exiting your account to an unknown individual or company
  • Check your credit score report on a regular basis online, here you can monitor if your credit score has taken a hit and the reasons behind this. Whether a soft or hard search has been performed on your credit file that you didn't instigate, missed payments to a company you never signed up to for a service or subscription or credit that has been taken out in your name and so on.
  • Be vigilant with spending online, tend to stick to websites with an excellent well-known reputation as opposed to buying things from obscure sites.
  • Set your social media profiles to private and only allow those who you know and trust to see your pictures, personal information and important things about your life.
  • Report any lost or stolen cards to your bank immediately to prevent criminals from using your cards.
  • Don’t entertain spam email, sometimes it can look deceiving and pose as a well-known company you might purchase a service from such as Apple. Contact the companies official customer service line if you're are unsure.

If you are a victim of fraudulent activity, you should contact the fraud investigation team immediately for more details see https://www.usa.gov/stop-scams-frauds.

Money traps are waiting around most corners, most of which can be avoided with some preparation. Such as; saving a significant emergency fund enough to cover any present and future expenses. Opting to buy far less than you can actually afford. Paying down debt with your savings and refusing to apply for more credit, and of course being frugal over your identity on the web and in real life so that hackers and fraudsters can’t get a hold of your hard earned cash.

Boosting Your Available Wealth Every Month

  • January 10, 2019

Boosting Your Available Wealth Every Month

Obviously, a wage from a full-time or a part-time job provides the steadiest route towards increasing your wealth. But that isn’t always enough in this modern economy. There are so many daily costs with which you must contend. Household bills, taxes, insurance, and other regular expenditures all add up very quickly. If you want to start boosting your available wealth every month then here are some suggestions that might just help you out.Read more

Rinse & Repeat: Making A Fresh Start For Your Home

  • January 10, 2019

Rinse & Repeat: Making A Fresh Start For Your Home

There are always times in life which call for big changes. Whether you’ve just had kids, gotten a new job, or are planning to get married, it’s rare that things will ever slow down for too long. In most of these cases, one of the biggest areas to be impacted will be your home. Thankfully, moving home has never been easier, with all of the options you have available to help you out. Alongside this, though, a lot of people want to take a simple in and out approach, but have no idea how they can go about achieving this goal.Read more

Side Hustles and Taxes

  • January 8, 2019

Side-Hustles and Taxes

Some people think that because their side-business isn’t their main form of employment at the moment, they do not have to worry about the tax side of the equation. Sadly, this is not the case, and if you are running a business even if it is only to earn you a little extra on the side you do need to take it into account when filing your return.

To ensure that you stay on the right side of the law and your side-hustle is free to flourish, here are some of the main things you need to know about the tax side of the equation:Read more

An Investor’s Guide to Manchester

  • January 7, 2019

An Investor's Guide to Manchester

Manchester is now one of the UK’s most highly ranked cities when it comes to property investment. Boasting some of the highest rental yields in the UK, most affordable property prices, a high demand, and plenty of other benefits, investors from around the globe are looking up North for a lucrative and worthwhile investment. If you’re considering making a property investment in Manchester, find out more about the benefits of investment in the city, which parts of the city are best to invest in, and what types of property you should consider.Read more

Can You Make More Money From Your Home?

make money from your home

You’re probably thinking, absolutely not! Because all we ever associate with our homes is the money we’re going to lose. It makes it so hard to focus on the money we can make, when all we can really think about is the money that’s flying out of our bank account at the first of the month, and the rest of the days after that. So, this article is going to try and change your mindset about how your home can make you money. It’s easy enough to do so, you just have to play the right cards, at the right time, to make sure you’re not losing out on money instead! Because as we all know far too well, it’s easier to lose money from your home, because we’re usually so good at doing it! So, keep on reading this article, and find out if you can make more money from your home!Read more

Things You Never Knew About Compensation Claims

  • January 4, 2019

Compensation claims

There is a whole host of different claims that are made every year – from slips and trips, to claims for industrial deafness and repetitive strain injury, to food poisoning and medical negligence… the list really is limitless. In this post, we will take a look at three important things you may not know about compensation claims. No matter what type of injury you have sustained, these three points apply to all…

There is a time limit on all claims

First and foremost, a lot of people do not realise there is a time limit on all personal injury cases. This limit is usually three years, meaning you have three years from the date of the accident for court proceedings to be issued. There are some exceptions, namely in regards to injuries that develop over time, such as industrial deafness. In these instances you will usually have three years from the date of your diagnosis. The situation is also different if you were a child when you were injured. If this was the case, your parents would be able to claim compensation for you. If they failed to do this, you have the opportunity to do so, with the three-year limit starting from your 18th birthday.

You won’t be able to make a successful claim if you do not visit a medical professional

A lot of people bypass a trip to the doctor when they suffer a minor injury. Yet, if you do this, it is highly unlikely that you will receive any compensation at all. In fact, you will struggle to find a personal injury lawyer willing to take on your case. You need to be professionally diagnosed with your injury so that there is proof of it.

You are not only compensated for your suffering, but you will receive special damages as well

Last but not least, did you know that you are not only compensated for your injuries but also any out of pocket expenses you incur as a result of the injury? These are known as special damages. Examples include childcare costs, medication fees, travel expenses, loss of income, accommodation costs and such like. If the expense has occurred because of the injury, you can claim for it. Nonetheless, make sure you keep your receipts and any other type of proof, as you will need it.

As you can see, there is a lot that comes together when making a personal injury case. If you are thinking about doing so, it is important to work with a top quality lawyer who can assist you. They will be able to ensure you know everything you need to know about making a claim.

Claims and Denials in the Insurance Industries

  • November 30, 2018

Insurance claims are not always straightforward activities. There are many different kinds of insurance, and there are many kinds of contexts that those insurance niches operate in. And, for every possibility of getting your insurance claim approved, there is an equal possibility of that claim being denied for one of a million different reasons.

Because of these uncertainties, you should do as much research as possible about the insurance industry that may most affect you, and you should do it before some sort of time constraint shows up that you have. A few examples of times where you might want to research insurance opportunities in advance include dealing with disability claims, disaster area claims, and workplace claims.

Disability Claims

If you're trying to make a disability claim to an insurance company, there are lots of ways that they can figure out to deny you. Insurance companies aren't out there to help you. They are out there to make money. They need to make sure that the number of claims that they pay out to is less than the money that they are getting in from their overall client base. It's essential that you never forget that that equation is in place as you're making your particular claim.

Disaster Area Claims

How many disasters are happening all around the world right now? There are hurricanes, floods, fires, mudslides, droughts, and everything in between. Because best, the insurance that people have for disasters is a functional pivot point in their lives. Either they have the protection and can claim it and get the money, or some other set of situations is present that they either don't have the right insurance or don't go through the proper claiming procedures. Insurance companies are going to be very specific if they owe a lot of money to a lot of people in a similar area at the same time.

Claims Inside the Workplace

Then there is the matter of insurance claims inside a workplace. Initially, you could consider this some variation of Worker's Compensation that may have to be dealt with. Other times, related to the idea of insurance would be employee claims of toxic workplaces, sexual harassment, or racial impropriety. Allegations and denials of these matters can come down to very small and specific facts, so researching ahead of time is advisable.

Paperwork Can Create the Issues

In the end, a lot of insurance claims that ultimately get rejected are denied because of paperwork being filled out incorrectly, or proof not being presented at the appropriate time to the appropriate people. You have to have a long paper trail to prove many insurance claims, and there also needs to be a very clear focus on doing everything as per instructions.

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