Can Spending Now Help Your Family in the Future?

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Future financial security remains the goal of an individual during his or her working years. Many people reap the fruits of their work once they are out of employment due to retirement. Financial security must be worked upon effortlessly, but this requires a lot of dedication. To ensure that the future is even brighter, one has to make many sacrifices financially today to achieve better returns in the future. Various investments can be undertaken to help secure your future financial position. Some of them include pension schemes, mortgages, and identifying a business venture. 

Insurance and Pension Schemes

To guarantee a better future, one needs to invest in various forms of insurance. These insurances require a lot of money today, but the benefits that can be reaped from them are unimaginable. A life insurance cover is vital in ensuring that the family is well taken care of in case of occurrence of any uncertainties that may cut short a steady supply of income of the family's provider.

To get such insurance, one should be willing to spend an enormous amount of money now. Medical insurance covers that are paid today provide a common source of financial security in the future. This is because money spent today on health cover is able to cover the family even after employment. Pension schemes also enable you to secure your future financially through monthly contributions to an investment pool. These monthly contributions depend on the kind of pension plan that one is servicing. Such plans are vital in ensuring availability of sufficient money in the future.

Taking a Mortgage

Another form of spending that one can engage in now for the future benefit is taking a mortgage to own a property or home. Mortgages, especially fixed interest rates come at significantly low rates in a turbulent market. An individual can take advantage of these mortgages to take care of the future finances. One can take a mortgage to buy a home or property that becomes a significant investment for the future. Generally, the value of land and house appreciates every year. Therefore, investing in such assets is a powerful way of obtaining financial security.

This form of security can be obtained in two ways: First, one may decide to sell the property in the future at rates much higher than the initial cost and make enough money enabling them move to probably to a farm house upon retirement. The surplus cash made provides a means to financial security. Secondly, owning a home or property exempts one from many expenses such as rent. Upon retirement, one is able to live comfortably in their home and enjoy their pension without any financial strains. 

Investing in a Business

Financial future can be secured by investing in a business now so that when the future comes, one is able to reap the benefits of the business and enjoy it. However, starting a business is not such an easy task. Enough capital needs to be used to start a reasonable business venture. The business enterprise can then be taken care of to bring immense benefits in the future. Apart from the capital, a lot of money has to be used in carrying out market surveys, and feasibility studies to get a viable business idea and eventually implement it.

The investment made today could be obtained via a loan from a bank or via one's savings for the period that have been working.

In conclusion, one can easily secure his or her future finances by choosing to make investments now. Using the time value of money, one can determine the future returns by estimating the future value of the investments today. These investments require a lot of dedication and sometimes cash, but the eventual benefits outweigh initial finance challenges.

Author Bio Joshua Turner is a writer who creates informative articles relating to the field of business. In this article he offers a few benefits of investing later in life and aims to encourage further study with an aging masters. 

Is Credit Card Debt Settlement My Best Option?

Credit card debt has become something that many American households have simply been forced to live around. The recent financial recession has caused many people to lose their jobs, home and more. However, it seems as though the silver lining has finally made it's appearance around the dark cloud. More and more people are starting to find work and become financially stable again. However, overwhelming credit card debt has caused this to be a difficult task for many. 

During their fight for financial freedom, tons of consumers have happened across a debt settlement program. Promising savings of up to 55% off of principle balances, these programs tend to catch the eye of many consumers. But, are they the great, debt relief option that they are made out to be or, do credit card debt settlement programs have a dark side? Here is a detailed break down of how credit card debt settlement programs work. At the end, I will include a few tips to help you decide if credit card debt settlement is your best option! 

How Credit Card Debt Settlement Works, Step by Step 

Step #1: Creating A Payment Plan – When consumers first enroll into a credit card debt settlement program, a representative of the company will create a repayment plan based on the amount of debt the consumer has and their ability to pay that debt. Once the consumer agrees to the new payment plan, it's time for the real work to begin. 

Step #2: Set Up A Special Purpose Savings Account – Next, the debt settlement company will set up a special purpose savings account. This savings account will be the home for your monthly payments until you have saved enough money to settle a debt. 

