Creepy Cash: Scary Financial Issues & How To Solve Them

For a lot of people around the world, money is one of the hardest parts of life to handle. Even if you have plenty of it, there can be loads of different things which will impact your life in this area, and most people don’t know what to do when the scary stuff starts to been thrown at them. Thankfully, finance doesn’t have to be this way. If you take the right steps, it should be nice and easy to make some progress in this part of life, and this post is here to help you with it. By exploring some of the worst cases you could find yourself in, it will be showing you exactly how simple it can be to put yourself back on track.

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Poor Credit: Applying for loans, insurance, and even something like a phone contract will always involve some sort of background checks. Because you don’t go through this process very often, though, it can be very surprising when you find yourself being rejected by the services which you’re used to using. There are a lot of things which can impact your credit score, and it doesn’t have to be something which you have done wrong which will do it, but you will still have to be the one to improve it if you want to get back to normal. A credit restoration company can handle most of this work for you. They will give you help and advice, leaving time to take its course once you’ve followed it.

Overdue Bills: Everyone has had the horrible moment of realisation when a letter is popped through the door asking for months of missed payments to be covered all at once. When you’ve been ignoring your bills or have simply made a mistake which stops them from being paid, you will often find yourself in a position with very little time to get the money together to cover the amount which is owed. Some companies make a big deal out of this, while others are much kinder, and it is always worth making sure that you put the right level of effort in to solve an issue like this. By giving the bill holder a call and explaining the situation, you can usually have the money which is due split into much more manageable chunks.

Incorrect Tax: Finally, as possible the most worrying situation on this list, finding out that you’ve not paid enough income tax is never a pleasant experience. The organisations in charge of this in your country are unlikely to be kind when a mistake has been made. To help you out with this, a professional accountant will have the best experience and skills to handle this sort of concern, while also making it impossible to make the same mistake in the future. If you find yourself under investigation, it’s always worth doing some of your own research, ensuring that you take the right steps and don’t allow yourself to get into further trouble.

While money can be a very scary thing, it is also essential to modern life. Without it, you wouldn’t be able to live in a normal society, and this makes it worth taking action rather than shying away from the issues you might face.

6 Ways to Invest Small Amounts of Money (for Big Gains)

Often, people think you need a lot of money bore you can start investing, hence the saying ‘money goes to money’. This does not have to be the case. It is possible to invest smaller amounts and to watch them grow until they become much more sizeable. However, before you start any investing you should clear yourself of debt. The interest rates you are charged on things like credit cards is far higher than you can expect an investment to make for you.

Start With A Savings Account

There are many investments that need $500 to get started. This might not sound a lot, but if you are living on a budget it might seem impossible. Open a savings account with your bank and start to save a small amount on a regular basis. It will soon start to build and although interest rates are currently low, the bank will pay you something.

Betterment

The Betterment investment site does not have any minimum deposit to get you started. You have to answer a few questions so that your risk tolerance can be assessed and then a portfolio is created for you that allocate your investment to different funds. You do not have to concern yourself with the investment allocations as this is done automatically for very low fees. All you need to do is add more dollars as you want to.

Motif

This is an investment with a difference that requires you to start with a minimum of $250. You either build or invest in existing mini-mutual funds all of which are based on certain criteria. Each one is known as a motif, which is where the sites name comes from.

You can learn about each one by studying a Motif Review, and if there are none you like you can start one of your own.

Forex Trading

forex charts

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Forex trading is one of the investments that most people are familiar with but think it is out of their reach. There is a long list of Forex companies that will let you start investing with amounts starting as low as $100. The brokers generally then take care of your investment, although you can be involved in the choices if you want to be. You need to discuss the matter with which Forex Company you choose to use.

US Treasury Securities

This might not give you the best return on your investment, but they will pay you more than a bank and are probably the safest way of all to boost your finances. You can start will as little as $100 and buy them from the portal at Treasury Direct.  The terms run from 30 days to 30 years, and you need to be careful about the length you choose as you can lose out if you have to sell them early.

