Save Yourself the Headache: Five Tips for Financial Security

Everyone dreams of the day when they can finally retire from work and have the freedom to travel, pursue hobbies, and spend time with loved ones. These dreams can become reality if you are willing to follow some simple steps to attain the goal of financial security.

1. Save When You are Young

The single most important thing a young person can do is start saving right away. It may be tough to have the discipline, but saving now guarantees that your investments have decades of compound interest to help them grow. For example, if you put away $5,000 at the age of 20, that money will grow to $160,000 over 45 years at a steady eight percent interest rate. But put away the same amount of money at 39, and your money only grows to $40,000. That is the magic of compound interest.

2. Don't Get Divorced

Splitting a household of assets diminishes wealth like few other major events. Granted, there are times when staying married is unthinkable, but faced with the prospect of spending tens of thousands of dollars in attorney fees, dividing the family's assets, paying child support, and possibly dipping into retirement funds, couples therapy can be a much wiser investment for your financial future. This may not be a very popular point but nontheless you can save money by actually staying togther.

3. Refinance to a Shorter Term Mortgage

A traditional 30 year mortgage costs a homeowner, on average, hundreds of thousands of dollars in interest. Refinancing to a 10 or 15 year mortgage through a reputable company like Legacy Lending Group saves you money in two ways: The interest rate is lower, and principal payments on the loan are larger. This combination of factors allows you build equity faster, helping you to achieve financial security.

4. Make a Budget

It is hard to deny the real cost of your daily muffin and espresso if the figures are entered in a spreadsheet. If you chart every single expense for one month, you will have a much better idea of how to trim back your expenses. It is extremely surprising to me how many people don't do this because the money that you save, in turn, can be invested in an IRA or used to pay down your home mortgage faster.

5. Avoid Spending Habits

At an average of six dollars a pack, cigarettes are an expensive habit, hampering an individual's ability to save while they are young. For an older person, the loss of income due to smoking-related health problems and the higher cost of health care itself pose even more serious challenges to financial security. Other expensive habits include drinking alcohol or even frequent trips to the gas station for their daily coffee. Simply put, you can't afford not to quit these habits.

Attaining financial security is a goal within everyone's reach. You just have to plan carefully and make judicious short-term sacrifices to achieve those long-term rewards.

What Retirees Need to Know About Credit Cards

Retirees are generally in a different financial position to those yet to wrap up their working days and spend the rest of their years doing the things they never got around to in the past. As a result, they need to use their finances differently and also avoid incurring debt wherever possible, even short term debt if feasible.

However, certain forms of credit like credit cards are still handy to use in retirement though retirees are encouraged to use their credit cards effectively and without incurring unnecessary debt, and to also focus their attention on the most competitive credit cards on the market, like those offering interest free purchases and terms.

Three mistakes retirees often make with their credit cards:

Failing to choose the right credit card

The biggest mistake retirees often make with their credit cards is applying for and using the wrong card. There are often major differences between credit cards and retirees can avoid financial difficulties by selecting a card that’s suitable for their needs, like GemVisa low interest credit cards. 




What’s more, there’s generally a lot of fine print involved when applying, so it’s often a good idea to bring someone along, like an adult child, to help select a suitable card. 

Using credit cards to supplement income

Many retirees have the tendency to use their credit card for everyday purchases, which is fine, as long they possess the right card and they pay the balance in full each month. However, many use their credit cards to supplement their income and run into problems when they can’t make the repayments in full because the interest accumulates and becomes more difficult to pay off. 

Failing to make a debt plan

If you’re going to incur debt you need to make a plan to pay it off and without incurring more interest than you can afford to pay. Whilst pensions and similar forms of retirement income cannot be accessed by creditors, their retirement savings and nest egg can, so by failing to create a debt plan they’re putting their savings, and therefore their financial livelihood, at risk.

