The Advantages of Buying From a Reputed Gold Dealer

It is an accepted fact that the value of the currency can vacillate even under a robust economy. At times, such value may become so low that the total valuation of the investment may become negligible. On the contrary, the value of precious metals such as gold and silver remain steady even at times of national emergency. That is why people have started investing more in metals such as gold or silver than in currency. 

However, to get proper return on the investment, one needs to invest wisely. Unfortunately, very few are aware of the practical details of such investments. 

In such cases, one should always transact the businesses through a reputed gold dealer. They not only help to acquire gold, but if the investor decides to sell it, they also take to upon themselves to find a buyer. Moreover, more reputed dealers also offer proper advices in case one is interested in that. 

There may be many dealers of gold but an investor should learn be cautious about their selection. While we do not mean to say that lesser known dealers are all fraud, it is always wiser to move through reputed names. There are plenty of advantages in working with them. 

Firstly, they can be trusted to offer quality gold. Indeed, to keep their goodwill intact, they will never resort to cheating. 

Secondly, one can expect them to quote the exact price. Most customers are unaware of the exact price of gold. As has been already pointed out, reputed dealers can be trusted to work with full ethics and they will certainly not cheat their customers. Thirdly, even in the time of shortage, established dealers will surely have enough stock to carry on their business. 

Anyone looking to buy gold, there are plenty of options. However, for investment purpose, it is always better to opt for bullion gold. They may cost a little more; but since they are guaranteed by sovereign governments worldwide, one can be sure of their quality. Another important point is that one must keep his/her brain cool while purchasing gold. Some dealers often try to cajole their clients into buying gold immediately; one should never succumb to such pressure. It is important to realize that such dealers may have some ulterior motive behind such persuasion. 

Other than gold, silver is another precious metal one can always consider investing. Here too, moving through a renowned silver dealer is the best step forward. Moreover, dealing in silver is tougher than dealing in gold. For example, the value of old silver coin is ascertained on the quantity of silver present. In such a case, making proper valuation is virtually impossible for an amateur. Experienced names can be trusted to do the job in an ethical way and guide the customer properly on such matters. 

The bullion silver coins are another area of discord. Determining their price is not easy because along with the price of silver, one also has to pay the price of bullion. Besides, being aware of the current price of silver is also not very easy. 

That is because price of silver in the international markets varies from time to time. Here too, experienced firms can be trusted to guide their customers ethically. 

A serious investor in gold or silver must have heard about gold information kit. Many reputed firms offer them free. These kits include all the issues one must be aware of while purchasing these precious metals. 

The kits also offer information on the benefits and opportunities such investments can generate. However, some of these firms may have issues on the minimum quantity one may have to buy; but in reality, there is no hard fast rule and it is definitely adjustable. They even provide options for online purchases. They will provide shipping options but whether it is free or not depends upon the policies of that individual dealer. The purchase volume and shipping destination have a say in such matters.

What is a Reverse Mortgage?

You heard the term reverse mortgage but do you really know what it is? A reverse mortgage is just an equity loan secured by your home, which is designed to defer mortgage interest. 

In 1989, the Federal Housing Administration created a product called the Home Equity Conversion Mortgage(HECM). This was the beginning of reverse mortgages. Rules and regulations from the U.S. Department of Housing and Urban Development(HUD) insure lenders follow strict rules and regulations. FHA and HUD reverse mortgages protect consumers and help you to search for FHA approved lenders.

With a regular mortgage, the homeowner makes monthly payments over a specific period of time, usually 30 years. With a reverse mortgage the interest is not due till the loan reaches maturity. As the homeowner, your responsibility is to reside in the home while paying the property taxes and insurance. You never make a payment on the money you have borrowed. 

You still own your home

You may still reside in your home during the term as long as you continue to pay taxes and insurance. Every month you will receive a monthly statement which will outline all interest charges and balance information. What you won't find on the statement is a coupon to make a payment, because none is due.