Invest in You

emergency fund

Instead of investing your money elsewhere, you need to ask yourself if it would be better to try and earn new qualifications or a totally new skill. The money spent on training could end up increasing your income dramatically, and that could be the best investment of all.

3 Ways To Get On To The Property Ladder in a Housing Crisis

Saving for you first home can seem like an impossible task with the huge deposits and increasing shortages of homes but there are ways you can get a leg up on the property ladder while saving a bit of cash in the process. Whether you’re looking for houses not far from the capital or somewhere a little further out you can find your dream home without having to worry about the finances.

Shared ownership

This scheme is perfect for anyone looking to ease their way into home ownership and might not have the funds for a 10% deposit. With this programme you can buy up to 75% of your home while renting the rest and avoiding a monumental mortgage. You will only have to pay a deposit on the percentage of the house you wish to buy so for 50% of a £200,000 home the deposit will cost just £10,000 unlike the £20,000 that would come with buying the same house without shared ownership.

The remaining portion of the home that you do not own will be owned by housing associations meaning you will benefit from far cheaper rent than if you rented from a private landlord. With a much more manageable mortgage on your hands you can choose to buy more of the house when you feel ready and eventually own your entire home. This scheme runs in almost all areas of the UK with even shared ownership properties in London if you don’t fancy the commute into the city anymore.

Help to Buy

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This government scheme is another way to get a little help in owning your own home while being kind to your finances. Help to Buy offers a 20% equity loan from the government with no interest for the first five years and just a 5% deposit leaving you with a mortgage of 75% of the value of the home compared to the usual 90%.

All these homes are also new builds meaning you get a high-quality home for an affordable price. With houses for sale in Greenwich to Tenterden there is plenty of choice so you can shop around and find the right house in the right area for you whether your looking for a place to raise the kids or somewhere not far from work. Equity loans are also extended to 40% if you live in London leaving you with just a 55% mortgage making living in the capital far more conceivable.

Homes for Londoners

If you’re looking to live in the city but don’t dare face the huge expenses Homes for Londoners is a new scheme introduced by Sadiq Khan that aims to make housing in London genuinely affordable for those who are from the area and work in the capital.

With programmes such as first dibs, Londoners are given priority above overseas buyers when offers on a home are made. In addition, London Living Rent is another option if you are still saving for your first home and offers far less than rent charged by private landlords. With 90,000 homes in the process of being built and £3 billion set aside to tackle London’s housing crisis, London is set to become increasingly affordable over the next few years.

So no matter what your budget may be or what kind of home you’re looking to buy, there are plenty of ways you can get your hands on your dream home without it feeling like an uphill battle. Everyone deserves to have a place to call their own so take advantage of the options out there and you’ll be on your way to moving into your newly found abode.

Easy Ways to Keep Track of Your Finances

Tracking your finances doesn’t have to be awkward and it doesn’t have to be hard work either. There are so many benefits to staying on top of your finances and when you are able to do it efficiently, you will soon find that it has the ability to completely change your life.

Create a System

The first thing that you need to do is try and create a system. It is so important that you are able to be consistent. It doesn’t matter how you want to log your transactions because you have to be able to refer back to anything that you have spent money on quickly and efficiently. When you do spend money, make sure that you log the amount that you have spent, the category of the expense and even the date as well. You will soon be able to see a clear record of your financial situation and you can also see a general overview of where you are going wrong as well. By having categories, you can easily figure out what you happen to spend the most money on. These categories may include things like housing, utilities and even groceries as well. These categories can vary from person to person but they can be as general or even as specific as you want. The most important thing is to make sure that they align with your own goals.


Get an App

There are so many applications out there that you can use to try and stay on top of your finances. You’d be surprised at how easy they are to use and you would also be surprised at how much they could make a difference to your life. Some of them can even be synced up to your bank card as well so when you do make a payment, you can easily find out where it went to. This is a great method when it comes to staying on top of your finances and the main reason for this is because you don’t have to do a thing. All you have to do is keep checking your app from time to time and this is great if you are finding it hard to really get the time to stay on top of the little things.


