25. November 2016 · Comments Off on Why You Need To Manage Your Personal Finances · Categories: Finance

When personal finances are evaluated on a short-term basis, the importance of managing them well doesn’t really come into perspective. It is only after you analyze the issue with a long-term perspective and with regard to the future that you realize how important it is. You need to have good money management skills regardless of your income as this will determine how fast you will grow. You will be surprised to realize that there are people who make a lot less but they already have a set foundation especially when it comes to finances. You can very easily be able to set your finances in order so long as you follow the basics of money management.

Out of the many tips that you’re likely to receive regarding money management, the most important have a lot to do with budgeting, tracking your expenses and paying bills on time. These are the fundamentals for the modern-day person who has a normal working routine. The principals can also apply to people in business as they relate in a similar pattern. By looking at each of the aforementioned fundamentals, you will get a much clearer picture of exactly what it is you need to do so as to be financially stable.

Budgeting is a very essential part of personal finance as you get to know how much you’re going to spend and compare it with what you have even before you pull the money out of your pocket. It’s always a great thing to make the budget as you compare it with your income so as to assess whether the budget is within your income or not. The budget can be split to either be weekly, bi weekly or monthly; all depending on your flow of income. Come up with a reasonable budget that will not only focus on expenditure, but it should also allocate some money for savings and such like investments.

The other important aspect of personal finance is the need to track your expenses. There are many people who were surprised at how many unnecessary expenses they have once they discovered the secret of managing personal finances. Once you highlight your expenditure, you will be able to do away with the habit of impulse buying. You can thereafter put the extra money to better use and profitable investments that will safeguard your future. Paying bills on time is another thing to consider if you want to get your finances in order as this will help to avoid bills from piling or being carried forward to your next pay check.

The principals of personal finances clearly outline that the habit of paying bills late will destroy your financial future. This is because you will spend the money you get into paying those piled up bills and it will seem as though you’re not earning. Plan a workable schedule that will enable you to pay bills on time so you can be able to invest with the extra money that you’re left with. Planning your personal finances is very essential as it safeguards your financial stability as you never know when things may fall apart.

17. November 2016 · Comments Off on Easy Guide to the Basics of Personal Finance · Categories: Finance

Why should you NOT save?

When you have more than enough savings, it offers you peace of mind, security, convenience, and freedom to pursue the things you want for yourself and your loved ones. Living paycheck to paycheck is very stressful and worrisome. As much as possible, you will want to prevent this financial fear from re-occurring. If you do not work and are not earning, you can help the earner in your family by being the family’s Financial Manager and assisting on how you can grow the family’s income and savings and reduce your expenses.

What can you do now?

You can start by analyzing and taking control of your finances. How much is your income? How much of your income should go to your expenses and how much will go to your savings? Inspired by the Suze Orman show, your personal financial report should have the following categories:

PART 1 – INCOME

a. Income – Your income sources could be your job, sideline work, business, stocks and dividends, rent income, and any other monies you receive. How much is your income? Can it truly support you and if you are not single, can it support your entire family’s needs? If you work very hard but your income is too low that you have to depend on others to take care of your expenditures, it will be difficult to save for the future. You have to work hard but ‘smarter’ and find a way to improve your earnings, otherwise, you and your loved ones could suffer deprivation. So don’t give up on looking for opportunities on how you can grow your hard-earned money into wealth. Educate yourself but know that you cannot also do everything on your own; know when to get help.

PART 2 – EXPENSES

a. Living Expenses – Divide your income into portions. Determine how much total monthly spending you need to take care of your fixed monthly living expenses such as your food, water, and utilities. If your income is not enough to take care of your needs, cutting down on your expenses and evaluating if your spending is a need or a want is always the best practice in being in control with your money. It’s not bad to have wants in life but before indulging, ask yourself first if you can afford it. Can you afford to spend a big chunk of your savings for a luxury shoe that you will only wear for a year? Before buying that flashy BMW car, ask yourself if you can afford the insurance, maintenance and repairs for this car.

b. Debt – Sometimes, debts are inevitable such as debts incurred due to an accident or a medical emergency. However, the stress of falling into debts may be avoided by making sure you have more than enough savings and also, by borrowing wisely. For one, there are banks that offer credit for a zero percent interest. You should start investing on long-term relationships with these banks to earn financial benefits, secure a good credit, and to avoid the large penalties and interests that other lenders have. Most people end up in so much debt through poor use of credit cards. In fact, if you use it wisely, credit cards are great financial tools where you can grow your credit based on your spending performance. If you spend wisely and pay your dues in advance, banks could increase your credit. Use your credit card as a tool where you can buy something and have the ability to pay for it within 30 days. In this way, you can earn some free money and rewards with your spending. Don’t use your credit card if you are sure that you wont be able to pay back the entire amount after a month. Only buy what you need and can afford. Also, don’t make the mistake of spending impulsively and shopping for unnecessary things just for the goal of earning rewards; you will lose more money when you do so this way.