What are the qualifications?

If you are a U.S. citizen and a permanent resident, are 62 years or older, and have substantial equity in your home, you qualify. The loan amount you qualify for depends on your age, interest rates, and the homes value. There are no income requirements or credit scores involved. All you have to do is continue to live in the loan.

Do I Have the Option to Pay the Loan Back?

If you want you can make voluntary repayments of the interest in full or in part you can, without penalty. Plus, the interest you pay is deductible just like with a regular mortgage. You also can pay off the entire loan at any time with cash, by refinancing or by selling the home. 

How is the Loan Repaid?

The reverse mortgage is not due until the owner passes away or the property is not occupied. Upon passing away the heirs have time to sell the house or refinance it to pay back the balance of the loan. Usually you have up to a year to do this. If your heirs do not act, the reverse mortgage lender moves to foreclose on the property. If the sale of the property does not provide ample funds to satisfy the reverse mortgage, the mortgage insurance fund will make up the difference. Paying for this insurance is part of the costs of a reverse mortgage.

Pros

• You can stay in your home and not worry about making mortgage payments.
• You have money to live on and spend on retirement activities.
• Cash you receive from the mortgage is not considered income and not taxable.

Cons

• Reverse mortgages are not for living in your home for a short, to be financially feasible you need to stay in your home for an extended period of years.
• You still are responsible for taxes and insurance, these may not be affordable on a retirement budget.
• Fees and insurance, depending on the state you reside can be high. Check before you proceed with a reverse mortgage.
• Cash proceeds can impact eligibility for those receiving "needs" based state and local assistance.

As with any financial product involving large amounts of money and contracts it benefits you to seek out a reputable lenders. You should compare offers from multiple banks and brokers. Remember all reverse mortgages carry the same protections and laws established by the FHA. There is only one HECM so make sure you don't pay extra fees and gotchas.

Source: ALLRMC.COM "Reverse Mortgages Explained in Plain English"

Baby Boomers and Their Effect on how Others Retire

Between 1945 and 1964, there were 76 million children born in the US, a temporary increase which has become known as the Baby Boomer generation. 

Freed from the tight restrictions of World War II that their parents had to endure, Baby Boomers are the first generation who were able to fully embrace the freedom of the modern world. 

However as many reach retirement, once again they are breaking the mold and creating a whole new set of rules and way of life. 

We take a look at the Baby Boomer generation who are nearing the end of their working life and how their choices are influencing others around them. 

An image showing the years covered by the various identified generations

Redefining a lifestyle 

When it comes to retirement, many people may envisage a quieter life but Baby Boomers are not yet ready to eschew their rebellious streak.

Very different to generation who have gone before, these 60-somethings are much fitter, still able to run marathons and enjoy exotic holidays filled with activities. A sedate pace of life filled with a spot of gardening and hours in front of daytime TV simply isn't for them. 

With a different mentality and still brimming over with a zest for life, many are opting to deliberately avoid the traditional retirement complexes which have sprung up. Although moving remains one of the top priorities for Baby Boomers, like many who have retired before them, they are choosing to move to urban areas where there are plenty of cultural and diverse activities to enjoy, where a buzzing social life can still be found. 

Working life

Another aspect which is worth considering is the age of retirement: many Baby Boomers are opting to continue working beyond the basic retirement age. Even those who leave their old employer go on to find an alternative job, either setting up their own business or getting something with fewer hours.

 "Many employees are working well into their 70’s and even 80’s "

This leaves employers with a real dilemma; continuing to pay experienced staff a higher rate of pay may not have been in their business plan but failing to extend their contract could leave them open to either set up in direct competition in their own business or going to a rival firm. 

Although many retirees are choosing to work for themselves, finally having the freedom to set up their own business doing something they are passionate about, many are taking part-time jobs. 