Physical Records

Physical records are, in some instances, so much easier for you to stay on top of when compared to digital records. If you find that this is the case for you then you do really need to try and consider looking into this. Try and create pay stubs online free for example when you get paid. When you do this, you will be able to organise them in a folder and you can also keep any receipts that you have as well. This is ideal if you are a fan of traditional accounting and it also gives you the chance to see where your money is going in a physical form rather than just as an online bank statement so do keep that in mind.

Protect Your Financial Future With These Personal Money Hacks

Looking after your financial future involves taking charge of the present and planning the way things will work out. There are so many things that have to happen for you to have a more comfortable financial future, and the more you can do to improve things, the better it will be for you and your family. Think about what you can do to make things better and give yourself a little more breathing space financially.

There are a lot of things to keep in mind when you want to protect your finances, and you have to think hard about how you can improve your spending and saving. A lot of the things you need to be thinking about are things that you can do reasonably easily on a daily or weekly basis. You have to make sure you think about what it takes to become healthier financially in 2018. These are some of the wonderful hacks you can use to take charge of your cash right now.

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#1 Start a Savings Jar

You have to be proactive about saving money, but this can sometimes be the most difficult part of the process. So, you need to look at what can be done to save more and get a more positive outcome for the future. A savings jar is a good place to start because it gets you used to the idea of actually setting money aside and not spending it right away. It also increases willpower and helps you get the hang of making regular savings. Of course, you should make sure you set cash aside in your bank account as well, but this is another great way of doing it.

#2 Make Sure You Have Insurance

Insurance is a massive thing these days, and there are a lot of different types of insurance you can take out these days. You have to think about what you can do to get the right kind of insurance to suit your needs. Something like car insurance is absolutely essential anyway, and you’re going to need to have that. But it is also worth getting something like health insurance in case you get sick. That way you won’t have to worry so much about money while you are off work. Insurance is a good way of protecting your future, and something you need to look at getting right now.

#3 Launch Your Own Business

If you really want to take charge of things it is important to make sure you think about launching your own business. There are definitely things you need to think about when it comes to launching a business, and you will need to factor in costs in the first instance. However, there is a lot to keep in mind when it comes to improving your future prospects, and launching your own business gives you a platform to thrive financially in the future as long as you run it properly. This is one of the things that will help you look after your financial future right now.

accounting and personal finances

 

#4 Educate Yourself About Loans

Before you commit to taking out a loan to help you, it is important to make sure you understand how loans work. There are so many different types of loan you can take out in 2018, and it is important to educate yourself in order to learn about the different types, and their terms. For instance, there are payday loans, guarantor loans, and mortgages, and you need to know about what all these are. If you can understand the way modern loans work you will know whether taking one out is the right choice or not, and this is crucial for protecting your financial future.

#5 Invest

good budgeting

Make sure you consider the right kinds of investments because these will help to set you up for the right financial future. There are a lot of different investment opportunities these days, and you have to make sure you make the most of them. But, the first thing you need to do is to make sure you understand what the different choices are, and how you can make the right investments. You should also look at investing in yourself these days as well. There are a lot of different benefits to doing this, and it is essential for helping you increase your prospects and advance your abilities.

#6 Sell Your Home if Necessary

dream house

There may well come a time in your life when you decide it is time to sell your home and move. It is essential to think about this as a way of making your financial future more comfortable because it represents an excellent way of improving things financially and making everything a little more comfortable. Downsizing frees up money and gives you a bit extra to save as a financial safety net, and this is important. You might be surprised by how much you can get for your money when you move, and this is something you need to think hard about.

# 7 Clear Your Debts ASAP

Debts can be an albatross around the neck of so many people these days, and the important thing is to make sure you are not one of those affected negatively by debt. It is so easy to get into debt these days, and once you slip into that spiral, it is so difficult to get out of it. Getting out of debt as quickly as you can is one of the most important things you need to keep in mind, and it is important to come up with ideas that are going to help you clear your debts. There are so many factors to keep in mind, but a good place to start would be to ditch the credit cards, and team up with a debt management company.