Step #3: Inform Lenders Of Payment Arrangements – In most cases, the debt settlement company will inform the lenders in writing of the payment arrangements that they've made with you. However, the lender is under NO OBLIGATION to accept these payment plans! Also, even if they do accept the payment plan, there is nothing that stops them from selling your debt to a collections agency that doesn't accept the plan! 

Step #4: Settling The Debts One By One – As the money in your special purpose savings account accumulates to enough to pay off each debt entirely, the debt settlement company will contact the lender and negotiate a settlement. Because the lender has been waiting for an incredibly long time for payment at this point, they feel as though they must accept less now or nothing at all later. Therefore, they are likely to accept settlements of 55%, 45% and sometimes as low as 20% of the total amount owed. 

A Few Things That Should Help You Decide If Credit Card Debt Settlement Is Best 

#1. Credit Card Debt Settlement Will Harm Your Credit Score – Because lenders are not being paid on a consistent basis as agreed, these programs have an extremely adverse effect on credit scores. Therefore, if you are considering purchasing a home, car or anything else that requires credit, this may not be the best option for you. 

#2. You Give Up The Control Of Your Debts – While in these programs, you will often have to sign a power of attorney which gives the debt settlement company 100% control of your debts. Therefore, when you choose to use a debt settlement program, you will have no say in how your debts are managed. 

#3. Credit Card Debt Settlement Is A Last Resort Option – If you are considering credit card debt settlement as a last resort option before bankruptcy, you may be on the right track. Although this is not the best option for everyone, in extreme circumstances, extreme solutions are necessary. 

Resources That Should Help You 

How To Improve Your Credit Score – This guide is a great guide to use when you are going through credit card debt settlement. It will help you to quickly improve your credit scores once the settlement process is complete. 

Better Business Bureau – When looking for a debt settlement company to work with, it's always important to check the name with the BBB first. If the company has a grade that is less than a B+ or they are not listed with the BBB at all, chances are, they are not a company you want to work with! 

About The Author – Joshua Rodriguez

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance writer. Join the discussion about this article or the personal finance topic of your choice on Google+!

How Credit Card Reward Programs Can Help You Save Big

In today’s consumer-driven society, few people in the United States do not use credit cards on a regular basis. Credit cards have been increasingly prominent in the U.S. economy since the late 1970's and the concept of making purchases with a credit card dates back further than that. 

In recent years, credit cards have received a negative reputation due to the high levels of debt carried by many Americans and the fees and penalties card companies often impose. However, credit cards, especially rewards cards, can provide benefits far greater than the potential downsides if handled responsibly. 

To compare the top reward credit cards, utilizing comparison sites like www.ratesupermarket.ca can be very helpful. Comparing rewards, rates and understanding introductory periods can go a long way to helping you utilize the convenience of using a credit card, without offsetting the savings by tricking yourself into spending too much, too often. 

Background of Rewards Credit Cards 

Although credit cards were given to consumers far more freely prior to the market downturn in 2008, it is still fairly easy to secure credit so long as your credit history is not poor. Many different kinds of cards exist, but the card the average consumer will find to be most beneficial is the rewards card. Many different companies and banks offer rewards credit cards with a variety of different perks and privileges. These cards allow consumers to earn points, miles, or percentages off purchases with frequent use. 

Credit card companies benefit from these rewards cards as well: since customers are encouraged to pay with their credit cards to earn rewards, companies receive higher amounts in fees from their vendors with the increased use. The best cards are often only available to those with a high credit score, so be sure to keep an eye on your credit if you are hoping to earn big rewards from your purchases. If you have average credit, however, this does not mean you will not be approved for a rewards card. Many different rewards cards exist with varying credit expectations. 

Kinds of Rewards Cards 

Rewards credit cards come in many different varieties. Some are store- or vendor-specific, meaning that the rewards customers can earn are only valid at the retailer the card comes from. Some cards offer specific rewards, like airline miles that can be redeemed for flights. Other cards can be used anywhere and points can be accrued with use anywhere, but purchases at certain retailers can earn further rewards; for example, some cards offer more points when purchasing gas and groceries. 