Three credit card strategies retirees should take note of 

Don’t stop using your debit card

This is the first rule of effectively using your credit card as a retiree – only use it when it’s necessary. Credit cards and debit cards are just as convenient as each other, and whether you have your weekly, fortnightly or monthly spending allowance in your debit card account or another from which you transfer money over, you’ll generally find that you can use a debit card instead of a credit card for everyday purchases.

Pay your outstanding credit card balance in full every month

The longer you leave your debts the more interest accrues and the more you’ll need to find a means of repaying. Credit cards are a luxury during retirement, after all, most retirees don’t have a regular income coming in unless they have investments and even then they still shouldn’t incur new debts. 

Avoid using your savings to pay off your credit card balance

You should avoid dipping into your savings or nest egg at all costs, and especially not to pay off your credit card balance at the end of the month. You should have created a budget to live off comfortably and if you’re going to use a credit card make sure that you’re able to pay the balance off using your retirement income – investments, pension, superannuation, etc – not your nest egg.

Enjoy a comfortable, hassle-free retirement by selecting and using your credit cards wisely.

About the Author:
A company that brings to the world the GemVisa low interest credit cards, GE Finance and Insurance is a leading alternative to banks. They are a part of GE Capital and cater to clients from all over New Zealand.

5 Insurance Tips for People Over the Age of 50

If you've ever been in a hospital you’ll know how expensive healthcare is. Insurance is the only way the common man can afford healthcare. However in many cases insurance premiums can also be quite expensive, especially for senior citizens. It’s like being between a rock and a hard place. For a senior citizen being eligible for health insurance is a task in itself. On top of that the exorbitant premiums pretty much annihilate their chances of getting insurance. Here are a few insurance tips for senior citizens. 

Lead a Healthy Life

It’s bad enough being plagued by diseases in your twilight years, but to add to it yourself is madness. Senior citizens have to be in tip top shape to be eligible for healthcare. Insurance is a bit like loans. You can only get it if you can prove that you don’t need it. If you’re in peak physical condition the insurance company may be inclined to reduce your premiums. However, that’s not a certainty, but it is a possibility. And that’s pretty much all you get these days, so make use of it. 

Prepare For Your Retirement

It doesn’t hurt to plan ahead. In fact, it’s imperative to plan ahead. As you start approaching the age of retirement you should already have a plan in place. This plan will see you through the rest of your years. Making provisions for health insurance in this plan is very important. Once the money stops coming in you’ll be struggling to make insurance payments, which is why you should set some money aside just for that. Calculate how much your insurance will cost you after your retirement and set that money aside. In some cases health insurance can be more helpful than your kids, I’m just saying.

Streamline Your Policy

As you grow older your insurance premium becomes more expensive. Soon there’ll come a point where you won’t be able to afford it. That’s when you’ll have to start making some tough decisions. You’ll have to streamline your insurance policy to meet your financial status. That means losing some aspects of your coverage, such as disability and long-term care. It’s a sacrifice you’ll have to make eventually. You know your health and you know what you’re prone to, so make specific provisions accordingly. Your health insurance plan should be suited to your needs. At the same time it shouldn’t cripple you financially. 

Beware of Conmen

When you’re at the end of the road people will try to take advantage of you. Senior citizens suffering from life threatening diseases and who can’t afford treatment are susceptible to anything. Conmen are pretty aware of this situation. They roam hospital corridors looking for such individuals and promise them an insurance plan or health discount card that can potentially save their life. To add insult to injury these people wear breast cancer ribbons to seem more caring and friendly. Before you deal with such people always do a background check on the internet about their product and their company. 

Rely On the Government

When all else fails it’s time to rely on the government. Sometime they actually come through for you. Take COBRA for example. It’s a law that keeps you protected under your former employer’s insurance coverage for about 18 months, as long as you continue to make payments. There are other state aids available that can help you through unemployment. Research them to see if you’re eligible. However, keep looking for a way to get back up on your feet, because government help is not eternal. You can only take advantage of them for so long before they decide to let you go.