To Sum It All Up

These are some of the best hacks to keep in mind if you want to work on trying to improve and bolster your financial future. There are a lot of things that can play a part in this, and it is important to make sure you figure out what you can do to keep on top of things. This is something that plays a big part in the process of improving your money management and makes the future more comfortable.

The Insurance Policies that Everyone Should Have

There are some things in life that are really expensive, and a sudden disaster of some sort can cause huge financial stress. You can insure against anything at all, as long as you are prepared to pay the premiums. There are some insurances that everyone should have, and you will be pleased you have them should you need to make a claim.

#1 Car Insurance

cars on a street

In most states, this is a legal requirement. If you have an older car you may feel that the bare minimum is enough, but for cars of a higher value, it could be that the more you have the better. There are several insurances for motor vehicles, the main ones being:

  • Personal Injury Protection, which covers medical expenses for the driver and any passengers in the event of an accident.
  • Liability insurance is not meant to cover the driver or passengers but is for damage you may cause to another vehicle, someone else’s property or the injuries you may cause others if you are to blame for an accident.
  • Collision cover will pay for the damage to your vehicle whether you were at fault or not.
  • Comprehensive insurance will pay compensation if it is due, where the collision insurance will only pay for damage. This could be useful; if your car is destroyed in an accident and this affects your life.
  • Theft is for if your car is stolen.
  • Uninsured or Underinsured Motorist cover will pay out if the other person involved in an accident does not have enough insurance or none at all.

For your own peace of mind, you should never be on the road without adequate car insurance. Yes, you might be a good driver, and you may be able to learn more about personal injury lawyers and compensation should you be injured, but having your own insurance really is important. It could save you lots of money in the long-term.

#2 Health Insurance

health insurance

Health insurance is meant to provide protection against the cost of medical expenses. The cost can vary greatly because of age, existing conditions and the amount of cover you require.

Individual health care policies are purchased directly by about 9% of the population. Some of them will pay a fixed amount, regardless of the total medical costs, and others will pay for everything involved in getting you back to full health.

Some employments provide this type of insurance as a perk of the job, and about 60% of the population are able to take advantage of this benefit. If you are not in this situation you should be looking at taking out the health insurance yourself.

A large portion of the bankruptcies filed in the US were because of medical expenses, but of course, that affects your whole life and it is something you should try to avoid. There are some other options that can help in certain situations.

Medicare is for those over 65 years of age, patients who become permanently disabled, end-stage renal patients and those with ALS. Research has shown that the people who did not previously have health cover but qualify for the Medicare program have improved health because of being able to access better care.

Medicaid is to cover those that do not qualify and the number of physicians who accept it has reduced. for Medicare, but are on very low incomes. It is means tested

#3 Home Insurance

dream house

There are two main types of home insurance in the US. Homeowners insurance is a must for anyone that owns their own home, but you need to make sure it covers everything. Sometimes extra cover is needed for natural disasters such as floods, earthquakes and fires.

Renters insurance is meant to cover against theft or damage to your property when you rent, and it comes at a low cost. It is worth having this cover for peace of mind if you rent your property.

#4 Life Insurance

Life insurance is protection for your family more than for you. It is to cover funeral expenses and mortuary fees and if you are the main breadwinner it can help to offset your lost income.

This takes away the worry of the financial stresses put upon families when someone dies, and everyone should have some basic life cover at least.

#5 Disability Insurance

accident or injury

If you are not able to work for a while you will be glad you took out disability insurance. It will replace your income so that you can still pay all your bills, and makes good financial sense for anyone with responsibilities. Depending on the extent of the cover you opt for, it can insure you for temporary, permanent, partial or total disability.

No one knows what will happen to us. We all think that accidents and illnesses happen to other people, not us. But if ever you are put in this situation you will be glad you have this relatively cheap insurance.

Insurances Not To Bother With

There is nothing you cannot insure but there are some policies that are considered to be a waste of money because they have become outdated. Disease insurance is just one example where you cover yourself against specific conditions. There are so many ways you could become ill that the cost a covering them all would be prohibitive. A good health insurance is a much better deal.