PART 3 – SAVINGS AND INVESTMENTS (Where else can the rest of your money go? In your savings and investments!)

a. Cash – This is your revolving fund; the money that you use to take care of your ‘needs and wants’ such as food and water, mortgage or rent, electricity, clothes, medicines, insurance, and car. When you are left with money that you are not ready to invest, save it and add it into your savings account. It’s always a good practice to save at least 10 percent of your salary into your personal savings. As a matter of fact, save first before making purchases; otherwise you will most likely end up not having any saving once you have spent all your salary. Must you still carry cash? Yes, but do not carry your entire life savings in your purse or home safe. Put your money in a bank where it is much secured and only allot cash that you may need for the entire week. Cash could get lost so utilize your debit card or ATM card. Just imagine if you had lost your entire month’s paycheck just because you didn’t put it in the bank!

b. Emergency Fund – Suze Orman is strict on making sure you have secured at least eight months worth of income into your emergency fund. If you think eight months could be extreme, think pregnancy, unemployment, or recession! Your emergency fund should not be treated as a revolving fund; this is cash reserve intended strictly for emergencies like a major house repair, or a surgery, or when you lose your job. It may take a father of four several months to land a new source of income after his company went bankrupt, or a young graduate who just switched careers, or a new mom to get back to health, so a well-funded emergency fund could save you the detrimental effects of these situations.

c. Investments – Your house and lot, farm lands, rental buildings, or other valuable assets such as jewelries, gold, stocks, and bonds are all good investments where you can put your money into. These types of investments allow your money and capital to work for you. Other personal items such as cars, cellphones, and appliances are not good investments as they lose their value very quickly. Despite not having sufficient savings, many people spend their money on clothes, shoes, cars, and electronics that wear out, depreciate, and cost repairs and maintenance; while there are also other people who save their money first, avoid materialistic spending, and who choose to invest their money on gold and real estate. Are you going to be a spender or would you rather be an investor?

d. Retirement Fund – Sources of your retirement fund could be your pension, social security, company stocks, retirement accounts, equity from your home and other real estate investments, and personal savings. When we get older, the costs of healthcare can be drastic to our finances. Not having enough retirement fund leaves you in a vulnerable state. You could end up penniless during your retirement years, you may not afford your medication, or you might have to move in with your family members. If your family members are not wealthy, they and their children could end up sacrificing too and this could hurt their budget and living situation. Retiring is a time where you should be rewarding yourself for all the years you have worked so hard and you can still afford to retire on your own by saving now.

e. College Fund – Plan for your children’s education as early as possible. Invest in your children. Education for your children provides them a good foundation to compete in this fast changing global market. Your children are not slaves, tools, or robots who should work for you. Instead, your children are your obligation and you have a duty to provide for them until they are legally capable of earning on their own, so invest in them.

Think through your finances and this could help you see the reality of your financial ability. Do not feel discouraged if you don’t think you have organized your finances accordingly. What’s important is to work on these key points NOW.

© 2014

10. November 2016 · Comments Off on Cheap Health Insurance , Is It For You? · Categories: Health Insurance

Cheap health insurance is still available, it has not gone the way of the nickel soda or the 10 cent candy bar. As the cost of medical treatment continues to rise, finding cheap health insurance is becoming increasingly difficult. Cheap health insurance is an option for not having any health insurance at all. Choosing cheap health insurance is not something bad, but people have to understand they must go about it the right way.