Just because you’re over a certain age doesn’t mean you can’t enjoy the benefits of health insurance. If you play it smart you can remain protected under a decent coverage for the rest of your days. Keep these tips in mind and you won’t have to rely on your kids for help. You’ve taken care of yourself for this long, why shouldn’t you be able to continue to do it? The one thing I know about senior citizens is, that they’re proud. And as they say pride can only be surrendered, it can’t be taken away from you.

Author Bio:
This article is authored by Jenny Wadlow, a professional freelance blogger. She writes articles for Fundraising for a Cause, a website selling pink ribbon products. Her hobbies include gardening and home brewing.

3 No Credit Check Loans That You Must See

Are you desperately in need of a new loan? Do you believe that your credit rating will be a problem? If so, do not panic, there are a number of options out there for you, all of which tick the full range of financial boxes.

Finding the Best Option For You

With so many options currently available and opinions on some of these no credit check loans varying wildly, it can still be a confusing time for borrowers. Finding the best and most affordable option for you is crucial and below we have identified 3 of the most popular to give you a little insight into the facts that you need to know.

Guarantor Loans

Although the concept of the guarantor loan has been around for a very long time, it is only recently that their popularity has begun to increase.

Guarantor loan lenders are prepared to look past the credit rating of the loan applicant but only on the proviso that the applicant identifies a third party (the guarantor) who will co-sign the loan agreement, guaranteeing that they will pick up the repayments should the applicant fall behind.

There are obviously some criteria which the potential guarantor must satisfy in order to be eligible for the role, age, residency, income etc but if they tick all of the boxes, there is every chance the loan application will be granted.

Popular choices for guarantors include family members and close friends, but whoever is asked, must understand the agreement into which they are entering.

Because guarantor loans are unsecured personal loans, they can be used for whatever (legal) purpose the borrowers deems fit. Often used as a method of debt consolidation, they can just as easily be used to buy a new car or pay for a holiday.

Payday Loans

Payday loans have had a rough ride in the press recently, and if used irresponsibly, the bad press is not without reason.

A payday loan is a short-term advance designed to tide you over financially until payday, with a strong emphasis being placed on the phrase ‘short term’.

If used as intended, they can be the perfect short term fix for anyone who cannot turn to a high street lender. It is only when they begin to be used over longer terms that they begin to be very expensive and potentially dangerous.

Payday loans are typically paid directly into your bank account and nearly always within 1 day of your application being approved. The payday loan repayment, plus interest, will then be deducted directly from your account on the due date.

It is always worth remembering that a typical charge for a payday loan will be approximately £25 per month for every £100 borrowed. Advertised interest rates (APRs) are generally around 1,750%.

Logbook Loans

Logbook loans are a different type of no credit check loan because the lender will insist on a form of security.

Falling between guarantor loans and payday loans in regards to the level of APR which is charged, lenders are prepared to look beyond the credit rating of the borrower if they are prepared to offer the logbook of their vehicle as security against the balance of the loan.

If the loan is repaid in full and on time, the logbook will be returned at the end of the loan period. If however this is not the case, the lender will be quite within their rights to sell the vehicle to recoup their losses. It is even possible that if the losses do not cover the outstanding balance, the borrower will still be liable to make any further outstanding payments.

As with all financial matters, it is crucial that you do the appropriate homework to ensure that you enter into the agreement with an open mind and your eyes open. This will help you to make the best decision for your individual circumstances.

The Opportunities of Property Investment

You may have some savings in large numbers. And one thing you should think about is how you will do something with it. Today, there are many prospects that we can take from many business opportunities. Each opportunity offers advantages in certain ways. That's where you have to pick your challenge for a brighter future. In fact, every level has a different challenge that will determine the quality of your business. Try to consult with Ori Tal finance guy, and you will have the best advice for your investment. What is it? Yes. You will look at the opportunities of property investment.

Investment property offers many different opportunities from other businesses. As a comparison, you can look at a car rental business. You definitely are interested in buying a number of vehicles that could be a means of your business. However, it will not guarantee your chances at a greater rate. Sometimes, there are some obstacles such as weather conditions and the needs of the client. Perhaps, it would be very suitable in tourist areas. Still, it would be highly dependent on the season. Well, it is clearly different from the real estate business will always survive in any monetary situation. This has been evident from the many news about the real estate business is actually constantly evolving in every turnover year.