Flight insurance is meant to cover you if you are killed in a plane accident. Flying is one of the safest modes of transport and why pay for this particular policy when life insurance will protect your family in the same situation.

Mortgage Life Insurance used to be very popular but has now become much less so. A good term life policy will do exactly the same job at a lower cost.

Protect Yourself

It is much easier for most people to find a monthly premium than to have to face huge bills if a disaster happens. There will always be those who think it will never happen to them, but it could just as easily as it could happen to you. The types of insurance recommended above can vary greatly in their cost. You need to read the small print to make sure you are getting the cover you think, and take advice from professional insurance brokers who will be able to steer you in the right direction.

Income Analysis: Proving Your Worth When Self-Employed

Throughout life, there will be loads of instances when you have to be able to show off how much you earn. Renting an apartment, applying for a loan, and a lot of other large transactions can’t be simply based on trust, with those on the other side of it wanting to be reassured that you’ll be able to uphold your end of the bargain. Of course, though, when you’re self-employed, this sort of task becomes all the more challenging. To help you out with this, this post will be exploring some of the key methods which can be used to prove your income when you work for yourself.

accounting and personal finances

Accounts: Each year, you’ll have to go through the same process as every other business owner, assessing your own money to see how much tax you owe your government. At the end of this, you will be left with a detailed summary of all of the money you earned during the period in question, and this can be used as evidence of your income. No one would lie on this sort of document, as they’d have to pay more in tax, and this makes it a great option when you’re trying to prove your worth.

Invoices/Paystubs: As part of your normal admin work, you will usually have to invoice a client before they pay you anything. This sort of document is a powerful tool when it comes to proving your income, as long as you can prove that they are being paid. There are loads of companies out there which can help you to create paystubs from your invoices. Offering a much more recognised form of proof, an option like this will always be better than a basic invoice.

invoices

Bank Statements: This next option is one which some people won’t feel comfortable with. You will usually only be asked for this kind of evidence when you’re dealing with someone unprofessional, like a private landlord. There is rarely any risk when it comes to a route like this, but it’s very understandable that you wouldn’t want to let someone get an insight into your money like this, and they should be happy to follow another path if you want them to.

Share Reports: Finally, as the last idea on this list, when you have a large business under your belt, it’s unlikely that you own the whole thing. It can be much easier to come up with a value for a company when it is being traded publicly, with the amount of shares you own directly impacting the value of your slice of the business. Having a valuation under your belt can make it very easy to show that you can afford what you say you can.

To Sum Up..

Hopefully, this post will inspire you to start working harder on the time you put into proving your worth when you’re self-employed or working for your own business. Living like this can often present a lot of challenges, but these can be overcome if you’re willing to do the right work and put effort into all of it.

What Resources Do You Need In Your Financial Life?

When you’re someone that’s incredibly conscious about your finances, it’s going to be important to you that you can keep on track. Whether you’re someone that is prioritizing your finances in life, or you even have a financial business that you’re working on, or you’re in a financial career, you may benefit from some key resources to help you. When you’re trying to improve your processes, you may want to be able to come up with the best financial goals or approaches to help you to do this. Maybe you want to help yourself get your personal finances in order? Or maybe you want to make your career or business life easier and more effective? Either way, take a look at some key resources that can help you here.

#1 Organizational Tools

paperwork and pc

So first of all, we have the tools that you have available to you to help you keep as organized as possible. When you’re first starting out with organizing your personal finances in particular, you’re going to want to turn to the right tools to simplify things for you. Here, spreadsheets with a great tracking system, or even budgeting apps, can really help you. So make sure that you’re looking for the tools that help you to keep your finances organized.

#2 A Driven Mindset

But sometimes, the resources you need aren’t always going to be physical tools. Sometimes, they can actually be a mindset thing. Being driven and committed can help you here. Like when you want to buy a house, if you’re going to reach your goals, you need to be dedicated in order to do this. Because if you’re someone that gives up easily, or that gets overwhelmed by things taking a long time, you won’t be able to make this happen.