With most cards, points earned for making purchases can be redeemed for cash, gift cards, or merchandise at the user’s discretion. Some cards offer rewards with any number of points, while others require you hit a certain benchmark. 

Differences Between Rewards Cards 

Some rewards cards are better than others, and the value of the rewards a card offers may relate directly to your personal situation. For example, if you fly frequently for personal reasons, an airline rewards card might make the most sense. If you do not have a specific use for a card in mind, it is best to find a generic rewards card geared toward your spending habits. 

Some cards offer double or triple points on purchases at commonly-used services like gas stations and restaurants. Other cards offer high rewards on certain purchases that rotate throughout the year. Evaluate your own spending habits and search for cards accordingly. Many credit card research sites and forums exist online that can help you compare cards, see what cards your credit score may qualify you for, and get feedback from current customers. 

Conclusion 

There are plenty of necessary expenditures consumers have to make every month, from rent to gas to groceries. When used responsibly, credit cards can be a great tool in helping with your monthly expenses and even building credit. With rewards cards, you can earn while you spend. If you have to spend regardless, why not get a little money back while you do so?

Contest a Will - Help and Advice

Many people are unaware about the grounds that make a Will valid under the law. Here we give help and advice for contesting a Will.

What is a valid Will?

It is a Will made by an individual above the age of eighteen and he/she is mentally capable as well as fully aware of the decisions he/she were making and the consequences of their actions. Persons should seek legal help and advice before making a Will because this is to make the Will more valid than by doing it themselves. A valid Will is that written with no undue influence from anyone and the provisions made by the document must begin with the instigation of the testator. The testator must sign the Will and 2 people who are not beneficiaries are required to sign as witnesses. More than just signing, the witnesses must be convinced with the validity of the Will and they must be happy to sign against the fact. In cases of assigning guardian for children, it must be dated. 

What is an invalid Will?

There are many situations where a Will is invalid and people can go for contesting it. If the Will does not meet the necessary conditions as per law, then there are grounds for challenging a Will. If it has not been signed by the late person and did not include 2 witnesses, then the Will can be considered invalid. Likewise, if you can prove that the testator was not of sound mind at the time of making the Will, then you can contest it. 

Cancelling a Will

Testator of a Will is authorized to cancel the Will at a future date if he/she wants to change the provisions included within the Will. However, it must be fully his or her, own idea to do so and the proper procedure must be completed to ensure that the former Will is no longer in use. Generally, a Will is canceled when a person gets married or entered to a civil partnership. Under this ground, a new Will needs to be made.

Keep in mind that people have the right of choice and are allowed to leave their asset to whomever they want. Close to the dead person does not mean that you are eligible to his/her inheritance unless you were financially dependent on him/her. If you were financially dependent on the dead person and you have been left out when making the Will, then you have the right grounds to contest the Will. In other way, the only cause for contesting a Will is when it is expressly invalid.

A will is an official document declaring the wishes of the testator to beneficiaries. People who believe that the Will was not made as per deceased’s legal rights or as per the actual wishes can contest the Will’s validity. There is a time frame determined by the government of law of countries to contest the Will. This can be 6 months from the reading of the Will or 6 months from grounds that proposes the Will is invalid and this is depending on the country.

Author bio: Gloria is an expert in writing law and finance articles online. She has worked for many businesses, firms, and agencies and has supplied them with her good writing services. She has submitted a white paper recently on topic – “can I contest a will”. She currently resides in Montana and is happy with her husband and young kid and uses Wikipedia's definition on Wills.

Is It Time to Invest in a Business?

If you are over 50, then you know that every finance decision in your life needs to be made with care. This is because you are getting ready for retirement and a bad investment could cost you. One of the things you should know is whether it is prudent to invest in a business. There are a few things you will want to take into consideration. 

The truth is that there is no one right answer to the question. You will have to look at the different options in front of you as well as the business that you are considering. The best way to understand this is to look at the benefits and compare them to the drawbacks of investing in a business later in life. This can help you to get the perspective you need. 

Benefits of Investing in a Business After 50

The first thing to realize that starting or investing in a business later in life is a lot like starting a business when you are young. You need to make sure that you have a great product or service, with a proper business plan and the necessary tools to put it to work. 