Cost

Health insurance costs are rising all the time. The costs vary, so do plenty of research before choosing one or another. Many agents will work very hard to get you an affordable health insurance plan for your family at a cost you can live with. The rising cost of health care has made it so that even those with very limited budgets simply have to get some form of health insurance or they run the risk of encountering a large medical bill that can put their financial future in jeopardy. One good tactic to lower your monthly cost is to simply choose a plan with a higher deductible. A good scenario might cost you a couple hundred dollars but a bad scenario could ruin you financially and devastate your family. Check what they cover, deductibles, whether there are maximum payouts under any one category, whether they are for a family or individual health insurance, and of course the cost of the benefits which can vary a great deal. The cost of health insurance can vary greatly depending on the amount of coverage you need, if you were take all the options available in private health insurance then the premium would be astronomical and something which very few people can afford to do. Always check the policy because it might include things which you don’t need, for instance if you are a single man and a policy includes costs for pregnancy then this obviously won’t be needed. If you are considering the lowest cost health insurance then look into purchasing a policy that only covers major illnesses.

Part of the problem is the rising cost of medical care due to uninsured patients. Because of that, hospitals charge inflated rates to cover their own costs. Most low cost health insurance schemes provide for all basic medical and health related expenses, the difference lies in the type and extent of coverage that each of them provides. Low cost health insurance is for people whose annual income falls below a certain range. Health insurance costs depend on the health insurance rate and the range of coverage. Check the monthly cost and amount of deductibles charged and the extent of cost that they cover. There are several ways you can obtain affordable, low cost health insurance.

Search

The costs vary, so do plenty of research before choosing one or another. The best place to start your search for cheap health insurance providers is undoubtedly the internet. However, don’t be tempted to simply perform a search for ‘cheap health insurance’ as there is a high probability that almost all health insurance providers have this statement somewhere in their site’s text. See how cheap term life insurance really be by researching and comparing quote on-line from these top life insurance providers. Generally, health care can be exclusive, therefore if you are searching for a health insurance plan for your family unit, you have to look for plans that are both reasonably priced, and that would offer health coverage you require. Instead, take your time and do your research. With any Commendable Cheap-Health-Insurance plan, you need to read the Cheap-Health-Insurance terms of service of the Cheap-Health-Insurance account and search for any extra Cheap-Health-Insurance fees. As when looking at any health insurance policy, you ought to search for coverage that has a maximum payout of at least $1 million.

Conclusion

As the cost of medical treatment continues to rise, finding cheap health insurance is becoming increasingly difficult. The key to finding cheap Health insurance is knowing every option that is available, a process that can take a long time for an individual to complete. The key with health insurance and especially cheap health insurance is you need to know where health insurance is.

04. November 2016 · Comments Off on Commercial Finance and TARP Money Small Business Loans Considered · Categories: Finance

There has been a lot of talk in the financial news about the challenges of getting money into the small business community so those companies can expand, hire more workers, and provide the economic engine to sustain our economic recovery. The Obama Administration has a plan, but like any plan to revive an economy, it requires all the players to be on board. If they are, then this infusion of small business financing money couldn’t come soon enough.

There was an interesting article recently in the Wall Street Journal, sub-section CFO Journal on June 23, 2011 titled “Banks Wary of TARP Approach to Small Business Lending,” by Emily Chasen (Senior Editor). The article stated:

“The Obama administration’s efforts to spur small-business lending through a spin-off of the Troubled Asset Relief Program (TARP) – hasn’t exactly received thunderous support from community banks, who may be too worried about government intervention if they accept funds, and the creditworthiness of prospective borrowers, to make a dent in the frozen small business lending market.”

Okay so perhaps you watched the TV Movie “Too Big to Fail” about the TARP Program and the financial crisis, fall of Lehman Brothers, and global economic crash. There was a decent write up on that TV Movie in the New York Times recently titled “The Financial Crisis Comes to TV” by Michael J. De La Merced published on May 23, 2011. In that movie we watched the fiasco, and the laws of unintended consequences during times of crisis management.

Now, another TARP Program comes to town, one which will lend money to small self-run businesses. Unfortunately, demand for little business loans is weak. Some say this is due to the uncertainty of future government regulations and the future economy and no little business owners wish to take the risks. Others say the small business community already knows the risks and the new regulations and therefore are not interested in borrowing more money, or taking on new debt.

This also means that small businesses will not be hiring more employees to help us with our unemployment situation here in the United States. And that of course doesn’t bode well for the reelection of President Obama, or boost confidence in the business sector of the strength of the economy. Yes, it is quite important to have more funds available in the banks for small companies, but they are not willing to borrow money, even at the current low interest rates, and if it really isn’t worth the risk for the bank’s at those low interest rates then the program is likely to fail and not satisfy its objectives.