Whether they opt to stay in their previous role or take a part-time job, there is a negative impact on the rest of the labor force. Youngsters have fewer opportunities to find work as companies are not recruiting to fill the vacancy whilst topping up pocket money with part-time work is much harder. For those already on the career ladder, the opportunity to move up takes far longer with senior members of staff remaining in their position for much longer than expected. 

Financial restrictions

However, whilst the Baby Boomer generation may seem to have it all at first glance, in some ways they have it far harder than their parents and grandparents, at least financially.

For many, their planned nest egg has not come to fruition, especially with the crashes in the stock market, leaving them with substantially less than they thought they would have.

A survey recently carried out by TD Ameritrade showed that a typical Baby Boomer will find their nest egg around $500,000 lower than what they need in order to be able to retire without a worry. Out of the participants, 13% said they would like to be able to fully retire but had financial commitments which meant they were forced to continue working at present.

Downsizing in the property market remains a possibility for some to raise cash, and with the price of real estate finally starting to rise again after the sub-prime mortgage crash of 2008, equity in property is once more starting to emerge. However, those who find they can't scrape together enough dollars to lead a comfortable lifestyle are moving in with their families.

The desire to move home once retirement is reached certainly has an impact on the housing market, with a boom created every time there is a surge of retirees.

Conclusion

The Baby Boomer generation is the first of its kind in many ways. Forging new paths after the hardship faced by their parents, they are creating a whole new lifestyle and showing future retirees that stopping work doesn't have to mean knitting and blue rinses.

About the author: Sarah Lynch, Mercer and Hole consultant helping personal finance advisers and accountant in St Albans and Milton Keynes to satisfy their clients needs.

What Kinds of Businesses Should Consider IT Support?

(Photo credit: Wikipedia)

Fifteen years ago, IT support generally meant giving a staff member the responsibility to switch a PC off and on again - or make a call to an external expert every time a monitor lost power! But today, the majority of businesses are harnessing the power of technology to gain - and maintain - competitive advantage. From stock control systems through to CRM databases, websites and digital assets, paperless offices and cloud computing - the world is now heavily technological and businesses must adapt to keep up. 

Should you consider IT support?

Most businesses will require IT support of some description, unless they are very small in size and are staffed with competent technical specialists who are knowledgeable in the office and operational systems used! In all other circumstances, support will generally be necessary.

Without a support function in place of any kind, the only real option when difficulties occur is to bring in external help at the going rate. This can introduce business delays which impact the operation and also be highly expensive. However, for ongoing maintenance and support, there are two broad options to consider. The first is to have an in-house IT support team and the second is to outsource the work on a retained basis. Each approach has its pros and cons and the right approach will depend on the nature of the business, its objectives, use of technology and existing resources. Here are some points to consider.

The case for external support

Agencies provide access to the latest knowledge and expertise, an agreed turnaround time via a retained model or other contract and access to support when required by the customer. There is no permanent overhead or obligation on the business' part, although the hourly rate can be more expensive for the IT support Cheshire areas have to reflect the level of expertise that is being bought in. Hybrid approaches can work, whereby basic support is provided by an in-house generalist and specialist skill sets are built in for implementations and strategic developments, where IT is being used to enhance competitive advantage or deliver a high-level business objective. Again, in such instances the flexible service of an outsourced provider can be useful - along with their ability to work offsite via servers and cloud technology. The provision of expert advice is also another benefit of this model.

The case for in-house support

An in-house team are always on hand to take work requests and to deliver fixes quickly. They will be naturally integrated in the business and be able to work closely with the customer, without having other clients to manage and schedule. Their focus will be entirely on the business at hand and they will be able to suggest improvements and enhancements to the existing IT capability and take a strategic role in business planning. Their costs will be cheaper for internal re-charge and the service delivery managed to business expectations. However, the cost of having a full-time team servicing IT support can be too expensive for most businesses to manage and such teams can lack specialist and up to date knowledge.