There are some differences that you will find to starting a job later in life affords you. For one, you will find that you have more experience than you had when you were young. There is a big difference in a finance business when you are 25 compared to when you are 50. This experience could be just what the business needs to succeed. Even if you do not have experience in the industry of the business you are investing in, you can always hire a firm to find you the best employees for the job. 

Another thing you will find when you invest in a business is the tax benefits that you receive. Having a business does allow for certain tax benefits that may benefit you. To find out what you can expect, talk with your accountant to find out how this will affect you and your business. 

There are many success stories of people who start a business after 50. Money can be made when you have a sound business. This is why many people find it easier to buy a business rather than start one of their own. 

You will get the chance to do something you love. Many people find that starting a business gives them the chance to have a career that they can be proud of and enjoy working at. While there will still be stressful periods, this can be the answer you are looking for if you are unhappy in your current position. 

Drawbacks

There are a few things you will want to keep in mind before you make the decision to invest in business. For instance, you need to think about how much risk you are comfortable with taking. Starting a business from the ground up will take many hours, which may mean that you have no other way to supplement income until the business picks up. However, if done properly, your business could make you a lot of money. 

You also need to think about what your financial goals are, as the business failing is a reality you may face. It is important to know how this will affect you. However, if you properly budget and find a business that will fit into the funds you have available, it may be a good investment. 

There is no way to know what investment will pay off in the long run. Often times, bigger risks can gain larger rewards, such as with investing in a business. This is why it is important to look at all the different risks and benefits you will have with the business to know if it is right for you. 

Author Bio Joshua Turner is a writer who creates informative articles in relation to the field of business. In this article, he offers advice to individual wishing to invest and aims to encourage further study with a master of public administration.

5 Tips to Restoring a Bad Credit Score

Good credit can open the door to many things, such as a nice home, a brand new vehicle, and furniture and electronics to furnish your home. It also allows you the opportunity to save money. However, bad credit keeps the door close to owning a home and saving money. Bad credit is a stain on many people’s credit reports that prevents them from obtaining many things.

Many people find themselves in a situation with bad credit due to a number of reasons, a loss of job, poorly paid jobs, lack of education, overspending, divorce, too many credit cards or debtors, health issues, etc. The list is long as to why many people find themselves in credit disarray. But there is a way to get out of the bad debt hole, and it’s by repairing your credit.

Credit repair can be a very long and complicated process that requires discipline and self-motivation. It also involves a basic and dramatic change in your spending habits. Many people can repair their credit by doing a number of things.

The first thing you can do is to obtain a copy of your credit report from the three major credit bureaus - Contact Transunion, Equifax, and Experian. Make sure you get a copy from all three of them. Often one of the bureaus will have information that the other one doesn’t. If you have recently been denied credit for whatever reason, you can obtain a free copy from each bureau. You can also sign up for a free trial with AnnualCreditRepair.com to view your credit report and credit score.

Carefully examine your credit reports for any inaccurate information. If you notice something that is not correct or current, contact the credit bureaus by mail to dispute the charges.

Contact the creditors listed on the report and try to arrange a payment plan. Most of them will work with you on a payment plan in order to pay the debt off. Many will offer a settlement, which will allow you to pay off the debt for an agreed upon amount that is a lot lower than the original debt amount. Make sure you get any settlement down in writing. Keep up your end of the settlement by setting up automatic payments. This will ensure that the exact payments are made to the creditors on-time. Before you agree to a payment plan, make sure you can make the payments.

Contact a free credit counseling credit debt management service to help you manage your bills, pay your creditors, and resolve your credit problems. Many people seek the assistance of companies like Advantage Credit Counseling Service to help them stay focus on repairing their credit and maintaining their improved credit. Advantage Credit Counseling Service offers free counseling for those who need to get out of debt.

Try changing your spending habits. Reevaluate your needs and wants. Look into downsizing to help reduce your budget. Carefully keep track of what you’re spending to see what things can be reduced or even eliminated. Focus on the long-term benefits of establishing and restoring your credit, and approach credit repair as a lifestyle change instead of a temporary fix.