Our small business community is too important, and each and every one of those businesses is too small to fail, well most of them. And if they do fail, they should fail on their own accord, not at the hand of poor government policies or over regulation. The good thing in all of this is if you are a small self-run business, or a startup entrepreneur looking for funds, you might find them available, and you just might convince a bank to give you a decent loan for your future projects. Indeed I hope you will please consider all this.

27. October 2016 · Comments Off on Best Practices for Finding Affordable Car Insurance Online · Categories: Car Insurance

Having car insurance for your vehicle is not an option because most states mandate that you carry a minimum amount of insurance for your vehicle. In other words, this is a necessary expense, so it is important that you find the most affordable car insurance possible so you can save money.

Why you need car insurance

Not only do you need car insurance because it is mandatory, you also need it in order to protect yourself. If you were in an automobile accident without any insurance and the accident was your fault, you could be sued. In order to compensate the victim for the damage done, you could lose your assets. Your assets include any other vehicles you may have, your home, and your property. With insurance, you are able to protect your assets.

You also need to have adequate insurance. This means having enough protection to cover damages in the case of a car accident. For example, the damages in an accident that was your fault may total $25,000. If you only have $20,000 in coverage you will be held liable for the other $5,000.

Another reason why you need car insurance is because you can protect your vehicle against damage inflicted beyond your control. For instance, a hail storm may cause thousands of dollars in damages. You can make a claim to your insurance company and have the repairs paid for. Without insurance you would have to pay for the damages out of your pocket.

Lastly, not having car insurance can result in the loss of your license. If you are pulled over for speeding or another traffic offense and can’t provide proof of insurance, this secondary offense can cause your license to be suspended.

Understanding affordable car insurance

When you are buying affordable car insurance you have to understand it. First, you have what is called a deductible. This is how much money you are willing to pay out of pocket in the case of an accident. There are times when the deductible may need to be paid and times when it may not need to be paid. If you are involved in an accident that is not your fault, you will not have to pay your deductible because the other party’s insurance will pay for it. If you drive into your garage door and damage your car, then you will need to pay your deductible when you make a claim.

There are different levels of deductibles that you can opt for. Know, however, that the higher the deductible the lower your insurance premium is going to be. If you choose a $500 deductible, your premium is going to cost more than if you had a $1,000 deductible. Just make sure your deductible is one that you can afford if the unexpected were to happen.

Another item you must be aware of is the fact you must ensure you have enough coverage in the various areas of your policy. For instance, your policy has bodily injury coverage. This means that you are compensating the injured party for their bodily injury up to a certain amount. Keep in mind that medical expenses are very high. If you opt for $15,000 in bodily injury coverage (the minimum in some states), know that many times medical costs can exceed this depending on the severity of the injury.

Lastly, there are various options you can add to your policy if you find them necessary. Nevertheless, ensure that you are not adding anything that you don’t need. Then again, make sure you are providing yourself with adequate coverage. If you want to add the rental car option onto your policy, then you may do so. Keep in mind, however, that you may never use it.

Don’t pay too much

Fortunately, there are ways in which you can secure affordable car insurance and have enough coverage. There are those “jewels” in the insurance world that offer you the right coverage for the right price.

Here is how you can find them:

1. Compare insurance rates online and in your local area. Do this by obtaining quotes. You can call your local insurance companies or go to their websites and the websites of companies outside of your local area to see if they have a “quote tool.” This is a tool that enables you to enter your vehicle information, demographics, and what kind of coverage you’re looking for.

2. Think about how much you may need. You may need to determine the minimum amount of coverage required in your state and take it from there. The minimum amount is usually not enough.

3. Ask about car insurance discounts. There are good driver discounts for those not in accidents, good student discounts if you have a student on your policy who is maintaining good grades, discounts for college students, and discounts for carrying multiple policies with the same company (affordable car insurance, life insurance, homeowners insurance, etc.).

4. If you talk to the car insurance company personally, let them know that you are looking for the most affordable car insurance and inform them that you are comparing companies. You may tell them how many companies you are comparing so that they will compete for your business.

5. Don’t forget that you can adjust your deductible to change the cost. Ask for quotes on different deductibles.

6. You may ask the opinion of each affordable car insurance company you find in regards to how much coverage they think is necessary. You can read a lot into their response by seeing if they simply want the most money out of your or if they are truly interested in saving you money. Compare their responses.

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