Sophie Jamieson is a seasoned IT professional with experience of consulting in the SME market. She regularly advises small businesses on IT support in Cheshire and beyond, to support their operations and achieve greater gains.

Importance of Trauma Insurance- Recovering Without Regressing

Recovering from illness is a traumatic process. It consumes lots of time and money and breaks down the person emotionally and financially. 

The answer to a financial breakdown in such a situation is “trauma insurance.” It pays enough to bear the medical expenses and deal with the critical financial situation.

Trauma Insurance

Trauma insurance is also known as recovery insurance or critical illness coverage. It pays a lump sum to the policyholder when claimed based on the diagnosis of a specific illness or disease. 

The disease list varies by insurance companies and on the selected policy. It generally includes health conditions such as heart attack, stroke, cancer, kidney diseases, and other life-threatening diseases. 

Finding a competent insurance provider can be difficult. Look for one that will take care of all the details so the patient can focus on improving.

It also includes organ transplants and various surgeries such as a  bypass. The policy definitions are the most important factor to consider. 

You need to review the number of conditions covered and the specific definition that pertains to each of those conditions. Coverage benefits help pay the medical bills and bear the household expenses. 

It helps relieve financial pressure and supports the dependants throughout the recovery process.

People are getting habitual to a lavish lifestyle, which has given birth to various critical diseases like heart attack, diabetes, low and high blood pressure, sprain, strain, and more. 

This is the reason behind this insurance policy. To deal with any sudden medical emergency, it is wise to get a recovery insurance policy. 

Trauma Insurance

There are various benefits of getting trauma insurance policy. It helps in case of medical emergency and covers the cost of treatment. 

Apart from financial security, it also offers social security to the dependent by providing them with peaceful life. It helps you recover from a critical disease without affecting your financial condition.

Various insurance companies offer trauma cover policies with different plans. One can choose the policy according to his/her health requirement and financial circumstance. 

Make it clear that the health condition or issue you are undergoing is acceptable and covered in the policy. It will help you to get your claimed amount without any hassle. 

Choose a company that makes claiming process easy and up to the mark. Make sure about the reliability of the insurance company. A good company helps get coverage easily and quickly in case of a medical emergency. 

Of course, for those having difficulty with claims, there are companies like Curo Financial Services that offer a service to those looking to claim their Trauma Insurance, so they can concentrate on getting better.

They also offer unmatched customer services, which you can access anytime to get your insurance-related queries answered. Claiming coverage from the insurance company follows a few steps.

1. Inform the insurance company about your medical condition. 

2. Provide them with the medical certificate or admission receipt from the doctor or hospital.

3. Produce a copy of your insurance policy and identity proof.

4. Submit the entire medical certificate along with the received medical bills.

Contact your financial planner or adviser to get the best policy. Make your life easy and peaceful with trauma coverage.

Credit Union Video Shows Another side of George Washington

This post brought to you by ViralGains. All opinions are 100% mine.

There is a video going around that shows an actor posing as George Washington doing all he can to drive this guy crazy. This video was put out by the Virginia Credit Union League. This video was posted by the Credit Union League to put a hilarious spin on how you are charged, a Washington or two, to use a banks services on a purchase. 

 Here's the video, see what you think.

Credit Unions are in the news again because they offer lower fees and lower interest rates than your average bank. If you go to their website Quit The Hit! Homepage you will find examples of how you can save money on your financial services by using their products.

The reason Credit Unions charge less in fees and interest is because they are basically run as a non-profit. They don't need to make a profit so they pass on the savings to their customers. You will also find the culture of a Credit Union to be more friendly and less corporate. With the corporate pressure off you have a more customer oriented environment. Reminiscent of the small town banks of long ago.

My experience with a credit union is a positive one. It just so happens that our local credit union is right next to a StarBucks. I often see credit union employees having a cup of coffee with their customers.

If your unsatisfied with your big bank experience why not give your local credit union a try.