#3 Specialist Software

software

So when it comes to your financial business or career more specifically, you may find that the right software will make things easier for you to manage. When you have specialist software or platforms, such as an automated trading platform, you can ensure that you’re being efficient and effective. So think about what programs in particular can benefit you here.

#4 A Vision Board

Then, you may find that a vision board is going to help you. When you’re able to see what you want, or when you can actually picture what you’re working for or working on, it’s a great motivator. Even for work, you may find that having a vision board, or just jotting down ideas before you start a project, is going to help you to organize all of the financial aspects that keep you on track.

#5 Support

financial support

Finally, you may also find that you just need some support too. Because when you’re trying to keep your financial life on track, or you’re working on a financial business, you can get yourself stressed out from time to time. Whether finances come naturally or not, things can be intense. So it’s handy to have some support. Here, you could think about the work support you need to get more done, like outsourced services or an assistant. But also, the support you need from friends or your partner so that you can switch off too.

 

So You Want To Buy A House? Here’s What You Need

If you’re someone that aims to buy a house, then you’re not alone. Because wanting to own your home is a huge and very normal part of life. But it’s also probably the biggest expense that you’re ever going to look at. Not only for the money that you put into the house in the beginning, but also the overall cost that you end up paying with your mortgage. So it’s handy to really know what it takes to make this happen. So let’s consider some of the things you need to do it.

Save For The Downpayment

downpayment

So first of all, you’re going to want to get your downpayment together. While this can vary, as you can see from the infographic below, this could be around 3.5% of the property value. So come up with a savings plan and get your money together for this.

Work On Your Credit Score

Next up, you’re then going to want to make sure that your credit score is a great as it can be. Because this is going to impact on the rate that you can get. If it’s going to take you a while to get the money together, you can work on your credit in the meantime.

Look For Lenders

money

And then, you just need to find the lender that you like. Make sure that you consider all of the loan terms that are available to you. As you will want to make sure that you can get the best rate and terms.

For more information, check out the infographic below.


Infographic Design By how to get a FHA mortgage

 

The Best Way to Invest in Yourself

Deciding how to spend (or save) your money can take some careful thought. When you’re thinking about the best ways to invest your money for the future, you probably focus on growing your savings and having valuable assets. Spending money on yourself can seem unnecessary and might even feel guilty. But investing in yourself is one of the best ways to improve your future and your finances. If you spend your money wisely, you can make yourself a more valuable employee or get the skills you need to run a business. Take a look at the advice below to find out how to invest in yourself wisely.

#1 Build on Your Education and Grow Your Skills

books in a library

Investing in your education is one of the best ways that you can spend money on yourself and your future. It doesn’t have to mean spending thousands on college, although getting a degree or diploma can be a great way to boost your income potential. There are other ways to learn and grow your skills, even without spending any money. There are plenty of online courses to help you make sure you have the most in-demand skills. For example, the Udemy Python course is one of the most popular. Learning online helps you to keep your costs down and even access free courses.

#2 Invest in Your Hobbies

a man playing golf

What do you enjoy doing? You can feel guilty about spending money on the things that you like to do in your spare time. However, there are benefits to investing in your hobbies and building skills in these areas too. You never know where a hobby can take you and how it could change your thinking. It might teach you creative problem-solving skills that you can apply at work. You might turn your hobby into a business, or perhaps it could lead to you making some valuable connections that help you in your career.

#3 Spend Money on Traveling

travelling

Another great way to invest in yourself is to spend money on traveling. Seeing the world helps to expand your horizons, can help you to learn new things, and might mean you make some useful connections too. Some people end up thinking of business ideas when they’re on their travels, finding someone who wants to employ them, or even discovering a new career path that they want to take. You don’t have to spend a lot of money on traveling, but it can benefit you in many ways.

#4 Invest in Financial Education

Spending money on learning how to manage your money could benefit you for a lifetime. With the skills and knowledge you need to make smart decisions about spending, saving and investing, you can secure your financial future. There are lots of ways to learn more about how to handle your finances, from taking a course to hiring a financial advisor and learning from the advice that they give you.

NB! Spending money on yourself doesn’t have to make you feel guilty. In fact, it’s one of the best things that you can do with your money.