A number of surveys proving that there are many people who are always interested in buying property. Perhaps, they take it as an investment for the future. Or they may have the same mind with you. And it will always thrive on one thing that always creates big profit. Yes. That's because there are many families who need the comfort of the residence. In the modern world, it is something that is almost impossible. And fortunately there are a lot of real estate offers residential concept in quality.

If you are planning an investment property, it means that you will be working with the team. On the one hand, you feel that it would be a little complex. But know that you will carry less risk. The professionals will always accompany and support you exceptional targets. And you will be able to explore the potential of natural resources for the property development. So, when you encounter a problem, you can entrust it to a consultant who will promptly address it appropriately. However, it would be a great business concept. So, you have to understand it well.

Today, development is always developed on a massive scale. Almost every country has its own concept in implementing economic development. Meanwhile, every country has a prospective lands can be managed professionally. Uniquely, it creates an incredible network of business people who are always interested in finding new experiences. In the property sector, there are many new companies are trying to look for opportunities in other fields. It was like doing the most risky speculation on the stage. Well, it also can create the greatest gains in company history. So, you can take inspiration and motivation from these experiences to new challenges.

6 Cheap and Creative Ways to Effectively Advertise Your Business

In today's digital age, business owners must reconsider their marketing strategies to ensure that they are effectively targeting the best market for their products and services. Technology has created a variety of different ways that businesses can reach out to potential customers, but this variety of different choices can often obscure the choices that will truly yield results and a return on investment. Thus, consider the following inexpensive and innovative ways you can spread the word about your company, all of which you can try without fear of losing a great deal of money.

Blog Online

Establishing an online blog in your line of business is a great way to position yourself as an expert while promoting your company. Add a blog to your website or join Bloggit.com or Blogger.com to start a separate blog. Discuss problems addressed by your goods or services, and readers will remember your company when a need arises. The key with blogging is to not advertise your product. Yes, you can talk a bit about your products, but you usually want to talk about general topics within your industry. By doing this, you will get a greater number of followers, which increases your ranking in search engines and introduces your website to a greater number of people.

Be Interviewed

Offer interviews on relevant subjects to local radios, newspapers, and Internet communications. For example, if you sell gardening tools, offer an interview in February or March about spring planting. Listeners and readers will appreciate the free advice and consider you an expert when they need additional gardening help. If you are unable to find local opportunities for offering interviews, you might want to consider starting up your own podcast or starting a YouTube channel that contains videos that address relevant topics and issues.

Write Articles

Offer op ed pieces to community newspapers or magazines, or submit an article to the trade publication associated with your company's industry. In marketing your knowledge and skills, others will appreciate your expertise and contact you with future business needs, such as a financial adviser for someone who is planning for retirement. Also, consider writing articles for other blogs, since this might give you valuable links back to your website and blog.

Give Donations

When possible, donate equipment, expertise, or services to individuals or programs who can benefit. Contribute to special holiday collections for the needy. Participate in volunteer programs. Sponsor children's educational initiatives. Giving back to the community will not only make you feel good, but it can also help others consider your business in a favorable light.

Demonstrate Skills

If you have a skill that others might value, whether or not it is company-related, share it with the public. Libraries, schools, and certain social service organizations appreciate those who are willing to share their knowledge and experience to help others. For example, if you own a restaurant, you may want to teach a nutrition class or workshop at a high school or college, or perhaps to a group of low-income residents at a housing development. They will recognize you as someone who cares and be likely to do business with you in the future when possible.

Join Organizations

Become a member of the chamber of commerce and other civic groups. Network with members to learn more about their services and how your business might complement their enterprises. Ask them, where should I advertise my business? Networking is often the best way to get new customers and valuable referrals, and it is completely free and relatively easy in most cases.

The above methods can help your business get noticed. Start growing your company innovatively.